# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-23-010233
**Filing Date:** 2023-2
**Character Count:** 267914
**Document Hash:** 9ea301665194a1bc756dc30725fb36b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-010233.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001104659-23-010233

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya Separate Portfolios Trust
- **CENTRAL INDEX KEY:** 0001392116
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22025
- **FILM NUMBER:** 23583927

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 EAST DOUBLETREE RANCH ROAD
- **STREET 2:** STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258-2034

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING Separate Portfolios Trust
- **DATE OF NAME CHANGE:** 20070306

## Series and Classes Contracts Data

### Voya Target In-Retirement Fund (Series ID: S000039451)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121558 | Class I      | ISOLX           |
| C000164501 | Class A      | VTRVX           |
| C000164502 | Class R6     | VTRWX           |
| C000201116 | Class R      | VRRFX           |

### Voya Target Retirement 2025 Fund (Series ID: S000039453)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121560 | Class I      | IRSLX           |
| C000164505 | Class A      | VTRCX           |
| C000164506 | Class R6     | VTRDX           |
| C000201118 | Class R      | VRRHX           |

### Voya Target Retirement 2030 Fund (Series ID: S000039454)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121561 | Class I      | IRSMX           |
| C000164507 | Class A      | VTREX           |
| C000164508 | Class R6     | VTRFX           |
| C000201119 | Class R      | VRRIX           |

### Voya Target Retirement 2035 Fund (Series ID: S000039455)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121562 | Class I      | IRSNX           |
| C000164509 | Class R6     | VTRHX           |
| C000164510 | Class A      | VTRGX           |
| C000201120 | Class R      | VRRJX           |

### Voya Target Retirement 2040 Fund (Series ID: S000039456)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121563 | Class I      | IRSOX           |
| C000164511 | Class A      | VTRJX           |
| C000164512 | Class R6     | VTRKX           |
| C000201121 | Class R      | VRRKX           |

### Voya Target Retirement 2045 Fund (Series ID: S000039457)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121564 | Class I      | IRSPX           |
| C000164513 | Class A      | VTRMX           |
| C000164514 | Class R6     | VTRNX           |
| C000201122 | Class R      | VRRLX           |

### Voya Target Retirement 2050 Fund (Series ID: S000039458)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121565 | Class I      | IRSQX           |
| C000164515 | Class A      | VTROX           |
| C000164516 | Class R6     | VTRPX           |
| C000201123 | Class R      | VRRMX           |

### Voya Target Retirement 2055 Fund (Series ID: S000039459)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121566 | Class I      | IRSVX           |
| C000164517 | Class A      | VTRQX           |
| C000164518 | Class R6     | VTRRX           |
| C000201124 | Class R      | VRRNX           |

### Voya Target Retirement 2060 Fund (Series ID: S000051229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000161488 | Class I      | VRSAX           |
| C000164519 | Class A      | VTRSX           |
| C000164520 | Class R6     | VTRUX           |
| C000201125 | Class R      | VRROX           |

### Voya Target Retirement 2065 Fund (Series ID: S000068488)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219038 | Class R6     | VTUFX           |
| C000219039 | Class A      | VTAUX           |
| C000219040 | Class I      | VTIUX           |
| C000219041 | Class R      | VTURX           |

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: **811-22025**

**Voya Separate Portfolios Trust** 

(Exact name of registrant as specified in charter)

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| | |
|:---|:---|
| **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: **1-800-992-0180**

Date of fiscal year end: **May 31**

Date of reporting period: **June 1, 2022 to November 30, 2022**

**Item 1. Reports to Stockholders.**

(a) 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_highrise-buildings.jpg)

![](voya_banner.jpg)

Semi-Annual Report

**November 30, 2022**

Classes A, I, R and R6

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| | |
|:---|:---|
| ◼ | Voya Target In-Retirement Fund |
| ◼ | Voya Target Retirement 2025 Fund |
| ◼ | Voya Target Retirement 2030 Fund |
| ◼ | Voya Target Retirement 2035 Fund |
| ◼ | Voya Target Retirement 2040 Fund |

---

---

| | |
|:---|:---|
| ◼ | Voya Target Retirement 2045 Fund |
| ◼ | Voya Target Retirement 2050 Fund |
| ◼ | Voya Target Retirement 2055 Fund |
| ◼ | Voya Target Retirement 2060 Fund |
| ◼ | Voya Target Retirement 2065 Fund |

---

&nbsp;&nbsp; As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund's annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds' website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.<br> 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 a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.<br> 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 to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.<br>

&nbsp;&nbsp; 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.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ing-edeliverylogo.jpg) E-Delivery Sign-up — details inside

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br> **voyainvestments.com** | ![](voya_blk.jpg) |

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**TABLE OF CONTENTS**<br>

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| | |
|:---|:---|
| [Shareholder Expense Examples](#d413669a001) | 1 |
| [Statements of Assets and Liabilities](#d413669a002) | 3 |
| [Statements of Operations](#d413669a003) | 9 |
| [Statements of Changes in Net Assets](#d413669a004) | 12 |
| [Financial Highlights](#d413669a005) | 17 |
| [Notes to Financial Statements](#d413669a006) | 24 |
| [Portfolio of Investments](#d413669a007) | 35 |
| [Advisory and Sub-Advisory Contract Approval Discussion](#d413669a008)  | 55 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ![](ing-edeliverylogo.jpg)  | &nbsp;&nbsp;**Go Paperless with E-Delivery!** | &nbsp;&nbsp; ![](ing-edeliverylogo.jpg)  |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, fund reports, and proxy statements. | &nbsp;&nbsp;Sign up now for on-line prospectuses, fund reports, and proxy statements. | &nbsp;&nbsp;Sign up now for on-line prospectuses, fund reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. | &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. | &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. | &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. | &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Funds 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 Funds' 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 Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' website at www.voyainvestments.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Funds 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 Funds' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)<br>

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

The Examples are based on $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. Each Fund's expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

**Actual Expenses**

The left section of the table shown below, "Actual Fund 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund'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 each Fund 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 sales charges (loads), 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual Fund Return | Actual Fund Return | Actual Fund Return | Actual Fund Return | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) |
|  | Beginning<br> Account<br> Value<br> June 1,<br> 2022.1 | Ending<br> Account<br> Value<br> November 30,<br>2022.1 | Annualized<br> Expense<br> Ratio\*.1 | Expenses Paid<br> During the<br> Period Ended<br> November 30,<br> 2022\*\*.1 | Beginning<br> Account<br> Value<br> June 1,<br> 2022.1 | Ending<br> Account<br> Value<br> November 30,<br>2022.1 | Annualized<br> Expense<br> Ratio\*.1 | Expenses Paid<br> During the<br> Period Ended<br>November 30,<br> 2022\*\*.1 |
| &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** | &nbsp;&nbsp;**<u>Voya Target In-Retirement Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $965.60 | 0.56% | $2.76 | $1000.00 | 1022.26 | 0.56% | $2.84 |
| &nbsp;&nbsp;Class I | 1000.00 | 967.70 | 0.20 | 0.99 | 1000.00 | 1024.07 | 0.20 | 1.01 |
| &nbsp;&nbsp;Class R | 1000.00 | 964.40 | 0.81 | 3.99 | 1000.00 | 1021.01 | 0.81 | 4.10 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 966.70 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2025 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $967.10 | 0.47% | $2.32 | $1000.00 | 1022.71 | 0.47% | $2.38 |
| &nbsp;&nbsp;Class I | 1000.00 | 967.40 | 0.28 | 1.38 | 1000.00 | 1023.66 | 0.28 | 1.42 |
| &nbsp;&nbsp;Class R | 1000.00 | 965.20 | 0.72 | 3.55 | 1000.00 | 1021.46 | 0.72 | 3.65 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 968.20 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2030 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $969.30 | 0.48% | $2.37 | $1000.00 | 1022.66 | 0.48% | $2.43 |
| &nbsp;&nbsp;Class I | 1000.00 | 970.30 | 0.23 | 1.14 | 1000.00 | 1023.92 | 0.23 | 1.17 |
| &nbsp;&nbsp;Class R | 1000.00 | 969.10 | 0.73 | 3.60 | 1000.00 | 1021.41 | 0.73 | 3.70 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 971.10 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2035 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $971.80 | 0.50% | $2.47 | $1000.00 | 1022.56 | 0.50% | $2.54 |
| &nbsp;&nbsp;Class I | 1000.00 | 973.70 | 0.20 | 0.99 | 1000.00 | 1024.07 | 0.20 | 1.01 |
| &nbsp;&nbsp;Class R | 1000.00 | 970.80 | 0.75 | 3.71 | 1000.00 | 1021.31 | 0.75 | 3.80 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 972.80 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |

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1<br>

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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual Fund Return | Actual Fund Return | Actual Fund Return | Actual Fund Return | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) | Hypothetical (5% return before expenses) |
|  | Beginning<br> Account<br> Value<br> June 1,<br> 2022.1 | Ending<br> Account<br> Value<br> November 30,<br>2022.1 | Annualized<br> Expense<br> Ratio\*.1 | Expenses Paid<br> During the<br> Period Ended<br>November 30,<br> 2022\*\*.1 | Beginning<br> Account<br> Value<br> June 1,<br>2022.1 | Ending<br> Account<br> Value<br> November 30,<br>2022.1 | Annualized<br> Expense<br> Ratio\*.1 | Expenses Paid<br> During the<br> Period Ended<br>November 30,<br> 2022\*\*.1 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2040 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $976.40 | 0.52% | $2.58 | $1000.00 | 1022.46 | 0.52% | $2.64 |
| &nbsp;&nbsp;Class I | 1000.00 | 977.40 | 0.23 | 1.14 | 1000.00 | 1023.92 | 0.23 | 1.17 |
| &nbsp;&nbsp;Class R | 1000.00 | 974.80 | 0.77 | 3.81 | 1000.00 | 1021.21 | 0.77 | 3.90 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 977.40 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2045 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $977.70 | 0.55% | $2.73 | $1000.00 | 1022.31 | 0.55% | $2.79 |
| &nbsp;&nbsp;Class I | 1000.00 | 980.30 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;Class R | 1000.00 | 976.10 | 0.80 | 3.96 | 1000.00 | 1021.06 | 0.80 | 4.05 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 979.50 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2050 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $978.60 | 0.54% | $2.68 | $1000.00 | 1022.36 | 0.54% | $2.74 |
| &nbsp;&nbsp;Class I | 1000.00 | 981.10 | 0.22 | 1.09 | 1000.00 | 1023.97 | 0.22 | 1.12 |
| &nbsp;&nbsp;Class R | 1000.00 | 977.00 | 0.79 | 3.92 | 1000.00 | 1021.11 | 0.79 | 4.00 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 980.30 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2055 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $978.80 | 0.60% | $2.98 | $1000.00 | 1022.06 | 0.60% | $3.04 |
| &nbsp;&nbsp;Class I | 1000.00 | 980.60 | 0.25 | 1.24 | 1000.00 | 1023.82 | 0.25 | 1.27 |
| &nbsp;&nbsp;Class R | 1000.00 | 977.80 | 0.85 | 4.21 | 1000.00 | 1020.81 | 0.85 | 4.31 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 980.60 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2060 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $979.30 | 0.60% | $2.98 | $1000.00 | 1022.06 | 0.60% | $3.04 |
| &nbsp;&nbsp;Class I | 1000.00 | 981.10 | 0.22 | 1.09 | 1000.00 | 1023.97 | 0.22 | 1.12 |
| &nbsp;&nbsp;Class R | 1000.00 | 978.40 | 0.85 | 4.22 | 1000.00 | 1020.81 | 0.85 | 4.31 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 981.10 | 0.19 | 0.94 | 1000.00 | 1024.12 | 0.19 | 0.96 |
| &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** | &nbsp;&nbsp;**<u>Voya Target Retirement 2065 Fund</u>** |
| &nbsp;&nbsp;Class A | $1000.00 | $980.20 | 0.45% | $2.23 | $1000.00 | 1022.81 | 0.45% | $2.28 |
| &nbsp;&nbsp;Class I | 1000.00 | 981.20 | 0.23 | 1.14 | 1000.00 | 1023.92 | 0.23 | 1.17 |
| &nbsp;&nbsp;Class R | 1000.00 | 979.10 | 0.70 | 3.47 | 1000.00 | 1021.56 | 0.70 | 3.55 |
| &nbsp;&nbsp;Class R6 | 1000.00 | 981.20 | 0.20 | 0.99 | 1000.00 | 1024.07 | 0.20 | 1.01 |

---

\* The annualized expense ratios do not include expenses of underlying funds.

\*\* Expenses are equal to each Fund's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

2<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> In-Retirement<br> Fund | Voya Target<br> Retirement 2025<br> Fund | Voya Target<br> Retirement 2030<br> Fund | Voya Target<br> Retirement 2035<br> Fund |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $17825918 | $26184760 | $31744759 | $24494648 |
| Investments in unaffiliated underlying funds at fair value\*\* | 29348679 | 42932000 | 59591799 | 63720994 |
| Cash | 182285 | 168947 | 582931 | 179589 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold | 20712 | 45463 | 7410 | 60688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 8516 | 530229 | 95591 | 72993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1442 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 274 | 204 | 875 | 693 |
| Other assets | 376 | 392 | 384 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 47388202 | 69861995 | 92023749 | 88529985 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 1064 | 326120 | 51843 | 4952 |
| Payable for investments in unaffiliated underlying funds purchased | 181396 | 383794 | 587891 | 201490 |
| Payable for fund shares redeemed | 7068 |  | 443 | 62657 |
| Payable for unified fees | 6818 | 9823 | 12803 | 12596 |
| Payable for distribution and shareholder service fees | 1696 | 2665 | 2652 | 2647 |
| Payable to trustees under the deferred compensation plan (Note 6) | 376 | 392 | 384 | 380 |
| Other accrued expenses and liabilities | 1792 | 1075 |  | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 200210 | 723869 | 656016 | 287736 |
| **NET ASSETS** | $47187992 | $69138126 | $91367733 | $88242249 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $53012629 | $76112232 | $99539126 | $96087340 |
| Total distributable loss | (5824637) | (6974106) | (8171393) | (7845091) |
| **NET ASSETS** | $47187992 | $69138126 | $91367733 | $88242249 |
| \* Cost of investments in affiliated underlying funds | $19909912 | $28744032 | $34595484 | $26562375 |
| \*\* Cost of investments in unaffiliated underlying funds | $30686018 | $45350198 | $62390829 | $67264030 |

---

See Accompanying Notes to Financial Statements<br>

3<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> In-Retirement<br> Fund | Voya Target<br> Retirement 2025<br> Fund | Voya Target<br> Retirement 2030<br> Fund | Voya Target<br> Retirement 2035<br> Fund |
| **Class A** |  |  |  |  |
| Net assets | $8374057 | $12518121 | $12949142 | $11712282 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 853394 | 1122017 | 1108892 | 1000712 |
| Net asset value and redemption price per share<sup>†</sup> | $9.81 | $11.16 | $11.68 | $11.70 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $10.41 | $11.84 | $12.39 | $12.41 |
| **Class I** |  |  |  |  |
| Net assets | $1607696 | $389416 | $983244 | $1066584 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 162630 | 34578 | 83484 | 90116 |
| Net asset value and redemption price per share | $9.89 | $11.26 | $11.78 | $11.84 |
| **Class R** |  |  |  |  |
| Net assets | $25317 | $446083 | $199349 | $840834 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 2594 | 40145 | 17192 | 72232 |
| Net asset value and redemption price per share | $9.76 | $11.11 | $11.60 | $11.64 |
| **Class R6** |  |  |  |  |
| Net assets | $37180922 | $55784506 | $77235998 | $74622549 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 3761437 | 4959201 | 6561377 | 6321806 |
| Net asset value and redemption price per share | $9.88 | $11.25 | $11.77 | $11.80 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements<br>

4<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> Retirement 2040<br> Fund | Voya Target<br> Retirement 2045<br> Fund | Voya Target<br> Retirement 2050<br> Fund | Voya Target<br> Retirement 2055<br> Fund |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value\* | $14292327 | $10580028 | $6574822 | $5908131 |
| Investments in unaffiliated underlying funds at fair value\*\* | 57833074 | 65077202 | 48665953 | 39205116 |
| Cash | 430846 | 335739 | 305858 | 298578 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold |  |  | 104230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold |  |  | 193570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 87204 | 92349 | 100390 | 87966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | 89 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 858 | 1029 | 909 | 601 |
| Reimbursement due from Investment Adviser |  |  | 3 | 943 |
| Other assets | 278 | 297 | 211 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 72644587 | 76086733 | 55945950 | 45501509 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 32136 | 34057 |  | 29841 |
| Payable for investments in unaffiliated underlying funds purchased | 442831 | 355639 | 279372 | 335022 |
| Payable for fund shares redeemed | 23601 | 1530 | 398189 | 186 |
| Payable for unified fees | 10197 | 10703 | 7825 | 6332 |
| Payable for distribution and shareholder service fees | 2650 | 1630 | 1786 | 1053 |
| Payable to trustees under the deferred compensation plan (Note 6) | 278 | 297 | 211 | 174 |
| Other accrued expenses and liabilities | 4864 | 2479 | 1663 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 516557 | 406335 | 689046 | 373181 |
| **NET ASSETS** | $72128030 | $75680398 | $55256904 | $45128328 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $78175276 | $81053769 | $59312011 | $47846305 |
| Total distributable loss | (6047246) | (5373371) | (4055107) | (2717977) |
| **NET ASSETS** | $72128030 | $75680398 | $55256904 | $45128328 |
| \* Cost of investments in affiliated underlying funds | $15020040 | $10667312 | $6541305 | $5821017 |
| \*\* Cost of investments in unaffiliated underlying funds | $60686426 | $67792023 | $50593055 | $40468653 |

---

See Accompanying Notes to Financial Statements<br>

5<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> Retirement 2040<br> Fund | Voya Target<br> Retirement 2045<br> Fund | Voya Target<br> Retirement 2050<br> Fund | Voya Target<br> Retirement 2055<br> Fund |
| **Class A** |  |  |  |  |
| Net assets | $12237895 | $7960795 | $7468805 | $4723850 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 984865 | 647056 | 604661 | 392839 |
| Net asset value and redemption price per share<sup>†</sup> | $12.43 | $12.30 | $12.35 | $12.02 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $13.19 | $13.05 | $13.10 | $12.75 |
| **Class I** |  |  |  |  |
| Net assets | $357890 | $277490 | $405429 | $354660 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 28541 | 22331 | 32522 | 29215 |
| Net asset value and redemption price per share | $12.54 | $12.43 | $12.47 | $12.14 |
| **Class R** |  |  |  |  |
| Net assets | $624092 | $173665 | $666604 | $327678 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 50479 | 14150 | 54176 | 27503 |
| Net asset value and redemption price per share | $12.36 | $12.27 | $12.30 | $11.91 |
| **Class R6** |  |  |  |  |
| Net assets | $58908153 | $67268448 | $46716066 | $39722140 |
| Shares authorized | unlimited | unlimited | unlimited | unlimited |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| Shares outstanding | 4696357 | 5411625 | 3746460 | 3270923 |
| Net asset value and redemption price per share | $12.54 | $12.43 | $12.47 | $12.14 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements<br>

6<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| | Voya Target<br> Retirement 2060<br> Fund | Voya Target<br> Retirement 2065<br> Fund |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value\* | $3242582 | $965634 |
| Investments in unaffiliated underlying funds at fair value\*\* | 23521955 | 6982365 |
| Cash | 246342 | 65734 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 87344 | 39556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 396 | 116 |
| Reimbursement due from Investment Adviser | 38 | 639 |
| Other assets | 105 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 27098794 | 8054060 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 24367 | 11076 |
| Payable for investments in unaffiliated underlying funds purchased | 296315 | 90377 |
| Payable for unified fees | 3183 | 1108 |
| Payable for distribution and shareholder service fees | 929 | 255 |
| Payable to trustees under the deferred compensation plan (Note 6) | 105 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 324899 | 102832 |
| **NET ASSETS** | $26773895 | $7951228 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $28134220 | $8277293 |
| Total distributable loss | (1360325) | (326065) |
| **NET ASSETS** | $26773895 | $7951228 |
| \* Cost of investments in affiliated underlying funds | $3177674 | $976710 |
| \*\* Cost of investments in unaffiliated underlying funds | $24246647 | $7162019 |

---

See Accompanying Notes to Financial Statements<br>

7<br>

------

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

---

| | | |
|:---|:---|:---|
| | Voya Target<br> Retirement 2060<br> Fund | Voya Target<br> Retirement 2065<br> Fund |
| **Class A** |  |  |
| Net assets | $4442239 | $1234629 |
| Shares authorized | unlimited | unlimited |
| Par value | $0.001 | $0.001 |
| Shares outstanding | 391042 | 124795 |
| Net asset value and redemption price per share<sup>†</sup> | $11.36 | $9.89 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $12.05 | $10.49 |
| **Class I** |  |  |
| Net assets | $55294 | $69383 |
| Shares authorized | unlimited | unlimited |
| Par value | $0.001 | $0.001 |
| Shares outstanding | 4835 | 6994 |
| Net asset value and redemption price per share | $11.44 | $9.92 |
| **Class R** |  |  |
| Net assets | $164214 | $32209 |
| Shares authorized | unlimited | unlimited |
| Par value | $0.001 | $0.001 |
| Shares outstanding | 14509 | 3269 |
| Net asset value and redemption price per share | $11.32 | $9.85 |
| **Class R6** |  |  |
| Net assets | $22112148 | $6615007 |
| Shares authorized | unlimited | unlimited |
| Par value | $0.001 | $0.001 |
| Shares outstanding | 1930580 | 666606 |
| Net asset value and redemption price per share | $11.45 | $9.92 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements<br>

8<br>

------

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> In-Retirement<br> Fund | Voya Target<br> Retirement 2025<br> Fund | Voya Target<br> Retirement 2030<br> Fund | Voya Target<br> Retirement 2035<br> Fund |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $364581 | $356380 | $389962 | $273746 |
| Dividends from unaffiliated underlying funds | 151005 | 255640 | 274462 | 288698 |
| Interest | 1270 | 1474 | 2095 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 516856 | 613494 | 666519 | 564135 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 40718 | 58134 | 73593 | 74327 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 10497 | 15063 | 16071 | 14006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 54 | 1117 | 461 | 1980 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 5236 | 2204 | 2637 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 74 | 84 | 236 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 13 | 82 | 38 | 238 |
| Trustee fees | 564 | 805 | 1019 | 1030 |
| Miscellaneous expense | 1131 | 1086 | 1013 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 58287 | 78575 | 95068 | 95966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 58287 | 78575 | 95068 | 95966 |
| Net investment income | 458569 | 534919 | 571451 | 468169 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | (1629315) | (1378227) | (1526745) | (1235352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (1020217) | (1575153) | (2559725) | (2575248) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (2649532) | (2953380) | (4086470) | (3810600) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 113270 | (209150) | (89149) | (47713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 643539 | 715746 | 1776581 | 1382257 |
| Net change in unrealized appreciation (depreciation) | 756809 | 506596 | 1687432 | 1334544 |
| Net realized and unrealized loss | (1892723) | (2446784) | (2399038) | (2476056) |
| **Decrease in net assets resulting from operations** | $(1434154) | $(1911865) | $(1827587) | $(2007887) |

---

See Accompanying Notes to Financial Statements<br>

9<br>

------

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Voya Target<br> Retirement 2040<br> Fund | Voya Target<br> Retirement 2045<br> Fund | Voya Target<br> Retirement 2050<br> Fund | Voya Target<br> Retirement 2055<br> Fund |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $123126 | $59835 | $25486 | $13333 |
| Dividends from unaffiliated underlying funds | 213522 | 228616 | 156672 | 119359 |
| Interest | 1712 | 1793 | 1452 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 338360 | 290244 | 183610 | 133742 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 58445 | 60506 | 44033 | 34354 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 14438 | 9688 | 9125 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 1428 | 385 | 1580 | 730 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 4504 | 4263 | 3833 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 67 | 2 | 62 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 223 | 84 | 332 | 297 |
| Trustee fees | 773 | 839 | 610 | 476 |
| Miscellaneous expense | 1056 | 1038 | 1109 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 80934 | 76805 | 60684 | 46892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  |  |  | (943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 80934 | 76805 | 60684 | 45949 |
| Net investment income | 257426 | 213439 | 122926 | 87793 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | (1349900) | (1818292) | (1560217) | (1141400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (1983191) | (1869028) | (1359153) | (950424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (3333091) | (3687320) | (2919370) | (2091824) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 584008 | 1048794 | 1040386 | 856164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 1407357 | 1488351 | 1309350 | 1028809 |
| Net change in unrealized appreciation (depreciation) | 1991365 | 2537145 | 2349736 | 1884973 |
| Net realized and unrealized loss | (1341726) | (1150175) | (569634) | (206851) |
| **Decrease in net assets resulting from operations** | $(1084300) | $(936736) | $(446708) | $(119058) |

---

See Accompanying Notes to Financial Statements<br>

10<br>

------

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | Voya Target<br> Retirement 2060<br> Fund | Voya Target<br> Retirement 2065<br> Fund |
| **INVESTMENT INCOME:** |.1 |  |
| Dividends from affiliated underlying funds | $3402 | $973 |
| Dividends from unaffiliated underlying funds | 67435 | 20542 |
| Interest | 707 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 71544 | 21653 |
| **EXPENSES:** |  |  |
| Unified fees | 20266 | 6079 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 4915 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 384 | 56 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 4501 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | 176 |  |
| Trustee fees | 281 | 85 |
| Miscellaneous expense | 1187 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 31715 | 9010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (1458) | (639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 30257 | 8371 |
| Net investment income | 41287 | 13282 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | (705699) | (253551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | (600008) | (67304) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (1305707) | (320855) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 527302 | 199139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 652611 | 63978 |
| Net change in unrealized appreciation (depreciation) | 1179913 | 263117 |
| Net realized and unrealized loss | (125794) | (57738) |
| **Decrease in net assets resulting from operations** | $(84507) | $(44456) |

---

See Accompanying Notes to Financial Statements<br>

11<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Target<br> In-Retirement Fund | Voya Target<br> In-Retirement Fund | Voya Target<br> Retirement 2025 Fund | Voya Target<br> Retirement 2025 Fund |
|  | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br> 2022.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $458569 | $811730 | $534919 | $1053499 |
| Net realized gain (loss) | (2649532) | 426715 | (2953380) | 1826418 |
| Net change in unrealized appreciation (depreciation) | 756809 | (4762411) | 506596 | (7785270) |
| Decrease in net assets resulting from operations | (1434154) | (3523966) | (1911865) | (4905353) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (880626) |  | (1661215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (180966) |  | (7067) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (6581) |  | (64419) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (3131216) |  | (5505034) |
| Total distributions |  | (4199389) |  | (7237735) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 7425254 | 27165954 | 12067613 | 38269889 |
| Reinvestment of distributions |  | 4199389 |  | 7237735 |
|  | 7425254 | 31365343 | 12067613 | 45507624 |
| Cost of shares redeemed | (3274607) | (13447539) | (6058061) | (14541763) |
| Net increase in net assets resulting from capital share transactions | 4150647 | 17917804 | 6009552 | 30965861 |
| Net increase in net assets | 2716493 | 10194449 | 4097687 | 18822773 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 44471499 | 34277050 | 65040439 | 46217666 |
| End of year or period | $47187992 | $44471499 | $69138126 | $65040439 |

---

See Accompanying Notes to Financial Statements<br>

12<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Target<br> Retirement 2030 Fund | Voya Target<br> Retirement 2030 Fund | Voya Target<br> Retirement 2035 Fund | Voya Target<br> Retirement 2035 Fund |
|  | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br> 2022.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $571451 | $1161151 | $468169 | $1147963 |
| Net realized gain (loss) | (4086470) | 2427017 | (3810600) | 3114692 |
| Net change in unrealized appreciation (depreciation) | 1687432 | (10109703) | 1334544 | (10432663) |
| Decrease in net assets resulting from operations | (1827587) | (6521535) | (2007887) | (6170008) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1670575) |  | (1837822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (197963) |  | (67086) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (12753) |  | (13416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (6298583) |  | (8279683) |
| Total distributions |  | (8179874) |  | (10198007) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 18907065 | 47217563 | 17671656 | 45516958 |
| Reinvestment of distributions |  | 8179874 |  | 10198007 |
|  | 18907065 | 55397437 | 17671656 | 55714965 |
| Cost of shares redeemed | (5212466) | (9521675) | (6809674) | (12748258) |
| Net increase in net assets resulting from capital share transactions | 13694599 | 45875762 | 10861982 | 42966707 |
| Net increase in net assets | 11867012 | 31174353 | 8854095 | 26598692 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 79500721 | 48326368 | 79388154 | 52789462 |
| End of year or period | $91367733 | $79500721 | $88242249 | $79388154 |

---

See Accompanying Notes to Financial Statements<br>

13<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Target<br> Retirement 2040 Fund | Voya Target<br> Retirement 2040 Fund | Voya Target<br> Retirement 2045 Fund | Voya Target<br> Retirement 2045 Fund |
|  | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br> 2022.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $257426 | $831498 | $213439 | $776284 |
| Net realized gain (loss) | (3333091) | 2266252 | (3687320) | 2612656 |
| Net change in unrealized appreciation (depreciation) | 1991365 | (8192116) | 2537145 | (8203038) |
| Decrease in net assets resulting from operations | (1084300) | (5094366) | (936736) | (4814098) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1645076) |  | (1403200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (63755) |  | (55154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (3362) |  | (1085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (6354852) |  | (7899239) |
| Total distributions |  | (8067045) |  | (9358678) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 13659814 | 39822897 | 16516323 | 39389759 |
| Reinvestment of distributions |  | 8067045 |  | 9358678 |
|  | 13659814 | 47889942 | 16516323 | 48748437 |
| Cost of shares redeemed | (3356238) | (10044253) | (4216870) | (10523967) |
| Net increase in net assets resulting from capital share transactions | 10303576 | 37845689 | 12299453 | 38224470 |
| Net increase in net assets | 9219276 | 24684278 | 11362717 | 24051694 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 62908754 | 38224476 | 64317681 | 40265987 |
| End of year or period | $72128030 | $62908754 | $75680398 | $64317681 |

---

See Accompanying Notes to Financial Statements<br>

14<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Target<br> Retirement 2050 Fund | Voya Target<br> Retirement 2050 Fund | Voya Target<br> Retirement 2055 Fund | Voya Target<br> Retirement 2055 Fund |
|  | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $122926 | $569007 | $87793 | $419465 |
| Net realized gain (loss) | (2919370) | 2348188 | (2091824) | 1526906 |
| Net change in unrealized appreciation (depreciation) | 2349736 | (6720544) | 1884973 | (4775247) |
| Decrease in net assets resulting from operations | (446708) | (3803349) | (119058) | (2828876) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1423514) |  | (902934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (87712) |  | (71658) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (24094) |  | (8106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (5406011) |  | (4725556) |
| Total distributions |  | (6941331) |  | (5708254) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 11605748 | 28530526 | 11180067 | 20338411 |
| Reinvestment of distributions |  | 6941331 |  | 5708254 |
|  | 11605748 | 35471857 | 11180067 | 26046665 |
| Cost of shares redeemed | (2774232) | (8271917) | (1374127) | (4669277) |
| Net increase in net assets resulting from capital share transactions | 8831516 | 27199940 | 9805940 | 21377388 |
| Net increase in net assets | 8384808 | 16455260 | 9686882 | 12840258 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 46872096 | 30416836 | 35441446 | 22601188 |
| End of year or period | $55256904 | $46872096 | $45128328 | $35441446 |

---

See Accompanying Notes to Financial Statements<br>

15<br>

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Voya Target<br> Retirement 2060 Fund | Voya Target<br> Retirement 2060 Fund | Voya Target<br> Retirement 2065 Fund | Voya Target<br> Retirement 2065 Fund |
|  | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 | Six Months Ended<br> November 30,<br> 2022 (Unaudited).2 | Year Ended<br> May 31,<br>2022.2 |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $41287 | $266716 | $13282 | $88427 |
| Net realized gain (loss) | (1305707) | 1226726 | (320855) | 344733 |
| Net change in unrealized appreciation (depreciation) | 1179913 | (3085663) | 263117 | (910247) |
| Decrease in net assets resulting from operations | (84507) | (1592221) | (44456) | (477087) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (898682) |  | (224771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (28257) |  | (12956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (2415) |  | (1492) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (2511883) |  | (752539) |
| Total distributions |  | (3441237) |  | (991758) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 6949130 | 12348163 | 1632809 | 1687004 |
| Reinvestment of distributions |  | 3441237 |  | 991758 |
|  | 6949130 | 15789400 | 1632809 | 2678762 |
| Cost of shares redeemed | (1112186) | (5211993) | (70730) | (211188) |
| Net increase in net assets resulting from capital share transactions | 5836944 | 10577407 | 1562079 | 2467574 |
| Net increase in net assets | 5752437 | 5543949 | 1517623 | 998729 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 21021458 | 15477509 | 6433605 | 5434876 |
| End of year or period | $26773895 | $21021458 | $7951228 | $6433605 |

---

See Accompanying Notes to Financial Statements<br>

16<br>

------

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target In-Retirement Fund** | **Voya Target In-Retirement Fund** | **Voya Target In-Retirement Fund** | **Voya Target In-Retirement Fund** | **Voya Target In-Retirement Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.16 | 0.09 | <sup>•</sup> |  | (0.44) | (0.35) |  |  |  |  |  | 9.81 | **(3.44)** | 0.56 | 0.56 | 0.56 | 1.89 | 8374 | 46 |
| 05-31-22 | 12.04 | 0.20 | <sup>•</sup> |  | (0.97) | (0.77) | 0.20 | 0.91 |  | 1.11 |  | 10.16 | **(7.35)** | 0.55 | 0.55 | 0.55 | 1.72 | 8933 | 60 |
| 05-31-21 | 10.87 | 0.20 | <sup>•</sup> |  | 1.36 | 1.56 | 0.28 | 0.11 |  | 0.39 |  | 12.04 | **14.43** | 0.71 | 0.71 | 0.71 | 1.71 | 9712 | 86 |
| 05-31-20 | 10.86 | 0.25 | <sup>•</sup> |  | 0.35 | 0.60 | 0.27 | 0.32 |  | 0.59 |  | 10.87 | **5.43** | 0.72 | 0.72 | 0.72 | 2.31 | 3390 | 85 |
| 05-31-19 | 10.88 | 0.25 |  |  | 0.07 | 0.32 | 0.20 | 0.14 |  | 0.34 |  | 10.86 | **3.09** | 0.73 | 0.73 | 0.73 | 2.19 | 1684 | 156 |
| 05-31-18 | 10.94 | 0.22 | <sup>•</sup> |  | 0.21 | 0.43 | 0.22 | 0.27 |  | 0.49 |  | 10.88 | **3.85** | 3.97 | 0.51 | 0.51 | 1.96 | 1594 | 70 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.22 | 0.11 | <sup>•</sup> |  | (0.44) | (0.33) |  |  |  |  |  | 9.89 | **(3.23)** | 0.20 | 0.20 | 0.20 | 2.25 | 1608 | 46 |
| 05-31-22 | 12.09 | 0.24 | <sup>•</sup> |  | (0.96) | (0.72) | 0.24 | 0.91 |  | 1.15 |  | 10.22 | **(6.94)** | 0.20 | 0.20 | 0.20 | 2.07 | 1666 | 60 |
| 05-31-21 | 10.92 | 0.24 | <sup>•</sup> |  | 1.35 | 1.59 | 0.31 | 0.11 |  | 0.42 |  | 12.09 | **14.70** | 0.40 | 0.40 | 0.40 | 2.06 | 1312 | 86 |
| 05-31-20 | 10.90 | 0.28 |  |  | 0.35 | 0.63 | 0.29 | 0.32 |  | 0.61 |  | 10.92 | **5.71** | 0.44 | 0.44 | 0.44 | 2.60 | 93 | 85 |
| 05-31-19 | 10.91 | 0.27 | <sup>•</sup> |  | 0.08 | 0.35 | 0.22 | 0.14 |  | 0.36 |  | 10.90 | **3.44** | 0.44 | 0.44 | 0.44 | 2.47 | 80 | 156 |
| 05-31-18 | 10.96 | 0.25 |  |  | 0.21 | 0.46 | 0.24 | 0.27 |  | 0.51 |  | 10.91 | **4.13** | 3.76 | 0.27 | 0.27 | 2.23 | 65 | 70 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.12 | 0.08 | <sup>•</sup> |  | (0.44) | (0.36) |  |  |  |  |  | 9.76 | **(3.56)** | 0.81 | 0.81 | 0.81 | 1.57 | 25 | 46 |
| 05-31-22 | 12.01 | 0.18 | <sup>•</sup> |  | (0.98) | (0.80) | 0.18 | 0.91 |  | 1.09 |  | 10.12 | **(7.62)** | 0.80 | 0.80 | 0.80 | 1.57 | 16 | 60 |
| 05-31-21 | 10.86 | 0.17 | <sup>•</sup> |  | 1.35 | 1.52 | 0.26 | 0.11 |  | 0.37 |  | 12.01 | **14.08** | 0.96 | 0.96 | 0.96 | 1.49 | 60 | 86 |
| 05-31-20 | 10.84 | 0.23 |  |  | 0.35 | 0.58 | 0.24 | 0.32 |  | 0.56 |  | 10.86 | **5.25** | 0.97 | 0.97 | 0.97 | 2.07 | 3 | 85 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 10.90 | 0.21 | <sup>•</sup> |  | 0.06 | 0.27 | 0.19 | 0.14 |  | 0.33 |  | 10.84 | **2.68** | 0.98 | 0.98 | 0.98 | 1.92 | 3 | 156 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.22 | 0.11 | <sup>•</sup> |  | (0.45) | (0.34) |  |  |  |  |  | 9.88 | **(3.33)** | 0.19 | 0.19 | 0.19 | 2.24 | 37181 | 46 |
| 05-31-22 | 12.09 | 0.24 | <sup>•</sup> |  | (0.96) | (0.72) | 0.24 | 0.91 |  | 1.15 |  | 10.22 | **(6.93)** | 0.19 | 0.19 | 0.19 | 2.06 | 33856 | 60 |
| 05-31-21 | 10.92 | 0.24 | <sup>•</sup> |  | 1.35 | 1.59 | 0.31 | 0.11 |  | 0.42 |  | 12.09 | **14.72** | 0.38 | 0.38 | 0.38 | 2.08 | 23194 | 86 |
| 05-31-20 | 10.90 | 0.29 | <sup>•</sup> |  | 0.34 | 0.63 | 0.29 | 0.32 |  | 0.61 |  | 10.92 | **5.73** | 0.43 | 0.43 | 0.43 | 2.63 | 7139 | 85 |
| 05-31-19 | 10.90 | 0.24 | <sup>•</sup> |  | 0.13 | 0.37 | 0.23 | 0.14 |  | 0.37 |  | 10.90 | **3.55** | 0.43 | 0.43 | 0.43 | 2.25 | 9005 | 156 |
| 05-31-18 | 10.96 | 0.25 | <sup>•</sup> |  | 0.20 | 0.45 | 0.24 | 0.27 |  | 0.51 |  | 10.90 | **4.08** | 3.69 | 0.22 | 0.22 | 2.30 | 4084 | 70 |
| **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.54 | 0.09 | <sup>•</sup> |  | (0.47) | (0.38) |  |  |  |  |  | 11.16 | **(3.29)** | 0.47 | 0.47 | 0.47 | 1.59 | 12518 | 33 |
| 05-31-22 | 14.20 | 0.23 | <sup>•</sup> |  | (1.07) | (0.84) | 0.26 | 1.56 |  | 1.82 |  | 11.54 | **(7.42)** | 0.48 | 0.48 | 0.48 | 1.70 | 12510 | 63 |
| 05-31-21 | 11.94 | 0.20 | <sup>•</sup> |  | 2.71 | 2.91 | 0.31 | 0.34 |  | 0.65 |  | 14.20 | **24.65** | 0.67 | 0.67 | 0.67 | 1.53 | 12443 | 97 |
| 05-31-20 | 11.76 | 0.25 | <sup>•</sup> |  | 0.45 | 0.70 | 0.23 | 0.29 |  | 0.52 |  | 11.94 | **5.78** | 0.70 | 0.70 | 0.70 | 2.11 | 8584 | 93 |
| 05-31-19 | 12.02 | 0.21 | <sup>•</sup> |  | (0.08) | 0.13 | 0.19 | 0.20 |  | 0.39 |  | 11.76 | **1.30** | 0.71 | 0.71 | 0.71 | 1.81 | 4067 | 96 |
| 05-31-18 | 11.76 | 0.22 | <sup>•</sup> |  | 0.62 | 0.84 | 0.25 | 0.33 |  | 0.58 |  | 12.02 | **7.17** | 2.78 | 0.44 | 0.44 | 1.82 | 2753 | 80 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.64 | 0.08 | <sup>•</sup> |  | (0.46) | (0.38) |  |  |  |  |  | 11.26 | **(3.26)** | 0.28 | 0.28 | 0.28 | 1.49 | 389 | 33 |
| 05-31-22 | 14.28 | 0.19 | <sup>•</sup> |  | (1.02) | (0.83) | 0.25 | 1.56 |  | 1.81 |  | 11.64 | **(7.29)** | 0.28 | 0.37 | 0.37 | 1.32 | 73 | 63 |
| 05-31-21 | 12.00 | 0.23 | <sup>•</sup> |  | 2.72 | 2.95 | 0.33 | 0.34 |  | 0.67 |  | 14.28 | **24.91** | 0.67 | 0.45 | 0.45 | 1.74 | 61 | 97 |
| 05-31-20 | 11.81 | 0.30 | <sup>•</sup> |  | 0.42 | 0.72 | 0.24 | 0.29 |  | 0.53 |  | 12.00 | **5.93** | 0.47 | 0.47 | 0.47 | 2.41 | 40 | 93 |
| 05-31-19 | 12.06 | 0.22 |  |  | (0.05) | 0.17 | 0.22 | 0.20 |  | 0.42 |  | 11.81 | **1.60** | 0.47 | 0.47 | 0.47 | 1.97 | 106 | 96 |
| 05-31-18 | 11.79 | 0.26 | <sup>•</sup> |  | 0.61 | 0.87 | 0.27 | 0.33 |  | 0.60 |  | 12.06 | **7.38** | 2.52 | 0.19 | 0.19 | 2.12 | 91 | 80 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.51 | 0.07 | <sup>•</sup> |  | (0.47) | (0.40) |  |  |  |  |  | 11.11 | **(3.48)** | 0.72 | 0.72 | 0.72 | 1.36 | 446 | 33 |
| 05-31-22 | 14.14 | 0.19 | <sup>•</sup> |  | (1.05) | (0.86) | 0.21 | 1.56 |  | 1.77 |  | 11.51 | **(7.57)** | 0.73 | 0.73 | 0.73 | 1.42 | 482 | 63 |
| 05-31-21 | 11.90 | 0.17 | <sup>•</sup> |  | 2.69 | 2.86 | 0.28 | 0.34 |  | 0.62 |  | 14.14 | **24.27** | 0.92 | 0.92 | 0.92 | 1.29 | 697 | 97 |
| 05-31-20 | 11.72 | 0.22 | <sup>•</sup> |  | 0.45 | 0.67 | 0.20 | 0.29 |  | 0.49 |  | 11.90 | **5.53** | 0.95 | 0.95 | 0.95 | 1.79 | 570 | 93 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.08 | 0.19 | <sup>•</sup> |  | (0.14) | 0.05 | 0.21 | 0.20 |  | 0.41 |  | 11.72 | **0.59** | 0.96 | 0.96 | 0.96 | 1.64 | 351 | 96 |

---

See Accompanying Notes to Financial Statements<br>

17<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2025 Fund (continued)** | **Voya Target Retirement 2025 Fund (continued)** | **Voya Target Retirement 2025 Fund (continued)** | **Voya Target Retirement 2025 Fund (continued)** | **Voya Target Retirement 2025 Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.62 | 0.10 | <sup>•</sup> |  | (0.47) | (0.37) |  |  |  |  |  | 11.25 | **(3.18)** | 0.19 | 0.19 | 0.19 | 1.86 | 55785 | 33 |
| 05-31-22 | 14.28 | 0.26 | <sup>•</sup> |  | (1.06) | (0.80) | 0.30 | 1.56 |  | 1.86 |  | 11.62 | **(7.12)** | 0.19 | 0.19 | 0.19 | 1.94 | 51976 | 63 |
| 05-31-21 | 12.00 | 0.24 | <sup>•</sup> |  | 2.72 | 2.96 | 0.34 | 0.34 |  | 0.68 |  | 14.28 | **24.99** | 0.38 | 0.38 | 0.38 | 1.81 | 33017 | 97 |
| 05-31-20 | 11.80 | 0.27 |  |  | 0.47 | 0.74 | 0.25 | 0.29 |  | 0.54 |  | 12.00 | **6.09** | 0.41 | 0.41 | 0.41 | 2.27 | 23838 | 93 |
| 05-31-19 | 12.05 | 0.23 | <sup>•</sup> |  | (0.06) | 0.17 | 0.22 | 0.20 |  | 0.42 |  | 11.80 | **1.64** | 0.41 | 0.41 | 0.41 | 1.98 | 19178 | 96 |
| 05-31-18 | 11.78 | 0.26 | <sup>•</sup> |  | 0.61 | 0.87 | 0.27 | 0.33 |  | 0.60 |  | 12.05 | **7.43** | 2.44 | 0.14 | 0.14 | 2.15 | 7764 | 80 |
| **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.05 | 0.07 | <sup>•</sup> |  | (0.44) | (0.37) |  |  |  |  |  | 11.68 | **(3.07)** | 0.48 | 0.48 | 0.48 | 1.18 | 12949 | 34 |
| 05-31-22 | 14.79 | 0.23 | <sup>•</sup> |  | (1.07) | (0.84) | 0.31 | 1.59 |  | 1.90 |  | 12.05 | **(7.23)** | 0.48 | 0.48 | 0.48 | 1.68 | 13656 | 58 |
| 05-31-21 | 11.91 | 0.18 | <sup>•</sup> |  | 3.28 | 3.46 | 0.27 | 0.31 |  | 0.58 |  | 14.79 | **29.41** | 0.68 | 0.68 | 0.68 | 1.32 | 12455 | 98 |
| 05-31-20 | 11.71 | 0.23 | <sup>•</sup> |  | 0.46 | 0.69 | 0.19 | 0.30 |  | 0.49 |  | 11.91 | **5.74** | 0.70 | 0.70 | 0.70 | 1.93 | 7929 | 93 |
| 05-31-19 | 12.27 | 0.20 |  |  | (0.18) | 0.02 | 0.21 | 0.37 |  | 0.58 |  | 11.71 | **0.53** | 0.72 | 0.72 | 0.72 | 1.71 | 4445 | 103 |
| 05-31-18 | 11.88 | 0.19 | <sup>•</sup> |  | 0.81 | 1.00 | 0.27 | 0.34 |  | 0.61 |  | 12.27 | **8.40** | 2.89 | 0.43 | 0.43 | 1.57 | 2795 | 80 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.14 | 0.09 | <sup>•</sup> |  | (0.45) | (0.36) |  |  |  |  |  | 11.78 | **(2.97)** | 0.23 | 0.23 | 0.23 | 1.47 | 983 | 34 |
| 05-31-22 | 14.88 | 0.29 | <sup>•</sup> |  | (1.10) | (0.81) | 0.34 | 1.59 |  | 1.94 |  | 12.14 | **(6.97)** | 0.23 | 0.23 | 0.23 | 2.03 | 1444 | 58 |
| 05-31-21 | 11.98 | 0.16 | <sup>•</sup> |  | 3.35 | 3.51 | 0.30 | 0.31 |  | 0.61 |  | 14.88 | **29.69** | 0.42 | 0.42 | 0.42 | 1.15 | 926 | 98 |
| 05-31-20 | 11.76 | 0.26 | <sup>•</sup> |  | 0.47 | 0.73 | 0.21 | 0.30 |  | 0.51 |  | 11.98 | **6.03** | 0.45 | 0.45 | 0.45 | 2.13 | 148 | 93 |
| 05-31-19 | 12.32 | 0.23 | <sup>•</sup> |  | (0.19) | 0.04 | 0.23 | 0.37 |  | 0.60 |  | 11.76 | **0.76** | 0.47 | 0.47 | 0.47 | 1.88 | 177 | 103 |
| 05-31-18 | 11.91 | 0.25 |  |  | 0.79 | 1.04 | 0.29 | 0.34 |  | 0.63 |  | 12.32 | **8.72** | 2.58 | 0.18 | 0.18 | 1.98 | 78 | 80 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.97 | 0.05 | <sup>•</sup> |  | (0.42) | (0.37) |  |  |  |  |  | 11.60 | **(3.09)** | 0.73 | 0.73 | 0.73 | 0.92 | 199 | 34 |
| 05-31-22 | 14.72 | 0.20 | <sup>•</sup> |  | (1.08) | (0.88) | 0.28 | 1.59 |  | 1.88 |  | 11.97 | **(7.50)** | 0.73 | 0.73 | 0.73 | 1.47 | 98 | 58 |
| 05-31-21 | 11.87 | 0.15 | <sup>•</sup> |  | 3.26 | 3.41 | 0.25 | 0.31 |  | 0.56 |  | 14.72 | **29.08** | 0.93 | 0.93 | 0.93 | 1.12 | 68 | 98 |
| 05-31-20 | 11.68 | 0.18 | <sup>•</sup> |  | 0.48 | 0.66 | 0.17 | 0.30 |  | 0.47 |  | 11.87 | **5.47** | 0.95 | 0.95 | 0.95 | 1.46 | 53 | 93 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.35 | 0.19 | <sup>•</sup> |  | (0.28) | (0.09) | 0.21 | 0.37 |  | 0.58 |  | 11.68 | **(0.36)** | 0.97 | 0.97 | 0.97 | 1.56 | 16 | 103 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.12 | 0.08 | <sup>•</sup> |  | (0.43) | (0.35) |  |  |  |  |  | 11.77 | **(2.89)** | 0.19 | 0.19 | 0.19 | 1.44 | 77236 | 34 |
| 05-31-22 | 14.87 | 0.26 | <sup>•</sup> |  | (1.07) | (0.81) | 0.35 | 1.59 |  | 1.94 |  | 12.12 | **(7.01)** | 0.19 | 0.19 | 0.19 | 1.89 | 64302 | 58 |
| 05-31-21 | 11.97 | 0.22 | <sup>•</sup> |  | 3.29 | 3.51 | 0.30 | 0.31 |  | 0.61 |  | 14.87 | **29.73** | 0.38 | 0.38 | 0.38 | 1.58 | 34878 | 98 |
| 05-31-20 | 11.75 | 0.23 |  |  | 0.51 | 0.74 | 0.22 | 0.30 |  | 0.52 |  | 11.97 | **6.08** | 0.41 | 0.41 | 0.41 | 2.04 | 21771 | 93 |
| 05-31-19 | 12.31 | 0.21 |  |  | (0.16) | 0.05 | 0.24 | 0.37 |  | 0.61 |  | 11.75 | **0.79** | 0.42 | 0.42 | 0.42 | 1.74 | 15534 | 103 |
| 05-31-18 | 11.90 | 0.25 | <sup>•</sup> |  | 0.79 | 1.04 | 0.29 | 0.34 |  | 0.63 |  | 12.31 | **8.78** | 2.53 | 0.13 | 0.13 | 1.99 | 5852 | 80 |
| **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.04 | 0.05 | <sup>•</sup> |  | (0.39) | (0.34) |  |  |  |  |  | 11.70 | **(2.82)** | 0.50 | 0.50 | 0.50 | 0.88 | 11712 | 33 |
| 05-31-22 | 15.23 | 0.23 | <sup>•</sup> |  | (1.04) | (0.81) | 0.32 | 2.06 |  | 2.38 |  | 12.04 | **(7.26)** | 0.50 | 0.50 | 0.50 | 1.58 | 11446 | 59 |
| 05-31-21 | 11.84 | 0.15 | <sup>•</sup> |  | 3.81 | 3.96 | 0.24 | 0.33 |  | 0.57 |  | 15.23 | **33.87** | 0.69 | 0.69 | 0.69 | 1.08 | 11286 | 106 |
| 05-31-20 | 11.66 | 0.20 | <sup>•</sup> |  | 0.49 | 0.69 | 0.19 | 0.32 |  | 0.51 |  | 11.84 | **5.69** | 0.72 | 0.72 | 0.72 | 1.67 | 6316 | 95 |
| 05-31-19 | 12.36 | 0.17 |  |  | (0.24) | (0.07) | 0.21 | 0.42 |  | 0.63 |  | 11.66 | **(0.21)** | 0.72 | 0.72 | 0.72 | 1.47 | 2541 | 124 |
| 05-31-18 | 11.98 | 0.18 | <sup>•</sup> |  | 0.96 | 1.14 | 0.25 | 0.51 |  | 0.76 |  | 12.36 | **9.51** | 3.30 | 0.43 | 0.43 | 1.44 | 1997 | 99 |

---

See Accompanying Notes to Financial Statements<br>

18<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2035 Fund (continued)** | **Voya Target Retirement 2035 Fund (continued)** | **Voya Target Retirement 2035 Fund (continued)** | **Voya Target Retirement 2035 Fund (continued)** | **Voya Target Retirement 2035 Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.16 | 0.06 | <sup>•</sup> |  | (0.38) | (0.32) |  |  |  |  |  | 11.84 | **(2.63)** | 0.20 | 0.20 | 0.20 | 0.99 | 1067 | 33 |
| 05-31-22 | 15.34 | 0.25 | <sup>•</sup> |  | (1.01) | (0.76) | 0.36 | 2.06 |  | 2.42 |  | 12.16 | **(6.89)** | 0.20 | 0.20 | 0.20 | 1.68 | 399 | 59 |
| 05-31-21 | 11.91 | 0.19 | <sup>•</sup> |  | 3.84 | 4.03 | 0.27 | 0.33 |  | 0.60 |  | 15.34 | **34.29** | 0.39 | 0.39 | 0.39 | 1.39 | 967 | 106 |
| 05-31-20 | 11.71 | 0.24 |  |  | 0.49 | 0.73 | 0.21 | 0.32 |  | 0.53 |  | 11.91 | **6.01** | 0.42 | 0.42 | 0.42 | 1.96 | 642 | 95 |
| 05-31-19 | 12.40 | 0.22 |  |  | (0.25) | (0.03) | 0.24 | 0.42 |  | 0.66 |  | 11.71 | **0.14** | 0.43 | 0.43 | 0.43 | 1.75 | 680 | 124 |
| 05-31-18 | 12.01 | 0.23 |  |  | 0.94 | 1.17 | 0.27 | 0.51 |  | 0.78 |  | 12.40 | **9.75** | 3.03 | 0.18 | 0.18 | 1.93 | 662 | 99 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.99 | 0.04 | <sup>•</sup> |  | (0.39) | (0.35) |  |  |  |  |  | 11.64 | **(2.92)** | 0.75 | 0.75 | 0.75 | 0.63 | 841 | 33 |
| 05-31-22 | 15.19 | 0.03 | <sup>•</sup> |  | (0.87) | (0.84) | 0.30 | 2.06 |  | 2.36 |  | 11.99 | **(7.48)** | 0.75 | 0.75 | 0.75 | 0.25 | 696 | 59 |
| 05-31-21 | 11.81 | 0.04 | <sup>•</sup> |  | 3.87 | 3.91 | 0.20 | 0.33 |  | 0.53 |  | 15.19 | **33.50** | 0.94 | 0.94 | 0.94 | 0.30 | 61 | 106 |
| 05-31-20 | 11.64 | 0.08 |  |  | 0.58 | 0.66 | 0.17 | 0.32 |  | 0.49 |  | 11.81 | **5.46** | 0.97 | 0.97 | 0.97 | 0.63 | 6 | 95 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.45 | 0.15 | <sup>•</sup> |  | (0.34) | (0.19) | 0.20 | 0.42 |  | 0.62 |  | 11.64 | **(1.15)** | 0.97 | 0.97 | 0.97 | 1.24 | 3 | 124 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.13 | 0.07 | <sup>•</sup> |  | (0.40) | (0.33) |  |  |  |  |  | 11.80 | **(2.72)** | 0.19 | 0.19 | 0.19 | 1.18 | 74623 | 33 |
| 05-31-22 | 15.31 | 0.26 | <sup>•</sup> |  | (1.01) | (0.75) | 0.37 | 2.06 |  | 2.43 |  | 12.13 | **(6.89)** | 0.19 | 0.19 | 0.19 | 1.82 | 66848 | 59 |
| 05-31-21 | 11.89 | 0.19 | <sup>•</sup> |  | 3.84 | 4.03 | 0.28 | 0.33 |  | 0.61 |  | 15.31 | **34.27** | 0.38 | 0.38 | 0.38 | 1.39 | 40475 | 106 |
| 05-31-20 | 11.69 | 0.22 |  |  | 0.52 | 0.74 | 0.22 | 0.32 |  | 0.54 |  | 11.89 | **6.03** | 0.41 | 0.41 | 0.41 | 1.92 | 24983 | 95 |
| 05-31-19 | 12.39 | 0.19 | <sup>•</sup> |  | (0.23) | (0.04) | 0.24 | 0.42 |  | 0.66 |  | 11.69 | **0.08** | 0.42 | 0.42 | 0.42 | 1.60 | 17084 | 124 |
| 05-31-18 | 12.00 | 0.23 | <sup>•</sup> |  | 0.95 | 1.18 | 0.28 | 0.51 |  | 0.79 |  | 12.39 | **9.79** | 2.99 | 0.13 | 0.13 | 1.84 | 4368 | 99 |
| **Voya Target Retirement 2040 Fund** | **Voya Target Retirement 2040 Fund** | **Voya Target Retirement 2040 Fund** | **Voya Target Retirement 2040 Fund** | **Voya Target Retirement 2040 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.73 | 0.03 | <sup>•</sup> |  | (0.33) | (0.30) |  |  |  |  |  | 12.43 | **(2.36)** | 0.52 | 0.52 | 0.52 | 0.54 | 12238 | 34 |
| 05-31-22 | 16.08 | 0.21 | <sup>•</sup> |  | (1.02) | (0.81) | 0.35 | 2.19 |  | 2.53 |  | 12.73 | **(7.11)** | 0.52 | 0.52 | 0.52 | 1.40 | 11929 | 61 |
| 05-31-21 | 12.06 | 0.14 | <sup>•</sup> |  | 4.40 | 4.54 | 0.22 | 0.30 |  | 0.52 |  | 16.08 | **38.07** | 0.71 | 0.71 | 0.71 | 0.97 | 9349 | 112 |
| 05-31-20 | 11.85 | 0.22 | <sup>•</sup> |  | 0.52 | 0.74 | 0.18 | 0.35 |  | 0.53 |  | 12.06 | **5.87** | 0.74 | 0.74 | 0.74 | 1.77 | 4759 | 101 |
| 05-31-19 | 12.62 | 0.17 |  |  | (0.33) | (0.16) | 0.20 | 0.41 |  | 0.61 |  | 11.85 | **(0.84)** | 0.73 | 0.73 | 0.73 | 1.36 | 2473 | 130 |
| 05-31-18 | 12.12 | 0.19 | <sup>•</sup> |  | 1.03 | 1.22 | 0.24 | 0.48 |  | 0.72 |  | 12.62 | **10.07** | 4.65 | 0.41 | 0.41 | 1.48 | 2032 | 104 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.83 | 0.05 | <sup>•</sup> |  | (0.34) | (0.29) |  |  |  |  |  | 12.54 | **(2.26)** | 0.23 | 0.23 | 0.23 | 0.83 | 358 | 34 |
| 05-31-22 | 16.17 | 0.28 | <sup>•</sup> |  | (1.04) | (0.76) | 0.39 | 2.19 |  | 2.58 |  | 12.83 | **(6.75)** | 0.23 | 0.23 | 0.23 | 1.87 | 353 | 61 |
| 05-31-21 | 12.12 | 0.17 | <sup>•</sup> |  | 4.42 | 4.59 | 0.24 | 0.30 |  | 0.54 |  | 16.17 | **38.37** | 0.42 | 0.42 | 0.42 | 1.16 | 51 | 112 |
| 05-31-20 | 11.90 | 0.27 | <sup>•</sup> |  | 0.49 | 0.76 | 0.19 | 0.35 |  | 0.54 |  | 12.12 | **6.07** | 0.45 | 0.45 | 0.45 | 2.13 | 32 | 101 |
| 05-31-19 | 12.67 | 0.21 |  |  | (0.34) | (0.13) | 0.23 | 0.41 |  | 0.64 |  | 11.90 | **(0.59)** | 0.45 | 0.45 | 0.45 | 1.66 | 104 | 130 |
| 05-31-18 | 12.15 | 0.23 |  |  | 1.03 | 1.26 | 0.26 | 0.48 |  | 0.74 |  | 12.67 | **10.39** | 4.42 | 0.16 | 0.16 | 1.77 | 91 | 104 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.68 | 0.02 | <sup>•</sup> |  | (0.34) | (0.32) |  |  |  |  |  | 12.36 | **(2.52)** | 0.77 | 0.77 | 0.77 | 0.31 | 624 | 34 |
| 05-31-22 | 16.05 | 0.18 | <sup>•</sup> |  | (1.03) | (0.85) | 0.33 | 2.19 |  | 2.52 |  | 12.68 | **(7.33)** | 0.77 | 0.77 | 0.77 | 1.20 | 26 | 61 |
| 05-31-21 | 12.06 | 0.09 | <sup>•</sup> |  | 4.40 | 4.49 | 0.20 | 0.30 |  | 0.50 |  | 16.05 | **37.70** | 0.96 | 0.96 | 0.96 | 0.62 | 13 | 112 |
| 05-31-20 | 11.84 | 0.16 |  |  | 0.54 | 0.70 | 0.13 | 0.35 |  | 0.48 |  | 12.06 | **5.59** | 0.99 | 0.99 | 0.99 | 1.29 | 3 | 101 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.73 | 0.13 |  |  | (0.41) | (0.28) | 0.20 | 0.41 |  | 0.61 |  | 11.84 | **(1.84)** | 0.98 | 0.98 | 0.98 | 1.16 | 3 | 130 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.83 | 0.05 | <sup>•</sup> |  | (0.34) | (0.29) |  |  |  |  |  | 12.54 | **(2.26)** | 0.19 | 0.19 | 0.19 | 0.85 | 58908 | 34 |
| 05-31-22 | 16.18 | 0.26 | <sup>•</sup> |  | (1.03) | (0.77) | 0.39 | 2.19 |  | 2.58 |  | 12.83 | **(6.80)** | 0.19 | 0.19 | 0.19 | 1.71 | 50600 | 61 |
| 05-31-21 | 12.12 | 0.18 | <sup>•</sup> |  | 4.43 | 4.61 | 0.25 | 0.30 |  | 0.55 |  | 16.18 | **38.51** | 0.38 | 0.38 | 0.38 | 1.24 | 28811 | 112 |
| 05-31-20 | 11.89 | 0.21 |  |  | 0.57 | 0.78 | 0.20 | 0.35 |  | 0.55 |  | 12.12 | **6.20** | 0.41 | 0.41 | 0.41 | 1.86 | 17929 | 101 |
| 05-31-19 | 12.66 | 0.17 | <sup>•</sup> |  | (0.29) | (0.12) | 0.24 | 0.41 |  | 0.65 |  | 11.89 | **(0.55)** | 0.42 | 0.42 | 0.42 | 1.42 | 11916 | 130 |
| 05-31-18 | 12.14 | 0.23 | <sup>•</sup> |  | 1.04 | 1.27 | 0.27 | 0.48 |  | 0.75 |  | 12.66 | **10.44** | 4.34 | 0.11 | 0.11 | 1.81 | 2661 | 104 |

---

See Accompanying Notes to Financial Statements<br>

19<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2045 Fund**  | **Voya Target Retirement 2045 Fund**  | **Voya Target Retirement 2045 Fund**  | **Voya Target Retirement 2045 Fund**  | **Voya Target Retirement 2045 Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.58 | 0.02 | <sup>•</sup> |  | (0.30) | (0.28) |  |  |  |  |  | 12.30 | **(2.23)** | 0.55 | 0.55 | 0.55 | 0.34 | 7961 | 37 |
| 05-31-22 | 16.56 | 0.20 | <sup>•</sup> |  | (0.93) | (0.73) | 0.36 | 2.89 |  | 3.26 |  | 12.58 | **(6.95)** | 0.55 | 0.55 | 0.55 | 1.30 | 7739 | 57 |
| 05-31-21 | 12.13 | 0.11 | <sup>•</sup> |  | 4.78 | 4.89 | 0.19 | 0.27 |  | 0.46 |  | 16.56 | **40.67** | 0.74 | 0.74 | 0.74 | 0.78 | 6396 | 115 |
| 05-31-20 | 12.01 | 0.20 | <sup>•</sup> |  | 0.52 | 0.72 | 0.18 | 0.42 |  | 0.60 |  | 12.13 | **5.61** | 0.76 | 0.76 | 0.76 | 1.59 | 3535 | 101 |
| 05-31-19 | 12.82 | 0.16 |  |  | (0.39) | (0.23) | 0.18 | 0.40 |  | 0.58 |  | 12.01 | **(1.38)** | 0.76 | 0.76 | 0.76 | 1.30 | 1922 | 135 |
| 05-31-18 | 12.24 | 0.16 | <sup>•</sup> |  | 1.12 | 1.28 | 0.22 | 0.48 |  | 0.70 |  | 12.82 | **10.47** | 4.25 | 0.42 | 0.42 | 1.28 | 1571 | 82 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.68 | 0.04 | <sup>•</sup> |  | (0.29) | (0.25) |  |  |  |  |  | 12.43 | **(1.97)** | 0.19 | 0.19 | 0.19 | 0.70 | 277 | 37 |
| 05-31-22 | 16.67 | 0.27 | <sup>•</sup> |  | (0.96) | (0.69) | 0.41 | 2.89 |  | 3.31 |  | 12.68 | **(6.67)** | 0.19 | 0.19 | 0.19 | 1.76 | 272 | 57 |
| 05-31-21 | 12.19 | 0.19 | <sup>•</sup> |  | 4.78 | 4.97 | 0.22 | 0.27 |  | 0.49 |  | 16.67 | **41.21** | 0.40 | 0.40 | 0.40 | 1.27 | 231 | 115 |
| 05-31-20 | 12.06 | 0.27 | <sup>•</sup> |  | 0.48 | 0.75 | 0.20 | 0.42 |  | 0.62 |  | 12.19 | **5.88** | 0.44 | 0.44 | 0.44 | 2.11 | 27 | 101 |
| 05-31-19 | 12.86 | 0.21 |  |  | (0.40) | (0.19) | 0.21 | 0.40 |  | 0.61 |  | 12.06 | **(1.02)** | 0.42 | 0.42 | 0.42 | 1.62 | 87 | 135 |
| 05-31-18 | 12.28 | 0.21 | <sup>•</sup> |  | 1.10 | 1.31 | 0.25 | 0.48 |  | 0.73 |  | 12.86 | **10.67** | 3.99 | 0.17 | 0.17 | 1.62 | 84 | 82 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.57 | 0.01 | <sup>•</sup> |  | (0.31) | (0.30) |  |  |  |  |  | 12.27 | **(2.39)** | 0.80 | 0.80 | 0.80 | 0.09 | 174 | 37 |
| 05-31-22 | 16.55 | 0.16 | <sup>•</sup> |  | (0.94) | (0.78) | 0.31 | 2.89 |  | 3.21 |  | 12.57 | **(7.23)** | 0.80 | 0.80 | 0.80 | 1.08 | 6 | 57 |
| 05-31-21 | 12.12 | 0.08 | <sup>•</sup> |  | 4.77 | 4.85 | 0.15 | 0.27 |  | 0.42 |  | 16.55 | **40.39** | 0.99 | 0.99 | 0.99 | 0.53 | 6 | 115 |
| 05-31-20 | 11.99 | 0.14 |  |  | 0.54 | 0.68 | 0.13 | 0.42 |  | 0.55 |  | 12.12 | **5.34** | 1.01 | 1.01 | 1.01 | 1.08 | 4 | 101 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.93 | 0.13 |  |  | (0.49) | (0.36) | 0.18 | 0.40 |  | 0.58 |  | 11.99 | **(2.42)** | 1.01 | 1.01 | 1.01 | 1.07 | 3 | 135 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.69 | 0.04 | <sup>•</sup> |  | (0.30) | (0.26) |  |  |  |  |  | 12.43 | **(2.05)** | 0.19 | 0.19 | 0.19 | 0.67 | 67268 | 37 |
| 05-31-22 | 16.67 | 0.24 | <sup>•</sup> |  | (0.92) | (0.68) | 0.41 | 2.89 |  | 3.31 |  | 12.69 | **(6.60)** | 0.19 | 0.19 | 0.19 | 1.59 | 56301 | 57 |
| 05-31-21 | 12.19 | 0.16 | <sup>•</sup> |  | 4.82 | 4.98 | 0.23 | 0.27 |  | 0.50 |  | 16.67 | **41.23** | 0.38 | 0.38 | 0.38 | 1.11 | 33633 | 115 |
| 05-31-20 | 12.05 | 0.22 |  |  | 0.55 | 0.77 | 0.21 | 0.42 |  | 0.63 |  | 12.19 | **5.98** | 0.41 | 0.41 | 0.41 | 1.74 | 20314 | 101 |
| 05-31-19 | 12.86 | 0.16 | <sup>•</sup> |  | (0.35) | (0.19) | 0.22 | 0.40 |  | 0.62 |  | 12.05 | **(1.06)** | 0.42 | 0.42 | 0.42 | 1.27 | 15349 | 135 |
| 05-31-18 | 12.27 | 0.21 | <sup>•</sup> |  | 1.12 | 1.33 | 0.26 | 0.48 |  | 0.74 |  | 12.86 | **10.82** | 3.92 | 0.12 | 0.12 | 1.66 | 3066 | 82 |
| **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.62 | 0.01 | <sup>•</sup> |  | (0.28) | (0.27) |  |  |  |  |  | 12.35 | **(2.14)** | 0.54 | 0.54 | 0.54 | 0.23 | 7469 | 38 |
| 05-31-22 | 16.36 | 0.19 | <sup>•</sup> |  | (0.98) | (0.79) | 0.38 | 2.57 |  | 2.94 |  | 12.62 | **(7.26)** | 0.54 | 0.54 | 0.54 | 1.28 | 7734 | 58 |
| 05-31-21 | 11.83 | 0.11 | <sup>•</sup> |  | 4.71 | 4.82 | 0.17 | 0.12 |  | 0.29 |  | 16.36 | **40.98** | 0.74 | 0.74 | 0.74 | 0.78 | 7243 | 110 |
| 05-31-20 | 11.74 | 0.18 | <sup>•</sup> |  | 0.51 | 0.69 | 0.17 | 0.43 |  | 0.60 |  | 11.83 | **5.44** | 0.77 | 0.78 | 0.78 | 1.52 | 4589 | 98 |
| 05-31-19 | 12.77 | 0.14 |  |  | (0.41) | (0.27) | 0.20 | 0.56 |  | 0.76 |  | 11.74 | **(1.55)** | 0.77 | 0.76 | 0.76 | 1.15 | 2278 | 135 |
| 05-31-18 | 12.25 | 0.14 | <sup>•</sup> |  | 1.16 | 1.30 | 0.23 | 0.55 |  | 0.78 |  | 12.77 | **10.60** | 5.43 | 0.42 | 0.42 | 1.08 | 1749 | 86 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.71 | 0.03 | <sup>•</sup> |  | (0.27) | (0.24) |  |  |  |  |  | 12.47 | **(1.89)** | 0.22 | 0.22 | 0.22 | 0.55 | 405 | 38 |
| 05-31-22 | 16.45 | 0.25 | <sup>•</sup> |  | (1.00) | (0.75) | 0.42 | 2.57 |  | 2.99 |  | 12.71 | **(6.97)** | 0.22 | 0.22 | 0.22 | 1.60 | 471 | 58 |
| 05-31-21 | 11.90 | 0.17 | <sup>•</sup> |  | 4.70 | 4.87 | 0.20 | 0.12 |  | 0.32 |  | 16.45 | **41.25** | 0.41 | 0.41 | 0.41 | 1.15 | 451 | 110 |
| 05-31-20 | 11.78 | 0.21 |  |  | 0.53 | 0.74 | 0.19 | 0.43 |  | 0.62 |  | 11.90 | **5.86** | 0.45 | 0.46 | 0.46 | 1.69 | 149 | 98 |
| 05-31-19 | 12.81 | 0.19 |  |  | (0.43) | (0.24) | 0.23 | 0.56 |  | 0.79 |  | 11.78 | **(1.30)** | 0.46 | 0.45 | 0.45 | 1.43 | 129 | 135 |
| 05-31-18 | 12.27 | 0.21 |  |  | 1.13 | 1.34 | 0.25 | 0.55 |  | 0.80 |  | 12.81 | **10.97** | 5.13 | 0.17 | 0.17 | 1.58 | 106 | 86 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.59 | (0.00) |)\*<sup>•</sup> |  | (0.29) | (0.29) |  |  |  |  |  | 12.30 | **(2.30)** | 0.79 | 0.79 | 0.79 | (0.01) | 667 | 38 |
| 05-31-22 | 16.32 | 0.15 | <sup>•</sup> |  | (0.98) | (0.83) | 0.33 | 2.57 |  | 2.89 |  | 12.59 | **(7.52)** | 0.79 | 0.79 | 0.79 | 0.98 | 131 | 58 |
| 05-31-21 | 11.79 | 0.06 | <sup>•</sup> |  | 4.70 | 4.76 | 0.11 | 0.12 |  | 0.23 |  | 16.32 | **40.61** | 0.99 | 0.99 | 0.99 | 0.43 | 155 | 110 |
| 05-31-20 | 11.72 | 0.16 | <sup>•</sup> |  | 0.51 | 0.67 | 0.17 | 0.43 |  | 0.60 |  | 11.79 | **5.29** | 1.02 | 1.03 | 1.03 | 1.32 | 153 | 98 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.89 | 0.12 |  |  | (0.54) | (0.42) | 0.19 | 0.56 |  | 0.75 |  | 11.72 | **(2.71)** | 1.02 | 1.01 | 1.01 | 0.90 | 3 | 135 |

---

See Accompanying Notes to Financial Statements<br>

20<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2050 Fund (continued)** | **Voya Target Retirement 2050 Fund (continued)** | **Voya Target Retirement 2050 Fund (continued)** | **Voya Target Retirement 2050 Fund (continued)** | **Voya Target Retirement 2050 Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.72 | 0.03 | <sup>•</sup> |  | (0.28) | (0.25) |  |  |  |  |  | 12.47 | **(1.97)** | 0.19 | 0.19 | 0.19 | 0.56 | 46716 | 38 |
| 05-31-22 | 16.46 | 0.23 | <sup>•</sup> |  | (0.97) | (0.74) | 0.43 | 2.57 |  | 2.99 |  | 12.72 | **(6.93)** | 0.19 | 0.19 | 0.19 | 1.54 | 38536 | 58 |
| 05-31-21 | 11.89 | 0.15 | <sup>•</sup> |  | 4.74 | 4.89 | 0.20 | 0.12 |  | 0.32 |  | 16.46 | **41.48** | 0.38 | 0.38 | 0.38 | 1.05 | 22567 | 110 |
| 05-31-20 | 11.77 | 0.21 |  |  | 0.54 | 0.75 | 0.20 | 0.43 |  | 0.63 |  | 11.89 | **5.90** | 0.42 | 0.43 | 0.43 | 1.68 | 11838 | 98 |
| 05-31-19 | 12.81 | 0.14 | <sup>•</sup> |  | (0.38) | (0.24) | 0.24 | 0.56 |  | 0.80 |  | 11.77 | **(1.34)** | 0.43 | 0.42 | 0.42 | 1.14 | 7951 | 135 |
| 05-31-18 | 12.27 | 0.19 | <sup>•</sup> |  | 1.16 | 1.35 | 0.26 | 0.55 |  | 0.81 |  | 12.81 | **11.02** | 5.07 | 0.12 | 0.12 | 1.51 | 1926 | 86 |
| **Voya Target Retirement 2055 Fund** | **Voya Target Retirement 2055 Fund** | **Voya Target Retirement 2055 Fund** | **Voya Target Retirement 2055 Fund** | **Voya Target Retirement 2055 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.28 | 0.01 | <sup>•</sup> |  | (0.27) | (0.26) |  |  |  |  |  | 12.02 | **(2.12)** | 0.64 | 0.60 | 0.60 | 0.12 | 4724 | 35 |
| 05-31-22 | 16.35 | 0.18 | <sup>•</sup> |  | (0.95) | (0.77) | 0.36 | 2.94 |  | 3.30 |  | 12.28 | **(7.40)** | 0.60 | 0.60 | 0.60 | 1.23 | 4360 | 49 |
| 05-31-21 | 11.79 | 0.11 | <sup>•</sup> |  | 4.74 | 4.85 | 0.16 | 0.13 |  | 0.29 |  | 16.35 | **41.43** | 0.78 | 0.78 | 0.78 | 0.74 | 3895 | 116 |
| 05-31-20 | 11.85 | 0.16 |  |  | 0.57 | 0.73 | 0.18 | 0.61 |  | 0.79 |  | 11.79 | **5.55** | 0.76 | 0.77 | 0.77 | 1.40 | 2779 | 112 |
| 05-31-19 | 12.87 | 0.13 | <sup>•</sup> |  | (0.41) | (0.28) | 0.19 | 0.55 |  | 0.74 |  | 11.85 | **(1.68)** | 0.80 | 0.78 | 0.78 | 1.07 | 1659 | 121 |
| 05-31-18 | 12.30 | 0.16 | <sup>•</sup> |  | 1.14 | 1.30 | 0.22 | 0.51 |  | 0.73 |  | 12.87 | **10.61** | 5.53 | 0.42 | 0.42 | 1.27 | 1270 | 71 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.38 | 0.03 | <sup>•</sup> |  | (0.27) | (0.24) |  |  |  |  |  | 12.14 | **(1.94)** | 0.25 | 0.25 | 0.25 | 0.48 | 355 | 35 |
| 05-31-22 | 16.45 | 0.24 | <sup>•</sup> |  | (0.95) | (0.71) | 0.42 | 2.94 |  | 3.36 |  | 12.38 | **(7.03)** | 0.24 | 0.24 | 0.24 | 1.58 | 341 | 49 |
| 05-31-21 | 11.85 | 0.17 | <sup>•</sup> |  | 4.76 | 4.93 | 0.20 | 0.13 |  | 0.33 |  | 16.45 | **41.89** | 0.41 | 0.41 | 0.41 | 1.14 | 349 | 116 |
| 05-31-20 | 11.89 | 0.21 |  |  | 0.57 | 0.78 | 0.21 | 0.61 |  | 0.82 |  | 11.85 | **5.96** | 0.42 | 0.43 | 0.43 | 1.69 | 88 | 112 |
| 05-31-19 | 12.91 | 0.19 |  |  | (0.43) | (0.24) | 0.23 | 0.55 |  | 0.78 |  | 11.89 | **(1.38)** | 0.44 | 0.42 | 0.42 | 1.47 | 83 | 121 |
| 05-31-18 | 12.33 | 0.21 |  |  | 1.13 | 1.34 | 0.25 | 0.51 |  | 0.76 |  | 12.91 | **10.88** | 5.22 | 0.17 | 0.17 | 1.57 | 84 | 71 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.18 | (0.00) |)\*<sup>•</sup> |  | (0.27) | (0.27) |  |  |  |  |  | 11.91 | **(2.22)** | 0.89 | 0.85 | 0.85 | (0.05) | 328 | 35 |
| 05-31-22 | 16.26 | 0.13 | <sup>•</sup> |  | (0.92) | (0.79) | 0.35 | 2.94 |  | 3.29 |  | 12.18 | **(7.60)** | 0.85 | 0.85 | 0.85 | 0.91 | 50 | 49 |
| 05-31-21 | 11.76 | 0.06 | <sup>•</sup> |  | 4.72 | 4.78 | 0.15 | 0.13 |  | 0.28 |  | 16.26 | **40.94** | 1.03 | 1.03 | 1.03 | 0.40 | 28 | 116 |
| 05-31-20 | 11.83 | 0.12 | <sup>•</sup> |  | 0.58 | 0.70 | 0.16 | 0.61 |  | 0.77 |  | 11.76 | **5.32** | 1.01 | 1.02 | 1.02 | 0.98 | 10 | 112 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.99 | 0.12 |  |  | (0.54) | (0.42) | 0.19 | 0.55 |  | 0.74 |  | 11.83 | **(2.82)** | 1.05 | 1.03 | 1.03 | 0.86 | 3 | 121 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 12.38 | 0.03 | <sup>•</sup> |  | (0.27) | (0.24) |  |  |  |  |  | 12.14 | **(1.94)** | 0.19 | 0.19 | 0.19 | 0.51 | 39722 | 35 |
| 05-31-22 | 16.45 | 0.23 | <sup>•</sup> |  | (0.93) | (0.70) | 0.43 | 2.94 |  | 3.37 |  | 12.38 | **(6.99)** | 0.19 | 0.19 | 0.19 | 1.53 | 30690 | 49 |
| 05-31-21 | 11.84 | 0.15 | <sup>•</sup> |  | 4.79 | 4.94 | 0.20 | 0.13 |  | 0.33 |  | 16.45 | **42.02** | 0.38 | 0.38 | 0.38 | 1.03 | 18329 | 116 |
| 05-31-20 | 11.89 | 0.20 | <sup>•</sup> |  | 0.57 | 0.77 | 0.21 | 0.61 |  | 0.82 |  | 11.84 | **5.88** | 0.42 | 0.43 | 0.43 | 1.62 | 11057 | 112 |
| 05-31-19 | 12.91 | 0.13 | <sup>•</sup> |  | (0.37) | (0.24) | 0.23 | 0.55 |  | 0.78 |  | 11.89 | **(1.35)** | 0.44 | 0.42 | 0.42 | 1.10 | 7646 | 121 |
| 05-31-18 | 12.32 | 0.21 | <sup>•</sup> |  | 1.15 | 1.36 | 0.26 | 0.51 |  | 0.77 |  | 12.91 | **11.02** | 5.18 | 0.12 | 0.12 | 1.59 | 1859 | 71 |
| **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.60 | 0.00 | \*<sup>•</sup> |  | (0.24) | (0.24) |  |  |  |  |  | 11.36 | **(2.07)** | 0.67 | 0.60 | 0.60 | 0.05 | 4442 | 36 |
| 05-31-22 | 15.16 | 0.18 | <sup>•</sup> |  | (0.90) | (0.72) | 0.33 | 2.51 |  | 2.84 |  | 11.60 | **(7.26)** | 0.61 | 0.61 | 0.61 | 1.30 | 3968 | 60 |
| 05-31-21 | 10.90 | 0.08 | <sup>•</sup> |  | 4.46 | 4.54 | 0.15 | 0.13 |  | 0.28 |  | 15.16 | **41.89** | 0.77 | 0.77 | 0.77 | 0.61 | 4667 | 110 |
| 05-31-20 | 10.89 | 0.15 |  |  | 0.51 | 0.66 | 0.15 | 0.50 |  | 0.65 |  | 10.90 | **5.61** | 0.78 | 0.80 | 0.80 | 1.38 | 2803 | 109 |
| 05-31-19 | 12.14 | 0.13 | <sup>•</sup> |  | (0.42) | (0.29) | 0.19 | 0.77 |  | 0.96 |  | 10.89 | **(1.76)** | 0.78 | 0.73 | 0.73 | 1.10 | 1274 | 114 |
| 05-31-18 | 11.62 | 0.15 | <sup>•</sup> |  | 1.09 | 1.24 | 0.22 | 0.50 |  | 0.72 |  | 12.14 | **10.65** | 7.38 | 0.42 | 0.42 | 1.27 | 1016 | 69 |

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See Accompanying Notes to Financial Statements<br>

21<br>

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FINANCIAL HIGHLIGHTS (CONTINUED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less distributions** | **Less distributions** | **Less distributions** | | | | | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Ratios to average<br> net assets** | **Supplemental<br> data** | **Supplemental<br> data** |
|  |<br>Net asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | Net<br>investment<br>income<br>(loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) | Net<br>realized<br>and<br>unrealized<br>gain (loss) |<br>Total from<br>investment<br>operations | From net<br>investment<br>income | From net<br>realized<br> gains | From<br>return<br>of capital |<br>Total<br>distributions |<br>Payment by<br>affiliate |<br>Net asset<br>value,<br>end of<br>year or<br>period |<br>Total<br>Return<sup>(1)</sup> | Expenses<br>before<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Expenses<br>net of fee<br>waivers<br>and/or<br>recoupments<br>if any<sup>(2)(3),(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<sup>(2)(3),(4)</sup> | Net<br>investment<br>income<br>(loss)<sup>(2)(3),(4)</sup> | Net assets,<br>end of <br>year or<br> period | Portfolio<br>turnover<br>rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2060 Fund (continued)** | **Voya Target Retirement 2060 Fund (continued)** | **Voya Target Retirement 2060 Fund (continued)** | **Voya Target Retirement 2060 Fund (continued)** | **Voya Target Retirement 2060 Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.66 | 0.02 | <sup>•</sup> |  | (0.24) | (0.22) |  |  |  |  |  | 11.44 | **(1.89)** | 0.22 | 0.22 | 0.22 | 0.43 | 55 | 36 |
| 05-31-22 | 15.23 | 0.30 | <sup>•</sup> |  | (0.97) | (0.67) | 0.39 | 2.51 |  | 2.90 |  | 11.66 | **(6.93)** | 0.19 | 0.19 | 0.19 | 2.04 | 52 | 60 |
| 05-31-21 | 10.93 | 0.14 | <sup>•</sup> |  | 4.47 | 4.61 | 0.18 | 0.13 |  | 0.31 |  | 15.23 | **42.50** | 0.39 | 0.39 | 0.39 | 1.07 | 160 | 110 |
| 05-31-20 | 10.91 | 0.19 |  |  | 0.51 | 0.70 | 0.18 | 0.50 |  | 0.68 |  | 10.93 | **5.90** | 0.44 | 0.46 | 0.46 | 1.67 | 122 | 109 |
| 05-31-19 | 12.15 | 0.18 |  |  | (0.43) | (0.25) | 0.22 | 0.77 |  | 0.99 |  | 10.91 | **(1.39)** | 0.47 | 0.42 | 0.42 | 1.46 | 125 | 114 |
| 05-31-18 | 11.64 | 0.22 | <sup>•</sup> |  | 1.04 | 1.26 | 0.25 | 0.50 |  | 0.75 |  | 12.15 | **10.80** | 7.16 | 0.17 | 0.17 | 1.82 | 120 | 69 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.57 | (0.01) |)<sup>•</sup> |  | (0.24) | (0.25) |  |  |  |  |  | 11.32 | **(2.16)** | 0.92 | 0.85 | 0.85 | (0.18) | 164 | 36 |
| 05-31-22 | 15.15 | 0.16 | <sup>•</sup> |  | (0.91) | (0.75) | 0.32 | 2.51 |  | 2.83 |  | 11.57 | **(7.49)** | 0.86 | 0.86 | 0.86 | 1.16 | 10 | 60 |
| 05-31-21 | 10.89 | 0.04 | <sup>•</sup> |  | 4.45 | 4.49 | 0.10 | 0.13 |  | 0.23 |  | 15.15 | **41.45** | 1.02 | 1.02 | 1.02 | 0.27 | 9 | 110 |
| 05-31-20 | 10.88 | 0.12 |  |  | 0.52 | 0.64 | 0.13 | 0.50 |  | 0.63 |  | 10.89 | **5.37** | 1.03 | 1.05 | 1.05 | 1.05 | 6 | 109 |
| 06-01-18<sup>(5)</sup>–05-31-19 | 12.25 | 0.09 | <sup>•</sup> |  | (0.51) | (0.42) | 0.18 | 0.77 |  | 0.95 |  | 10.88 | **(2.77)** | 1.03 | 0.98 | 0.98 | 0.75 | 6 | 114 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.67 | 0.02 | <sup>•</sup> |  | (0.24) | (0.22) |  |  |  |  |  | 11.45 | **(1.89)** | 0.19 | 0.19 | 0.19 | 0.44 | 22112 | 36 |
| 05-31-22 | 15.24 | 0.21 | <sup>•</sup> |  | (0.88) | (0.67) | 0.39 | 2.51 |  | 2.90 |  | 11.67 | **(6.92)** | 0.19 | 0.19 | 0.19 | 1.53 | 16991 | 60 |
| 05-31-21 | 10.94 | 0.13 | <sup>•</sup> |  | 4.48 | 4.61 | 0.18 | 0.13 |  | 0.31 |  | 15.24 | **42.45** | 0.38 | 0.38 | 0.38 | 0.98 | 10641 | 110 |
| 05-31-20 | 10.92 | 0.18 |  |  | 0.52 | 0.70 | 0.18 | 0.50 |  | 0.68 |  | 10.94 | **5.89** | 0.44 | 0.46 | 0.46 | 1.57 | 5619 | 109 |
| 05-31-19 | 12.16 | 0.13 | <sup>•</sup> |  | (0.38) | (0.25) | 0.22 | 0.77 |  | 0.99 |  | 10.92 | **(1.36)** | 0.47 | 0.42 | 0.42 | 1.10 | 3217 | 114 |
| 05-31-18 | 11.64 | 0.19 | <sup>•</sup> |  | 1.08 | 1.27 | 0.25 | 0.50 |  | 0.75 |  | 12.16 | **10.91** | 7.09 | 0.12 | 0.12 | 1.51 | 861 | 69 |
| **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.09 | 0.01 | <sup>•</sup> |  | (0.21) | (0.20) |  |  |  |  |  | 9.89 | **(1.98)** | 0.47 | 0.45 | 0.45 | 0.22 | 1235 | 34 |
| 05-31-22 | 12.89 | 0.16 | <sup>•</sup> |  | (0.79) | (0.63) | 0.30 | 1.87 |  | 2.17 |  | 10.09 | **(7.12)** | 0.46 | 0.46 | 0.46 | 1.34 | 1246 | 38 |
| 07-29-20<sup>(5)</sup>–05-31-21 | 10.00 | 0.08 | <sup>•</sup> |  | 2.97 | 3.05 | 0.14 | 0.02 |  | 0.16 |  | 12.89 | **30.61** | 0.67 | 0.67 | 0.67 | 0.82 | 1320 | 87 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.11 | 0.02 | <sup>•</sup> |  | (0.21) | (0.19) |  |  |  |  |  | 9.92 | **(1.88)** | 0.25 | 0.23 | 0.23 | 0.44 | 69 | 34 |
| 05-31-22 | 12.91 | 0.19 | <sup>•</sup> |  | (0.79) | (0.60) | 0.33 | 1.87 |  | 2.20 |  | 10.11 | **(6.90)** | 0.23 | 0.23 | 0.23 | 1.56 | 71 | 38 |
| 07-29-20<sup>(5)</sup>–05-31-21 | 10.00 | 0.10 | <sup>•</sup> |  | 2.97 | 3.07 | 0.14 | 0.02 |  | 0.16 |  | 12.91 | **30.92** | 0.42 | 0.42 | 0.42 | 1.02 | 76 | 87 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.06 | (0.01) |)<sup>•</sup> |  | (0.20) | (0.21) |  |  |  |  |  | 9.85 | **(2.09)** | 0.72 | 0.70 | 0.70 | (0.12) | 32 | 34 |
| 05-31-22 | 12.88 | 0.09 | <sup>•</sup> |  | (0.76) | (0.67) | 0.28 | 1.87 |  | 2.16 |  | 10.06 | **(7.40)** | 0.71 | 0.71 | 0.71 | 0.74 | 10 | 38 |
| 07-29-20<sup>(5)</sup>–05-31-21 | 10.00 | 0.05 | <sup>•</sup> |  | 2.98 | 3.03 | 0.13 | 0.02 |  | 0.15 |  | 12.88 | **30.40** | 0.92 | 0.92 | 0.92 | 0.56 | 7 | 87 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.11 | 0.02 | <sup>•</sup> |  | (0.21) | (0.19) |  |  |  |  |  | 9.92 | **(1.88)** | 0.22 | 0.20 | 0.20 | 0.43 | 6615 | 34 |
| 05-31-22 | 12.91 | 0.18 | <sup>•</sup> |  | (0.78) | (0.60) | 0.33 | 1.87 |  | 2.20 |  | 10.11 | **(6.89)** | 0.21 | 0.21 | 0.21 | 1.53 | 5108 | 38 |
| 07-29-20<sup>(5)</sup>–05-31-21 | 10.00 | 0.10 | <sup>•</sup> |  | 2.97 | 3.07 | 0.14 | 0.02 |  | 0.16 |  | 12.91 | **30.92** | 0.42 | 0.42 | 0.42 | 1.05 | 4032 | 87 |

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<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

See Accompanying Notes to Financial Statements<br>

22<br>

------

FINANCIAL HIGHLIGHTS (CONTINUED)

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| | |
|:---|:---|
| <sup>(4)</sup> | Ratios do not include expenses of the Underlying Funds. |
| <sup>(5)</sup> | Commencement of operations. |
| <sup>+</sup> | Unaudited. |
| •  | Calculated using average number of shares outstanding throughout the year or period. |
| \* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |

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See Accompanying Notes to Financial Statements<br>

23<br>

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NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED)<br>

**NOTE 1 — ORGANIZATION**

Voya Separate Portfolios Trust (the "Trust") is a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fourteen separate active investment series. The ten series (each, a "Fund" and collectively, the "Funds") included in this report are: Voya Target In-Retirement Fund ("In-Retirement"), Voya Target Retirement 2025 Fund ("Retirement 2025"), Voya Target Retirement 2030 Fund ("Retirement 2030"), Voya Target Retirement 2035 Fund ("Retirement 2035"), Voya Target Retirement 2040 Fund ("Retirement 2040"), Voya Target Retirement 2045 Fund ("Retirement 2045"), Voya Target Retirement 2050 Fund ("Retirement 2050"), Voya Target Retirement 2055 Fund ("Retirement 2055"), Voya Target Retirement 2060 Fund ("Retirement 2060"), and Voya Target Retirement 2065 Fund ("Retirement 2065"), each a diversified series of the Trust.

Each Fund offers the following classes of shares: Class A, Class I, Class R and Class R6. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees (if any), shareholder servicing fees (if any) and transfer agency fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund are charged directly to that fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser to the

Funds. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

The investment companies in which the Funds invest are collectively referred to as the "Underlying Funds."

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation.*** Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which a Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the

24<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine a Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in a Fund.

The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information

available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of a Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments. The Funds classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method. Capital gain

25<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

<br> dividends from Underlying Funds are recorded as distributions of realized gains from Underlying Funds.

C. ***Foreign Currency Translation.*** The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments.

Reported net realized foreign exchange gains or losses arise from the difference between the amounts of foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses arise from changes in the value of foreign/withholding tax reclaim receivables, resulting from changes in the exchange rate.

D. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on the ex-dividend date. The Funds declare and pay dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2022, the cost of purchases and the proceeds from the sales of investments were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| In-Retirement | $25159517 | $20533252 |
| Retirement 2025 | 27884875 | 21350331 |
| Retirement 2030 | 41882217 | 27651941 |
| Retirement 2035 | 38724257 | 27428980 |
| Retirement 2040 | 32789993 | 22234735 |
| Retirement 2045 | 37309897 | 24835878 |
| Retirement 2050 | 27305664 | 18375635 |
| Retirement 2055 | 23347145 | 13486461 |
| Retirement 2060 | 14041282 | 8162626 |
| Retirement 2065 | 3891158 | 2316298 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Investment Adviser provides the Funds with advisory and administrative services under a management agreement (the "Bundled Fee Agreement"). Pursuant to this Bundled Fee Agreement, the Investment Adviser is responsible for providing or procuring, at the Investment Adviser's expense, the services reasonably necessary for the ordinary operation of each Fund, including, among other things, custodial, administrative, transfer agency (with the exception of fees paid for omnibus accounts or record keeping services), fund accounting, auditing and ordinary legal expenses. This Bundled Fee Agreement compensates the Investment Adviser with a management fee (a "unified fee") equal to 0.18% of each Fund's average daily net assets.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya

26<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Funds' assets in accordance with the Funds' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A and Class R shares of each Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to reimburse or compensate expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, Class A shares and Class R shares of each Fund pays the Distributor a Distribution Fee and/or Service Fee based on average daily net assets at a rate of 0.25% and 0.50%, respectively.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A shares. For the period ended November 30, 2022, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
| | **Class A** |
| **Initial Sales Charges:** |  |
| In-Retirement | $912.0 |
| Retirement 2025 | 2142.0 |
| Retirement 2030 | 1915.0 |
| Retirement 2035 | 4460.0 |
| Retirement 2040 | 1757.0 |
| Retirement 2045 | 1670.0 |
| Retirement 2050 | 2528.0 |
| Retirement 2055 | 1230.0 |
| Retirement 2060 | 1092.0 |
| Retirement 2065 | 199.0 |
| **Contingent Deferred Sales Charges:** |  |
| Retirement 2040 | $29.0 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| Subsidiary | Fund | Percentage |
| Voya Institutional Trust Company | In-Retirement | 28.45% |
|  | Retirement 2025 | 24.37 |
|  | Retirement 2030 | 21.04 |
|  | Retirement 2035 | 20.85 |
|  | Retirement 2040 | 16.74 |
|  | Retirement 2045 | 21.17 |
|  | Retirement 2050 | 22.12 |
|  | Retirement 2055 | 20.51 |
|  | Retirement 2060 | 18.19 |
|  | Retirement 2065 | 5.27 |
| Voya Investment Management Co. LLC | Retirement 2065 | 60.42 |
| Voya Retirement Insurance and Annuity Company | In-Retirement | 47.52 |
|  | Retirement 2025 | 49.42 |
|  | Retirement 2030 | 58.03 |
|  | Retirement 2035 | 55.01 |
|  | Retirement 2040 | 59.69 |
|  | Retirement 2045 | 59.37 |
|  | Retirement 2050 | 56.34 |
|  | Retirement 2055 | 61.18 |
|  | Retirement 2060 | 58.02 |
|  | Retirement 2065 | 30.18 |

---

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2022, the Funds did not pay any amounts for affiliated recordkeeping services.

27<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Funds whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses and extraordinary expenses to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund<sup>(1)</sup> | Class A | Class I | Class R | Class R6 |
| In-Retirement | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2025 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2030 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2035 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2040 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2045 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2050 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2055 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2060 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2065 | 0.65% | 0.40% | 0.90% | 0.25% |

---

<sup>(1)</sup> These operating expense limits take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Fund will vary based on each Fund's allocation of assets to, and the net expenses of, a particular Underlying Fund.

The Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of November 30, 2022, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | November 30, | November 30, | November 30, | |
|  | 2023 | 2024 | 2025 | <br>Total |
| Retirement 2060 | $— | $— | $44 | $44 |
| Retirement 2065 |  |  | 639 | 639 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are

subject to possible recoupment by the Investment Adviser and the related expiration dates, as of November 30, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | November 30, | November 30, | November 30, | |
|  | 2023 | 2024 | 2025 | <br>Total |
| Retirement 2055 |  |  |  |  |
| Class A | $— | $34 | $883 | $917 |
| Class R |  | 1 | 60 | 61 |
| Retirement 2060 |  |  |  |  |
| Class A |  |  | 1408 | 1408 |
| Class R |  |  | 55 | 55 |

---

The Expense Limitation Agreement is contractual through October 1, 2023 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 13, 2022, the Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 12, 2023. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 13, 2022, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2022.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

During the period ended November 30, 2022, the Funds did not utilize the line of credit.

28<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Shares<br>sold | Shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease)<br>in shares<br>outstanding | Shares<br>sold | Proceeds<br>from<br>shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease) |
| Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) |
| **In-Retirement** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 56978 |  |  | (82863) | (25885) | 553816 |  |  | (805403) | (251587) |
| 5/31/2022 | 212308 |  | 77657 | (217548) | 72417 | 2437121 |  | 880626 | (2500517) | 817230 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 567 |  |  | (1025) | (458) | 5537 |  |  | (9778) | (4241) |
| 5/31/2022 | 61446 |  | 15902 | (22716) | 54632 | 754630 |  | 180966 | (268671) | 666925 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1545 |  |  | (569) | 976 | 14892 |  |  | (5460) | 9432 |
| 5/31/2022 | 1472 |  | 581 | (5435) | (3382) | 17213 |  | 6581 | (58041) | (34247) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 698673 |  |  | (251554) | 447119 | 6851009 |  |  | (2453966) | 4397043 |
| 5/31/2022 | 2062474 |  | 275151 | (941430) | 1396195 | 23956990 |  | 3131216 | (10620310) | 16467896 |
| **Retirement 2025** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 70813 |  |  | (32842) | 37971 | 769053 |  |  | (360045) | 409008 |
| 5/31/2022 | 194535 |  | 127101 | (114120) | 207516 | 2569628 |  | 1661215 | (1506341) | 2724502 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 28879 |  |  | (542) | 28337 | 300755 |  |  | (5789) | 294966 |
| 5/31/2022 | 23477 |  | 537 | (22067) | 1947 | 335671 |  | 7067 | (327287) | 15451 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 2867 |  |  | (4648) | (1781) | 32163 |  |  | (51803) | (19640) |
| 5/31/2022 | 1499 |  | 4940 | (13797) | (7358) | 20320 |  | 64419 | (201708) | (116969) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 999906 |  |  | (514314) | 485592 | 10965642 |  |  | (5640424) | 5325218 |
| 5/31/2022 | 2684780 |  | 418952 | (942826) | 2160906 | 35344270 |  | 5505034 | (12506427) | 28342877 |
| **Retirement 2030** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 66134 |  |  | (90906) | (24772) | 754367 |  |  | (1023328) | (268961) |
| 5/31/2022 | 270089 |  | 121851 | (100365) | 291575 | 3648639 |  | 1670575 | (1380377) | 3938837 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 9793 |  |  | (45332) | (35539) | 108384 |  |  | (552479) | (444095) |
| 5/31/2022 | 57678 |  | 14345 | (15210) | 56813 | 871196 |  | 197963 | (227767) | 841392 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 9100 |  |  | (98) | 9002 | 107653 |  |  | (1089) | 106564 |
| 5/31/2022 | 2622 |  | 935 | (5) | 3552 | 38344 |  | 12753 | (76) | 51021 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1569553 |  |  | (311551) | 1258002 | 17936661 |  |  | (3635570) | 14301091 |
| 5/31/2022 | 3088643 |  | 457082 | (587326) | 2958399 | 42659384 |  | 6298583 | (7913455) | 41044512 |
| **Retirement 2035** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 96571 |  |  | (46217) | 50354 | 1096724 |  |  | (524351) | 572373 |
| 5/31/2022 | 166815 |  | 133466 | (91188) | 209093 | 2380999 |  | 1837822 | (1312381) | 2906440 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 57908 |  |  | (585) | 57323 | 622142 |  |  | (6419) | 615723 |
| 5/31/2022 | 26525 |  | 4833 | (61599) | (30241) | 400744 |  | 67086 | (955104) | (487274) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 15123 |  |  | (902) | 14221 | 177299 |  |  | (9841) | 167458 |
| 5/31/2022 | 104256 |  | 977 | (51266) | 53967 | 1373433 |  | 13416 | (627517) | 759332 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1357462 |  |  | (547626) | 809836 | 15775491 |  |  | (6269063) | 9506428 |
| 5/31/2022 | 2954204 |  | 597811 | (683419) | 2868596 | 41361782 |  | 8279683 | (9853256) | 39788209 |
| **Retirement 2040** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 71427 |  |  | (23494) | 47933 | 861061 |  |  | (275964) | 585097 |
| 5/31/2022 | 335396 |  | 112522 | (92565) | 355353 | 4887552 |  | 1645076 | (1411572) | 5121056 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1136 |  |  | (127) | 1009 | 13075 |  |  | (1549) | 11526 |
| 5/31/2022 | 24299 |  | 4331 | (4236) | 24394 | 392273 |  | 63755 | (60320) | 395708 |

---

29<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Shares<br>sold | Shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease)<br>in shares<br>outstanding | Shares<br>sold | Proceeds<br>from<br>shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease) |
| Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) |
| **Retirement 2040 (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 51524 |  |  | (3082) | 48442 | 647008 |  |  | (38458) | 608550 |
| 5/31/2022 | 990 |  | 231 | (4) | 1217 | 14765 |  | 3362 | (66) | 18061 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1010106 |  |  | (257140) | 752966 | 12138670 |  |  | (3040267) | 9098403 |
| 5/31/2022 | 2327902 |  | 431716 | (597355) | 2162263 | 34528307 |  | 6354852 | (8572295) | 32310864 |
| **Retirement 2045** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 101724 |  |  | (69833) | 31891 | 1210934 |  |  | (792757) | 418177 |
| 5/31/2022 | 175409 |  | 96906 | (43319) | 228996 | 2642769 |  | 1403200 | (672399) | 3373570 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 7311 |  |  | (6413) | 898 | 81941 |  |  | (75169) | 6772 |
| 5/31/2022 | 5099 |  | 3786 | (1304) | 7581 | 79988 |  | 55154 | (17252) | 117890 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 14852 |  |  | (1211) | 13641 | 183585 |  |  | (13388) | 170197 |
| 5/31/2022 | 95 |  | 75 |  | 170 | 1200 |  | 1085 |  | 2285 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1252739 |  |  | (278665) | 974074 | 15039863 |  |  | (3335556) | 11704307 |
| 5/31/2022 | 2543912 |  | 541786 | (665337) | 2420361 | 36665802 |  | 7899239 | (9834316) | 34730725 |
| **Retirement 2050** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 59392 |  |  | (67623) | (8231) | 702705 |  |  | (825423) | (122718) |
| 5/31/2022 | 137731 |  | 97769 | (65361) | 170139 | 2099340 |  | 1423514 | (1001986) | 2520868 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 3025 |  |  | (7512) | (4487) | 35993 |  |  | (90082) | (54089) |
| 5/31/2022 | 4652 |  | 5987 | (1058) | 9581 | 71073 |  | 87712 | (16489) | 142296 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 49357 |  |  | (5616) | 43741 | 614230 |  |  | (65406) | 548824 |
| 5/31/2022 | 1178 |  | 1657 | (1923) | 912 | 17581 |  | 24094 | (32069) | 9606 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 870120 |  |  | (154239) | 715881 | 10252820 |  |  | (1793321) | 8459499 |
| 5/31/2022 | 1785828 |  | 369011 | (495638) | 1659201 | 26342532 |  | 5406011 | (7221373) | 24527170 |
| **Retirement 2055** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 59196 |  |  | (21437) | 37759 | 674823 |  |  | (248133) | 426690 |
| 5/31/2022 | 91605 |  | 63677 | (38455) | 116827 | 1400729 |  | 902934 | (566167) | 1737496 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1726 |  |  | (29) | 1697 | 19995 |  |  | (335) | 19660 |
| 5/31/2022 | 2468 |  | 5022 | (1219) | 6271 | 36937 |  | 71658 | (20418) | 88177 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 32083 |  |  | (8709) | 23374 | 383506 |  |  | (98189) | 285317 |
| 5/31/2022 | 1821 |  | 576 | (4) | 2393 | 26316 |  | 8106 | (60) | 34362 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 880919 |  |  | (89724) | 791195 | 10101743 |  |  | (1027470) | 9074273 |
| 5/31/2022 | 1308834 |  | 331153 | (274804) | 1365183 | 18874429 |  | 4725556 | (4082632) | 19517353 |
| **Retirement 2060** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 72757 |  |  | (23799) | 48958 | 787543 |  |  | (258708) | 528835 |
| 5/31/2022 | 95434 |  | 67066 | (128270) | 34230 | 1321087 |  | 898682 | (1725038) | 494731 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 648 |  |  | (269) | 379 | 7075 |  |  | (3007) | 4068 |
| 5/31/2022 | 1742 |  | 2101 | (9911) | (6068) | 25626 |  | 28257 | (132695) | (78812) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 17156 |  |  | (3526) | 13630 | 195000 |  |  | (38289) | 156711 |
| 5/31/2022 | 434 |  | 180 | (349) | 265 | 6119 |  | 2415 | (4449) | 4085 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 549353 |  |  | (74527) | 474826 | 5959512 |  |  | (812182) | 5147330 |
| 5/31/2022 | 823709 |  | 186618 | (252968) | 757359 | 10995331 |  | 2511883 | (3349811) | 10157403 |

---

30<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Shares<br>sold | Shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease)<br>in shares<br>outstanding | Shares<br>sold | Proceeds<br>from<br>shares<br>issued in<br>merger | Reinvestment<br>of<br>distributions | Shares<br>redeemed | Net<br>increase<br>(decrease) |
| Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) |
| **Retirement 2065** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1362 |  |  |  | 1362 | 12244 |  |  |  | 12244 |
| 5/31/2022 | 1762 |  | 19294 | (4) | 21052 | 21556 |  | 224771 | (48) | 246279 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 |  |  |  |  |  |  |  |  |  |  |
| 5/31/2022 |  |  | 1111 |  | 1111 |  |  | 12956 |  | 12956 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 2353 |  |  | (45) | 2308 | 22520 |  |  | (422) | 22098 |
| 5/31/2022 | 327 |  | 128 | (1) | 454 | 3981 |  | 1492 | (12) | 5461 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 168751 |  |  | (7368) | 161383 | 1598045 |  |  | (70308) | 1527737 |
| 5/31/2022 | 147103 |  | 64540 | (18755) | 192888 | 1661467 |  | 752539 | (211128) | 2202878 |

---

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains and wash sale deferrals.

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended May 31, 2022 | Year Ended May 31, 2022 | **Year Ended May 31, 2021** | **Year Ended May 31, 2021** |
|  | Ordinary<br>Income.1 | Long-term<br>Capital Gains.1 | Ordinary<br>Income.1 | Long-term<br>Capital Gains.1 |
| In-Retirement | $3127942 | $1071447 | $958494 | $— |
| Retirement 2025 | 3386753 | 3850982 | 1730418 | 201817 |
| Retirement 2030 | 3733789 | 4446085 | 1484950 | 307713 |
| Retirement 2035 | 4510208 | 5687799 | 1583527 | 204549 |
| Retirement 2040 | 4236650 | 3830395 | 1001755 | 109944 |
| Retirement 2045 | 4413288 | 4945390 | 868935 | 182042 |
| Retirement 2050 | 3237341 | 3703990 | 466980 | 59285 |
| Retirement 2055 | 2557681 | 3150573 | 381287 | 57071 |
| Retirement 2060 | 1577126 | 1864111 | 250218 | 20235 |
| Retirement 2065 | 850246 | 141512 | 64823 |  |

---

The tax-basis components of distributable earnings as of May 31, 2022 were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-term<br>Capital Gains | Post-October<br>Capital Losses<br>Deferred | Unrealized<br>Appreciation/<br>(Depreciation) | Other | Total<br>Distributable<br>Earnings/(Loss) |
| In-Retirement | $397570 | $346378 | $— | $(5134289) | $(142) | $(4390483) |
| Retirement 2025 | 405848 | 1454698 |  | (6922540) | (247) | (5062241) |
| Retirement 2030 | 196176 | 2733484 | (46569) | (9226655) | (242) | (6343806) |
| Retirement 2035 | 123493 | 3221085 | (86644) | (9094896) | (242) | (5837204) |
| Retirement 2040 | 41481 | 2545285 | (8605) | (7540928) | (179) | (4962946) |
| Retirement 2045 | 18020 | 2577687 |  | (7032153) | (189) | (4436635) |
| Retirement 2050 |  | 2046662 | (97251) | (5557677) | (133) | (3608399) |
| Retirement 2055 |  | 1429834 | (24905) | (4003739) | (109) | (2598919) |
| Retirement 2060 |  | 1163292 | (20537) | (2418505) | (68) | (1275818) |
| Retirement 2065 |  | 237353 | (10675) | (508275) | (12) | (281609) |

---

At May 31, 2022, the Funds did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

31<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 10 — FEDERAL INCOME TAXES (continued)**

As of November 30, 2022, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 11 — LONDON INTERBANK OFFERED RATE ("LIBOR")**

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and

derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

**NOTE 12 — MARKET DISRUPTION**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund's investments, including beyond a Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds' service providers.

32<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 13 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to November 30, 2022, the Funds declared and paid dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | PER SHARE AMOUNTS | PER SHARE AMOUNTS | PER SHARE AMOUNTS | | |
|  | Net Investment<br>Income | Short-term<br>Capital Gains | Long-term<br>Capital Gains |<br>Payable<br>Date | <br>Record<br>Date |
| **In-Retirement** |  |  |  |  |  |
| Class A | $0.1799 | $0.0372 | $0.0706 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2194 | $0.0372 | $0.0706 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1359 | $0.0372 | $0.0706 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2205 | $0.0372 | $0.0706 | January 3, 2023 | December 29, 2022 |
| **Retirement 2025** |  |  |  |  |  |
| Class A | $0.1925 | $0.0317 | $0.2265 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2230 | $0.0317 | $0.2265 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1614 | $0.0317 | $0.2265 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2241 | $0.0317 | $0.2265 | January 3, 2023 | December 29, 2022 |
| **Retirement 2030** |  |  |  |  |  |
| Class A | $0.1946 | $— | $0.3549 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2228 | $— | $0.3549 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1823 | $— | $0.3549 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2291 | $— | $0.3549 | January 3, 2023 | December 29, 2022 |
| **Retirement 2035** |  |  |  |  |  |
| Class A | $0.1845 | $— | $0.4296 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2197 | $— | $0.4296 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1650 | $— | $0.4296 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2203 | $— | $0.4296 | January 3, 2023 | December 29, 2022 |
| **Retirement 2040** |  |  |  |  |  |
| Class A | $0.1867 | $— | $0.4605 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2200 | $— | $0.4605 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1855 | $— | $0.4605 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2248 | $— | $0.4605 | January 3, 2023 | December 29, 2022 |
| **Retirement 2045** |  |  |  |  |  |
| Class A | $0.1789 | $0.0026 | $0.4562 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2219 | $0.0026 | $0.4562 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1828 | $0.0026 | $0.4562 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2221 | $0.0026 | $0.4562 | January 3, 2023 | December 29, 2022 |
| **Retirement 2050** |  |  |  |  |  |
| Class A | $0.1791 | $— | $0.5071 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2191 | $— | $0.5071 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1761 | $— | $0.5071 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2232 | $— | $0.5071 | January 3, 2023 | December 29, 2022 |
| **Retirement 2055** |  |  |  |  |  |
| Class A | $0.1783 | $— | $0.4414 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2171 | $— | $0.4414 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1783 | $— | $0.4414 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2237 | $— | $0.4414 | January 3, 2023 | December 29, 2022 |
| **Retirement 2060** |  |  |  |  |  |
| Class A | $0.1686 | $— | $0.5743 | January 3, 2023 | December 29, 2022 |
| Class I | $0.2090 | $— | $0.5743 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1694 | $— | $0.5743 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.2116 | $— | $0.5743 | January 3, 2023 | December 29, 2022 |
| **Retirement 2065** |  |  |  |  |  |
| Class A | $0.1447 | $— | $0.3207 | January 3, 2023 | December 29, 2022 |
| Class I | $0.1668 | $— | $0.3207 | January 3, 2023 | December 29, 2022 |
| Class R | $0.1434 | $— | $0.3207 | January 3, 2023 | December 29, 2022 |
| Class R6 | $0.1700 | $— | $0.3207 | January 3, 2023 | December 29, 2022 |

---

33<br>

------

NOTES TO FINANCIAL STATEMENTS AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)<br>

**NOTE 13 — SUBSEQUENT EVENTS (continued)**

*Expense Limit Changes:* Effective December 1, 2022 through October 1, 2024, a new non-recoupable side letter expense limitation agreement will further lower the expense limits of each fund to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Class A | Class I | Class R | Class R6 |
| In-Retirement | 0.58% | 0.23% | 0.83% | 0.22% |
| Retirement 2025 | 0.52% | 0.32% | 0.77% | 0.23% |
| Retirement 2030 | 0.53% | 0.28% | 0.78% | 0.24% |
| Retirement 2035 | 0.55% | 0.25% | 0.8% | 0.24% |
| Retirement 2040 | 0.58% | 0.29% | 0.83% | 0.25% |
| Retirement 2045 | 0.61% | 0.25% | 0.86% | 0.25% |
| Retirement 2050 | 0.6% | 0.28% | 0.85% | 0.25% |
| Retirement 2055 | 0.65% | 0.3% | 0.9% | 0.25% |
| Retirement 2060 | 0.65% | 0.25% | 0.9% | 0.25% |
| Retirement 2065 | 0.52% | 0.29% | 0.77% | 0.25% |

---

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

34<br>

------

<u>VOYA TARGET<br> IN-RETIREMENT FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) </u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 39.3%** | **EXCHANGE-TRADED FUNDS: 39.3%** | **EXCHANGE-TRADED FUNDS: 39.3%** | **EXCHANGE-TRADED FUNDS: 39.3%** |
| 13554 | iShares 20+ Year Treasury Bond ETF | $1392402 | 3.0 |
| 9410 | iShares Core S&P Small-Cap ETF | 958314 | 2.0 |
| 52394 | iShares Core U.S. Aggregate Bond ETF | 5149806 | 10.9 |
| 53200 | Schwab U.S. TIPS ETF | 2824920 | 6.0 |
| 32909 | Vanguard FTSE Developed Markets ETF | 1428580 | 3.0 |
| 4439 | Vanguard Mid-Cap ETF | 961177 | 2.0 |
| 77413 | Vanguard Short-Term Bond ETF | 5844682 | 12.4 |
|  | **Total Exchange-Traded Funds<br> (Cost $19,843,472)** | **18559881** | **39.3** |
| **MUTUAL FUNDS: 60.7%** | **MUTUAL FUNDS: 60.7%** | **MUTUAL FUNDS: 60.7%** | **MUTUAL FUNDS: 60.7%** |
|  | **Affiliated Investment Companies: 37.8%** | **Affiliated Investment Companies: 37.8%** | **Affiliated Investment Companies: 37.8%** |
| 193276 | Voya Global Bond Fund — Class P3 | 1410917 | 3.0 |
| 139156 | Voya High Yield Bond<br> Fund — Class P3 | 939306 | 2.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 1631749 | Voya Intermediate Bond<br> Fund — Class P3 | $14033041 | 29.8 |
| 49815 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 488190 | 1 |
| 108216 | Voya Multi-Manager International Factors Fund — Class P3 | 954464 | 2 |
|  |  | **17825918** | **37.8** |
|  | **Unaffiliated Investment Companies: 22.9%** | **Unaffiliated Investment Companies: 22.9%** | **Unaffiliated Investment Companies: 22.9%** |
| 238374 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 10788798 | 22.9 |
|  | **Total Mutual Funds<br> (Cost $30,752,458)** | **28614716** | **60.7** |
|  | **Total Investments in Securities<br> (Cost $50,595,930)** | $**47174597** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **13395** | **0.0** |
|  | **Net Assets** | $**47187992** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $18559881 |
| Mutual Funds | 28614716 |
| Total Investments, at fair value | $47174597 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Global Bond Fund — Class P3 | $1335600 | $233152 | $(103924) | $(53911) | $1410917 | $— | $(21525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|
| Voya High Yield Bond Fund — Class P3 | 897092 | 187674 | (106486) | (38974) | 939306 | 29520 | (18010) |  |
| Voya Intermediate Bond Fund — Class P3 | 15127201 | 3744199 | (4638662) | (199697) | 14033041 | 263276 | (778465) |  |

---

See Accompanying Notes to Financial Statements<br>

35<br>

------

<u>VOYA TARGET<br> IN-RETIREMENT FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED) </u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | $905981 | $165090 | $(785571) | $202690 | $488190 | $— | $(302449) | $|
| Voya Multi-Manager International Factors Fund — Class P3 | 887721 | 474758 | (439808) | 31793 | 954464 |  | (69695) |  |
| Voya Short Term Bond Fund — Class R6 |  | 1601365 | (1601365) |  |  | 1694 | (10893) |  |
| Voya Short Term Bond Fund — Class P3 | 5806945 | 1791648 | (7769962) | 171369 |  | 70091 | (428278) |  |
|  | $24960540 | $8197886 | $(15445778) | $113270 | $17825918 | $364581 | $(1629315) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $51,552,077. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $95104 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (4472584) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(4377480) |

---

See Accompanying Notes to Financial Statements<br>

36<br>

------

<u>VOYA TARGET<br> RETIREMENT 2025 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** |
| 19595 | iShares 20+ Year Treasury Bond ETF | $2012994 | 2.9 |
| 27207 | iShares Core S&P Small-Cap ETF | 2770761 | 4 |
| 44758 | iShares Core U.S. Aggregate Bond ETF | 4399264 | 6.4 |
| 51274 | Schwab U.S. TIPS ETF | 2722649 | 3.9 |
| 17420 | Vanguard Emerging Markets ETF | 705858 | 1 |
| 126869 | Vanguard FTSE Developed Markets ETF | 5507384 | 8 |
| 9627 | Vanguard Mid-Cap ETF | 2084534 | 3 |
| 8953 | Vanguard Short-Term Bond ETF | 675952 | 1 |
|  | **Total Exchange-Traded Funds<br> (Cost $22,705,811)** | **20879396** | **30.2** |
| **MUTUAL FUNDS: 69.8%** | **MUTUAL FUNDS: 69.8%** |  |  |
|  | **Affiliated Investment Companies: 37.9%** | **Affiliated Investment Companies: 37.9%** | **Affiliated Investment Companies: 37.9%** |
| 281720 | Voya Global Bond Fund — Class P3 | 2056556 | 3 |
| 2309964 | Voya Intermediate Bond<br> Fund — Class P3 | 19865691 | 28.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 145673 | Voya Multi-Manager Emerging Markets Equity Fund —<br> Class P3 | $1427591 | 2.1 |
| 147043 | Voya Multi-Manager International Equity Fund — Class P3 | 1421903 | 2.1 |
| 160206 | Voya Multi-Manager International Factors Fund — Class P3 | 1413019 | 2.0 |
|  |  | **26184760** | **37.9** |
|  | **Unaffiliated Investment Companies: 31.9%** | **Unaffiliated Investment Companies: 31.9%** | **Unaffiliated Investment Companies: 31.9%** |
| 487243 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 22052604 | 31.9 |
|  | **Total Mutual Funds<br> (Cost $51,388,419)** | **48237364** | **69.8** |
|  | **Total Investments in Securities<br> (Cost $74,094,230)** | $**69116760** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **21366** | **0.0** |
|  | **Net Assets** | $**69138126** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $20879396 |
| Mutual Funds | 48237364 |
| Total Investments, at fair value | $69116760 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Global Bond Fund —Class P3 | $1954708 | $375316 | $(205645) | $(67823) | $2056556 | $— | $(40466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|
| Voya Intermediate Bond Fund — Class P3 | 20190671 | 5340767 | (5281421) | (384326) | 19865691 | 348115 | (861364) |  |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1326942 | 445559 | (482326) | 137416 | 1427591 |  | (187561) |  |

---

See Accompanying Notes to Financial Statements<br>

37<br>

------

<u>VOYA TARGET<br> RETIREMENT 2025 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager International Equity Fund — Class P3 | $1309028 | $654111 | $(604947) | $63711 | $1421903 | $— | $(86593) | $— |
| Voya Multi-Manager International Factors Fund — Class P3 | 1952666 | 800569 | (1382088) | 41872 | 1413019 |  | (175410) |  |
| Voya Short Term Bond Fund — Class R6 |  | 2281728 | (2281728) |  |  | 2427 | (15782) |  |
| Voya Short Term Bond Fund — Class P3 |  | 1111623 | (1111623) |  |  | 5838 | (11051) |  |
|  | $26734015 | $11009673 | $(11349778) | $(209150) | $26184760 | $356380 | $(1378227) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $75,532,704. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $31334 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (6447278) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(6415944) |

---

See Accompanying Notes to Financial Statements<br>

38<br>

------

<u>VOYA TARGET<br> RETIREMENT 2030 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 28.4%** | **EXCHANGE-TRADED FUNDS: 28.4%** | **EXCHANGE-TRADED FUNDS: 28.4%** |  |
| 25997 | iShares 20+ Year Treasury Bond ETF | $2670672 | 2.9 |
| 45122 | iShares Core S&P Small-Cap ETF | 4595224 | 5 |
| 50247 | iShares Core U.S. Aggregate Bond ETF | 4938778 | 5.4 |
| 17007 | Schwab U.S. TIPS ETF | 903072 | 1 |
| 23112 | Vanguard Emerging Markets ETF | 936498 | 1 |
| 168324 | Vanguard FTSE Developed Markets ETF | 7306944 | 8.1 |
| 17030 | Vanguard Mid-Cap ETF | 3687506 | 4 |
| 11879 | Vanguard Short-Term Bond ETF | 896865 | 1 |
|  | **Total Exchange-Traded Funds<br> (Cost $27,549,536)** | **25935559** | **28.4** |
| **MUTUAL FUNDS: 71.6%** | **MUTUAL FUNDS: 71.6%** |  |  |
|  | **Affiliated Investment Companies: 34.7%** | **Affiliated Investment Companies: 34.7%** | **Affiliated Investment Companies: 34.7%** |
| 2722091 | Voya Intermediate Bond Fund — Class P3 | 23409984 | 25.6 |
| 191609 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1877765 | 2.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |  |
| 287240 | Voya Multi-Manager International Equity Fund — Class P3 | $2777612 |  | 3.0 |
| 417165 | Voya Multi-Manager International Factors Fund — Class P3 | 3679398 |  | 4.0 |
|  |  | **31744759** |  | **34.7** |
|  | **Unaffiliated Investment Companies: 36.9%** | **Unaffiliated Investment Companies: 36.9%** | **Unaffiliated Investment Companies: 36.9%** |  |
| 743620 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 33656240 |  | 36.9 |
|  | **Total Mutual Funds<br> (Cost $69,436,777)** | **65400999** |  | **71.6** |
|  | **Total Investments in Securities<br> (Cost $96,986,313)** | $**91336558** |  | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **31175** |  | **0.0** |
|  | **Net Assets** | $**91367733** |  | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $25935559 |
| Mutual Funds | 65400999 |
| Total Investments, at fair value | $91336558 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Intermediate Bond Fund — Class P3 | $20702641 | $6852501 | $(3415999) | $(729159) | $23409984 | (567232) | $— |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1621475 | 723977 | (621516) | 153829 | 1877765 – | (211173) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 2399351 | 1183465 | (1026029) | 220825 | 2777612 – | (248985) |  |

---

See Accompanying Notes to Financial Statements<br>

39<br>

------

<u>VOYA TARGET<br> RETIREMENT 2030 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager International Factors Fund — Class P3 | $3977802 | $1851881 | $(2415641) | $265356 | $3679398 | $— | $(465912) | $— |
| Voya Short Term Bond Fund — Class R6 |  | 2842288 | (2842288) |  |  | 2998 | (19414) |  |
| Voya Short Term Bond Fund — Class P3 |  | 1403606 | (1403606) |  |  | 7297 | (14029) |  |
|  | $28701269 | $14857718 | $(11725079) | $(89149) | $31744759 | $389962 | $(1526745) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $98,875,781. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $323785 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (7863008) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(7539223) |

---

See Accompanying Notes to Financial Statements<br>

40<br>

------

<u>VOYA TARGET<br> RETIREMENT 2035 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 28.5%** | **EXCHANGE-TRADED FUNDS: 28.5%** | **EXCHANGE-TRADED FUNDS: 28.5%** |  |  |
| 33473 | iShares 20+ Year Treasury Bond ETF | $3438681 |  | 3.9 |
| 43572 | iShares Core S&P Small-Cap ETF | 4437372 |  | 5 |
| 22056 | iShares Core U.S. Aggregate Bond ETF | 2167884 |  | 2.5 |
| 44638 | Vanguard Emerging Markets ETF | 1808732 |  | 2.1 |
| 203181 | Vanguard FTSE Developed Markets ETF | 8820087 |  | 10 |
| 16445 | Vanguard Mid-Cap ETF | 3560836 |  | 4 |
| 11471 | Vanguard Short-Term Bond ETF | 866061 |  | 1 |
|  | **Total Exchange-Traded Funds<br> (Cost $27,001,608)** | **25099653** |  | **28.5** |
| **MUTUAL FUNDS: 71.5%** | **MUTUAL FUNDS: 71.5%** |  |  |  |
|  | **Affiliated Investment Companies: 27.7%** | **Affiliated Investment Companies: 27.7%** | **Affiliated Investment Companies: 27.7%** |  |
| 1813762 | Voya Intermediate Bond Fund — Class P3 | 15598351 |  | 17.7 |
| 184219 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1805351 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |  |
| 367829 | Voya Multi-Manager International Equity Fund — Class P3 | $3556904 |  | 4.0 |
| 400685 | Voya Multi-Manager International Factors Fund — Class P3 | 3534042 |  | 4.0 |
|  |  | **24494648** |  | **27.7** |
|  | **Unaffiliated Investment Companies: 43.8%** | **Unaffiliated Investment Companies: 43.8%** | **Unaffiliated Investment Companies: 43.8%** |  |
| 853322 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 38621341 |  | 43.8 |
|  | **Total Mutual Funds<br> (Cost $66,824,797)** | **63115989** |  | **71.5** |
|  | **Total Investments in Securities<br> (Cost $93,826,405)** | $**88215642** |  | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **26607** |  | **0.0** |
|  | **Net Assets** | $**88242249** |  | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $25099653 |
| Mutual Funds | 63115989 |
| Total Investments, at fair value | $88215642 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Intermediate Bond Fund — Class P3 | $14316059 | $4368289 | $(2532919) | $(553078) | $15598351 | (388822) | $— |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1623329 | 768581 | (720019) | 133460 | 1805351 – | (211735) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 3201774 | 1667979 | (1602554) | 289705 | 3556904 – | (381790) |  |

---

See Accompanying Notes to Financial Statements<br>

41<br>

------

<u>VOYA TARGET<br> RETIREMENT 2035 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager International Factors Fund — Class P3 | $3183677 | $1591514 | $(1323349) | $82200 | $3534042 | $— | $(229851) | $— |
| Voya Short Term Bond Fund — Class R6 |  | 2901303 | (2901303) |  |  | 3261 | (20005) |  |
| Voya Short Term Bond Fund — Class P3 |  | 1433789 | (1433789) |  |  | 5903 | (3149) |  |
|  | $22324839 | $12731455 | $(10513933) | $(47713) | $24494648 | $273746 | $(1235352) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $95,975,994. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $312665 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (8073017) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(7760352) |

---

See Accompanying Notes to Financial Statements<br>

42<br>

------

<u>VOYA TARGET<br> RETIREMENT 2040 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 30.5%** | **EXCHANGE-TRADED FUNDS: 30.5%** |  |  |  |
| 27372 | iShares 20+ Year Treasury Bond ETF | 2811926 |  | 3.9 |
| 42757 | iShares Core S&P Small-Cap ETF | 4354373 |  | 6 |
| 3607 | iShares Core U.S. Aggregate Bond ETF | 354532 |  | 0.5 |
| 36502 | Vanguard Emerging Markets ETF | 1479061 |  | 2.1 |
| 215991 | Vanguard FTSE Developed Markets ETF | 9376169 |  | 13 |
| 13447 | Vanguard Mid-Cap ETF | 2911679 |  | 4 |
| 9380 | Vanguard Short-Term Bond ETF | 708190 |  | 1 |
|  | **Total Exchange-Traded Funds<br> (Cost $23,241,489)** | **21995930** |  | **30.5** |
| **MUTUAL FUNDS: 69.5%** | **MUTUAL FUNDS: 69.5%** |  |  |  |
|  | **Affiliated Investment Companies: 19.8%** | **Affiliated Investment Companies: 19.8%** | **Affiliated Investment Companies: 19.8%** |  |
| 820862 | Voya Intermediate Bond<br> Fund — Class P3 | 7059412 |  | 9.8 |
| 150046 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1470452 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |  |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 298947 | Voya Multi-Manager International Equity Fund — Class P3 | $2890819 |  | 4.0 |
| 325583 | Voya Multi-Manager International Factors Fund — Class P3 | 2871644 |  | 4.0 |
|  |  | **14292327** |  | **19.8** |
|  | **Unaffiliated Investment Companies: 49.7%** | **Unaffiliated Investment Companies: 49.7%** | **Unaffiliated Investment Companies: 49.7%** |  |
| 791806 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 35837144 |  | 49.7 |
|  | **Total Mutual Funds<br> (Cost $52,464,977)** | **50129471** |  | **69.5** |
|  | **Total Investments in Securities<br> (Cost $75,706,466)** | $**72125401** |  | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **2629** |  | **0.0** |
|  | **Net Assets** | $**72128030** |  | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $21995930 |
| Mutual Funds | 50129471 |
| Total Investments, at fair value | $72125401 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Intermediate Bond Fund — Class P3 | $6302603 | $2061216 | $(1072691) | $(231716) | $7059412 | (171565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$|
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1927209 | 662402 | (1517874) | 398715 | 1470452 – | (529354) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 3168334 | 1641420 | (2263833) | 344898 | 2890819 – | (469761) |  |

---

See Accompanying Notes to Financial Statements<br>

43<br>

------

<u>VOYA TARGET<br> RETIREMENT 2040 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br> AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager International Factors Fund — Class P3 | $2519872 | $1252135 | $(972474) | $72111 | $2871644 | $— | $(161262) | $|
| Voya Short Term Bond Fund — Class R6 |  | 2270775 | (2270775) |  |  | 2403 | (15446) |  |
| Voya Short Term Bond Fund — Class P3 |  | 1108768 | (1108768) |  |  | 4621 | (2512) |  |
|  | $13918018 | $8996716 | $(9206415) | $584008 | $14292327 | $123126 | $(1349900) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov. <br>At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $77,674,964. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $338027 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (5887590) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(5549563) |

---

See Accompanying Notes to Financial Statements<br>

44<br>

------

<u>Voya Target<br>Retirement 2045 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **EXCHANGE-TRADED FUNDS: 33.3%** | **EXCHANGE-TRADED FUNDS: 33.3%** | **EXCHANGE-TRADED FUNDS: 33.3%** | **EXCHANGE-TRADED FUNDS: 33.3%** |
| 28569 | iShares 20+ Year Treasury Bond ETF | $2934893 | 3.9 |
| 44626 | iShares Core S&P Small-Cap ETF | 4544712 | 6.0 |
| 57147 | Vanguard Emerging Markets ETF | 2315596 | 3.1 |
| 260118 | Vanguard FTSE Developed Markets ETF | 11291722 | 14.8 |
| 14035 | Vanguard Mid-Cap ETF | 3038999 | 4.0 |
| 14685 | Vanguard Short-Term Bond ETF | 1108718 | 1.5 |
|  | **Total Exchange-Traded Funds<br>(Cost $26,385,897)** | **25234640** | **33.3** |
| **MUTUAL FUNDS: 66.7%** | **MUTUAL FUNDS: 66.7%** | **MUTUAL FUNDS: 66.7%** | **MUTUAL FUNDS: 66.7%** |
|  | **Affiliated Investment Companies: 14.0%** | **Affiliated Investment Companies: 14.0%** | **Affiliated Investment Companies: 14.0%** |
| 344657 | Voya Intermediate Bond<br>Fund — Class P3 | 2964047 | 3.9 |
| 157731 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1545760 | 2.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br>of Net<br>Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 314895 | Voya Multi-Manager International Equity Fund — Class P3 | $3045034 | 4.1 |
| 342992 | Voya Multi-Manager International Factors Fund — Class P3 | 3025187 | 4.0 |
|  |  | **10580028** | **14.0** |
|  | **Unaffiliated Investment Companies: 52.7%** | **Unaffiliated Investment Companies: 52.7%** | **Unaffiliated Investment Companies: 52.7%** |
| 880304 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 39842562 | 52.7 |
|  | **Total Mutual Funds<br>(Cost $52,073,438)** | **50422590** | **66.7** |
|  | **Total Investments in Securities<br>(Cost $78,459,335)** | $**75657230** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **23168** | **0.0** |
|  | **Net Assets** | $**75680398** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br>in Active Markets<br>for Identical<br>Investments<br>(Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $25234640 |
| Mutual Funds | 50422590 |
| Total Investments, at fair value | $75657230 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Intermediate Bond<br>Fund — Class P3 | $2576834 | $1292769 | $(838700) | $(66856) | $2964047 | (116551) | $— |
| Voya Multi-Manager Emerging Markets Equity<br>Fund — Class P3 | 2626329 | 976145 | (2703155) | 646441 | 1545760 – | (874359) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 3238718 | 2141860 | (2695436) | 359892 | 3045034 – | (551114) |  |

---

See Accompanying Notes to Financial Statements<br>

45<br>

------

<u>Voya Target<br>Retirement 2045 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Investment<br>Income | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Multi-Manager International Factors Fund — Class P3 | $2575493 | $1598931 | $(1258554) | $&nbsp;&nbsp;&nbsp;&nbsp;109317 | $3025187 | $— | $(237854) | $— |
| Voya Short Term Bond<br>Fund — Class R6 |  | 2297365 | (2297365) |  |  | 2433 | (15851) |  |
| Voya Short Term Bond<br>Fund — Class P3 |  | 1239343 | (1239343) |  |  | 7914 | (22563) |  |
|  | $11017374 | $9546413 | $(11032553) | $1048794 | $10580028 | $59835 | $(1818292) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $80,152,238. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $469824 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (4964832) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(4495008) |

---

See Accompanying Notes to Financial Statements<br>

46<br>

------

<u>Voya Target<br>Retirement 2050 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br>Assets |
| **EXCHANGE-TRADED FUNDS: 34.0%** | **EXCHANGE-TRADED FUNDS: 34.0%** | **EXCHANGE-TRADED FUNDS: 34.0%** | **EXCHANGE-TRADED FUNDS: 34.0%** |
| 20952 | iShares 20+ Year Treasury Bond ETF | $2152399 | 3.9 |
| 32728 | iShares Core S&P Small-Cap ETF | 3333020 | 6 |
| 41910 | Vanguard Emerging Markets ETF | 1698193 | 3.1 |
| 190764 | Vanguard FTSE Developed Markets ETF | 8281064 | 15 |
| 12867 | Vanguard Mid-Cap ETF | 2786092 | 5 |
| 7180 | Vanguard Short-Term Bond ETF | 542090 | 1 |
|  | **Total Exchange-Traded Funds<br>(Cost $19,569,750)** | **18792858** | **34.0** |
| **MUTUAL FUNDS: 66.0%** | **MUTUAL FUNDS: 66.0%** | **MUTUAL FUNDS: 66.0%** | **MUTUAL FUNDS: 66.0%** |
|  | **Affiliated Investment Companies: 11.9%** | **Affiliated Investment Companies: 11.9%** | **Affiliated Investment Companies: 11.9%** |
| 124105 | Voya Intermediate Bond Fund — Class P3 | 1067301 | 1.9 |
| 114267 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1119817 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br>Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 227629 | Voya Multi-Manager International Equity Fund — Class P3 | $2201177 | 4.0 |
| 247906 | Voya Multi-Manager International Factors Fund — Class P3 | 2186527 | 4.0 |
|  |  | **6574822** | **11.9** |
|  | **Unaffiliated Investment Companies: 54.1%** | **Unaffiliated Investment Companies: 54.1%** | **Unaffiliated Investment Companies: 54.1%** |
| 660033 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 29873095 | 54.1 |
|  | **Total Mutual Funds<br>(Cost $37,564,610)** | **36447917** | **66.0** |
|  | **Total Investments in Securities<br>(Cost $57,134,360)** | $**55240775** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **16129** | **0.0** |
|  | **Net Assets** | $**55256904** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br>in Active Markets<br>for Identical<br>Investments<br>(Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $18792858 |
| Mutual Funds | 36447917 |
| Total Investments, at fair value | $55240775 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Intermediate Bond<br>Fund — Class P3 | $939773 | $624320 | $(488581) | $(8211) | $1067301 | $(57648) | $— |
| Voya Multi-Manager Emerging Markets Equity<br>Fund — Class P3 | 1913841 | 666368 | (1971335) | 510943 | 1119817 | (668007) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 2832980 | 1401602 | (2362221) | 328816 | 2201177 | (475605) |  |
| Voya Multi-Manager International Factors Fund — Class P3 | 2347670 | 1112451 | (1482432) | 208838 | 2186527 | (332722) |  |

---

See Accompanying Notes to Financial Statements<br>

47<br>

------

<u>Voya Target<br>Retirement 2050 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Investment<br>Income | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Short Term Bond Fund — Class R6 | $— | $1695895 | $(1695895) | $— | $— | $1801 | $(11608) | $|
| Voya Short Term Bond Fund — Class P3 |  | 872960 | (872960) |  |  | 5320 | (14627) |  |
|  | $8034264 | $6373596 | $(8873424) | $1040386 | $6574822 | $25486 | $(1560217) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $58,448,716. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $323762 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (3531703) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(3207941) |

---

See Accompanying Notes to Financial Statements<br>

48<br>

------

<u>Voya Target<br>Retirement 2055 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br>Assets |
| **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** |
| 16971 | iShares 20+ Year Treasury Bond ETF | $1743431 | 3.9 |
| 26510 | iShares Core S&P Small-Cap ETF | 2699778 | 6 |
| 33948 | Vanguard Emerging Markets ETF | 1375573 | 3 |
| 133918 | Vanguard FTSE Developed Markets ETF | 5813380 | 12.8 |
| 10422 | Vanguard Mid-Cap ETF | 2256676 | 5 |
| 5816 | Vanguard Short-Term Bond ETF | 439108 | 1 |
|  | **Total Exchange-Traded Funds<br>(Cost $14,879,609)** | **14327946** | **31.7** |
| **MUTUAL FUNDS: 68.3%** | **MUTUAL FUNDS: 68.3%** | **MUTUAL FUNDS: 68.3%** | **MUTUAL FUNDS: 68.3%** |
|  | **Affiliated Investment Companies: 13.1%** | **Affiliated Investment Companies: 13.1%** | **Affiliated Investment Companies: 13.1%** |
| 52051 | Voya Intermediate Bond<br>Fund — Class P3 | 447640 | 1 |
| 94353 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 924656 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br>Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 235297 | Voya Multi-Manager International Equity Fund — Class P3 | $2275325 | 5.1 |
| 256294 | Voya Multi-Manager International Factors Fund — Class P3 | 2260510 | 5.0 |
|  |  | **5908131** | **13.1** |
|  | **Unaffiliated Investment Companies: 55.2%** | **Unaffiliated Investment Companies: 55.2%** | **Unaffiliated Investment Companies: 55.2%** |
| 549650 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 24877170 | 55.2 |
|  | **Total Mutual Funds<br>(Cost $31,410,061)** | **30785301** | **68.3** |
|  | **Total Investments in Securities<br>(Cost $46,289,670)** | $**45113247** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **15081** | **0.0** |
|  | **Net Assets** | $**45128328** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br>in Active Markets<br>for Identical<br>Investments<br>(Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $14327946 |
| Mutual Funds | 30785301 |
| Total Investments, at fair value | $45113247 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Intermediate Bond<br>Fund — Class P3 | $355655 | $520339 | $(437071) | $8717 | $447640 | $(37028) | $|
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 1447850 | 644700 | (1588415) | 420521 | 924656 | (536245) |  |
| Voya Multi-Manager International Equity Fund — Class P3 | 2143058 | 1378093 | (1532793) | 286967 | 2275325 | (353694) |  |

---

See Accompanying Notes to Financial Statements<br>

49<br>

------

<u>Voya Target<br>Retirement 2055 Fund</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br>Fair Value<br>at 5/31/2022 | Purchases<br>at Cost | Sales<br>at Cost | Change in<br>Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br>Fair Value<br>at 11/30/2022 | Investment<br>Income | Realized<br>Gains/<br>(Losses) | Net<br>Capital Gain<br>Distributions |
| Voya Multi-Manager International Factors Fund — Class P3 | $1775452 | $1143304 | $(798205) | $139959 | $2260510 | $— | $(194093) | $|
| Voya Short Term Bond<br>Fund — Class R6 |  | 1289960 | (1289960) |  |  | 1369 | (8857) |  |
| Voya Short Term Bond<br>Fund — Class P3 |  | 681282 | (681282) |  |  | 4123 | (11483) |  |
|  | $5722015 | $5657678 | $(6327726) | $856164 | $5908131 | $13333 | $(1141400) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for federal income tax purposes was $47,232,013. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $289571 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (2408337) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(2118766) |

---

See Accompanying Notes to Financial Statements<br>

50<br>

------

<u>VOYA TARGET<br> RETIREMENT 2060 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br>AS OF NOVEMBER 30, 2022 (UNAUDITED)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 32.2%** | **EXCHANGE-TRADED FUNDS: 32.2%** | **EXCHANGE-TRADED FUNDS: 32.2%** |  |
| 10060 | iShares 20+ Year Treasury Bond ETF | $1033464 | 3.9 |
| 15715 | iShares Core S&P Small-Cap ETF | 1600416 | 6.0 |
| 20124 | Vanguard Emerging Markets ETF | 815424 | 3.0 |
| 79386 | Vanguard FTSE Developed Markets ETF | 3446146 | 12.9 |
| 6178 | Vanguard Mid-Cap ETF | 1337722 | 5.0 |
| 5171 | Vanguard Short-Term Bond ETF | 390411 | 1.4 |
|  | **Total Exchange-Traded Funds<br> (Cost $8,910,573)** | **8623583** | **32.2** |
| **MUTUAL FUNDS: 67.8%** | **MUTUAL FUNDS: 67.8%** | **MUTUAL FUNDS: 67.8%** |  |
|  | **Affiliated Investment Companies: 12.1%** | **Affiliated Investment Companies: 12.1%** | **Affiliated Investment Companies: 12.1%** |
| 56037 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 549160 | 2.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| $139729 | Voya Multi-Manager International Equity Fund — Class P3 | $1351181 | 5.0 |
| 152182 | Voya Multi-Manager International Factors Fund — Class P3 | 1342241 | 5.0 |
|  |  | **3242582** | **12.1** |
|  | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** |
| 329173 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 14898372 | 55.7 |
|  | **Total Mutual Funds<br> (Cost $18,513,748)** | **18140954** | **67.8** |
|  | **Total Investments in Securities<br> (Cost $27,424,321)** | $**26764537** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **9358** | **0.0** |
|  | **Net Assets** | $**26773895** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $8623583 |
| Mutual Funds | 18140954 |
| Total Investments, at fair value | $26764537 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | $859334 | $392182 | $(931361) | $229005 | $549160 | (298331) | $— |
| Voya Multi-Manager International Equity Fund — Class P3 | 1484415 | 894524 | (1260747) | 232989 | 1351181 – | (298608) |  |
| Voya Multi-Manager International Factors Fund — Class P3 | 1054267 | 647627 | (424961) | 65308 | 1342241 – | (96198) |  |

---

See Accompanying Notes to Financial Statements<br>

51<br>

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<u>VOYA TARGET<br> RETIREMENT 2060 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br>as of November 30, 2022 (Unaudited) (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Short Term Bond Fund — Class R6 | $— | $763406 | $(763406) | $— | $— | $810 | $(5241) | $|
| Voya Short Term Bond Fund — Class P3 |  | 404132 | (404132) |  |  | 2592 | (7321) |  |
|  | $3398016 | $3101871 | $(3784607) | $527302 | $3242582 | $3402 | $(705699) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $28,003,129.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $190647 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (1429239) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(1238592) |

---

See Accompanying Notes to Financial Statements<br>

52<br>

------

<u>VOYA TARGET<br> RETIREMENT 2065 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br>as of November 30, 2022 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** |  |
| 2980 | iShares 20+ Year Treasury Bond ETF | $306136 | 3.9 |
| 4656 | iShares Core S&P Small-Cap ETF | 474167 | 6 |
| 5962 | Vanguard Emerging Markets ETF | 241580 | 3 |
| 23518 | Vanguard FTSE Developed Markets ETF | 1020916 | 12.8 |
| 1830 | Vanguard Mid-Cap ETF | 396250 | 5 |
| 1021 | Vanguard Short-Term Bond ETF | 77086 | 1 |
|  | **Total Exchange-Traded Funds<br> (Cost $2,617,312)** | **2516135** | **31.7** |
| **MUTUAL FUNDS: 68.3%** | **MUTUAL FUNDS: 68.3%** |  |  |
|  | **Affiliated Investment Companies: 12.1%** | **Affiliated Investment Companies: 12.1%** | **Affiliated Investment Companies: 12.1%** |
| 16692 | Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | 163584 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Percentage<br> of Net<br> Assets |
| **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** | **MUTUAL FUNDS: (continued)** |  |
|  | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** | **Affiliated Investment Companies: (continued)** |
| 41608 | Voya Multi-Manager International Equity Fund — Class P3 | $402348 | 5.1 |
| 45318 | Voya Multi-Manager International Factors Fund — Class P3 | 399702 | 5.0 |
|  |  | **965634** | **12.1** |
|  | **Unaffiliated Investment Companies: 56.2%** | **Unaffiliated Investment Companies: 56.2%** | **Unaffiliated Investment Companies: 56.2%** |
| 98679 | TIAA-CREF S&P 500 Index Fund — Institutional Class | 4466230 | 56.2 |
|  | **Total Mutual Funds<br> (Cost $5,521,417)** | **5431864** | **68.3** |
|  | **Total Investments in Securities<br> (Cost $8,138,729)** | $**7947999** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **3229** | **0.0** |
|  | **Net Assets** | $**7951228** | **100.0** |

---

**Fair Value Measurementsˆ**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | |
|:---|:---|
| | Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1) |
| **Asset Table** |  |
| **Investments, at fair value** |  |
| Exchange-Traded Funds | $2516135 |
| Mutual Funds | 5431864 |
| Total Investments, at fair value | $7947999 |

---

ˆ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

**Transactions with Affiliates**

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) |
| Voya Multi-Manager Emerging Markets Equity Fund — Class P3 | $262882 | $100483 | $(275802) | $76021 | $163584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| $(96885) |
| Voya Multi-Manager International Equity Fund — Class P3 | 453986 | 226075 | (384499) | 106786 | 402348 |  | (126991) |
| Voya Multi-Manager International Factors Fund — Class P3 | 322456 | 163979 | (103065) | 16332 | 399702 |  | (26083) |

---

See Accompanying Notes to Financial Statements<br>

53<br>

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<u>VOYA TARGET<br> RETIREMENT 2065 FUND</u> <u>PORTFOLIO OF INVESTMENTS<br>as of November 30, 2022 (Unaudited) (continued)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Beginning<br> Fair Value<br> at 5/31/2022 | Purchases<br> at Cost | Sales<br> at Cost | Change in<br> Unrealized<br> Appreciation/<br>(Depreciation) | Ending<br> Fair Value<br> at 11/30/2022 | Investment<br> Income | Realized<br> Gains/<br>(Losses) | Net<br> Capital Gain<br> Distributions |
| Voya Short Term Bond<br> Fund — Class R6 | $— | $230546 | $(230546) | $— | $— | $246 | $(1578) | $|
| Voya Short Term Bond<br> Fund — Class P3 |  | 118634 | (118634) |  |  | 727 | (2014) |  |
|  | $1039324 | $839717 | $(1112546) | $199139 | $965634 | $973 | $(253551) | $|

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $8,193,157.

---

| | |
|:---|:---|
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Appreciation | $40150 |
| &nbsp;&nbsp;&nbsp;Gross Unrealized Depreciation | (285308) |
| &nbsp;&nbsp;&nbsp;Net Unrealized Depreciation | $(245158) |

---

See Accompanying Notes to Financial Statements<br>

54<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 17, 2022, the Board of Trustees ("Board") of Voya Separate Portfolios Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Target In-Retirement Fund, Voya Target Retirement 2025 Fund, Voya Target Retirement 2030 Fund, Voya Target Retirement 2035 Fund, Voya Target Retirement 2040 Fund, Voya Target Retirement 2045 Fund, Voya Target Retirement 2050 Fund, Voya Target Retirement 2055 Fund, Voya Target Retirement 2060 Fund, and Voya Target Retirement 2065 Fund, each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 12-13, 2022, and November 15, 2022. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the

management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or the Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and the Sub-Adviser.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

55<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar category and primary benchmark, a broad-based securities market index identified in the Fund's prospectus. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Fund grows larger and the extent to which any such economies are shared with the Fund. The Board also considered that, while the Funds do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group and which additional services the Manager pays for on behalf of the Funds under the

56<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

"bundled fee" arrangement in return for a single management fee. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager intends to propose any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding

the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. In each case, the Fund's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Target In-Retirement Fund**

In considering whether to approve the renewal of the Contracts for Voya Target In-Retirement Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its

57<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2025 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2025 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year and three-year periods, the third quintile for the five-year period, and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the three-year and five-year periods and underperformed for the year-to-date and one-year periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the

Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2030 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2030 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the three-year and five-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2035 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2035 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the five-year period, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all

58<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2040 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2040 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the five-year period, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of

contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2045 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2045 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year and five-year periods and the second quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target

59<br>

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ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2050 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2050 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year and five-year periods and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2055 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2055 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the one-year and five-year periods, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the three-year and five-year periods, and underperformed for the year-to-date and one-year periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2060 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2060 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the five-year period, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund,

60<br>

------

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Voya Target Retirement 2065 Fund**

In considering whether to approve the renewal of the Contracts for Voya Target Retirement 2065 Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year period and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the one-year period and underperformed for the year-to-date period. In analyzing this performance data, the Board took into account that the Fund commenced operations in August 2020, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its

Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management's representations regarding the competitiveness of the Fund's management fee rate and all-in net expense ratio, as well as the competitiveness of the Voya Target Retirement Funds' expense ratios when compared to peers identified by management.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2023.

61<br>

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**Investment Adviser**<br> Voya Investments, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258

**Distributor**<br> Voya Investments Distributor, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258

**Transfer Agent**<br> BNY Mellon Investment Servicing (U.S.) Inc.<br> 301 Bellevue Parkway<br> Wilmington, Delaware 19809

**Custodian**<br> The Bank of New York Mellon<br> 225 Liberty Street<br> New York, New York 10286

**Legal Counsel**<br> Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street<br>Boston, Massachusetts 02199

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

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| | |
|:---|:---|
| RETIREMENT \| INVESTMENTS \| INSURANCE<br>voyainvestments.com<br>| ![](voya_blk.jpg)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169172 (1122-012523) |

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(b) Not applicable.

**Item 2. Code of Ethics.** 

Not required for semi-annual filing.

**Item 3. Audit Committee Financial Expert.** 

Not required for semi-annual filing.

**Item 4. Principal Accountant Fees and Services.** 

Not required for semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not required for semi-annual filing.

**Item 6. Schedule of Investments.** 

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing
date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material
information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly
during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely
preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's
internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.** 

(a)(1) The Code of Ethics is not required for the semi-annual filing.

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| | |
|:---|:---|
| [(a)(2)](tm231769d5_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm231769d5_ex99-cert.htm) |

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(a)(2)(1) Not applicable.

(a)(2)(2) Not required for semi-annual filing.

[(b)](tm231769d5_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm231769d5_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Separate Portfolios Trust

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| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: February 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: February 3, 2023

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| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

Date: February 3, 2023

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Andy Simonoff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Separate Portfolios Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Separate Portfolios Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: November 30, 2022

The undersigned, the principle executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Separate Portfolios Trust and will be retained by Voya Separate Portfolios Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 3rd day of February, 2023.

---

| |
|:---|
| /s/ Andy Simonoff |
| Andy Simonoff |
| Chief Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: November 30, 2022

The undersigned, the principle financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Separate Portfolios Trust and will be retained by Voya Separate Portfolios Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 3rd day of February, 2023.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Senior Vice President and Chief Financial Officer |

---