# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-26-011436
**Filing Date:** 2026-2
**Character Count:** 416073
**Document Hash:** 48f38fc49c168d1c4f993ce034763906
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-011436.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001104659-26-011436

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22025
- **FILM NUMBER:** 26607068

**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 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           |

### Voya Target Retirement 2070 Fund (Series ID: S000091945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259835 | Class R6     | VTRBX           |
| C000259836 | Class A      | VTRAX           |
| C000259837 | Class I      | VTRTX           |
| C000259838 | Class R      | VTRLX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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)

---

| | |
|:---|:---|
| **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, 2025 to November 30, 2025**

**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):

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Target In-Retirement Fund](#classname37ba9b99-2650-43a9-ab8a-34f3cd9622e7)<br> **[Class A - VTRVX](#classname37ba9b99-2650-43a9-ab8a-34f3cd9622e7)**  |
|  [Voya Target In-Retirement Fund](#classnamedcf88b5d-2f2c-4638-9e86-51bad55138cb)<br> **[Class I - ISOLX](#classnamedcf88b5d-2f2c-4638-9e86-51bad55138cb)**  |
|  [Voya Target In-Retirement Fund](#classnamef72c0de8-17a7-4210-a6fe-fdc21a2271de)<br> **[Class R - VRRFX](#classnamef72c0de8-17a7-4210-a6fe-fdc21a2271de)**  |
|  [Voya Target In-Retirement Fund](#classname8db4f08f-0bd9-4034-b940-e1ae9f10739b)<br> **[Class R6 - VTRWX](#classname8db4f08f-0bd9-4034-b940-e1ae9f10739b)**  |
|  [Voya Target Retirement 2030 Fund](#classnamec099d68f-918c-4d5a-8a13-bfc68435e56b)<br> **[Class A - VTREX](#classnamec099d68f-918c-4d5a-8a13-bfc68435e56b)**  |
|  [Voya Target Retirement 2030 Fund](#classname85e457fa-f755-44f1-921a-50d98fd6f39b)<br> **[Class I - IRSMX](#classname85e457fa-f755-44f1-921a-50d98fd6f39b)**  |
|  [Voya Target Retirement 2030 Fund](#classnamef77df1ae-a329-4d47-954e-20c8f6fd075a)<br> **[Class R - VRRIX](#classnamef77df1ae-a329-4d47-954e-20c8f6fd075a)**  |
|  [Voya Target Retirement 2030 Fund](#classname7dead6c8-40cf-46e5-b893-f8bcf36ebbec)<br> **[Class R6 - VTRFX](#classname7dead6c8-40cf-46e5-b893-f8bcf36ebbec)**  |
|  [Voya Target Retirement 2035 Fund](#classnameaffe6f03-cfa4-4279-9857-726be9f17ee1)<br> **[Class A - VTRGX](#classnameaffe6f03-cfa4-4279-9857-726be9f17ee1)**  |
|  [Voya Target Retirement 2035 Fund](#classname39a87e13-2878-4b04-8988-bc034c5eb199)<br> **[Class I - IRSNX](#classname39a87e13-2878-4b04-8988-bc034c5eb199)**  |
|  [Voya Target Retirement 2035 Fund](#classnameaffa1649-92dc-4dcd-8a9d-8d926adb41da)<br> **[Class R - VRRJX](#classnameaffa1649-92dc-4dcd-8a9d-8d926adb41da)**  |
|  [Voya Target Retirement 2035 Fund](#classname9a9f30cf-9a69-49be-a8a4-54a60fdddb4f)<br> **[Class R6 - VTRHX](#classname9a9f30cf-9a69-49be-a8a4-54a60fdddb4f)**  |
|  [Voya Target Retirement 2040 Fund](#classnameccee1fb7-e09a-47e4-8ff5-4ef0b38dd7ce)<br> **[Class A - VTRJX](#classnameccee1fb7-e09a-47e4-8ff5-4ef0b38dd7ce)**  |
|  [Voya Target Retirement 2040 Fund](#classname064a424b-b5d4-4efb-9156-7856607d3571)<br> **[Class I - IRSOX](#classname064a424b-b5d4-4efb-9156-7856607d3571)**  |
|  [Voya Target Retirement 2040 Fund](#classname24ada81b-f852-4432-aea1-b85af57eca5b)<br> **[Class R - VRRKX](#classname24ada81b-f852-4432-aea1-b85af57eca5b)**  |
|  [Voya Target Retirement 2040 Fund](#classnamef73fdade-f143-4e94-889c-6a0fb71defc8)<br> **[Class R6 - VTRKX](#classnamef73fdade-f143-4e94-889c-6a0fb71defc8)**  |
|  [Voya Target Retirement 2045 Fund](#classname106429bc-1079-4e65-802d-31e47d6947b8)<br> **[Class A - VTRMX](#classname106429bc-1079-4e65-802d-31e47d6947b8)**  |
|  [Voya Target Retirement 2045 Fund](#classname43c8fa84-34ef-4709-b619-6190bff12179)<br> **[Class I - IRSPX](#classname43c8fa84-34ef-4709-b619-6190bff12179)**  |
|  [Voya Target Retirement 2045 Fund](#classname20a78d9c-6ed3-4ca9-81b3-2b5263b167d1)<br> **[Class R - VRRLX](#classname20a78d9c-6ed3-4ca9-81b3-2b5263b167d1)**  |
|  [Voya Target Retirement 2045 Fund](#classnameec6843a4-bcee-4cc5-aa1e-ef665d83e425)<br> **[Class R6 - VTRNX](#classnameec6843a4-bcee-4cc5-aa1e-ef665d83e425)**  |
|  [Voya Target Retirement 2050 Fund](#classnamea96550b4-838a-43d7-87f9-cf839c4daaf6)<br> **[Class A - VTROX](#classnamea96550b4-838a-43d7-87f9-cf839c4daaf6)**  |
|  [Voya Target Retirement 2050 Fund](#classnamef9af4d0b-a864-4ff5-be84-5621fba9fc99)<br> **[Class I - IRSQX](#classnamef9af4d0b-a864-4ff5-be84-5621fba9fc99)**  |
|  [Voya Target Retirement 2050 Fund](#classname985c0dda-16e3-4421-82b7-8c60a9098c9f)<br> **[Class R - VRRMX](#classname985c0dda-16e3-4421-82b7-8c60a9098c9f)**  |
|  [Voya Target Retirement 2050 Fund](#classname419d7986-1247-4e63-8999-3c393c326e57)<br> **[Class R6 - VTRPX](#classname419d7986-1247-4e63-8999-3c393c326e57)**  |
|  [Voya Target Retirement 2055 Fund](#classname81861cc9-8f16-4c1b-baf7-4e3b0ae6d569)<br> **[Class A - VTRQX](#classname81861cc9-8f16-4c1b-baf7-4e3b0ae6d569)**  |
|  [Voya Target Retirement 2055 Fund](#classname7cd78e55-6a8b-442d-ba44-0735f990242b)<br> **[Class I - IRSVX](#classname7cd78e55-6a8b-442d-ba44-0735f990242b)**  |
|  [Voya Target Retirement 2055 Fund](#classnamed9105a86-c04a-4560-9bfc-1b1491437007)<br> **[Class R - VRRNX](#classnamed9105a86-c04a-4560-9bfc-1b1491437007)**  |
|  [Voya Target Retirement 2055 Fund](#classname7ab57e7f-45bc-4f4f-b5cc-0460c1fbddf8)<br> **[Class R6 - VTRRX](#classname7ab57e7f-45bc-4f4f-b5cc-0460c1fbddf8)**  |
|  [Voya Target Retirement 2060 Fund](#classname853a59e0-01f2-4431-bd8a-dd5b2bea6985)<br> **[Class A - VTRSX](#classname853a59e0-01f2-4431-bd8a-dd5b2bea6985)**  |
|  [Voya Target Retirement 2060 Fund](#classname2cea4ab9-ea1e-41e8-ba39-52630cba79d0)<br> **[Class I - VRSAX](#classname2cea4ab9-ea1e-41e8-ba39-52630cba79d0)**  |
|  [Voya Target Retirement 2060 Fund](#classnameeaba2721-8cd8-4531-be63-b2ea3beeeb73)<br> **[Class R - VRROX](#classnameeaba2721-8cd8-4531-be63-b2ea3beeeb73)**  |
|  [Voya Target Retirement 2060 Fund](#classnamecfd75c07-027b-489a-91b9-cb0abc9c7cef)<br> **[Class R6 - VTRUX](#classnamecfd75c07-027b-489a-91b9-cb0abc9c7cef)**  |
|  [Voya Target Retirement 2065 Fund](#classname491674a8-c6c0-4508-b221-e81740b798bf)<br> **[Class A - VTAUX](#classname491674a8-c6c0-4508-b221-e81740b798bf)**  |
|  [Voya Target Retirement 2065 Fund](#classnamec5f8a5c8-1712-49d7-9fe0-b3f454ef55e9)<br> **[Class I - VTIUX](#classnamec5f8a5c8-1712-49d7-9fe0-b3f454ef55e9)**  |
|  [Voya Target Retirement 2065 Fund](#classname6e113f22-b410-43b7-bd65-80996d99b1e1)<br> **[Class R - VTURX](#classname6e113f22-b410-43b7-bd65-80996d99b1e1)**  |
|  [Voya Target Retirement 2065 Fund](#classname709182b8-abbf-4bf8-b40b-dba36f1be44d)<br> **[Class R6 - VTUFX](#classname709182b8-abbf-4bf8-b40b-dba36f1be44d)**  |
|  [Voya Target Retirement 2070 Fund](#classname9e7ebaa8-77f5-4867-af6f-58b117236823)<br> **[Class A - VTRAX](#classname9e7ebaa8-77f5-4867-af6f-58b117236823)**  |
|  [Voya Target Retirement 2070 Fund](#classnamea7ea9e12-b76e-4f77-84c4-0a7fde190412)<br> **[Class I - VTRTX](#classnamea7ea9e12-b76e-4f77-84c4-0a7fde190412)**  |
|  [Voya Target Retirement 2070 Fund](#classname952e8124-fb23-440a-8626-a0fc2216ba9f)<br> **[Class R - VTRLX](#classname952e8124-fb23-440a-8626-a0fc2216ba9f)**  |
|  [Voya Target Retirement 2070 Fund](#classnameee1cc6ad-113e-4799-a4ee-a1744568ae23)<br> **[Class R6 - VTRBX](#classnameee1cc6ad-113e-4799-a4ee-a1744568ae23)**  |

---

# Class A: VTRVX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target In-Retirement Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $19 | 0.36% |

---

## Fund Statistics
* Total Net Assets$261,933,758

* # of Portfolio Holdings13

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 24.4% |
| Fidelity 500 Index Fund | 21.1% |
| iShares Core U.S. Aggregate Bond ETF | 14.2% |
| Schwab U.S. TIPS ETF | 9.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.8% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 35.3% |
| Fixed Income | 64.5% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 20.5% |
| Emerging Markets | 2.5% |
| International | 11.5% |
| Core Fixed Income | 39.0% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRVX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target In-Retirement Fund
92913M716-SAR

# Class I: ISOLX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target In-Retirement Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $7 | 0.13% |

---

## Fund Statistics
* Total Net Assets$261,933,758

* # of Portfolio Holdings13

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 24.4% |
| Fidelity 500 Index Fund | 21.1% |
| iShares Core U.S. Aggregate Bond ETF | 14.2% |
| Schwab U.S. TIPS ETF | 9.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.8% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 35.3% |
| Fixed Income | 64.5% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 20.5% |
| Emerging Markets | 2.5% |
| International | 11.5% |
| Core Fixed Income | 39.0% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: ISOLX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target In-Retirement Fund
92913M856-SAR

# Class R: VRRFX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target In-Retirement Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $32 | 0.61% |

---

## Fund Statistics
* Total Net Assets$261,933,758

* # of Portfolio Holdings13

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 24.4% |
| Fidelity 500 Index Fund | 21.1% |
| iShares Core U.S. Aggregate Bond ETF | 14.2% |
| Schwab U.S. TIPS ETF | 9.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.8% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 35.3% |
| Fixed Income | 64.5% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 20.5% |
| Emerging Markets | 2.5% |
| International | 11.5% |
| Core Fixed Income | 39.0% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRFX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target In-Retirement Fund
92913M278-SAR

# Class R6: VTRWX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target In-Retirement Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $5 | 0.10% |

---

## Fund Statistics
* Total Net Assets$261,933,758

* # of Portfolio Holdings13

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Voya Intermediate Bond Fund - Class R6 | 24.4% |
| Fidelity 500 Index Fund | 21.1% |
| iShares Core U.S. Aggregate Bond ETF | 14.2% |
| Schwab U.S. TIPS ETF | 9.7% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 6.8% |
| SPDR Portfolio High Yield Bond ETF | 3.9% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 2.8% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Equity | 35.3% |
| Fixed Income | 64.5% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 20.5% |
| Emerging Markets | 2.5% |
| International | 11.5% |
| Core Fixed Income | 39.0% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRWX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target In-Retirement Fund
92913M690-SAR

# Class A: VTREX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2030 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $19 | 0.36% |

---

## Fund Statistics
* Total Net Assets$196,925,810

* # of Portfolio Holdings15

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 35.0% |
| Voya Intermediate Bond Fund - Class R6 | 18.1% |
| iShares Core U.S. Aggregate Bond ETF | 11.4% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 39.1% |
| Equity | 60.7% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 3.5% |
| International | 17.0% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTREX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2030 Fund
92913M641-SAR

# Class I: IRSMX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2030 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $7 | 0.14% |

---

## Fund Statistics
* Total Net Assets$196,925,810

* # of Portfolio Holdings15

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 35.0% |
| Voya Intermediate Bond Fund - Class R6 | 18.1% |
| iShares Core U.S. Aggregate Bond ETF | 11.4% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 39.1% |
| Equity | 60.7% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 3.5% |
| International | 17.0% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSMX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2030 Fund
92913M781-SAR

# Class R: VRRIX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2030 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $32 | 0.61% |

---

## Fund Statistics
* Total Net Assets$196,925,810

* # of Portfolio Holdings15

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 35.0% |
| Voya Intermediate Bond Fund - Class R6 | 18.1% |
| iShares Core U.S. Aggregate Bond ETF | 11.4% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 39.1% |
| Equity | 60.7% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 3.5% |
| International | 17.0% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRIX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2030 Fund
92913M245-SAR

# Class R6: VTRFX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2030 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $5 | 0.10% |

---

## Fund Statistics
* Total Net Assets$196,925,810

* # of Portfolio Holdings15

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 35.0% |
| Voya Intermediate Bond Fund - Class R6 | 18.1% |
| iShares Core U.S. Aggregate Bond ETF | 11.4% |
| Vanguard FTSE Developed Markets ETF | 9.8% |
| Voya Multi-Manager International Equity Fund - Class I | 6.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.9% |
| Schwab U.S. TIPS ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |
| Voya Short Duration Bond Fund - Class R6 | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 39.1% |
| Equity | 60.7% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 34.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 3.5% |
| International | 17.0% |
| Core Fixed Income | 30.0% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRFX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2030 Fund
92913M633-SAR

# Class A: VTRGX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2035 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $19 | 0.36% |

---

## Fund Statistics
* Total Net Assets$262,321,655

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 41.9% |
| Voya Intermediate Bond Fund - Class R6 | 14.8% |
| Vanguard FTSE Developed Markets ETF | 12.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.1% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.8% |
| Vanguard FTSE Emerging Markets ETF | 2.5% |
| Voya VACS Series EME Fund | 2.2% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 28.2% |
| Equity | 71.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 4.5% |
| International | 20.0% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRGX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2035 Fund
92913M625-SAR

# Class I: IRSNX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2035 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $7 | 0.13% |

---

## Fund Statistics
* Total Net Assets$262,321,655

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 41.9% |
| Voya Intermediate Bond Fund - Class R6 | 14.8% |
| Vanguard FTSE Developed Markets ETF | 12.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.1% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.8% |
| Vanguard FTSE Emerging Markets ETF | 2.5% |
| Voya VACS Series EME Fund | 2.2% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 28.2% |
| Equity | 71.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 4.5% |
| International | 20.0% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSNX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2035 Fund
92913M799-SAR

# Class R: VRRJX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2035 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $32 | 0.61% |

---

## Fund Statistics
* Total Net Assets$262,321,655

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 41.9% |
| Voya Intermediate Bond Fund - Class R6 | 14.8% |
| Vanguard FTSE Developed Markets ETF | 12.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.1% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.8% |
| Vanguard FTSE Emerging Markets ETF | 2.5% |
| Voya VACS Series EME Fund | 2.2% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 28.2% |
| Equity | 71.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 4.5% |
| International | 20.0% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRJX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2035 Fund
92913M237-SAR

# Class R6: VTRHX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2035 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $5 | 0.10% |

---

## Fund Statistics
* Total Net Assets$262,321,655

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 41.9% |
| Voya Intermediate Bond Fund - Class R6 | 14.8% |
| Vanguard FTSE Developed Markets ETF | 12.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.1% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| iShares Core S&P Mid-Cap ETF | 2.8% |
| Vanguard FTSE Emerging Markets ETF | 2.5% |
| Voya VACS Series EME Fund | 2.2% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 28.2% |
| Equity | 71.6% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 41.5% |
| US Mid Cap Blend | 3.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 4.5% |
| International | 20.0% |
| Core Fixed Income | 24.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRHX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2035 Fund
92913M617-SAR

# Class A: VTRJX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2040 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $20 | 0.37% |

---

## Fund Statistics
* Total Net Assets$147,270,141

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 46.7% |
| Vanguard FTSE Developed Markets ETF | 14.8% |
| Voya Intermediate Bond Fund - Class R6 | 10.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.3% |
| iShares Core S&P Mid-Cap ETF | 3.8% |
| Voya VACS Series EME Fund | 3.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| iShares Core U.S. Aggregate Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.5% |
| Equity | 82.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 46.5% |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 5.5% |
| International | 24.0% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRJX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2040 Fund
92913M591-SAR

# Class I: IRSOX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2040 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $7 | 0.14% |

---

## Fund Statistics
* Total Net Assets$147,270,141

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 46.7% |
| Vanguard FTSE Developed Markets ETF | 14.8% |
| Voya Intermediate Bond Fund - Class R6 | 10.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.3% |
| iShares Core S&P Mid-Cap ETF | 3.8% |
| Voya VACS Series EME Fund | 3.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| iShares Core U.S. Aggregate Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.5% |
| Equity | 82.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 46.5% |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 5.5% |
| International | 24.0% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSOX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2040 Fund
92913M815-SAR

# Class R: VRRKX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2040 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $33 | 0.62% |

---

## Fund Statistics
* Total Net Assets$147,270,141

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 46.7% |
| Vanguard FTSE Developed Markets ETF | 14.8% |
| Voya Intermediate Bond Fund - Class R6 | 10.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.3% |
| iShares Core S&P Mid-Cap ETF | 3.8% |
| Voya VACS Series EME Fund | 3.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| iShares Core U.S. Aggregate Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.5% |
| Equity | 82.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 46.5% |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 5.5% |
| International | 24.0% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRKX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2040 Fund
92913M229-SAR

# Class R6: VTRKX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2040 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $5 | 0.10% |

---

## Fund Statistics
* Total Net Assets$147,270,141

* # of Portfolio Holdings13

* Portfolio Turnover Rate11%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 46.7% |
| Vanguard FTSE Developed Markets ETF | 14.8% |
| Voya Intermediate Bond Fund - Class R6 | 10.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.3% |
| iShares Core S&P Mid-Cap ETF | 3.8% |
| Voya VACS Series EME Fund | 3.3% |
| Vanguard Long-Term Treasury ETF | 2.9% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| iShares Core U.S. Aggregate Bond ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 17.5% |
| Equity | 82.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 46.5% |
| US Mid Cap Blend | 4.0% |
| US Small Cap | 2.0% |
| Emerging Markets | 5.5% |
| International | 24.0% |
| Core Fixed Income | 13.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRKX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2040 Fund
92913M583-SAR

# Class A: VTRMX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2045 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $19 | 0.36% |

---

## Fund Statistics
* Total Net Assets$227,469,155

* # of Portfolio Holdings12

* Portfolio Turnover Rate10%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 52.1% |
| Vanguard FTSE Developed Markets ETF | 16.1% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| Voya Intermediate Bond Fund - Class R6 | 5.9% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya VACS Series EME Fund | 3.2% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 1.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.7% |
| Equity | 90.1% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| Emerging Markets | 6.5% |
| International | 25.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRMX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2045 Fund
92913M575-SAR

# Class I: IRSPX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2045 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $8 | 0.15% |

---

## Fund Statistics
* Total Net Assets$227,469,155

* # of Portfolio Holdings12

* Portfolio Turnover Rate10%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 52.1% |
| Vanguard FTSE Developed Markets ETF | 16.1% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| Voya Intermediate Bond Fund - Class R6 | 5.9% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya VACS Series EME Fund | 3.2% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 1.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.7% |
| Equity | 90.1% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| Emerging Markets | 6.5% |
| International | 25.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSPX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2045 Fund
92913M823-SAR

# Class R: VRRLX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2045 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $33 | 0.61% |

---

## Fund Statistics
* Total Net Assets$227,469,155

* # of Portfolio Holdings12

* Portfolio Turnover Rate10%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 52.1% |
| Vanguard FTSE Developed Markets ETF | 16.1% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| Voya Intermediate Bond Fund - Class R6 | 5.9% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya VACS Series EME Fund | 3.2% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 1.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.7% |
| Equity | 90.1% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| Emerging Markets | 6.5% |
| International | 25.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRLX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2045 Fund
92913M211-SAR

# Class R6: VTRNX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2045 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $6 | 0.11% |

---

## Fund Statistics
* Total Net Assets$227,469,155

* # of Portfolio Holdings12

* Portfolio Turnover Rate10%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 52.1% |
| Vanguard FTSE Developed Markets ETF | 16.1% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| Voya Intermediate Bond Fund - Class R6 | 5.9% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya VACS Series EME Fund | 3.2% |
| Vanguard Long-Term Treasury ETF | 1.9% |
| SPDR Portfolio High Yield Bond ETF | 1.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 1.3% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 9.7% |
| Equity | 90.1% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 52.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| Emerging Markets | 6.5% |
| International | 25.0% |
| Core Fixed Income | 6.0% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRNX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2045 Fund
92913M567-SAR

# Class A: VTROX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2050 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $21 | 0.39% |

---

## Fund Statistics
* Total Net Assets$120,619,164

* # of Portfolio Holdings11

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.7% |
| Voya Multi-Manager International Equity Fund - Class I | 8.1% |
| Voya Intermediate Bond Fund - Class R6 | 4.3% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 5.3% |
| Equity | 94.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| Emerging Markets | 6.5% |
| International | 26.0% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTROX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2050 Fund
92913M559-SAR

# Class I: IRSQX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2050 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $10 | 0.18% |

---

## Fund Statistics
* Total Net Assets$120,619,164

* # of Portfolio Holdings11

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.7% |
| Voya Multi-Manager International Equity Fund - Class I | 8.1% |
| Voya Intermediate Bond Fund - Class R6 | 4.3% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 5.3% |
| Equity | 94.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| Emerging Markets | 6.5% |
| International | 26.0% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSQX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2050 Fund
92913M831-SAR

# Class R: VRRMX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2050 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $34 | 0.64% |

---

## Fund Statistics
* Total Net Assets$120,619,164

* # of Portfolio Holdings11

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.7% |
| Voya Multi-Manager International Equity Fund - Class I | 8.1% |
| Voya Intermediate Bond Fund - Class R6 | 4.3% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 5.3% |
| Equity | 94.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| Emerging Markets | 6.5% |
| International | 26.0% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRMX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2050 Fund
92913M195-SAR

# Class R6: VTRPX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2050 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $6 | 0.11% |

---

## Fund Statistics
* Total Net Assets$120,619,164

* # of Portfolio Holdings11

* Portfolio Turnover Rate14%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.7% |
| Voya Multi-Manager International Equity Fund - Class I | 8.1% |
| Voya Intermediate Bond Fund - Class R6 | 4.3% |
| iShares Core S&P Mid-Cap ETF | 4.3% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.3% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 5.3% |
| Equity | 94.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 3.0% |
| Emerging Markets | 6.5% |
| International | 26.0% |
| Core Fixed Income | 4.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRPX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2050 Fund
92913M542-SAR

# Class A: VTRQX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2055 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $19 | 0.36% |

---

## Fund Statistics
* Total Net Assets$158,418,776

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 17.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| iShares Core S&P Mid-Cap ETF | 4.8% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRQX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2055 Fund
92913M534-SAR

# Class I: IRSVX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2055 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $11 | 0.21% |

---

## Fund Statistics
* Total Net Assets$158,418,776

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 17.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| iShares Core S&P Mid-Cap ETF | 4.8% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IRSVX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2055 Fund
92913M849-SAR

# Class R: VRRNX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2055 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $33 | 0.61% |

---

## Fund Statistics
* Total Net Assets$158,418,776

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 17.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| iShares Core S&P Mid-Cap ETF | 4.8% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRRNX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2055 Fund
92913M187-SAR

# Class R6: VTRRX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2055 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $6 | 0.11% |

---

## Fund Statistics
* Total Net Assets$158,418,776

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 17.6% |
| Voya Multi-Manager International Equity Fund - Class I | 7.8% |
| iShares Core S&P Mid-Cap ETF | 4.8% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 3.9% |
| Equity | 96.0% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRRX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2055 Fund
92913M526-SAR

# Class A: VTRSX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2060 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $21 | 0.39% |

---

## Fund Statistics
* Total Net Assets$68,697,592

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.4% |
| Vanguard FTSE Developed Markets ETF | 17.7% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.9% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRSX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2060 Fund
92913M518-SAR

# Class I: VRSAX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2060 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $11 | 0.21% |

---

## Fund Statistics
* Total Net Assets$68,697,592

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.4% |
| Vanguard FTSE Developed Markets ETF | 17.7% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.9% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VRSAX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2060 Fund
92913M724-SAR

# Class R: VRROX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2060 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $34 | 0.64% |

---

## Fund Statistics
* Total Net Assets$68,697,592

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.4% |
| Vanguard FTSE Developed Markets ETF | 17.7% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.9% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VRROX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2060 Fund
92913M179-SAR

# Class R6: VTRUX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2060 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $6 | 0.11% |

---

## Fund Statistics
* Total Net Assets$68,697,592

* # of Portfolio Holdings11

* Portfolio Turnover Rate13%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.4% |
| Vanguard FTSE Developed Markets ETF | 17.7% |
| Voya Multi-Manager International Equity Fund - Class I | 7.7% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 3.5% |
| Voya Intermediate Bond Fund - Class R6 | 2.9% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.1% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 3.9% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 26.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRUX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2060 Fund
92913M492-SAR

# Class A: VTAUX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2065 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $20 | 0.37% |

---

## Fund Statistics
* Total Net Assets$26,204,174

* # of Portfolio Holdings11

* Portfolio Turnover Rate30%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.3% |
| Vanguard FTSE Developed Markets ETF | 16.2% |
| Voya Multi-Manager International Equity Fund - Class I | 9.8% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 4.1% |
| Vanguard FTSE Emerging Markets ETF | 3.1% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 3.4% |
| Equity | 96.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTAUX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2065 Fund
92913M161-SAR

# Class I: VTIUX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2065 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $8 | 0.14% |

---

## Fund Statistics
* Total Net Assets$26,204,174

* # of Portfolio Holdings11

* Portfolio Turnover Rate30%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.3% |
| Vanguard FTSE Developed Markets ETF | 16.2% |
| Voya Multi-Manager International Equity Fund - Class I | 9.8% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 4.1% |
| Vanguard FTSE Emerging Markets ETF | 3.1% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 3.4% |
| Equity | 96.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VTIUX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2065 Fund
92913M153-SAR

# Class R: VTURX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2065 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $33 | 0.62% |

---

## Fund Statistics
* Total Net Assets$26,204,174

* # of Portfolio Holdings11

* Portfolio Turnover Rate30%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.3% |
| Vanguard FTSE Developed Markets ETF | 16.2% |
| Voya Multi-Manager International Equity Fund - Class I | 9.8% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 4.1% |
| Vanguard FTSE Emerging Markets ETF | 3.1% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 3.4% |
| Equity | 96.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VTURX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2065 Fund
92913M146-SAR

# Class R6: VTUFX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2065 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $6 | 0.11% |

---

## Fund Statistics
* Total Net Assets$26,204,174

* # of Portfolio Holdings11

* Portfolio Turnover Rate30%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.3% |
| Vanguard FTSE Developed Markets ETF | 16.2% |
| Voya Multi-Manager International Equity Fund - Class I | 9.8% |
| iShares Core S&P Mid-Cap ETF | 4.7% |
| Voya VACS Series EME Fund | 4.1% |
| Vanguard FTSE Emerging Markets ETF | 3.1% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.0% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.3% |
| Fixed Income | 3.4% |
| Equity | 96.3% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTUFX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2065 Fund
92913M138-SAR

# Class A: VTRAX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2070 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2070 Fund for the period of August 8, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A<sup>Footnote Reference\*</sup> | $12 | 0.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$3,424,786

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.9% |
| Voya Multi-Manager International Equity Fund - Class I | 8.7% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya VACS Series EME Fund | 3.9% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.1% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.6% |
| Equity | 96.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VTRAX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2070 Fund
92919X302-SAR

# Class I: VTRTX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2070 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2070 Fund for the period of August 8, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I<sup>Footnote Reference\*</sup> | $4 | 0.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$3,424,786

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.9% |
| Voya Multi-Manager International Equity Fund - Class I | 8.7% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya VACS Series EME Fund | 3.9% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.1% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.6% |
| Equity | 96.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VTRTX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2070 Fund
92919X401-SAR

# Class R: VTRLX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2070 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2070 Fund for the period of August 8, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R<sup>Footnote Reference\*</sup> | $19 | 0.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$3,424,786

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.9% |
| Voya Multi-Manager International Equity Fund - Class I | 8.7% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya VACS Series EME Fund | 3.9% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.1% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.6% |
| Equity | 96.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VTRLX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2070 Fund
92919X500-SAR

# Class R6: VTRBX
![Image](tm262763d1_tsrimg011.jpg)

# Voya Target Retirement 2070 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Target Retirement 2070 Fund for the period of August 8, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6<sup>Footnote Reference\*</sup> | $4 | 0.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from August 8, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$3,424,786

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Fidelity 500 Index Fund | 54.5% |
| Vanguard FTSE Developed Markets ETF | 16.9% |
| Voya Multi-Manager International Equity Fund - Class I | 8.7% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya VACS Series EME Fund | 3.9% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| Voya Intermediate Bond Fund - Class R6 | 2.4% |
| Voya MI Dynamic Small Cap Fund - Class R6 | 2.1% |
| Voya Small Cap Growth Fund - Class R6 | 1.1% |
| Xtrackers MSCI EAFE Hedged Equity ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm262763d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 3.6% |
| Equity | 96.4% |

---

### Target Asset Allocations
![A graphical representation of Investments made.](tm262763d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 54.5% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| Emerging Markets | 7.0% |
| International | 27.0% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VTRBX
![QR Code](tm262763d1_tsrimg014.jpg)

# Voya Target Retirement 2070 Fund
92919X609-SAR

(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. Investments.** 

(a) Schedule is included as part of the report to shareholders filed
under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm262763d1_tarrtfinimg001.jpg)

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

Classes A, I, R and R6

■ Voya Target In-Retirement Fund ■ Voya Target Retirement 2050 Fund

■ Voya Target Retirement 2030 Fund ■ Voya Target Retirement 2055 Fund

■ Voya Target Retirement 2035 Fund ■ Voya Target Retirement 2060 Fund

■ Voya Target Retirement 2040 Fund ■ Voya Target Retirement 2065 Fund

■ Voya Target Retirement 2045 Fund ■ Voya Target Retirement 2070 Fund

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.

---

| | |
|:---|:---|
| ![](tm262763d1_tarrtfinimg002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm262763d1_tarrtfinimg003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#km_001) | [1](#km_001) |
| [Statements of Operations](#km_002) | [7](#km_002) |
| [Statements of Changes in Net Assets](#km_003) | [10](#km_003) |
| [Financial Highlights](#km_004) | [15](#km_004) |
| [Notes to Financial Statements](#km_005) | [22](#km_005) |
| [Portfolios of Investments](#km_006) | [35](#km_006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#km_007) | [61](#km_007) |

---

 **Go
Paperless with E-Delivery!**<br>
Sign up now for on-line prospectuses, tailored shareholder reports,
and proxy statements.<br>Just go to
individuals.voya.com/page/e-delivery, follow the directions and
complete the quick 5 Steps to Enroll.<br>You will
be notified by e-mail when these communications become available on
the internet.<br> <BORDER_TOP>
**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; and (2) 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 https://individuals.voya.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: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** | **Voya Target**<br>**Retirement 2040**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $94500307 | $59330928 | $68820724 | $36005537 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 166969488 | 137230605 | 193089055 | 111028260 |
| Cash | 393945 | 500109 | 478815 | 245990 |
| Cash collateral for futures contracts |  |  |  | 39469 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold | 50654 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 249356 | 86516 | 135987 | 126235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 849 | 1053 | 1078 | 546 |
| Reimbursement due from Investment Adviser | 1158 | 5185 | 6814 | 9541 |
| Other assets | 2396 | 1512 | 1710 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 262168153 | 197155908 | 262534183 | 147456730 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 146556 | 41509 | 66069 | 38760 |
| Payable for investments in unaffiliated underlying funds purchased |  | 130889 | 72670 | 71464 |
| Payable for fund shares redeemed | 8917 | 10152 | 4934 | 39050 |
| Variation margin payable on futures contracts |  |  |  | 3458 |
| Payable for unified fees | 38844 | 28701 | 38461 | 21410 |
| Payable for distribution and shareholder service fees | 31717 | 15059 | 24552 | 7318 |
| Payable to trustees under the deferred compensation plan (Note 6) | 2396 | 1512 | 1710 | 1152 |
| Other accrued expenses and liabilities | 5965 | 2276 | 4132 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 234395 | 230098 | 212528 | 186589 |
| **NET ASSETS** | $261933758 | $196925810 | $262321655 | $147270141 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $245815662 | $167155496 | $217179524 | $115173879 |
| Total distributable earnings | 16118096 | 29770314 | 45142131 | 32096262 |
| **NET ASSETS** | $261933758 | $196925810 | $262321655 | $147270141 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in affiliated underlying funds | $92229723 | $56379350 | $64311516 | $32518885 |
| \*\* Cost of investments in unaffiliated underlying funds | $154866322 | $122131007 | $169828989 | $95682216 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** | **Voya Target**<br>**Retirement 2040**<br>**Fund** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $144385411 | $64519465 | $106296244 | $19579416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 12546437 | 4270187 | 6798357 | 1134478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $11.51 | $15.11 | $15.64 | $17.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $12.21 | $16.03 | $16.59 | $18.31 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10605401 | $15682836 | $16941771 | $14643905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 919098 | 1028609 | 1070556 | 841928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.54 | $15.25 | $15.83 | $17.39 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5618425 | $5187297 | $7726004 | $8715636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 493126 | 347792 | 498881 | 512491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.39 | $14.91 | $15.49 | $17.01 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $101324521 | $111536212 | $131357636 | $104331184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 8785018 | 7313120 | 8320875 | 5998043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $11.53 | $15.25 | $15.79 | $17.39 |

---

---

| | |
|:---|:---|
| <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

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** | **Voya Target**<br>**Retirement 2060**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $43266577 | $22706867 | $27744696 | $11928622 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 183838425 | 97573694 | 130458091 | 56627474 |
| Cash | 475482 | 240913 | 177580 | 67478 |
| Cash collateral for futures contracts | 62415 | 31893 | 43366 | 19045 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 9571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 151150 | 127995 | 176564 | 148725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 661 | 713 | 494 | 264 |
| Reimbursement due from Investment Adviser | 3948 | 6850 | 9005 | 3908 |
| Other assets | 1425 | 906 | 913 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 227800083 | 120699402 | 158610709 | 68795992 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 53694 | 50799 | 64331 | 58025 |
| Payable for investments in unaffiliated underlying funds purchased | 199587 |  | 68643 | 20328 |
| Payable for fund shares redeemed | 15122 | 962 | 13663 | 1809 |
| Variation margin payable on futures contracts | 5467 | 2792 | 3797 | 1670 |
| Payable for unified fees | 33127 | 17587 | 23117 | 10031 |
| Payable for distribution and shareholder service fees | 18598 | 4651 | 13582 | 2793 |
| Payable to trustees under the deferred compensation plan (Note 6) | 1425 | 906 | 913 | 476 |
| Other accrued expenses and liabilities | 3908 | 2541 | 3887 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 330928 | 80238 | 191933 | 98400 |
| **NET ASSETS** | $227469155 | $120619164 | $158418776 | $68697592 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $179915910 | $90388900 | $123804709 | $51035275 |
| Total distributable earnings | 47553245 | 30230264 | 34614067 | 17662317 |
| **NET ASSETS** | $227469155 | $120619164 | $158418776 | $68697592 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in affiliated underlying funds | $39033313 | $20110065 | $24737527 | $10589760 |
| \*\* Cost of investments in unaffiliated underlying funds | $158163506 | $82879065 | $111795564 | $48231036 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** | **Voya Target**<br>**Retirement 2060**<br>**Fund** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $81918084 | $11691312 | $57984373 | $7264053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4721292 | 657946 | 3379980 | 448119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $17.35 | $17.77 | $17.16 | $16.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $18.41 | $18.85 | $18.21 | $17.20 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $13758552 | $11797190 | $13995108 | $3346458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 785118 | 659153 | 807365 | 205383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.52 | $17.90 | $17.33 | $16.29 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5099974 | $5664342 | $4592808 | $3293978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 297243 | 323055 | 272406 | 205942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.16 | $17.53 | $16.86 | $15.99 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $126692545 | $91466320 | $81846487 | $54793103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 7225572 | 5108572 | 4721387 | 3356504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $17.53 | $17.90 | $17.34 | $16.32 |

---

---

| | |
|:---|:---|
| <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

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2065**<br>**Fund** | **Voya Target**<br>**Retirement 2070**<br>**Fund** |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $5095381 | $622653 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 21032824 | 2793865 |
| Short-term investments at fair value† |  | 8617 |
| Cash | 20962 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 104458 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 102 |  |
| Reimbursement due from Investment Adviser | 1987 | 192 |
| Other assets | 141 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26255855 | 3426635 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 41152 |  |
| Payable for investments in unaffiliated underlying funds purchased | 4957 | 843 |
| Payable for fund shares redeemed | 263 |  |
| Payable for unified fees | 3771 | 495 |
| Payable for distribution and shareholder service fees | 1322 | 509 |
| Payable to trustees under the deferred compensation plan (Note 6) | 141 | 2 |
| Other accrued expenses and liabilities | 75 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 51681 | 1849 |
| **NET ASSETS** | $26204174 | $3424786 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $19742060 | $3205202 |
| Total distributable earnings | 6462114 | 219584 |
| **NET ASSETS** | $26204174 | $3424786 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in affiliated underlying funds | $4616160 | $584366 |
| \*\* Cost of investments in unaffiliated underlying funds | $18202551 | $2622134 |
| †&nbsp;&nbsp;&nbsp;&nbsp;Cost of short-term investments | $— | $8617 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2065**<br>**Fund** | **Voya Target**<br>**Retirement 2070**<br>**Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5833312 | $923256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 409486 | 86149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $14.25 | $10.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $15.12 | $11.37 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $525389 | $804419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 36723 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.31 | $10.73 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $365045 | $803187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 25843 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.13 | $10.71 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $19480428 | $893924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1361561 | 83346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.31 | $10.73 |

---

---

| | |
|:---|:---|
| <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

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED November 30, 2025 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** | **Voya Target**<br>**Retirement 2040**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $1620250 | $859247 | $863948 | $344255 |
| Dividends from unaffiliated underlying funds | 1647600 | 1470657 | 1849777 | 926489 |
| Interest | 5304 | 6039 | 7074 | 4477 |
| Other | 449 | 420 | 568 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3273603 | 2336363 | 2721367 | 1275530 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 182689 | 166053 | 224106 | 123206 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 137851 | 72094 | 123059 | 18919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 9698 | 12769 | 18223 | 20276 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4511 | 3403 | 2721 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1167 | 2792 | 2549 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 153 | 305 | 201 | 861 |
| Trustee fees and expenses | 4642 | 4303 | 5708 | 3080 |
| Interest expense | 488 |  |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 341199 | 261719 | 376567 | 170950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (84523) | (77368) | (104325) | (57387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 256676 | 184351 | 272242 | 113563 |
| Net investment income | 3016927 | 2152012 | 2449125 | 1161967 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 200756 | 190180 | 208127 | 316656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 1692605 | 1592414 | 1677280 | 1386454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1893361 | 1782594 | 1885406 | 1753522 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 2128535 | 2577401 | 4062895 | 2306605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 7511101 | 12167999 | 19582235 | 11529060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (11421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9639636 | 14745400 | 23645130 | 13824244 |
| Net realized and unrealized gain | 11532997 | 16527994 | 25530536 | 15577766 |
| **Increase in net assets resulting from operations** | $14549924 | $18680006 | $27979661 | $16739733 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED November 30, 2025 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** | **Voya Target**<br>**Retirement 2060**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $291654 | $112983 | $115054 | $50346 |
| Dividends from unaffiliated underlying funds | 1463267 | 690037 | 944662 | 412134 |
| Interest | 6095 | 4345 | 4665 | 1435 |
| Other | 493 | 255 | 345 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1761509 | 807620 | 1064726 | 464065 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 194314 | 101946 | 136545 | 59720 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 96244 | 12555 | 68555 | 8126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 11855 | 13372 | 10593 | 7844 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1148 | 1617 | 269 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2958 | 4128 | 6450 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 71 | 871 | 21 | 461 |
| Trustee fees and expenses | 4855 | 2352 | 3152 | 1214 |
| Interest expense | 113 | 267 | 320 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 311558 | 137108 | 225905 | 80223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (79667) | (41791) | (55948) | (24476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 231891 | 95317 | 169957 | 55747 |
| Net investment income | 1529618 | 712303 | 894769 | 408318 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 264136 | 391864 | 311004 | 374207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 1491972 | 1608406 | 1538862 | 1026527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 80218 | 40895 | 55587 | 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1836326 | 2041165 | 1905453 | 1424678 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 3530711 | 1700589 | 2452464 | 839196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 21114181 | 10641619 | 15073654 | 6227230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (18460) | (9367) | (12719) | (5330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 24626432 | 12332841 | 17513399 | 7061096 |
| Net realized and unrealized gain | 26462758 | 14374006 | 19418852 | 8485774 |
| **Increase in net assets resulting from operations** | $27992376 | $15086309 | $20313621 | $8894092 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED November 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2065**<br>**Fund** | **Voya Target**<br>**Retirement 2070**<br>**Fund** |
|  |  | **August 8, 2025<sup>(1)</sup> to November 30,<br> 2025** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $16091 | $1325 |
| Dividends from unaffiliated underlying funds | 162875 | 9185 |
| Interest | 410 |  |
| Other | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 179435 | 10510 |
| **EXPENSES:** |  |  |
| Unified fees | 22667 | 1769 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 6582 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 935 | 1196 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 8 |  |
| Trustee fees and expenses | 679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 31066 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (9337) | (688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 21729 | 2916 |
| Net investment income | 157706 | 7594 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 159318 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 786537 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 4982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 950837 | 1973 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 312575 | 38288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | 2045854 | 171729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1889) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2356540 | 210017 |
| Net realized and unrealized gain | 3307377 | 211990 |
| **Increase in net assets resulting from operations** | $3465083 | $219584 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **In-Retirement Fund** | **In-Retirement Fund** | **Retirement 2030 Fund** | **Retirement 2030 Fund** |
|  | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3016927 | $3029252 | $2152012 | $4129163 |
| Net realized gain | 1893361 | 3661306 | 1782594 | 15037968 |
| Net change in unrealized appreciation (depreciation) | 9639636 | (1909345) | 14745400 | (7760305) |
| Increase in net assets resulting from operations | 14549924 | 4781213 | 18680006 | 11406826 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class A | (1115426) | (1288210) |  | (668008) |
| &nbsp;&nbsp;Class I | (98570) | (122262) |  | (244336) |
| &nbsp;&nbsp;Class R | (21033) | (25707) |  | (63366) |
| &nbsp;&nbsp;Class R6 | (770957) | (982918) |  | (1718504) |
| Total distributions | (2005986) | (2419097) |  | (2694214) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 16337736 | 73193399 | 24100063 | 75868693 |
| Proceeds from shares issued in merger (Note 12) | 151665644 |  |  |  |
| Reinvestment of distributions | 2005986 | 2419097 |  | 2694214 |
|  | 170009366 | 75612496 | 24100063 | 78562907 |
| Cost of shares redeemed | (25019242) | (22473691) | (15626715) | (36775133) |
| Net increase in net assets resulting from capital share transactions | 144990124 | 53138805 | 8473348 | 41787774 |
| Net increase in net assets | 157534062 | 55500921 | 27153354 | 50500386 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 104399696 | 48898775 | 169772456 | 119272070 |
| End of year or period | $261933758 | $104399696 | $196925810 | $169772456 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2035 Fund** | **Retirement 2035 Fund** | **Retirement 2040 Fund** | **Retirement 2040 Fund** |
|  | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2449125 | $5014268 | $1161967 | $2697539 |
| Net realized gain | 1885406 | 20070528 | 1753522 | 16728342 |
| Net change in unrealized appreciation (depreciation) | 23645130 | (9716273) | 13824244 | (8180189) |
| Increase in net assets resulting from operations | 27979661 | 15368523 | 16739733 | 11245692 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class A |  | (1701015) |  | (184372) |
| &nbsp;&nbsp;Class I |  | (302594) |  | (265707) |
| &nbsp;&nbsp;Class R |  | (98102) |  | (121805) |
| &nbsp;&nbsp;Class R6 |  | (2357464) |  | (1966497) |
| Total distributions |  | (4459175) |  | (2538381) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 24286020 | 122928599 | 17984988 | 31847796 |
| Reinvestment of distributions |  | 4459175 |  | 2538381 |
|  | 24286020 | 127387774 | 17984988 | 34386177 |
| Cost of shares redeemed | (16338931) | (45604348) | (10103032) | (25677221) |
| Net increase in net assets resulting from capital share transactions | 7947089 | 81783426 | 7881956 | 8708956 |
| Net increase in net assets | 35926750 | 92692774 | 24621689 | 17416267 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 226394905 | 133702131 | 122648452 | 105232185 |
| End of year or period | $262321655 | $226394905 | $147270141 | $122648452 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2045 Fund** | **Retirement 2045 Fund** | **Retirement 2050 Fund** | **Retirement 2050 Fund** |
|  | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1529618 | $3767814 | $712303 | $1879426 |
| Net realized gain | 1836326 | 21499751 | 2041165 | 15218181 |
| Net change in unrealized appreciation (depreciation) | 24626432 | (10290820) | 12332841 | (7307672) |
| Increase in net assets resulting from operations | 27992376 | 14976745 | 15086309 | 9789935 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class A |  | (1881170) |  | (120202) |
| &nbsp;&nbsp;Class I |  | (373682) |  | (192863) |
| &nbsp;&nbsp;Class R |  | (103014) |  | (73052) |
| &nbsp;&nbsp;Class R6 |  | (3131833) |  | (1410036) |
| Total distributions |  | (5489699) |  | (1796153) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 16103568 | 98454547 | 15537134 | 26203244 |
| Reinvestment of distributions |  | 5489699 |  | 1796153 |
|  | 16103568 | 103944246 | 15537134 | 27999397 |
| Cost of shares redeemed | (13432920) | (32183296) | (10933805) | (19586907) |
| Net increase in net assets resulting from capital share transactions | 2670648 | 71760950 | 4603329 | 8412490 |
| Net increase in net assets | 30663024 | 81247996 | 19689638 | 16406272 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 196806131 | 115558135 | 100929526 | 84523254 |
| End of year or period | $227469155 | $196806131 | $120619164 | $100929526 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2055 Fund** | **Retirement 2055 Fund** | **Retirement 2060 Fund** | **Retirement 2060 Fund** |
|  | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $894769 | $2338119 | $408318 | $1044220 |
| Net realized gain | 1905453 | 14808038 | 1424678 | 8120019 |
| Net change in unrealized appreciation (depreciation) | 17513399 | (6497379) | 7061096 | (3576413) |
| Increase in net assets resulting from operations | 20313621 | 10648778 | 8894092 | 5587826 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;Class A |  | (1401802) |  | (74618) |
| &nbsp;&nbsp;Class I |  | (364126) |  | (49710) |
| &nbsp;&nbsp;Class R |  | (98185) |  | (35568) |
| &nbsp;&nbsp;Class R6 |  | (2180631) |  | (826072) |
| Total distributions |  | (4044744) |  | (985968) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 13471907 | 68568829 | 8936746 | 19111200 |
| Reinvestment of distributions |  | 4044744 |  | 985968 |
|  | 13471907 | 72613573 | 8936746 | 20097168 |
| Cost of shares redeemed | (11775757) | (18978094) | (8148081) | (10798689) |
| Net increase in net assets resulting from capital share transactions | 1696150 | 53635479 | 788665 | 9298479 |
| Net increase in net assets | 22009771 | 60239513 | 9682757 | 13900337 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 136409005 | 76169492 | 59014835 | 45114498 |
| End of year or period | $158418776 | $136409005 | $68697592 | $59014835 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | |
|  | **Retirement 2065 Fund** | **Retirement 2065 Fund** | **Voya Target**<br>**Retirement 2070**<br>**Fund** |
|  | **Six Months**<br>**Ended**<br>**November 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**May 31,**<br>**2025** |<br>**August 8, 2025<sup>(1)</sup>**<br>**to November 30,**<br>**2025** |
| **FROM OPERATIONS:** |  |  |  |
| Net investment income | $157706 | $411279 | $7594 |
| Net realized gain | 950837 | 2723983 | 1973 |
| Net change in unrealized appreciation (depreciation) | 2356540 | (1044190) | 210017 |
| Increase in net assets resulting from operations | 3465083 | 2091072 | 219584 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |
| &nbsp;&nbsp;Class A |  | (124880) |  |
| &nbsp;&nbsp;Class I |  | (12747) |  |
| &nbsp;&nbsp;Class R |  | (4577) |  |
| &nbsp;&nbsp;Class R6 |  | (532521) |  |
| Total distributions |  | (674725) |  |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| Net proceeds from sale of shares | 6664794 | 12774829 | 3205240 |
| Reinvestment of distributions |  | 674725 |  |
|  | 6664794 | 13449554 | 3205240 |
| Cost of shares redeemed | (9673500) | (3804851) | (38) |
| Net increase (decrease) in net assets resulting from capital share transactions | (3008706) | 9644703 | 3205202 |
| Net increase in net assets | 456377 | 11061050 | 3424786 |
| **NET ASSETS:** |  |  |  |
| Beginning of year or period | 25747797 | 14686747 |  |
| End of year or period | $26204174 | $25747797 | $3424786 |

---

<sup>(1)</sup> Commencement of operations.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period |  | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations |  | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(4)(5)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> 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** | **Voya Target In-Retirement Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 10.85 |  | 0.16 | <sup>•</sup> | 0.71 | 0.87 |  | 0.21 |  |  | 0.21 |  | 11.51 | **8.09** | 0.44 | 0.36 | 0.36 | 2.85 | 144385 | 14 |
| 05-31-25 | 10.31 |  | 0.35 | <sup>•</sup> | 0.42 | 0.77 |  | 0.23 |  |  | 0.23 |  | 10.85 | **7.56** | 0.46 | 0.35 | 0.35 | 3.29 | 58268 | 104 |
| 05-31-24 | 9.67 |  | 0.29 | <sup>•</sup> | 0.59 | 0.88 |  | 0.24 |  |  | 0.24 |  | 10.31 | **9.16** | 0.56 | 0.42 | 0.42 | 2.95 | 3478 | 67 |
| 05-31-23 | 10.16 |  | 0.22 | <sup>•</sup> | (0.42) | (0.20) |  | 0.18 | 0.11 |  | 0.29 |  | 9.67 | **(1.88)** | 0.59 | 0.50 | 0.50 | 2.30 | 9946 | 126 |
| 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 |
| **Class I** | **Class I** | **Class I** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 10.88 |  | 0.17 | <sup>•</sup> | 0.71 | 0.88 |  | 0.22 |  |  | 0.22 |  | 11.54 | **8.21** | 0.21 | 0.13 | 0.13 | 3.09 | 10605 | 14 |
| 05-31-25 | 10.32 |  | 0.38 | <sup>•</sup> | 0.43 | 0.81 |  | 0.25 |  |  | 0.25 |  | 10.88 | **7.92** | 0.22 | 0.09 | 0.09 | 3.56 | 5349 | 104 |
| 05-31-24 | 9.72 |  | 0.34 | <sup>•</sup> | 0.57 | 0.91 |  | 0.31 |  |  | 0.31 |  | 10.32 | **9.46** | 0.25 | 0.07 | 0.07 | 3.41 | 3714 | 67 |
| 05-31-23 | 10.22 |  | 0.26 | <sup>•</sup> | (0.43) | (0.17) |  | 0.22 | 0.11 |  | 0.33 |  | 9.72 | **(1.56)** | 0.20 | 0.16 | 0.16 | 2.67 | 1525 | 126 |
| 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 |
| **Class R** | **Class R** | **Class R** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 10.74 |  | 0.15 | <sup>•</sup> | 0.69 | 0.84 |  | 0.19 |  |  | 0.19 |  | 11.39 | **7.92** | 0.69 | 0.61 | 0.61 | 2.60 | 5618 | 14 |
| 05-31-25 | 10.20 |  | 0.32 | <sup>•</sup> | 0.41 | 0.73 |  | 0.19 |  |  | 0.19 |  | 10.74 | **7.26** | 0.71 | 0.60 | 0.60 | 3.05 | 1118 | 104 |
| 05-31-24 | 9.64 |  | 0.29 | <sup>•</sup> | 0.57 | 0.86 |  | 0.30 |  |  | 0.30 |  | 10.20 | **9.01** | 0.81 | 0.67 | 0.67 | 2.84 | 1189 | 67 |
| 05-31-23 | 10.12 |  | 0.20 | <sup>•</sup> | (0.43) | (0.23) |  | 0.14 | 0.11 |  | 0.25 |  | 9.64 | **(2.25)** | 0.84 | 0.75 | 0.75 | 2.04 | 27 | 126 |
| 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 |
| **Class R6** | **Class R6** | **Class R6** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 10.88 |  | 0.18 | <sup>•</sup> | 0.69 | 0.87 |  | 0.22 |  |  | 0.22 |  | 11.53 | **8.13** | 0.19 | 0.10 | 0.10 | 3.12 | 101325 | 14 |
| 05-31-25 | 10.32 |  | 0.38 | <sup>•</sup> | 0.43 | 0.81 |  | 0.25 |  |  | 0.25 |  | 10.88 | **7.96** | 0.19 | 0.08 | 0.08 | 3.57 | 39665 | 104 |
| 05-31-24 | 9.72 |  | 0.34 | <sup>•</sup> | 0.58 | 0.92 |  | 0.32 |  |  | 0.32 |  | 10.32 | **9.50** | 0.19 | 0.06 | 0.06 | 3.36 | 40518 | 67 |
| 05-31-23 | 10.22 |  | 0.26 | <sup>•</sup> | (0.43) | (0.17) |  | 0.22 | 0.11 |  | 0.33 |  | 9.72 | **(1.55)** | 0.19 | 0.15 | 0.15 | 2.66 | 38771 | 126 |
| 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 |
| **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** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** | **Class A** | **Class A** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.64 |  | 0.16 | <sup>•</sup> | 1.31 | 1.47 |  |  |  |  |  |  | 15.11 | **10.78** | 0.45 | 0.36 | 0.36 | 2.16 | 64519 | 13 |
| 05-31-25 | 12.72 |  | 0.35 | <sup>•</sup> | 0.78 | 1.13 |  | 0.21 |  |  | 0.21 |  | 13.64 | **8.93** | 0.46 | 0.36 | 0.36 | 2.60 | 51029 | 80 |
| 05-31-24 | 11.28 |  | 0.28 | <sup>•</sup> | 1.42 | 1.70 |  | 0.26 |  |  | 0.26 |  | 12.72 | **15.18** | 0.49 | 0.37 | 0.37 | 2.34 | 11146 | 52 |
| 05-31-23 | 12.05 |  | 0.22 | <sup>•</sup> | (0.45) | (0.23) |  | 0.19 | 0.35 |  | 0.54 |  | 11.28 | **(1.60)** | 0.48 | 0.45 | 0.45 | 1.95 | 20627 | 119 |
| 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 |
| **Class I** | **Class I** | **Class I** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.75 |  | 0.18 | <sup>•</sup> | 1.32 | 1.50 |  |  |  |  |  |  | 15.25 | **10.91** | 0.22 | 0.14 | 0.14 | 2.39 | 15683 | 13 |
| 05-31-25 | 12.81 |  | 0.38 | <sup>•</sup> | 0.79 | 1.17 |  | 0.23 |  |  | 0.23 |  | 13.75 | **9.18** | 0.22 | 0.12 | 0.12 | 2.84 | 13127 | 80 |
| 05-31-24 | 11.37 |  | 0.32 | <sup>•</sup> | 1.42 | 1.74 |  | 0.30 |  |  | 0.30 |  | 12.81 | **15.47** | 0.24 | 0.12 | 0.12 | 2.67 | 12255 | 52 |
| 05-31-23 | 12.14 |  | 0.25 | <sup>•</sup> | (0.45) | (0.20) |  | 0.22 | 0.35 |  | 0.57 |  | 11.37 | **(1.34)** | 0.23 | 0.20 | 0.20 | 2.20 | 1162 | 119 |
| 05-31-22 | 14.88 |  | 0.29 | <sup>•</sup> | (1.10) | (0.81) |  | 0.34 | 1.59 |  | 1.93 |  | 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 |
| **Class R** | **Class R** | **Class R** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.49 |  | 0.14 | <sup>•</sup> | 1.28 | 1.42 |  |  |  |  |  |  | 14.91 | **10.53** | 0.70 | 0.61 | 0.61 | 1.95 | 5187 | 13 |
| 05-31-25 | 12.56 |  | 0.31 | <sup>•</sup> | 0.78 | 1.09 |  | 0.16 |  |  | 0.16 |  | 13.49 | **8.72** | 0.71 | 0.61 | 0.61 | 2.35 | 5508 | 80 |
| 05-31-24 | 11.20 |  | 0.34 | <sup>•</sup> | 1.32 | 1.66 |  | 0.30 |  |  | 0.30 |  | 12.56 | **14.90** | 0.74 | 0.62 | 0.62 | 2.81 | 5840 | 52 |
| 05-31-23 | 11.97 |  | 0.20 | <sup>•</sup> | (0.44) | (0.24) |  | 0.18 | 0.35 |  | 0.53 |  | 11.20 | **(1.72)** | 0.73 | 0.70 | 0.70 | 1.81 | 174 | 119 |
| 05-31-22 | 14.72 |  | 0.20 | <sup>•</sup> | (1.08) | (0.88) |  | 0.28 | 1.59 |  | 1.87 |  | 11.97 | **(7.50)** | 0.73 | 0.73 | 0.73 | 1.47 | 98 | 58 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) | | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss) | <br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital | <br>Total<br>distributions | <br>Payment<br>by<br>affiliate | <br>Net<br>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<br><sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee<br>waivers<br>and/or<br>recoupments<br>if any<br><sup>(2)(3)(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br>investment<br>income<br>(loss)<br><sup>(2)(3)(4)(5)</sup> | Net<br>assets,<br>end of<br>year or<br>period | Portfolio<br>turnover<br>rate |
| Year or<br>period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** | **Voya Target Retirement 2030 Fund (continued)** |
| **Class R (continued)** | **Class R (continued)** |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.75 | 0.18 | <sup>•</sup> | 1.32 | 1.50 |  |  |  |  |  | 15.25 | **10.91** | 0.18 | 0.10 | 0.10 | 2.44 | 111536 | 13 |
| 05-31-25 | 12.80 | 0.38 | <sup>•</sup> | 0.80 | 1.18 | 0.23 |  |  | 0.23 |  | 13.75 | **9.31** | 0.19 | 0.09 | 0.09 | 2.87 | 100108 | 80 |
| 05-31-24 | 11.36 | 0.33 | <sup>•</sup> | 1.42 | 1.75 | 0.31 |  |  | 0.31 |  | 12.80 | **15.53** | 0.18 | 0.08 | 0.08 | 2.76 | 90031 | 52 |
| 05-31-23 | 12.12 | 0.27 | <sup>•</sup> | (0.45) | (0.18) | 0.23 | 0.35 |  | 0.58 |  | 11.36 | **(1.20)** | 0.19 | 0.16 | 0.16 | 2.33 | 78852 | 119 |
| 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 |
| **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** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.96 | 0.14 | <sup>•</sup> | 1.54 | 1.68 |  |  |  |  |  | 15.64 | **12.03** | 0.44 | 0.36 | 0.36 | 1.83 | 106296 | 11 |
| 05-31-25 | 12.97 | 0.33 | <sup>•</sup> | 0.93 | 1.26 | 0.27 |  |  | 0.27 |  | 13.96 | **9.79** | 0.45 | 0.35 | 0.35 | 2.45 | 89763 | 94 |
| 05-31-24 | 11.24 | 0.25 | <sup>•</sup> | 1.71 | 1.96 | 0.23 |  |  | 0.23 |  | 12.97 | **17.58** | 0.49 | 0.39 | 0.39 | 2.12 | 12818 | 52 |
| 05-31-23 | 12.04 | 0.20 | <sup>•</sup> | (0.39) | (0.19) | 0.18 | 0.43 |  | 0.61 |  | 11.24 | **(1.26)** | 0.51 | 0.48 | 0.48 | 1.78 | 17474 | 103 |
| 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.11 | 0.16 | <sup>•</sup> | 1.56 | 1.72 |  |  |  |  |  | 15.83 | **12.19** | 0.22 | 0.13 | 0.13 | 2.05 | 16942 | 11 |
| 05-31-25 | 13.10 | 0.37 | <sup>•</sup> | 0.93 | 1.30 | 0.29 |  |  | 0.29 |  | 14.11 | **10.02** | 0.21 | 0.11 | 0.11 | 2.70 | 14474 | 94 |
| 05-31-24 | 11.36 | 0.30 | <sup>•</sup> | 1.72 | 2.02 | 0.28 |  |  | 0.28 |  | 13.10 | **17.90** | 0.19 | 0.09 | 0.09 | 2.49 | 14247 | 52 |
| 05-31-23 | 12.16 | 0.25 | <sup>•</sup> | (0.40) | (0.15) | 0.22 | 0.43 |  | 0.65 |  | 11.36 | **(0.93)** | 0.21 | 0.18 | 0.18 | 2.22 | 1314 | 103 |
| 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.84 | 0.12 | <sup>•</sup> | 1.53 | 1.65 |  |  |  |  |  | 15.49 | **11.92** | 0.69 | 0.61 | 0.61 | 1.58 | 7726 | 11 |
| 05-31-25 | 12.85 | 0.30 | <sup>•</sup> | 0.91 | 1.21 | 0.22 |  |  | 0.22 |  | 13.84 | **9.49** | 0.70 | 0.60 | 0.60 | 2.20 | 6743 | 94 |
| 05-31-24 | 11.19 | 0.30 | <sup>•</sup> | 1.62 | 1.92 | 0.26 |  |  | 0.26 |  | 12.85 | **17.24** | 0.74 | 0.64 | 0.64 | 2.42 | 5671 | 52 |
| 05-31-23 | 11.99 | 0.17 | <sup>•</sup> | (0.37) | (0.20) | 0.17 | 0.43 |  | 0.60 |  | 11.19 | **(1.44)** | 0.76 | 0.73 | 0.73 | 1.51 | 1035 | 103 |
| 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.07 | 0.16 | <sup>•</sup> | 1.56 | 1.72 |  |  |  |  |  | 15.79 | **12.22** | 0.18 | 0.10 | 0.10 | 2.08 | 131358 | 11 |
| 05-31-25 | 13.06 | 0.37 | <sup>•</sup> | 0.93 | 1.30 | 0.29 |  |  | 0.29 |  | 14.07 | **10.06** | 0.19 | 0.09 | 0.09 | 2.72 | 115414 | 94 |
| 05-31-24 | 11.33 | 0.32 | <sup>•</sup> | 1.69 | 2.01 | 0.28 |  |  | 0.28 |  | 13.06 | **17.89** | 0.18 | 0.08 | 0.08 | 2.60 | 100966 | 52 |
| 05-31-23 | 12.13 | 0.24 | <sup>•</sup> | (0.39) | (0.15) | 0.22 | 0.43 |  | 0.65 |  | 11.33 | **(0.93)** | 0.18 | 0.16 | 0.16 | 2.15 | 78803 | 103 |
| 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 |
| **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** | **Voya Target Retirement 2040 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.25 | 0.12 | <sup>•</sup> | 1.89 | 2.01 |  |  |  |  |  | 17.26 | **13.18** | 0.46 | 0.37 | 0.37 | 1.49 | 19579 | 11 |
| 05-31-25 | 14.07 | 0.32 | <sup>•</sup> | 1.15 | 1.47 | 0.29 |  |  | 0.29 |  | 15.25 | **10.55** | 0.46 | 0.37 | 0.37 | 2.14 | 11841 | 79 |
| 05-31-24 | 11.94 | 0.23 | <sup>•</sup> | 2.12 | 2.35 | 0.22 |  |  | 0.22 |  | 14.07 | **19.77** | 0.51 | 0.43 | 0.43 | 1.81 | 7953 | 48 |
| 05-31-23 | 12.73 | 0.19 | <sup>•</sup> | (0.33) | (0.14) | 0.19 | 0.46 |  | 0.65 |  | 11.94 | **(0.81)** | 0.53 | 0.49 | 0.49 | 1.61 | 17280 | 98 |
| 05-31-22 | 16.08 | 0.21 | <sup>•</sup> | (1.02) | (0.81) | 0.35 | 2.19 |  | 2.54 |  | 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.35 | 0.14 | <sup>•</sup> | 1.90 | 2.04 |  |  |  |  |  | 17.39 | **13.29** | 0.23 | 0.14 | 0.14 | 1.72 | 14644 | 11 |
| 05-31-25 | 14.16 | 0.36 | <sup>•</sup> | 1.16 | 1.52 | 0.33 |  |  | 0.33 |  | 15.35 | **10.84** | 0.21 | 0.12 | 0.12 | 2.39 | 12530 | 79 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) |  | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss) | <br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital | <br>Total<br>distributions | <br>Payment<br>by<br>affiliate | <br>Net<br>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<br><sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee<br>waivers<br>and/or<br>recoupments<br>if any<br><sup>(2)(3)(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br>investment<br>income<br>(loss)<br><sup>(2)(3)(4)(5)</sup> | Net<br>assets,<br>end of<br>year or<br>period | Portfolio<br>turnover<br>rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** | **Voya Target Retirement 2040 Fund (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-24 | 12.03 | 0.29 | <sup>•</sup> | 2.12 | 2.41 | 0.28 |  |  | 0.28 |  | 14.16 | **20.20** | 0.22 | 0.14 | 0.14 | 2.23 | 11448 | 48 |
| 05-31-23 | 12.83 | 0.20 | <sup>•</sup> | (0.32) | (0.12) | 0.22 | 0.46 |  | 0.68 |  | 12.03 | **(0.60)** | 0.25 | 0.21 | 0.21 | 1.68 | 640 | 98 |
| 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.05 | 0.10 | <sup>•</sup> | 1.86 | 1.96 |  |  |  |  |  | 17.01 | **13.02** | 0.71 | 0.62 | 0.62 | 1.24 | 8716 | 11 |
| 05-31-25 | 13.89 | 0.28 | <sup>•</sup> | 1.14 | 1.42 | 0.26 |  |  | 0.26 |  | 15.05 | **10.29** | 0.71 | 0.62 | 0.62 | 1.89 | 7301 | 79 |
| 05-31-24 | 11.86 | 0.32 | <sup>•</sup> | 1.98 | 2.30 | 0.27 |  |  | 0.27 |  | 13.89 | **19.51** | 0.76 | 0.68 | 0.68 | 2.42 | 6161 | 48 |
| 05-31-23 | 12.68 | 0.17 | <sup>•</sup> | (0.34) | (0.17) | 0.19 | 0.46 |  | 0.65 |  | 11.86 | **(1.07)** | 0.78 | 0.74 | 0.74 | 1.42 | 685 | 98 |
| 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.35 | 0.15 | <sup>•</sup> | 1.89 | 2.04 |  |  |  |  |  | 17.39 | **13.29** | 0.18 | 0.10 | 0.10 | 1.76 | 104331 | 11 |
| 05-31-25 | 14.16 | 0.36 | <sup>•</sup> | 1.17 | 1.53 | 0.34 |  |  | 0.34 |  | 15.35 | **10.87** | 0.19 | 0.10 | 0.10 | 2.41 | 90977 | 79 |
| 05-31-24 | 12.03 | 0.31 | <sup>•</sup> | 2.11 | 2.42 | 0.29 |  |  | 0.29 |  | 14.16 | **20.25** | 0.18 | 0.10 | 0.10 | 2.37 | 79670 | 48 |
| 05-31-23 | 12.83 | 0.24 | <sup>•</sup> | (0.36) | (0.12) | 0.22 | 0.46 |  | 0.68 |  | 12.03 | **(0.56)** | 0.19 | 0.17 | 0.17 | 2.01 | 60216 | 98 |
| 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 |
| **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** | **Voya Target Retirement 2045 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.22 | 0.10 | <sup>•</sup> | 2.03 | 2.13 |  |  |  |  |  | 17.35 | **14.00** | 0.44 | 0.36 | 0.36 | 1.27 | 81918 | 10 |
| 05-31-25 | 14.11 | 0.31 | <sup>•</sup> | 1.23 | 1.54 | 0.27 | 0.16 |  | 0.43 |  | 15.22 | **11.02** | 0.45 | 0.37 | 0.37 | 2.09 | 70444 | 103 |
| 05-31-24 | 11.82 | 0.22 | <sup>•</sup> | 2.28 | 2.50 | 0.21 |  |  | 0.21 |  | 14.11 | **21.24** | 0.52 | 0.45 | 0.45 | 1.75 | 7692 | 46 |
| 05-31-23 | 12.58 | 0.17 | <sup>•</sup> | (0.29) | (0.12) | 0.18 | 0.46 |  | 0.64 |  | 11.82 | **(0.65)** | 0.57 | 0.53 | 0.53 | 1.45 | 12963 | 96 |
| 05-31-22 | 16.56 | 0.20 | <sup>•</sup> | (0.93) | (0.73) | 0.36 | 2.89 |  | 3.25 |  | 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.36 | 0.12 | <sup>•</sup> | 2.04 | 2.16 |  |  |  |  |  | 17.52 | **14.06** | 0.23 | 0.15 | 0.15 | 1.48 | 13759 | 10 |
| 05-31-25 | 14.21 | 0.35 | <sup>•</sup> | 1.25 | 1.60 | 0.29 | 0.16 |  | 0.45 |  | 15.36 | **11.37** | 0.22 | 0.12 | 0.12 | 2.34 | 12844 | 103 |
| 05-31-24 | 11.92 | 0.29 | <sup>•</sup> | 2.27 | 2.56 | 0.27 |  |  | 0.27 |  | 14.21 | **21.62** | 0.23 | 0.11 | 0.11 | 2.20 | 11465 | 46 |
| 05-31-23 | 12.68 | 0.17 | <sup>•</sup> | (0.25) | (0.08) | 0.22 | 0.46 |  | 0.68 |  | 11.92 | **(0.28)** | 0.23 | 0.16 | 0.16 | 1.40 | 856 | 96 |
| 05-31-22 | 16.67 | 0.27 | <sup>•</sup> | (0.96) | (0.69) | 0.41 | 2.89 |  | 3.30 |  | 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.07 | 0.08 | <sup>•</sup> | 2.01 | 2.09 |  |  |  |  |  | 17.16 | **13.87** | 0.69 | 0.61 | 0.61 | 1.02 | 5100 | 10 |
| 05-31-25 | 13.95 | 0.27 | <sup>•</sup> | 1.22 | 1.49 | 0.21 | 0.16 |  | 0.37 |  | 15.07 | **10.81** | 0.70 | 0.62 | 0.62 | 1.83 | 4260 | 103 |
| 05-31-24 | 11.77 | 0.32 | <sup>•</sup> | 2.11 | 2.43 | 0.25 |  |  | 0.25 |  | 13.95 | **20.83** | 0.77 | 0.70 | 0.70 | 2.40 | 3601 | 46 |
| 05-31-23 | 12.57 | 0.15 | <sup>•</sup> | (0.31) | (0.16) | 0.18 | 0.46 |  | 0.64 |  | 11.77 | **(0.95)** | 0.82 | 0.78 | 0.78 | 1.24 | 214 | 96 |
| 05-31-22 | 16.55 | 0.16 | <sup>•</sup> | (0.94) | (0.78) | 0.31 | 2.89 |  | 3.20 |  | 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.36 | 0.13 | <sup>•</sup> | 2.04 | 2.17 |  |  |  |  |  | 17.53 | **14.13** | 0.18 | 0.11 | 0.11 | 1.52 | 126693 | 10 |
| 05-31-25 | 14.21 | 0.35 | <sup>•</sup> | 1.25 | 1.60 | 0.29 | 0.16 |  | 0.45 |  | 15.36 | **11.37** | 0.19 | 0.11 | 0.11 | 2.35 | 109259 | 103 |
| 05-31-24 | 11.92 | 0.29 | <sup>•</sup> | 2.27 | 2.56 | 0.27 |  |  | 0.27 |  | 14.21 | **21.64** | 0.18 | 0.11 | 0.11 | 2.26 | 92801 | 46 |
| 05-31-23 | 12.69 | 0.23 | <sup>•</sup> | (0.32) | (0.09) | 0.22 | 0.46 |  | 0.68 |  | 11.92 | **(0.36)** | 0.18 | 0.17 | 0.17 | 1.96 | 66960 | 96 |
| 05-31-22 | 16.67 | 0.24 | <sup>•</sup> | (0.92) | (0.68) | 0.41 | 2.89 |  | 3.30 |  | 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 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) |  | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss) | <br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital | <br>Total<br>distributions | <br>Payment<br>by<br>affiliate | <br>Net<br>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<br><sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee<br>waivers<br>and/or<br>recoupments<br>if any<br><sup>(2)(3)(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br>investment<br>income<br>(loss)<br><sup>(2)(3)(4)(5)</sup> | Net<br>assets,<br>end of<br>year or<br>period | Portfolio<br>turnover<br>rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **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** | **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** | **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** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** | **Voya Target Retirement 2050 Fund** |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.52 | 0.08 | <sup>•</sup> | 2.17 | 2.25 |  |  |  |  |  | 17.77 | **14.50** | 0.47 | 0.39 | 0.39 | 1.00 | 11691 | 14 |
| 05-31-25 | 14.20 | 0.27 | <sup>•</sup> | 1.30 | 1.57 | 0.25 |  |  | 0.25 |  | 15.52 | **11.16** | 0.48 | 0.40 | 0.40 | 1.79 | 8084 | 86 |
| 05-31-24 | 11.81 | 0.18 | <sup>•</sup> | 2.39 | 2.57 | 0.18 |  |  | 0.18 |  | 14.20 | **21.84** | 0.53 | 0.46 | 0.46 | 1.41 | 5510 | 40 |
| 05-31-23 | 12.62 | 0.16 | <sup>•</sup> | (0.28) | (0.12) | 0.18 | 0.51 |  | 0.69 |  | 11.81 | **(0.63)** | 0.57 | 0.52 | 0.52 | 1.38 | 10477 | 97 |
| 05-31-22 | 16.36 | 0.19 | <sup>•</sup> | (0.98) | (0.79) | 0.38 | 2.57 |  | 2.95 |  | 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.62 | 0.11 | <sup>•</sup> | 2.17 | 2.28 |  |  |  |  |  | 17.90 | **14.60** | 0.26 | 0.18 | 0.18 | 1.26 | 11797 | 14 |
| 05-31-25 | 14.28 | 0.31 | <sup>•</sup> | 1.32 | 1.63 | 0.29 |  |  | 0.29 |  | 15.62 | **11.49** | 0.24 | 0.15 | 0.15 | 2.04 | 10353 | 86 |
| 05-31-24 | 11.91 | 0.26 | <sup>•</sup> | 2.36 | 2.62 | 0.25 |  |  | 0.25 |  | 14.28 | **22.16** | 0.26 | 0.14 | 0.14 | 1.95 | 9378 | 40 |
| 05-31-23 | 12.71 | 0.15 | <sup>•</sup> | (0.22) | (0.07) | 0.22 | 0.51 |  | 0.73 |  | 11.91 | **(0.21)** | 0.26 | 0.19 | 0.19 | 1.29 | 1013 | 97 |
| 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.34 | 0.07 | <sup>•</sup> | 2.12 | 2.19 |  |  |  |  |  | 17.53 | **14.28** | 0.72 | 0.64 | 0.64 | 0.79 | 5664 | 14 |
| 05-31-25 | 14.02 | 0.23 | <sup>•</sup> | 1.30 | 1.53 | 0.21 |  |  | 0.21 |  | 15.34 | **10.98** | 0.73 | 0.65 | 0.65 | 1.54 | 5058 | 86 |
| 05-31-24 | 11.75 | 0.29 | <sup>•</sup> | 2.21 | 2.50 | 0.23 |  |  | 0.23 |  | 14.02 | **21.43** | 0.78 | 0.71 | 0.71 | 2.21 | 5063 | 40 |
| 05-31-23 | 12.59 | 0.14 | <sup>•</sup> | (0.29) | (0.15) | 0.18 | 0.51 |  | 0.69 |  | 11.75 | **(0.91)** | 0.82 | 0.77 | 0.77 | 1.21 | 704 | 97 |
| 05-31-22 | 16.32 | 0.15 | <sup>•</sup> | (0.98) | (0.83) | 0.33 | 2.57 |  | 2.90 |  | 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.62 | 0.11 | <sup>•</sup> | 2.17 | 2.28 |  |  |  |  |  | 17.90 | **14.60** | 0.18 | 0.11 | 0.11 | 1.32 | 91466 | 14 |
| 05-31-25 | 14.28 | 0.31 | <sup>•</sup> | 1.32 | 1.63 | 0.29 |  |  | 0.29 |  | 15.62 | **11.53** | 0.19 | 0.11 | 0.11 | 2.07 | 77435 | 86 |
| 05-31-24 | 11.91 | 0.27 | <sup>•</sup> | 2.35 | 2.62 | 0.25 |  |  | 0.25 |  | 14.28 | **22.19** | 0.18 | 0.11 | 0.11 | 2.08 | 64572 | 40 |
| 05-31-23 | 12.72 | 0.22 | <sup>•</sup> | (0.30) | (0.08) | 0.22 | 0.51 |  | 0.73 |  | 11.91 | **(0.25)** | 0.19 | 0.17 | 0.17 | 1.89 | 46614 | 97 |
| 05-31-22 | 16.46 | 0.23 | <sup>•</sup> | (0.97) | (0.74) | 0.43 | 2.57 |  | 3.00 |  | 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 |
| **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** | **Voya Target Retirement 2055 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.98 | 0.08 | <sup>•</sup> | 2.10 | 2.18 |  |  |  |  |  | 17.16 | **14.55** | 0.44 | 0.36 | 0.36 | 1.04 | 57984 | 13 |
| 05-31-25 | 13.88 | 0.27 | <sup>•</sup> | 1.28 | 1.55 | 0.24 | 0.21 |  | 0.45 |  | 14.98 | **11.29** | 0.47 | 0.39 | 0.39 | 1.88 | 49538 | 102 |
| 05-31-24 | 11.55 | 0.19 | <sup>•</sup> | 2.32 | 2.51 | 0.18 |  |  | 0.18 |  | 13.88 | **21.87** | 0.61 | 0.51 | 0.51 | 1.48 | 6368 | 44 |
| 05-31-23 | 12.28 | 0.15 | <sup>•</sup> | (0.26) | (0.11) | 0.18 | 0.44 |  | 0.62 |  | 11.55 | **(0.57)** | 0.65 | 0.57 | 0.57 | 1.29 | 8657 | 103 |
| 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.12 | 0.10 | <sup>•</sup> | 2.11 | 2.21 |  |  |  |  |  | 17.33 | **14.62** | 0.28 | 0.21 | 0.21 | 1.20 | 13995 | 13 |
| 05-31-25 | 13.99 | 0.31 | <sup>•</sup> | 1.29 | 1.60 | 0.26 | 0.21 |  | 0.47 |  | 15.12 | **11.56** | 0.22 | 0.14 | 0.14 | 2.13 | 11920 | 102 |
| 05-31-24 | 11.64 | 0.26 | <sup>•</sup> | 2.33 | 2.59 | 0.24 |  |  | 0.24 |  | 13.99 | **22.39** | 0.24 | 0.16 | 0.16 | 2.01 | 10022 | 44 |
| 05-31-23 | 12.38 | 0.17 | <sup>•</sup> | (0.25) | (0.08) | 0.22 | 0.44 |  | 0.66 |  | 11.64 | **(0.31)** | 0.22 | 0.20 | 0.20 | 1.44 | 686 | 103 |
| 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.74 | 0.06 | <sup>•</sup> | 2.06 | 2.12 |  |  |  |  |  | 16.86 | **14.38** | 0.69 | 0.61 | 0.61 | 0.78 | 4593 | 13 |
| 05-31-25 | 13.65 | 0.23 | <sup>•</sup> | 1.25 | 1.48 | 0.18 | 0.21 |  | 0.39 |  | 14.74 | **10.98** | 0.72 | 0.64 | 0.64 | 1.63 | 3911 | 102 |
| 05-31-24 | 11.42 | 0.25 | <sup>•</sup> | 2.20 | 2.45 | 0.22 |  |  | 0.22 |  | 13.65 | **21.59** | 0.86 | 0.76 | 0.76 | 1.94 | 3065 | 44 |
| 05-31-23 | 12.18 | 0.13 | <sup>•</sup> | (0.27) | (0.14) | 0.18 | 0.44 |  | 0.62 |  | 11.42 | **(0.83)** | 0.90 | 0.82 | 0.82 | 1.14 | 412 | 103 |
| 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 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) |  | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss) | <br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital | <br>Total<br>distributions | <br>Payment<br>by<br>affiliate | <br>Net<br>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<br><sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee<br>waivers<br>and/or<br>recoupments<br>if any<br><sup>(2)(3)(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br>investment<br>income<br>(loss)<br><sup>(2)(3)(4)(5)</sup> | Net<br>assets,<br>end of<br>year or<br>period | Portfolio<br>turnover<br>rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** | **Voya Target Retirement 2055 Fund (continued)** |
| **Class R (continued)** | **Class R (continued)** | **Class R (continued)** | **Class R (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.12 | 0.11 | <sup>•</sup> | 2.11 | 2.22 |  |  |  |  |  | 17.34 | **14.68** | 0.18 | 0.11 | 0.11 | 1.29 | 81846 | 13 |
| 05-31-25 | 13.98 | 0.32 | <sup>•</sup> | 1.29 | 1.61 | 0.26 | 0.21 |  | 0.47 |  | 15.12 | **11.68** | 0.19 | 0.11 | 0.11 | 2.16 | 71041 | 102 |
| 05-31-24 | 11.64 | 0.26 | <sup>•</sup> | 2.32 | 2.58 | 0.24 |  |  | 0.24 |  | 13.98 | **22.34** | 0.18 | 0.11 | 0.11 | 2.04 | 56714 | 44 |
| 05-31-23 | 12.38 | 0.23 | <sup>•</sup> | (0.31) | (0.08) | 0.22 | 0.44 |  | 0.66 |  | 11.64 | **(0.25)** | 0.19 | 0.17 | 0.17 | 1.95 | 38019 | 103 |
| 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 |
| **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** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.15 | 0.08 | <sup>•</sup> | 1.98 | 2.06 |  |  |  |  |  | 16.21 | **14.56** | 0.46 | 0.39 | 0.39 | 1.01 | 7264 | 13 |
| 05-31-25 | 12.91 | 0.23 | <sup>•</sup> | 1.22 | 1.45 | 0.21 |  |  | 0.21 |  | 14.15 | **11.28** | 0.52 | 0.42 | 0.42 | 1.72 | 5700 | 88 |
| 05-31-24 | 10.74 | 0.18 | <sup>•</sup> | 2.16 | 2.34 | 0.17 |  |  | 0.17 |  | 12.91 | **21.88** | 0.64 | 0.50 | 0.50 | 1.53 | 4521 | 42 |
| 05-31-23 | 11.60 | 0.14 | <sup>•</sup> | (0.26) | (0.12) | 0.17 | 0.57 |  | 0.74 |  | 10.74 | **(0.60)** | 0.70 | 0.60 | 0.60 | 1.29 | 6090 | 105 |
| 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 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.22 | 0.09 | <sup>•</sup> | 1.98 | 2.07 |  |  |  |  |  | 16.29 | **14.56** | 0.29 | 0.21 | 0.21 | 1.19 | 3346 | 13 |
| 05-31-25 | 12.97 | 0.28 | <sup>•</sup> | 1.23 | 1.51 | 0.26 |  |  | 0.26 |  | 14.22 | **11.70** | 0.22 | 0.12 | 0.12 | 2.02 | 2655 | 88 |
| 05-31-24 | 10.80 | 0.24 | <sup>•</sup> | 2.15 | 2.39 | 0.22 |  |  | 0.22 |  | 12.97 | **22.32** | 0.24 | 0.10 | 0.10 | 2.00 | 2158 | 42 |
| 05-31-23 | 11.66 | 0.11 | <sup>•</sup> | (0.19) | (0.08) | 0.21 | 0.57 |  | 0.78 |  | 10.80 | **(0.21)** | 0.24 | 0.17 | 0.17 | 0.99 | 252 | 105 |
| 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 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 13.98 | 0.06 | <sup>•</sup> | 1.95 | 2.01 |  |  |  |  |  | 15.99 | **14.38** | 0.71 | 0.64 | 0.64 | 0.76 | 3294 | 13 |
| 05-31-25 | 12.77 | 0.20 | <sup>•</sup> | 1.19 | 1.39 | 0.18 |  |  | 0.18 |  | 13.98 | **10.96** | 0.77 | 0.67 | 0.67 | 1.47 | 2833 | 88 |
| 05-31-24 | 10.68 | 0.26 | <sup>•</sup> | 2.04 | 2.30 | 0.21 |  |  | 0.21 |  | 12.77 | **21.65** | 0.89 | 0.75 | 0.75 | 2.11 | 2219 | 42 |
| 05-31-23 | 11.57 | 0.12 | <sup>•</sup> | (0.27) | (0.15) | 0.17 | 0.57 |  | 0.74 |  | 10.68 | **(0.86)** | 0.95 | 0.85 | 0.85 | 1.12 | 183 | 105 |
| 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 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 14.23 | 0.10 | <sup>•</sup> | 1.99 | 2.09 |  |  |  |  |  | 16.32 | **14.69** | 0.18 | 0.11 | 0.11 | 1.29 | 54793 | 13 |
| 05-31-25 | 12.99 | 0.28 | <sup>•</sup> | 1.22 | 1.50 | 0.26 |  |  | 0.26 |  | 14.23 | **11.61** | 0.19 | 0.11 | 0.11 | 2.04 | 47827 | 88 |
| 05-31-24 | 10.81 | 0.24 | <sup>•</sup> | 2.17 | 2.41 | 0.23 |  |  | 0.23 |  | 12.99 | **22.43** | 0.18 | 0.10 | 0.10 | 2.04 | 36216 | 42 |
| 05-31-23 | 11.67 | 0.20 | <sup>•</sup> | (0.28) | (0.08) | 0.21 | 0.57 |  | 0.78 |  | 10.81 | **(0.19)** | 0.19 | 0.17 | 0.17 | 1.87 | 22187 | 105 |
| 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 |
| **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** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 12.44 | 0.07 | <sup>•</sup> | 1.74 | 1.81 |  |  |  |  |  | 14.25 | **14.55** | 0.44 | 0.37 | 0.37 | 1.06 | 5833 | 30 |
| 05-31-25 | 11.50 | 0.22 | <sup>•</sup> | 1.08 | 1.30 | 0.20 | 0.16 |  | 0.36 |  | 12.44 | **11.45** | 0.45 | 0.37 | 0.37 | 1.84 | 5408 | 98 |
| 05-31-24 | 9.55 | 0.18 | <sup>•</sup> | 1.94 | 2.12 | 0.17 |  |  | 0.17 |  | 11.50 | **22.37** | 0.45 | 0.37 | 0.37 | 1.74 | 1813 | 61 |
| 05-31-23 | 10.09 | 0.14 | <sup>•</sup> | (0.22) | (0.08) | 0.14 | 0.32 |  | 0.46 |  | 9.55 | **(0.44)** | 0.46 | 0.43 | 0.43 | 1.46 | 1386 | 90 |
| 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>(6)</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** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 12.48 | 0.09 | <sup>•</sup> | 1.74 | 1.83 |  |  |  |  |  | 14.31 | **14.66** | 0.22 | 0.14 | 0.14 | 1.28 | 525 | 30 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net<br>asset<br>value,<br>beginning<br>of year<br>or period | Net<br>investment<br>income<br>(loss) |  | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss) | <br>Total<br>from<br>investment<br>operations | From<br>net<br>investment<br>income | From<br>net<br>realized<br>gains | From<br>return of<br>capital | <br>Total<br>distributions | <br>Payment<br>by<br>affiliate | <br>Net<br>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<br><sup>(2)(3)(4)</sup> | Expenses<br>net of<br>fee<br>waivers<br>and/or<br>recoupments<br>if any<br><sup>(2)(3)(4)</sup> | Expenses<br>net of all<br>reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br>investment<br>income<br>(loss)<br><sup>(2)(3)(4)(5)</sup> | Net<br>assets,<br>end of<br>year or<br>period | Portfolio<br>turnover<br>rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** | **Voya Target Retirement 2065 Fund (continued)** |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.52 | 0.25 | <sup>•</sup> | 1.09 | 1.34 | 0.22 | 0.16 |  | 0.38 |  | 12.48 | **11.78** | 0.20 | 0.12 | 0.12 | 2.09 | 581 | 98 |
| 05-31-24 | 9.57 | 0.18 | <sup>•</sup> | 1.96 | 2.14 | 0.19 |  |  | 0.19 |  | 11.52 | **22.57** | 0.20 | 0.12 | 0.12 | 1.72 | 336 | 61 |
| 05-31-23 | 10.11 | 0.14 | <sup>•</sup> | (0.19) | (0.05) | 0.17 | 0.32 |  | 0.49 |  | 9.57 | **(0.20)** | 0.24 | 0.21 | 0.21 | 1.46 | 114 | 90 |
| 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>(6)</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** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 12.35 | 0.05 | <sup>•</sup> | 1.73 | 1.78 |  |  |  |  |  | 14.13 | **14.41** | 0.69 | 0.62 | 0.62 | 0.81 | 365 | 30 |
| 05-31-25 | 11.42 | 0.19 | <sup>•</sup> | 1.07 | 1.26 | 0.17 | 0.16 |  | 0.33 |  | 12.35 | **11.18** | 0.70 | 0.62 | 0.62 | 1.59 | 326 | 98 |
| 05-31-24 | 9.50 | 0.13 | <sup>•</sup> | 1.95 | 2.08 | 0.16 |  |  | 0.16 |  | 11.42 | **21.98** | 0.70 | 0.62 | 0.62 | 1.23 | 129 | 61 |
| 05-31-23 | 10.06 | 0.12 | <sup>•</sup> | (0.22) | (0.10) | 0.14 | 0.32 |  | 0.46 |  | 9.50 | **(0.66)** | 0.71 | 0.68 | 0.68 | 1.29 | 45 | 90 |
| 05-31-22 | 12.88 | 0.09 | <sup>•</sup> | (0.76) | (0.67) | 0.28 | 1.87 |  | 2.15 |  | 10.06 | **(7.40)** | 0.71 | 0.71 | 0.71 | 0.74 | 10 | 38 |
| 07-29-20<sup>(6)</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** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 12.48 | 0.09 | <sup>•</sup> | 1.74 | 1.83 |  |  |  |  |  | 14.31 | **14.66** | 0.19 | 0.11 | 0.11 | 1.31 | 19480 | 30 |
| 05-31-25 | 11.52 | 0.25 | <sup>•</sup> | 1.09 | 1.34 | 0.22 | 0.16 |  | 0.38 |  | 12.48 | **11.79** | 0.19 | 0.11 | 0.11 | 2.10 | 19433 | 98 |
| 05-31-24 | 9.57 | 0.21 | <sup>•</sup> | 1.94 | 2.15 | 0.20 |  |  | 0.20 |  | 11.52 | **22.60** | 0.18 | 0.10 | 0.10 | 2.01 | 12408 | 61 |
| 05-31-23 | 10.11 | 0.17 | <sup>•</sup> | (0.22) | (0.05) | 0.17 | 0.32 |  | 0.49 |  | 9.57 | **(0.16)** | 0.20 | 0.17 | 0.17 | 1.80 | 7396 | 90 |
| 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>(6)</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 |
| **Voya Target Retirement 2070 Fund** | **Voya Target Retirement 2070 Fund** | **Voya Target Retirement 2070 Fund** | **Voya Target Retirement 2070 Fund** | **Voya Target Retirement 2070 Fund** | **Voya Target Retirement 2070 Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- 11-30-25<sup>+</sup> | 10.00 | 0.04 | <sup>•</sup> | 0.68 | 0.72 |  |  |  |  |  | 10.72 | **7.20** | 0.43 | 0.36 | 0.36 | 0.70 | 923 | 4 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- 11-30-25<sup>+</sup> | 10.00 | 0.05 | <sup>•</sup> | 0.68 | 0.73 |  |  |  |  |  | 10.73 | **7.30** | 0.18 | 0.11 | 0.11 | 0.93 | 804 | 4 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- 11-30-25<sup>+</sup> | 10.00 | 0.02 | <sup>•</sup> | 0.69 | 0.71 |  |  |  |  |  | 10.71 | **7.10** | 0.68 | 0.61 | 0.61 | 0.46 | 803 | 4 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 08-08-25<sup>(6)</sup>- 11-30-25<sup>+</sup> | 10.00 | 0.05 | <sup>•</sup> | 0.68 | 0.73 |  |  |  |  |  | 10.73 | **7.30** | 0.18 | 0.11 | 0.11 | 0.93 | 894 | 4 |

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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.

<sup>(4)</sup> Ratios do not include expenses of the Underlying Funds.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | |
|:---|:---|
| <sup>(5)</sup> | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds ("ETFs"). Net investment income (loss) of any underlying mutual funds or ETFs is not included in a Fund net investment income (loss) ratio to average net assets. |
| <sup>(6)</sup> | Commencement of operations. |
| <sup>+</sup> | Unaudited. |
| • | Calculated using average number of shares outstanding throughout the year or period. |

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See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

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**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 fifteen 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 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"), Voya Target Retirement 2065 Fund ("Retirement 2065"), and Voya Target Retirement 2070 Fund ("Retirement 2070"), 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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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 each 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 a Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a 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 each 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

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

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 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 each 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 each 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 each 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, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method. Capital gain dividends from Underlying Funds are recorded as capital gain distributions from affiliated 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 rates of exchange
 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 or paid. 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 U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on U.S.

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. ***Risk Exposures and the Use of Derivative Instruments.*** Each Fund's investment strategies permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts. In doing so, a Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow a Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

***Risks of Investing in Derivatives.*** Each Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where a Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC") with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

H. ***Futures Contracts.*** Certain Funds may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Fund's assets are valued.

Upon entering into a futures contract, a Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts, if any, are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended November 30, 2025, certain Funds used futures to enact tactical positions and to provide the Funds with greater liquidity. Certain Funds had purchased and sold futures contracts on various equity indices. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Funds are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Funds' securities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended November 30, 2025, the Funds had average notional values on futures contracts purchased and sold as disclosed below.

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| In-Retirement | $969441 | $625034 |
| Retirement 2030 | 1551105 | 833379 |
| Retirement 2035 | 2145999 | 1041723 |
| Retirement 2040 | 3275172 | 3287067 |
| Retirement 2045 | 5203641 | 5131133 |
| Retirement 2050 | 2656391 | 2565567 |
| Retirement 2055 | 3602594 | 3527567 |
| Retirement 2060 | 1564984 | 1603567 |
| Retirement 2065 | 649125 | 719400 |

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NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

I. ***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, 2025, the cost of purchases and the proceeds from the sales of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| In-Retirement | $27068851 | $35464940 |
| Retirement 2030 | 33524100 | 23197395 |
| Retirement 2035 | 36343854 | 26086019 |
| Retirement 2040 | 24187691 | 15086436 |
| Retirement 2045 | 26379533 | 22263870 |
| Retirement 2050 | 21032540 | 15826031 |
| Retirement 2055 | 22336340 | 19738365 |
| Retirement 2060 | 12354458 | 11144722 |
| Retirement 2065 | 7385044 | 10211985 |
| Retirement 2070 | 3325132 | 120606 |

---

**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 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 pay 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, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| **Initial Sales Charges:** |  |
| In-Retirement | $243 |
| Retirement 2030 | 1017 |
| Retirement 2035 | 2751 |
| Retirement 2040 | 870 |
| Retirement 2045 | 2017 |
| Retirement 2050 | 2477 |
| Retirement 2055 | 763 |
| Retirement 2060 | 283 |
| Retirement 2065 | 466 |
| **Contingent Deferred Sales Charges:** |  |
| Retirement 2030 | $15 |
| Retirement 2040 | 7 |

---

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

At November 30, 2025, 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 | 61.88% |
|  | Retirement 2030 | 40.08 |
|  | Retirement 2035 | 46.96 |
|  | Retirement 2040 | 18.63 |
|  | Retirement 2045 | 45.60 |
|  | Retirement 2050 | 21.19 |
|  | Retirement 2055 | 46.63 |
|  | Retirement 2060 | 21.01 |
|  | Retirement 2065 | 30.40 |
|  | Retirement 2070 | 5.07 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

---

| | | |
|:---|:---|:---|
| Voya Investment Management Co. LLC | Retirement 2070 | 93.93 |
| Voya Retirement Insurance and Annuity Company | In-Retirement | 20.04 |
|  | Retirement 2030 | 30.3 |
|  | Retirement 2035 | 25.67 |
|  | Retirement 2040 | 42.56 |
|  | Retirement 2045 | 28.95 |
|  | Retirement 2050 | 42.03 |
|  | Retirement 2055 | 29.05 |
|  | Retirement 2060 | 50.95 |
|  | Retirement 2065 | 41.87 |

---

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, 2025, the Funds did not pay any amounts for affiliated recordkeeping services.

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

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, extraordinary expenses other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class**<br>**I** | **Class**<br>**R** | **Class**<br>**R6** |
| In-Retirement | 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% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class**<br>**I** | **Class**<br>**R** | **Class**<br>**R6** |
| 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% |
| Retirement 2070 | 0.65% | 0.40% | 0.90% | 0.25% |

---

The above 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 to, and the net expenses of, a particular Underlying Fund.

The Expense Limitation Agreement is contractual through October 1, 2026, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

Effective October 1, 2024, the Side Letter Expense Limit Agreement expired and reverted to the existing Standard Expense Limit Agreement for In-Retirement, Retirement 2030, Retirement 2035, Retirement 2040, Retirement 2045, Retirement 2050, Retirement 2055, Retirement 2060 and Retirement 2065. Prior to October 1, 2024, Side Letter Expense Limits were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class I** | **Class R** | **Class R6** |
| In-Retirement | 0.58% | 0.23% | 0.83% | 0.22% |
| Retirement 2030 | 0.53% | 0.28% | 0.78% | 0.24% |
| Retirement 2035 | 0.55% | 0.25% | 0.80% | 0.24% |
| Retirement 2040 | 0.58% | 0.29% | 0.83% | 0.25% |
| Retirement 2045 | 0.61% | 0.25% | 0.86% | 0.25% |
| Retirement 2050 | 0.60% | 0.28% | 0.85% | 0.25% |
| Retirement 2055 | 0.65% | 0.30% | 0.90% | 0.25% |
| Retirement 2060 | 0.65% | 0.25% | 0.90% | 0.25% |
| Retirement 2065 | 0.52% | 0.29% | 0.77% | 0.25% |

---

The above operating expense limits took 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 to, and the net expenses of, a particular Underlying Fund. Any fees waived pursuant to the side letter agreement were not eligible for recoupment.

Unless otherwise specified above, 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.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)**

As of November 30, 2025, 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,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| In-Retirement | $— | $16014 | $142425 | $158439 |
| Retirement 2030 |  | 23407 | 155219 | 178626 |
| Retirement 2035 |  | 32023 | 209005 | 241028 |
| Retirement 2040 |  | 15474 | 107912 | 123386 |
| Retirement 2045 |  | 24678 | 161076 | 185754 |
| Retirement 2050 |  | 11113 | 78255 | 89368 |
| Retirement 2055 |  | 16871 | 103286 | 120157 |
| Retirement 2060 |  | 6283 | 45491 | 51774 |
| Retirement 2065 |  | 2355 | 19266 | 21621 |
| Retirement 2070 |  |  | 688 | 688 |

---

The Expense Limitation Agreement is contractual through October 1, 2026 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, 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 9, 2026. The proceeds may be

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a 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 10, 2025, 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 9, 2025.

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.

The below Funds utilized the line of credit during the six months ended November 30, 2025, as follows.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| In-Retirement | 4 | $836000 | 5.25% |
| Retirement 2040 | 1 | 661000 | 4.87 |
| Retirement 2045 | 1 | 834000 | 4.87 |
| Retirement 2050 | 1 | 1977000 | 4.87 |
| Retirement 2055 | 1 | 2369000 | 4.87 |
| Retirement 2060 | 1 | 2481000 | 4.87 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **In-Retirement** | **In-Retirement** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 857982 | 7021006 | 100944 | (802506) |  | 7177426 | 9649095 | 77643108 | 1115426 | (9040755) |  | 79366874 |
| 5/31/2025 | 5558064 |  | 122337 | (648785) |  | 5031616 | 60586492 |  | 1288210 | (6972624) |  | 54902078 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 45183 | 521615 | 8904 | (148080) |  | 427622 | 501958 | 5779690 | 98570 | (1650453) |  | 4729765 |
| 5/31/2025 | 180537 |  | 11589 | (60435) |  | 131691 | 1965086 |  | 122262 | (650961) |  | 1436387 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 23185 | 399741 | 1921 | (35734) |  | 389113 | 257324 | 4379870 | 21033 | (398916) |  | 4259311 |
| 5/31/2025 | 49264 |  | 2462 | (64328) |  | (12602) | 523610 |  | 25707 | (681778) |  | (132461) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 555904 | 5976704 | 69707 | (1463537) |  | 5138778 | 5929359 | 63862976 | 770957 | (13929118) |  | 56634174 |
| 5/31/2025 | 950489 |  | 93168 | (1323022) |  | (279365) | 10118211 |  | 982918 | (14168328) |  | (3067199) |
| **Retirement 2030** | **Retirement 2030** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 815501 |  |  | (285284) |  | 530217 | 11791968 |  |  | (4036698) |  | 7755270 |
| 5/31/2025 | 3192945 |  | 50568 | (379682) |  | 2863831 | 43098502 |  | 668008 | (5040701) |  | 38725809 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Retirement 2030 (continued)** | **Retirement 2030 (continued)** | **Retirement 2030 (continued)** | **Retirement 2030 (continued)** |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 137623 |  |  | (63479) |  | 74144 | 1943712 |  |  | (910718) |  | 1032994 |
| 5/31/2025 | 235857 |  | 18371 | (256657) |  | (2429) | 3151920 |  | 244336 | (3417806) |  | (21550) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 26655 |  |  | (87301) |  | (60646) | 385842 |  |  | (1226316) |  | (840474) |
| 5/31/2025 | 55233 |  | 4848 | (116599) |  | (56518) | 731108 |  | 63366 | (1509595) |  | (715121) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 680581 |  |  | (645573) |  | 35008 | 9978541 |  |  | (9452983) |  | 525558 |
| 5/31/2025 | 2145581 |  | 129211 | (2032600) |  | 242192 | 28887163 |  | 1718504 | (26807031) |  | 3798636 |
| **Retirement 2035** | **Retirement 2035** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 652107 |  |  | (284830) |  | 367277 | 9774756 |  |  | (4241323) |  | 5533433 |
| 5/31/2025 | 6028565 |  | 126282 | (711940) |  | 5442907 | 83462727 |  | 1701015 | (9721464) |  | 75442278 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 131709 |  |  | (86889) |  | 44820 | 1924529 |  |  | (1321118) |  | 603411 |
| 5/31/2025 | 284776 |  | 22233 | (369150) |  | (62141) | 3904203 |  | 302594 | (5062274) |  | (855477) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 26691 |  |  | (14977) |  | 11714 | 394207 |  |  | (218694) |  | 175513 |
| 5/31/2025 | 168432 |  | 7337 | (129970) |  | 45799 | 2304488 |  | 98102 | (1713885) |  | 688705 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 809753 |  |  | (689193) |  | 120560 | 12192528 |  |  | (10557796) |  | 1634732 |
| 5/31/2025 | 2438643 |  | 173726 | (2142493) |  | 469876 | 33257181 |  | 2357464 | (29106725) |  | 6507920 |
| **Retirement 2040** | **Retirement 2040** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 401617 |  |  | (43465) |  | 358152 | 6664863 |  |  | (719168) |  | 5945695 |
| 5/31/2025 | 402357 |  | 12577 | (203873) |  | 211061 | 5995270 |  | 184372 | (2989195) |  | 3190447 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 113576 |  |  | (87754) |  | 25822 | 1878359 |  |  | (1420410) |  | 457949 |
| 5/31/2025 | 201351 |  | 18026 | (211647) |  | 7730 | 2997879 |  | 265707 | (3132496) |  | 131090 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 46116 |  |  | (18765) |  | 27351 | 735970 |  |  | (292874) |  | 443096 |
| 5/31/2025 | 83446 |  | 8412 | (50324) |  | 41534 | 1221004 |  | 121805 | (722511) |  | 620298 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 526954 |  |  | (455094) |  | 71860 | 8705796 |  |  | (7670580) |  | 1035216 |
| 5/31/2025 | 1453168 |  | 133412 | (1286673) |  | 299907 | 21633643 |  | 1966497 | (18833019) |  | 4767121 |
| **Retirement 2045** | **Retirement 2045** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 283163 |  |  | (190047) |  | 93116 | 4626298 |  |  | (3091649) |  | 1534649 |
| 5/31/2025 | 4335741 |  | 128671 | (381438) |  | 4082974 | 65567991 |  | 1881170 | (5658379) |  | 61790782 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 67394 |  |  | (118648) |  | (51254) | 1102054 |  |  | (1970904) |  | (868850) |
| 5/31/2025 | 201390 |  | 25369 | (197255) |  | 29504 | 3007387 |  | 373682 | (2928185) |  | 452884 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 22194 |  |  | (7630) |  | 14564 | 359614 |  |  | (124174) |  | 235440 |
| 5/31/2025 | 62554 |  | 7109 | (45076) |  | 24587 | 917679 |  | 103014 | (652145) |  | 368548 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 602235 |  |  | (489077) |  | 113158 | 10015602 |  |  | (8246193) |  | 1769409 |
| 5/31/2025 | 1944909 |  | 212472 | (1574763) |  | 582618 | 28961490 |  | 3131833 | (22944587) |  | 9148736 |
| **Retirement 2050** | **Retirement 2050** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 220005 |  |  | (82815) |  | 137190 | 3704575 |  |  | (1402822) |  | 2301753 |
| 5/31/2025 | 233216 |  | 8056 | (108631) |  | 132641 | 3522377 |  | 120202 | (1628160) |  | 2014419 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 78316 |  |  | (81961) |  | (3645) | 1285085 |  |  | (1380712) |  | (95627) |
| 5/31/2025 | 161894 |  | 12866 | (168736) |  | 6024 | 2442928 |  | 192863 | (2521486) |  | 114305 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 22139 |  |  | (28847) |  | (6708) | 369715 |  |  | (472791) |  | (103076) |
| 5/31/2025 | 50097 |  | 4953 | (86332) |  | (31282) | 743416 |  | 73052 | (1298148) |  | (481680) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 599905 |  |  | (448611) |  | 151294 | 10177759 |  |  | (7677480) |  | 2500279 |
| 5/31/2025 | 1299006 |  | 94065 | (958077) |  | 434994 | 19494523 |  | 1410036 | (14139113) |  | 6765446 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Shares**<br>**sold** |<br>**Shares<br> issued in**<br>**merger** |<br>**Reinvestment<br> of**<br>**distributions** |<br>**Shares**<br>**redeemed** |<br>**Shares**<br>**converted** |<br>**Net increase<br> (decrease) in <br> shares**<br>**outstanding** |<br>**Shares**<br>**sold** | **Proceeds**<br>**from<br> shares<br> issued in**<br>**merger** |<br>**Reinvestment<br> of**<br>**distributions** |<br>**Shares**<br>**redeemed** |<br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Retirement 2055** | **Retirement 2055** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 234150 |  |  | (161364) |  | 72786 | 3736909 |  |  | (2604463) |  | 1132446 |
| 5/31/2025 | 2985758 |  | 97415 | (234893) |  | 2848280 | 44430605 |  | 1401802 | (3394181) |  | 42438226 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 78349 |  |  | (59130) |  | 19219 | 1267151 |  |  | (968950) |  | 298201 |
| 5/31/2025 | 206470 |  | 25078 | (159913) |  | 71635 | 3030068 |  | 364126 | (2312882) |  | 1081312 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 30118 |  |  | (23048) |  | 7070 | 478404 |  |  | (353568) |  | 124836 |
| 5/31/2025 | 76963 |  | 6929 | (43130) |  | 40762 | 1108994 |  | 98185 | (610367) |  | 596812 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 487440 |  |  | (465482) |  | 21958 | 7989443 |  |  | (7848776) |  | 140667 |
| 5/31/2025 | 1368329 |  | 150285 | (874761) |  | 643853 | 19999162 |  | 2180631 | (12660664) |  | 9519129 |
| **Retirement 2060** | **Retirement 2060** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 84320 |  |  | (38893) |  | 45427 | 1298875 |  |  | (597008) |  | 701867 |
| 5/31/2025 | 139287 |  | 5487 | (92250) |  | 52524 | 1906455 |  | 74618 | (1248255) |  | 732818 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 40513 |  |  | (21899) |  | 18614 | 625891 |  |  | (343967) |  | 281924 |
| 5/31/2025 | 106299 |  | 3644 | (89557) |  | 20386 | 1455723 |  | 49710 | (1210330) |  | 295103 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 22174 |  |  | (18791) |  | 3383 | 334091 |  |  | (287306) |  | 46785 |
| 5/31/2025 | 53864 |  | 2644 | (27776) |  | 28732 | 726609 |  | 35568 | (368417) |  | 393760 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 433466 |  |  | (436906) |  | (3440) | 6677889 |  |  | (6919800) |  | (241911) |
| 5/31/2025 | 1097036 |  | 60474 | (586062) |  | 571448 | 15022413 |  | 826072 | (7971687) |  | 7876798 |
| **Retirement 2065** | **Retirement 2065** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 168761 |  |  | (193991) |  | (25230) | 2273484 |  |  | (2561214) |  | (287730) |
| 5/31/2025 | 334820 |  | 10459 | (68259) |  | 277020 | 4089789 |  | 124880 | (820245) |  | 3394424 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 761 |  |  | (10628) |  | (9867) | 10323 |  |  | (140336) |  | (130013) |
| 5/31/2025 | 35615 |  | 1066 | (19286) |  | 17395 | 422977 |  | 12747 | (227308) |  | 208416 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 5467 |  |  | (6043) |  | (576) | 73074 |  |  | (82870) |  | (9796) |
| 5/31/2025 | 17033 |  | 386 | (2270) |  | 15149 | 198055 |  | 4577 | (26912) |  | 175720 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 318026 |  |  | (514117) |  | (196091) | 4307913 |  |  | (6889080) |  | (2581167) |
| 5/31/2025 | 664302 |  | 44525 | (228005) |  | 480822 | 8064008 |  | 532521 | (2730386) |  | 5866143 |
| **Retirement 2070** | **Retirement 2070** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 86150 |  |  | (1) |  | 86149 | 867593 |  |  | (10) |  | 867583 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 75000 |  |  |  |  | 75000 | 750000 |  |  |  |  | 750000 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 75000 |  |  |  |  | 75000 | 750000 |  |  |  |  | 750000 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 8/08/2025<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 83349 |  |  | (3) |  | 83346 | 837647 |  |  | (28) |  | 837619 |

---

<sup>(1)</sup> Commencement of operations.

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. 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 U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts, short-term capital gains and wash sale deferrals.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended <br> May 31, 2025** | **Year Ended <br> May 31, 2025** | **Year Ended <br> May 31, 2024** | **Year Ended <br> May 31, 2024** |
|  | **Ordinary <br> Income** | **Long-term <br> Capital Gains** | **Ordinary <br> Income** | **Long-term <br> Capital Gains** |
| In-Retirement | $2419097 | $— | $1661850 | $— |
| Retirement 2030 | 2694214 |  | 2916898 |  |
| Retirement 2035 | 4459175 |  | 2918232 |  |
| Retirement 2040 | 2538381 |  | 2066105 |  |
| Retirement 2045 | 3508491 | 1981208 | 2203929 |  |
| Retirement 2050 | 1796153 |  | 1455519 |  |
| Retirement 2055 | 2618558 | 1426186 | 1277280 |  |
| Retirement 2060 | 985968 |  | 705891 |  |
| Retirement 2065 | 440143 | 234582 | 218416 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of May 31, 2025, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| In-Retirement | $1119039 | $— | $(503033) | $(83798) | Short-term | $(1082969) |
|  |  |  |  | (1615177) | Long-term |  |
|  |  |  |  | $(1698975) |  |  |
| Retirement 2030 | 2204280 | 7519399 | 1366630 |  |  | 11090309 |
| Retirement 2035 | 2718271 | 11889423 | 2554775 |  |  | 17162469 |
| Retirement 2040 | 574077 | 11045013 | 3737438 |  |  | 15356528 |
| Retirement 2045 | 2340683 | 13387976 | 3832210 |  |  | 19560869 |
| Retirement 2050 | 764750 | 10406232 | 3972973 |  |  | 15143955 |
| Retirement 2055 | 1906489 | 8998125 | 3395832 |  |  | 14300446 |
| Retirement 2060 | 1025899 | 5461025 | 2281301 |  |  | 8768225 |
| Retirement 2065 | 412381 | 1834688 | 749962 |  |  | 2997031 |

---

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

As of November 30, 2025, 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 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led,

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken

by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (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 a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 12 — REORGANIZATIONS**

On August 8, 2025, Target In-Retirement Fund ("Acquiring Fund") acquired all of the net assets and assumed all liabilities of Voya Target Retirement 2025 Fund ("Acquired Fund"), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on June 1, 2025, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund's pro forma results of operations for the six months ended November 30, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $4140930 |
| Net realized and unrealized gain on investments | 16311926 |
| Net increase in net assets resulting from operations | $20452856 |

---

Because the combined investment funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund's statement of operations since August 8, 2025. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Net**<br>**Assets of**<br>**Acquired**<br>**Fund**<br>**(000s)** | **Total Net**<br>**Assets of**<br>**Acquiring**<br>**Fund**<br>**(000s)** | **Acquired**<br>**Fund's**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | **Acquired**<br>**Fund's**<br>**Unrealized**<br>**Appreciation**<br>**(000s)** |<br>**Funds'**<br>**Conversion**<br>**Ratio** |
| $151666 | $107742 | $— | $4657 | 1.1430 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

**NOTE 12 — REORGANIZATIONS (continued)**

The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $259,407,598.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net

assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions.

Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Funds' financial statements.

**NOTE 15 — SUBSEQUENT EVENTS**

Dividends: Subsequent to November 30, 2025, the Funds declared and paid dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | | |
|  | | **Short-term Capital** | **Long-term Capital** | | |
|  | **Net**<br>**Investment**<br>**Income** | **Gains** | **Gains** | <br>**Payable Date** | <br>**Record Date** |
| **In-Retirement** | | | |  |  |
| Class A | $0.1904 | $- | $- | December 30, 2025 | December 29, 2025 |
| Class I | $0.2173 | $- | $- | December 30, 2025 | December 29, 2025 |
| Class R | $0.1781 | $- | $- | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.2087 | $- | $- | December 30, 2025 | December 29, 2025 |
| **Retirement 2030** |  |  |  |  |  |
| Class A | $0.5001 | $0.0662 | $0.6652 | December 30, 2025 | December 29, 2025 |
| Class I | $0.5732 | $0.0662 | $0.6652 | December 30, 2025 | December 29, 2025 |
| Class R | $0.4559 | $0.0662 | $0.6652 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.5341 | $0.0662 | $0.6652 | December 30, 2025 | December 29, 2025 |
| **Retirement 2035** |  |  |  |  |  |
| Class A | $0.4091 | $0.1464 | $0.7823 | December 30, 2025 | December 29, 2025 |
| Class I | $0.4695 | $0.1464 | $0.7823 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3736 | $0.1464 | $0.7823 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.4446 | $0.1464 | $0.7823 | December 30, 2025 | December 29, 2025 |
| **Retirement 2040** |  |  |  |  |  |
| Class A | $0.4331 | $0.0652 | $1.5380 | December 30, 2025 | December 29, 2025 |
| Class I | $0.5117 | $0.0652 | $1.5380 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3895 | $0.0652 | $1.5380 | December 30, 2025 | December 29, 2025 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

------

**NOTE 15 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R6 | $0.4667 | $0.0652 | $1.5380 | December 30, 2025 | December 29, 2025 |
| **Retirement 2045** |  |  |  |  |  |
| Class A | $0.381 | $0.2056 | $1.1357 | December 30, 2025 | December 29, 2025 |
| Class I | $0.5085 | $0.2056 | $1.1357 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3439 | $0.2056 | $1.1357 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.4202 | $0.2056 | $1.1357 | December 30, 2025 | December 29, 2025 |
| **Retirement 2050** |  |  |  |  |  |
| Class A | $0.3674 | $0.1535 | $1.8922 | December 30, 2025 | December 29, 2025 |
| Class I | $0.4389 | $0.1535 | $1.8922 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3213 | $0.1535 | $1.8922 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.4067 | $0.1535 | $1.8922 | December 30, 2025 | December 29, 2025 |
| **Retirement 2055** |  |  |  |  |  |
| Class A | $0.3788 | $0.2481 | $1.1448 | December 30, 2025 | December 29, 2025 |
| Class I | $0.4435 | $0.2481 | $1.1448 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3419 | $0.2481 | $1.1448 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.415 | $0.2481 | $1.1448 | December 30, 2025 | December 29, 2025 |
| **Retirement 2060** |  |  |  |  |  |
| Class A | $0.3503 | $0.2718 | $1.4668 | December 30, 2025 | December 29, 2025 |
| Class I | $0.3988 | $0.2718 | $1.4668 | December 30, 2025 | December 29, 2025 |
| Class R | $0.3126 | $0.2718 | $1.4668 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.3847 | $0.2718 | $1.4668 | December 30, 2025 | December 29, 2025 |
| **Retirement 2065** |  |  |  |  |  |
| Class A | $0.301 | $0.4079 | $1.1244 | December 30, 2025 | December 29, 2025 |
| Class I | $0.3265 | $0.4079 | $1.1244 | December 30, 2025 | December 29, 2025 |
| Class R | $0.2721 | $0.4079 | $1.1244 | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.3324 | $0.4079 | $1.1244 | December 30, 2025 | December 29, 2025 |
| **Retirement 2070** |  |  |  |  |  |
| Class A | $0.1763 | $0.0019 | $- | December 30, 2025 | December 29, 2025 |
| Class I | $0.186 | $0.0019 | $- | December 30, 2025 | December 29, 2025 |
| Class R | $0.1657 | $0.0019 | $- | December 30, 2025 | December 29, 2025 |
| Class R6 | $0.1857 | $0.0019 | $- | December 30, 2025 | December 29, 2025 |

---

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.

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>In-Retirement Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **EXCHANGE-TRADED FUNDS: 42.6%** | **EXCHANGE-TRADED FUNDS: 42.6%** |  |  |
| 368495 | iShares Core U.S. Aggregate Bond ETF | $37151666 | 14.2 |
| 949829 | Schwab U.S. TIPS ETF | 25559898 | 9.7 |
| 424756 | SPDR Portfolio High Yield Bond ETF | 10117688 | 3.9 |
| 290206 | Vanguard FTSE Developed Markets ETF | 17867983 | 6.8 |
| 76450 | Vanguard FTSE Emerging Markets ETF | 4151235 | 1.6 |
| 136409 | Vanguard Long-Term Treasury ETF | 7829877 | 3 |
| 75679 | Vanguard Total International Bond ETF | 3757462 | 1.4 |
| 108715 | Xtrackers MSCI EAFE Hedged Equity ETF | 5266155 | 2 |
|  | Total Exchange-Traded Funds<br> (Cost $107,339,628) | **111701964** | **42.6** |
| **MUTUAL FUNDS: 57.2%** | **MUTUAL FUNDS: 57.2%** |  |  |
|  | **Affiliated Investment Companies: 36.1%** | **Affiliated Investment Companies: 36.1%** |  |
| 7155212 | Voya Intermediate Bond Fund - Class R6 | 63824488 | 24.4 |
| 574114 | Voya Multi-Manager International Equity Fund - Class I | 7291249 | 2.8 |
| 2187019 | Voya Short Duration Bond Fund - Class R6 | 20601723 | 7.9 |
| 191130 | Voya VACS Series EME Fund | 2782847 | 1 |
|  |  | **94500307** | **36.1** |
|  | **Unaffiliated Investment Companies: 21.1%** | **Unaffiliated Investment Companies: 21.1%** |  |
| 231924 | Fidelity 500 Index Fund | **55267524** | **21.1** |
|  | Total Mutual Funds<br> (Cost $139,756,417) | **149767831** | **57.2** |
|  | Total Long-Term Investments<br> (Cost $247,096,045) | **261469795** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $247,096,045)** | $**261469795** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **463963** | **0.2** |
|  | **Net Assets** | $**261933758** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>In-Retirement Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $111701964 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $111701964 |
| Mutual Funds | 149767831 |  |  | 149767831 |
| Total Investments, at fair value | $261469795 | $— | $— | $261469795 |

---

<sup>^</sup> 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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $25553633 | $45969330 | $(9056681) | $1358206 | $63824488 | $1227253 | $(42740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya Multi-Manager International Equity Fund - Class I | 3103906 | 5248324 | (403042) | 240036 | 7291249 |  | 189115 |  |
| Voya Short Duration Bond Fund - Class R6 | 8310999 | 14030488 | (1818811) | 79047 | 20601723 | 392997 | (8049) |  |
| Voya VACS Series EME Fund | 1027909 | 1706734 | (1301017) | 451246 | 2782847 |  | 62430 |  |
|  | $37996447 | $66954876 | $(12579551) | $2128535 | $94500307 | $1620250 | $200756 | $— |

---

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

At November 30, 2025, 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 U.S. federal income tax purposes was $247,676,064. | Cost for U.S. federal income tax purposes was $247,676,064. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $13835906 |
| Gross Unrealized Depreciation | (42175) |
| Net Unrealized Appreciation | $13793731 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2030 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | | **Percentage** |
|  |  | | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **EXCHANGE-TRADED FUNDS: 34.7%** | **EXCHANGE-TRADED FUNDS: 34.7%** |  |  |
| 85524 | iShares Core S&P Mid-Cap ETF | $5673662 | 2.9 |
| 221930 | iShares Core U.S. Aggregate Bond ETF | 22374983 | 11.4 |
| 209451 | Schwab U.S. TIPS ETF | 5636326 | 2.9 |
| 156469 | SPDR Portfolio High Yield Bond ETF | 3727092 | 1.9 |
| 313922 | Vanguard FTSE Developed Markets ETF | 19328178 | 9.8 |
| 70668 | Vanguard FTSE Emerging Markets ETF | 3837272 | 1.9 |
| 101530 | Vanguard Long-Term Treasury ETF | 5827822 | 2.9 |
| 40507 | Xtrackers MSCI EAFE Hedged Equity ETF | 1962159 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $62,561,314) | **68367494** | **34.7** |
| **MUTUAL FUNDS: 65.1%** | **MUTUAL FUNDS: 65.1%** |  |  |
|  | **Affiliated Investment Companies: 30.1%** | **Affiliated Investment Companies: 30.1%** | **Affiliated Investment Companies: 30.1%** |
| 4007070 | Voya Intermediate Bond Fund - Class R6 | 35743064 | 18.1 |
| 155005 | Voya MI Dynamic Small Cap Fund - Class R6 | 2497136 | 1.3 |
| 971591 | Voya Multi-Manager International Equity Fund - Class I | 12339203 | 6.3 |
| 403610 | Voya Short Duration Bond Fund - Class R6 | 3802003 | 1.9 |
| 32905 | Voya Small Cap Growth Fund - Class R6 | 1617928 | 0.8 |
| 228818 | Voya VACS Series EME Fund | 3331594 | 1.7 |
|  |  | **59330928** | **30.1** |
|  | **Unaffiliated Investment Companies: 35.0%** | **Unaffiliated Investment Companies: 35.0%** | **Unaffiliated Investment Companies: 35.0%** |
| 288977 | Fidelity 500 Index Fund | **68863111** | **35.0** |
|  | Total Mutual Funds<br> (Cost $115,949,043) | **128194039** | **65.1** |
|  | Total Long-Term Investments<br> (Cost $178,510,357) | **196561533** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $178,510,357)** | $**196561533** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **364277** | **0.2** |
|  | **Net Assets** | $**196925810** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2030 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $68367494 | $— | $— | $68367494 |
| Mutual Funds | 128194039 |  |  | 128194039 |
| Total Investments, at fair value | $196561533 | $— | $— | $196561533 |

---

^ 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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $29722011 | $7827858 | $(2673854) | $867049 | $35743064 | $773682 | $48574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 2351671 | (91646) | 237111 | 2497136 |  | 4304 |  |
| Voya Multi-Manager International Equity Fund - Class I | 10141941 | 2648579 | (1192112) | 740795 | 12339203 |  | 110798 |  |
| Voya Short Duration Bond Fund - Class R6 | 3373951 | 592336 | (184321) | 20037 | 3802003 | 85565 | (1067) |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1411004 | (54145) | 261069 | 1617928 |  | 3817 |  |
| Voya VACS Series EME Fund | 1686276 | 1573272 | (379294) | 451340 | 3331594 |  | 23754 |  |
|  | $44924179 | $16404720 | $(4575372) | $2577401 | $59330928 | $859247 | $190180 | $— |

---

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

At November 30, 2025, 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 U.S. federal income tax purposes was $180,449,504. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $16112029 |
| Gross Unrealized Depreciation |  |
| Net Unrealized Appreciation | $16112029 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2035 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 31.7%** | **EXCHANGE-TRADED FUNDS: 31.7%** |  |  |
| 113198 | iShares Core S&P Mid- Cap ETF | $7509555 | 2.8 |
| 223934 | iShares Core U.S. Aggregate Bond ETF | 22577026 | 8.6 |
| 207170 | SPDR Portfolio High Yield Bond ETF | 4934789 | 1.9 |
| 510468 | Vanguard FTSE Developed Markets ETF | 31429515 | 12 |
| 119546 | Vanguard FTSE Emerging Markets ETF | 6491348 | 2.5 |
| 134555 | Vanguard Long-Term Treasury ETF | 7723457 | 2.9 |
| 54515 | Xtrackers MSCI EAFE Hedged Equity ETF | 2640707 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $75,024,591) | 83306397 | 31.7 |
| **MUTUAL FUNDS: 68.1%** | **MUTUAL FUNDS: 68.1%** |  |  |
|  | **Affiliated Investment Companies: 26.2%** | **Affiliated Investment Companies: 26.2%** | **Affiliated Investment Companies: 26.2%** |
| 4364289 | Voya Intermediate Bond Fund - Class R6 | 38929457 | 14.8 |
| 205460 | Voya MI Dynamic Small Cap Fund - Class R6 | 3309965 | 1.3 |
| 1461599 | Voya Multi-Manager International Equity Fund - Class I | 18562304 | 7.1 |
| 43656 | Voya Small Cap Growth Fund - Class R6 | 2146573 | 0.8 |
| 403326 | Voya VACS Series EME Fund | 5872425 | 2.2 |
|  |  | **68820724** | **26.2** |
|  | **Unaffiliated Investment Companies: 41.9%** | **Unaffiliated Investment Companies: 41.9%** | **Unaffiliated Investment Companies: 41.9%** |
| 460691 | Fidelity 500 Index Fund | **109782658** | 41.9 |
|  | Total Mutual Funds <br> (Cost $159,115,914) | **178603382** | 68.1 |
|  | Total Long-Term Investments <br> (Cost $234,140,505) | **261909779** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $234,140,505)** | $**261909779** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **411876** | **0.2** |
|  | **Net Assets** | $**262321655** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2035 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $83306397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $83306397 |
| Mutual Funds | 178603382 |  |  | 178603382 |
| Total Investments, at fair value | $261909779 | $— | $— | $261909779 |

---

^ 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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Ending** | | | |
| | | | | | **Fair** | | | |
| | | | | | **Value at** | | | |
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $32749795 | $7205914 | $(2060555) | $1034303 | $38929457 | $863948 | $(8998) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 3094842 | (103295) | 318418 | 3309965 |  | 6025 |  |
| Voya Multi-Manager International Equity Fund - Class I | 15713664 | 3056074 | (1390792) | 1183358 | 18562304 |  | 153117 |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1856905 | (60104) | 349772 | 2146573 |  | 6295 |  |
| Voya VACS Series EME Fund | 4461642 | 729139 | (495400) | 1177044 | 5872425 |  | 51688 |  |
|  | $52925101 | $15942874 | $(4110146) | $4062895 | $68820724 | $863948 | $208127 | $— |

---

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

At November 30, 2025, 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 U.S. federal income tax purposes was $235,709,873. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $26199906 |
| Gross Unrealized Depreciation |  |
| Net Unrealized Appreciation | $26199906 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2040 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 28.7%** | **EXCHANGE-TRADED FUNDS: 28.7%** | **EXCHANGE-TRADED FUNDS: 28.7%** |  |
| 84636 | iShares Core S&P Mid- Cap ETF | $5614752 | 3.8 |
| 27032 | iShares Core U.S. Aggregate Bond ETF | 2725367 | 1.9 |
| 115817 | SPDR Portfolio High Yield Bond ETF | 2758761 | 1.9 |
| 354689 | Vanguard FTSE Developed Markets ETF | 21838202 | 14.8 |
| 65864 | Vanguard FTSE Emerging Markets ETF | 3576415 | 2.4 |
| 75173 | Vanguard Long-Term Treasury ETF | 4314930 | 2.9 |
| 30605 | Xtrackers MSCI EAFE Hedged Equity ETF | 1482506 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $36,142,098) | **42310933** | **28.7** |
| **MUTUAL FUNDS: 71.1%** | **MUTUAL FUNDS: 71.1%** | **MUTUAL FUNDS: 71.1%** |  |
|  | **Affiliated Investment Companies: 24.4%** | **Affiliated Investment Companies: 24.4%** | **Affiliated Investment Companies: 24.4%** |
| 1777790 | Voya Intermediate Bond Fund - Class R6 | 15857890 | 10.8 |
| 114779 | Voya MI Dynamic Small Cap Fund - Class R6 | 1849095 | 1.2 |
| 958266 | Voya Multi-Manager International Equity Fund - Class I | 12169984 | 8.3 |
| 24371 | Voya Small Cap Growth Fund - Class R6 | 1198324 | 0.8 |
| 338616 | Voya VACS Series EME Fund | 4930244 | 3.3 |
|  |  | **36005537** | **24.4** |
|  | **Unaffiliated Investment Companies: 46.7%** | **Unaffiliated Investment Companies: 46.7%** | **Unaffiliated Investment Companies: 46.7%** |
| 288365 | Fidelity 500 Index Fund | **68717327** | **46.7** |
|  | Total Mutual Funds <br> (Cost $92,059,003) | **104722864** | **71.1** |
|  | Total Long-Term Investments <br> (Cost $128,201,101) | **147033797** | **99.8** |
|  | **Total Investments in Securities <br> (Cost $128,201,101)** | $**147033797** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **236344** | **0.2** |
|  | **Net Assets** | $**147270141** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2040 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $42310933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $42310933 |
| Mutual Funds | 104722864 |  |  | 104722864 |
| Total Investments, at fair value | $147033797 | $— | $— | $147033797 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 60 |  |  | 60 |
| Total Assets | $147033857 | $— | $— | $147033857 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1998) | $— | $— | $(1998) |
| Total Liabilities | $(1998) | $— | $— | $(1998) |

---

---

| | |
|:---|:---|
| \* | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $12842404 | $3336331 | $(700861) | $380016 | $15857890 | $344255 | $25061 | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 1734040 | (59281) | 174336 | 1849095 |  | 4139 |  |
| Voya Multi-Manager International Equity Fund - Class I | 9761072 | 2834090 | (1074803) | 649625 | 12169984 |  | 187951 |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1039903 | (33597) | 192018 | 1198324 |  | 4455 |  |
| Voya VACS Series EME Fund | 3629184 | 732380 | (341930) | 910610 | 4930244 |  | 95050 |  |
|  | $26232660 | $9676744 | $(2210472) | $2306605 | $36005537 | $344255 | $316656 | $— |

---

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

At November 30, 2025, the following futures contracts were outstanding for Voya Target Retirement 2040 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 31 | 03/31/26 | $3402734 | $(1998) |
|  |  |  | $3402734 | $(1998) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3-month SOFR | (14) | 06/16/26 | (3375750) | 60 |
|  |  |  | $(3375750) | $60 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2040 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $60 |
| **Total Asset Derivatives** |  | $60 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1998 |
| **Total Liability Derivatives** |  | $1998 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $50412 |
| **Total** | $50412 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(11421) |
| **Total** | $(11421) |

---

At November 30, 2025, 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 U.S. federal income tax purposes was $129,470,177. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $17562030 |
| Gross Unrealized Depreciation | (348) |
| Net Unrealized Appreciation | $17561682 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2045 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 28.7%** | **EXCHANGE-TRADED FUNDS: 28.7%** | **EXCHANGE-TRADED FUNDS: 28.7%** | **EXCHANGE-TRADED FUNDS: 28.7%** |
| 149298 | iShares Core S&P Mid- Cap ETF | $9904429 | 4.3 |
| 178311 | SPDR Portfolio High Yield Bond ETF | 4247368 | 1.9 |
| 593446 | Vanguard FTSE Developed Markets ETF | 36538470 | 16.1 |
| 147243 | Vanguard FTSE Emerging Markets ETF | 7995295 | 3.5 |
| 77249 | Vanguard Long-Term Treasury ETF | 4434093 | 1.9 |
| 47317 | Xtrackers MSCI EAFE Hedged Equity ETF | 2292036 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $55,947,056) | **65411691** | **28.7** |
| **MUTUAL FUNDS: 71.1%** | **MUTUAL FUNDS: 71.1%** | **MUTUAL FUNDS: 71.1%** | **MUTUAL FUNDS: 71.1%** |
|  | **Affiliated Investment Companies: 19.0%** | **Affiliated Investment Companies: 19.0%** | **Affiliated Investment Companies: 19.0%** |
| 1496467 | Voya Intermediate Bond Fund - Class R6 | 13348485 | 5.9 |
| 176866 | Voya MI Dynamic Small Cap Fund - Class R6 | 2849316 | 1.3 |
| 1403480 | Voya Multi-Manager International Equity Fund - Class I | 17824201 | 7.8 |
| 37610 | Voya Small Cap Growth Fund - Class R6 | 1849277 | 0.8 |
| 507919 | Voya VACS Series EME Fund | 7395298 | 3.2 |
|  |  | **43266577** | **19.0** |
|  | **Unaffiliated Investment Companies: 52.1%** | **Unaffiliated Investment Companies: 52.1%** | **Unaffiliated Investment Companies: 52.1%** |
| 496965 | Fidelity 500 Index Fund | **118426734** | **52.1** |
|  | Total Mutual Funds <br> (Cost $141,249,763) | **161693311** | **71.1** |
|  | Total Long-Term Investments <br> (Cost $197,196,819) | **227105002** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $197,196,819)** | $**227105002** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **364153** | **0.2** |
|  | **Net Assets** | $**227469155** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2045 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $65411691 | $— | $— | $65411691 |
| Mutual Funds | 161693311 |  |  | 161693311 |
| Total Investments, at fair value | $227105002 | $— | $— | $227105002 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 95 |  |  | 95 |
| Total Assets | $227105097 | $— | $— | $227105097 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(3158) | $— | $— | $(3158) |
| Total Liabilities | $(3158) | $— | $— | $(3158) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $10788162 | $2667499 | $(439684) | $332508 | $13348485 | $291654 | $10140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 2661582 | (87667) | 275401 | 2849316 |  | 4786 |  |
| Voya Multi-Manager International Equity Fund - Class I | 15650120 | 2615316 | (1569896) | 1128661 | 17824201 |  | 164046 |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1596284 | (50496) | 303489 | 1849277 |  | 4976 |  |
| Voya VACS Series EME Fund | 5825032 | 653744 | (574130) | 1490652 | 7395298 |  | 80188 |  |
|  | $32263314 | $10194425 | $(2721873) | $3530711 | $43266577 | $291654 | $264136 | $— |

---

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

At November 30, 2025, the following futures contracts were outstanding for Voya Target Retirement 2045 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** |<br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 49 | 03/31/26 | $5378516 | $(3158) |
|  |  |  | $5378516 | $(3158) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3-month SOFR | (22) | 06/16/26 | (5304750) | 95 |
|  |  |  | $(5304750) | $95 |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2045 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $95 |
| **Total Asset Derivatives** |  | $95 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $3158 |
| **Total Liability Derivatives** |  | $3158 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $80218 |
| **Total** | $80218 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(18460) |
| **Total** | $(18460) |

---

At November 30, 2025, 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 U.S. federal income tax purposes was $198,643,295. | Cost for U.S. federal income tax purposes was $198,643,295. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $28459263 |
| Gross Unrealized Depreciation | (619) |
| Net Unrealized Appreciation | $28458644 |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2050 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 26.4%** | **EXCHANGE-TRADED FUNDS: 26.4%** |  |  |
| 77671 | iShares Core S&P Mid-Cap ETF | $5152694 | 4.3 |
| 327573 | Vanguard FTSE Developed Markets ETF | 20168670 | 16.7 |
| 76309 | Vanguard FTSE Emerging Markets ETF | 4143579 | 3.4 |
| 20428 | Vanguard Long-Term Treasury ETF | 1172567 | 1 |
| 25401 | Xtrackers MSCI EAFE Hedged Equity ETF | 1230424 | 1 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $25,978,740) | **31867934** | **26.4** |
| **MUTUAL FUNDS: 73.3%** | **MUTUAL FUNDS: 73.3%** |  |  |
|  | **Affiliated Investment Companies: 18.8%** | **Affiliated Investment Companies: 18.8%** | **Affiliated Investment Companies: 18.8%** |
| 588658 | Voya Intermediate Bond Fund - Class R6 | 5250827 | 4.3 |
| 149720 | Voya MI Dynamic Small Cap Fund - Class R6 | 2411990 | 2 |
| 765994 | Voya Multi-Manager International Equity Fund - Class I | 9728125 | 8.1 |
| 26526 | Voya Small Cap Growth Fund - Class R6 | 1304261 | 1.1 |
| 275526 | Voya VACS Series EME Fund | 4011664 | 3.3 |
|  |  | **22706867** | **18.8** |
|  | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** |
| 275727 | Fidelity 500 Index Fund | **65705760** | **54.5** |
|  | Total Mutual Funds |  |  |
|  | (Cost $77,010,390) | **88412627** | **73.3** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $102,989,130) | **120280561** | **99.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $102,989,130)** | $**120280561** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **338603** | **0.3** |
|  | **Net Assets** | $**120619164** | **100.0** |

---

See Accompanying Notes to Financial Statements.

Voya Target Retirement 2050 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $31867934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $31867934 |
| Mutual Funds | 88412627 |  |  | 88412627 |
| Total Investments, at fair value | $120280561 | $— | $— | $120280561 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 47 |  |  | 47 |
| Total Assets | $120280608 | $— | $— | $120280608 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1611) | $— | $— | $(1611) |
| Total Liabilities | $(1611) | $— | $— | $(1611) |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $4022183 | $1409012 | $(303145) | $122777 | $5250827 | $112983 | $9018 | $— |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 2306669 | (121009) | 226330 | 2411990 |  | 6760 |  |
| Voya Multi-Manager International Equity Fund - Class I | 8029120 | 2731580 | (1465629) | 433054 | 9728125 |  | 242595 |  |
| Voya Small Cap Growth Fund - Class R6 |  | 1152836 | (57213) | 208638 | 1304261 |  | 6671 |  |
| Voya VACS Series EME Fund | 2987085 | 765119 | (450330) | 709790 | 4011664 |  | 126820 |  |
|  | $15038388 | $8365216 | $(2397326) | $1700589 | $22706867 | $112983 | $391864 | $— |

---

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

At November 30, 2025, the following futures contracts were outstanding for Voya Target Retirement 2050 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 25 | 03/31/26 | $2744141 | $(1611) |
|  |  |  | $2744141 | $(1611) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (11) | 06/16/26 | (2652375) | 47 |
|  |  |  | $(2652375) | $47 |

---

See Accompanying Notes to Financial Statements.

Voya Target Retirement 2050 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $47 |
| **Total Asset Derivatives** |  | $47 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1611 |
| **Total Liability Derivatives** |  | $1611 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $40895 |
| **Total** | $40895 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(9367) |
| **Total** | $(9367) |

---

At November 30, 2025, 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 U.S. federal income tax purposes was $103,973,184. | Cost for U.S. federal income tax purposes was $103,973,184. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $16306155 |
| Gross Unrealized Depreciation | (342) |
| Net Unrealized Appreciation | $16305813 |

---

See Accompanying Notes to Financial Statements.

Voya Target Retirement 2055 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 27.9%** | **EXCHANGE-TRADED FUNDS: 27.9%** | **EXCHANGE-TRADED FUNDS: 27.9%** | **EXCHANGE-TRADED FUNDS: 27.9%** |
| 113339 | iShares Core S&P Mid-Cap ETF | $7518909 | 4.8 |
| 453410 | Vanguard FTSE Developed Markets ETF | 27916454 | 17.6 |
| 102912 | Vanguard FTSE Emerging Markets ETF | 5588122 | 3.5 |
| 26828 | Vanguard Long-Term Treasury ETF | 1539927 | 1 |
| 33493 | Xtrackers MSCI EAFE Hedged Equity ETF | 1622401 | 1 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $37,286,376) | **44185813** | **27.9** |
| **MUTUAL FUNDS: 72.0%** | **MUTUAL FUNDS: 72.0%** |  |  |
|  | **Affiliated Investment Companies: 17.5%** | **Affiliated Investment Companies: 17.5%** | **Affiliated Investment Companies: 17.5%** |
| 513179 | Voya Intermediate Bond Fund - Class R6 | 4577556 | 2.9 |
| 196678 | Voya MI Dynamic Small Cap Fund - Class R6 | 3168486 | 2 |
| 974310 | Voya Multi-Manager International Equity Fund - Class I | 12373739 | 7.8 |
| 34898 | Voya Small Cap Growth Fund - Class R6 | 1715955 | 1.1 |
| 405835 | Voya VACS Series EME Fund | 5908960 | 3.7 |
|  |  | **27744696** | **17.5** |
|  | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** |
| 362032 | Fidelity 500 Index Fund | **86272278** | **54.5** |
|  | Total Mutual Funds |  |  |
|  | (Cost $99,246,715) | **114016974** | **72.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $136,533,091) | **158202787** | **99.9** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $136,533,091)** | $**158202787** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **215989** | **0.1** |
|  | **Net Assets** | $**158418776** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2055 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $44185813 | $&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;&nbsp;&nbsp;&nbsp;&nbsp; — | $44185813 |
| Mutual Funds | 114016974 |  |  | 114016974 |
| Total Investments, at fair value | $158202787 | $— | $— | $158202787 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 64 |  |  | 64 |
| Total Assets | $158202851 | $— | $— | $158202851 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(2191) | $— | $— | $(2191) |
| Total Liabilities | $(2191) | $— | $— | $(2191) |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $4078573 | $1392259 | $(1013302) | $120026 | $4577556 | $115054 | $10571 | $— |
| Voya MI Dynamic Small Cap Fund |  |  |  |  |  |  |  |  |
| - Class R6 |  | 2995162 | (131782) | 305106 | 3168486 |  | 8634 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 10859148 | 2400473 | (1610626) | 724744 | 12373739 |  | 182291 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 1496883 | (61642) | 280714 | 1715955 |  | 8566 |  |
| Voya VACS Series EME Fund | 4038944 | 1363182 | (515040) | 1021874 | 5908960 |  | 100942 |  |
|  | $18976665 | $9647959 | $(3332392) | $2452464 | $27744696 | $115054 | $311004 | $— |

---

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

At November 30, 2025, the following futures contracts were outstanding for Voya Target Retirement 2055 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 34 | 03/31/26 | $3732031 | $(2191) |
|  |  |  | $3732031 | $(2191) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (15) | 06/16/26 | (3616875) | 64 |
|  |  |  | $(3616875) | $64 |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2055 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $64 |
| **Total Asset Derivatives** |  | $64 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $2191 |
| **Total Liability Derivatives** |  | $2191 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $55587 |
| **Total** | $55587 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(12719) |
| **Total** | $(12719) |

---

At November 30, 2025, 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 U.S. federal income tax purposes was $137,291,429. | Cost for U.S. federal income tax purposes was $137,291,429. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $20909645 |
| Gross Unrealized Depreciation | (414) |
| Net Unrealized Appreciation | $20909231 |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2060 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 28.0%** | **EXCHANGE-TRADED FUNDS: 28.0%** | **EXCHANGE-TRADED FUNDS: 28.0%** | **EXCHANGE-TRADED FUNDS: 28.0%** |
| 49022 | iShares Core S&P Mid-Cap ETF | $3252120 | 4.7 |
| 197657 | Vanguard FTSE Developed Markets ETF | 12169742 | 17.7 |
| 44908 | Vanguard FTSE Emerging Markets ETF | 2438504 | 3.5 |
| 11616 | Vanguard Long-Term Treasury ETF | 666758 | 1 |
| 14897 | Xtrackers MSCI EAFE Hedged Equity ETF | 721611 | 1.1 |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $15,875,485) | **19248735** | **28.0** |
| **MUTUAL FUNDS: 71.8%** | **MUTUAL FUNDS: 71.8%** | **MUTUAL FUNDS: 71.8%** | **MUTUAL FUNDS: 71.8%** |
|  | **Affiliated Investment Companies: 17.4%** | **Affiliated Investment Companies: 17.4%** | **Affiliated Investment Companies: 17.4%** |
| 222362 | Voya Intermediate Bond Fund - Class R6 | 1983470 | 2.9 |
| 85221 | Voya MI Dynamic Small Cap Fund - Class R6 | 1372913 | 2 |
| 415226 | Voya Multi-Manager International Equity Fund - Class I | 5273374 | 7.7 |
| 15142 | Voya Small Cap Growth Fund - Class R6 | 744524 | 1.1 |
| 175436 | Voya VACS Series EME Fund | 2554341 | 3.7 |
|  |  | **11928622** | **17.4** |
|  | **Unaffiliated Investment Companies: 54.4%** | **Unaffiliated Investment Companies: 54.4%** | **Unaffiliated Investment Companies: 54.4%** |
| 156856 | Fidelity 500 Index Fund | **37378739** | **54.4** |
|  | Total Mutual Funds |  |  |
|  | (Cost $42,945,311) | **49307361** | **71.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $58,820,796) | **68556096** | **99.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $58,820,796)** | $**68556096** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **141496** | **0.2** |
|  | **Net Assets** | $**68697592** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2060 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $19248735 | $— | $— | $19248735 |
| Mutual Funds | 49307361 |  |  | 49307361 |
| Total Investments, at fair value | $68556096 | $— | $— | $68556096 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 30 |  |  | 30 |
| Total Assets | $68556126 | $— | $— | $68556126 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(967) | $— | $— | $(967) |
| Total Liabilities | $(967) | $— | $— | $(967) |

---

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

**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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $1764162 | $693227 | $(517362) | $43443 | $1983470 | $50346 | $13677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 1344920 | (101580) | 129573 | 1372913 |  | 6811 |  |
| Voya Multi-Manager International Equity Fund - Class I | 4703984 | 1637188 | (1242395) | 174597 | 5273374 |  | 221421 |  |
| Voya Small Cap Growth Fund - Class R6 |  | 672143 | (47299) | 119680 | 744524 |  | 6896 |  |
| Voya VACS Series EME Fund | 1748484 | 755590 | (321636) | 371903 | 2554341 |  | 125402 |  |
|  | $8216630 | $5103068 | $(2230272) | $839196 | $11928622 | $50346 | $374207 | $— |

---

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

At November 30, 2025, the following futures contracts were outstanding for Voya Target Retirement 2060 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 15 | 03/31/26 | $1646484 | $(967) |
|  |  |  | $1646484 | $(967) |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (7) | 06/16/26 | (1687875) | 30 |
|  |  |  | $(1687875) | $30 |

---

See Accompanying Notes to Financial Statements

Voya Target Retirement 2060 Fund PORTFOLIO OF INVESTMENTS <br> as of November 30, 2025 (Unaudited) (continued)

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $30 |
| **Total Asset Derivatives** |  | $30 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $967 |
| **Total Liability Derivatives** |  | $967 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $23944 |
| **Total** | $23944 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(5330) |
| **Total** | $(5330) |

---

At November 30, 2025, 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 U.S. federal income tax purposes was $59,212,762. | Cost for U.S. federal income tax purposes was $59,212,762. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $9342602 |
| Gross Unrealized Depreciation | (205) |
| Net Unrealized Appreciation | $9342397 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2065 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 26.0%** | **EXCHANGE-TRADED FUNDS: 26.0%** |  |  |
| 18772 | iShares Core S&P Mid- |  |  |
|  | Cap ETF | $1245334 | 4.7 |
| 69047 | Vanguard FTSE Developed Markets ETF | 4251224 | 16.2 |
| 14918 | Vanguard FTSE Emerging Markets ETF | 810047 | 3.1 |
| 4427 | Vanguard Long-Term Treasury ETF | 254110 | 1 |
| 5291 | Xtrackers MSCI EAFE Hedged Equity ETF | 256296 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $5,809,987) | **6817011** | **26.0** |
| **MUTUAL FUNDS: 73.7%** | **MUTUAL FUNDS: 73.7%** |  |  |
|  | **Affiliated Investment Companies: 19.4%** | **Affiliated Investment Companies: 19.4%** | **Affiliated Investment Companies: 19.4%** |
| 70966 | Voya Intermediate Bond Fund - Class R6 | 633017 | 2.4 |
| 32508 | Voya MI Dynamic Small Cap Fund- Class R6 | 523700 | 2 |
| 202052 | Voya Multi-Manager International Equity Fund - Class I | 2566055 | 9.8 |
| 5744 | Voya Small Cap Growth Fund - Class R6 | 282438 | 1.1 |
| 74874 | Voya VACS Series EME Fund | 1090171 | 4.1 |
|  |  | **5095381** | **19.4** |
|  | **Unaffiliated Investment Companies: 54.3%** | **Unaffiliated Investment Companies: 54.3%** | **Unaffiliated Investment Companies: 54.3%** |
| 59655 | Fidelity 500 Index Fund | **14215813** | **54.3** |
|  | Total Mutual Funds<br> (Cost $17,008,724) | **19311194** | **73.7** |
|  | Total Long-Term Investments <br> (Cost $22,818,711) | **26128205** | **99.7** |
|  | **Total Investments in Securities<br> (Cost $22,818,711)** | $**26128205** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **75969** | **0.3** |
|  | **Net Assets** | $**26204174** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2065 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $6817011 | $— | $— | $6817011 |
| Mutual Funds | 19311194 |  |  | 19311194 |
| Total Investments, at fair value | $26128205 | $— | $— | $26128205 |

---

^ 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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $640955 | $274433 | $(300223) | $17852 | $633017 | $16091 | $248 | $— |
| Voya MI Dynamic Small Cap Fund - Class R6 |  | 632966 | (155858) | 46592 | 523700 |  | 4730 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 2072984 | 1345753 | (893442) | 40760 | 2566055 |  | 121725 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 316484 | (77145) | 43099 | 282438 |  | 3312 |  |
| Voya VACS Series EME Fund | 767047 | 478778 | (319926) | 164272 | 1090171 |  | 29303 |  |
|  | $3480986 | $3048414 | $(1746594) | $312575 | $5095381 | $16091 | $159318 | $— |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $4982 |
| **Total** | $4982 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $(1889) |
| **Total** | $(1889) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2065 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

At November 30, 2025, 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 U.S. federal income tax purposes was $23,021,703. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3307226 |
| Gross Unrealized Depreciation | (200724) |
| Net Unrealized Appreciation | $3106502 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2070 Fund</u> <u>as of November 30, 2025 (Unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 27.0%** | **EXCHANGE-TRADED FUNDS: 27.0%** |  |  |  |
| 2529 | iShares Core S&P Mid- Cap ETF | $| 167774 | 4.9 |
| 9411 | Vanguard FTSE Developed Markets ETF |  | 579435 | 16.9 |
| 2069 | Vanguard FTSE Emerging Markets ETF |  | 112347 | 3.3 |
| 571 | Vanguard Long-Term Treasury ETF |  | 32776 | 0.9 |
| 687 | Xtrackers MSCI EAFE Hedged Equity ETF |  | 33278 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $875,845) |  | **925610** | **27.0** |
| **MUTUAL FUNDS: 72.7%** | **MUTUAL FUNDS: 72.7%** |  |  |  |
|  | **Affiliated Investment Companies: 18.2%** | **Affiliated Investment Companies: 18.2%** | **Affiliated Investment Companies: 18.2%** | **Affiliated Investment Companies: 18.2%** |
| 9175 | Voya Intermediate Bond Fund - Class R6 |  | 81839 | 2.4 |
| 4356 | Voya MI Dynamic Small Cap Fund - Class R6 |  | 70173 | 2.1 |
| 23511 | Voya Multi-Manager International Equity Fund - Class I |  | 298594 | 8.7 |
| 758 | Voya Small Cap Growth Fund - Class R6 |  | 37284 | 1.1 |
| 9256 | Voya VACS Series EME Fund |  | 134763 | 3.9 |
|  |  |  | **622653** | **18.2** |
|  | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** | **Unaffiliated Investment Companies: 54.5%** |
| 7840 | Fidelity 500 Index Fund |  | **1868255** | **54.5** |
|  | Total Mutual Funds |  |  |  |
|  | (Cost $2,330,655) |  | **2490908** | **72.7** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $3,206,500) |  | **3416518** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** |  |  |
|  | **Mutual Funds: 0.3%** |  |  |
| 8617 <sup>(1)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% | $8617 | 0.3 |
|  | Total Short-Term Investments<br> (Cost $8,617) | **8617** | **0.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $3,215,117)** | $**3425135** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(349)** | **0.0** |
|  | **Net Assets** | $**3424786** | **100.0** |

---

<sup>(1)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> <u>Retirement 2070 Fund</u> <u>as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**November 30,**<br>**2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $925610 | $— | $— | $925610 |
| Mutual Funds | 2490908 |  |  | 2490908 |
| Short-Term Investments | 8617 |  |  | 8617 |
| Total Investments, at fair value | $3425135 | $— | $— | $3425135 |

---

^ 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, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 8/08/2025** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**11/30/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $— | $97299 | $(16577) | $1117 | $81839 | $1325 | $151 | $— |
| Voya MI Dynamic Small Cap Fund |  |  |  |  |  |  |  |  |
| - Class R6 |  | 64001 | (38) | 6210 | 70173 |  | 3 |  |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I |  | 290921 | (2800) | 10473 | 298594 |  | 56 |  |
| Voya Small Cap Growth Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 32001 | (18) | 5301 | 37284 |  | 2 |  |
| Voya VACS Series EME Fund |  | 119697 | (121) | 15187 | 134763 |  | 11 |  |
|  | $— | $603919 | $(19554) | $38288 | $622653 | $1325 | $223 | $— |

---

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

At November 30, 2025, 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 U.S. federal income tax purposes was $3,215,117. | Cost for U.S. federal income tax purposes was $3,215,117. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $210018 |
| Gross Unrealized Depreciation |  |
| Net Unrealized Appreciation | $210018 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT AND SUB-ADVISORY CONTRACTS FOR VOYA TARGET RETIREMENT 2070 FUND**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Target Retirement 2070 Fund (the "Fund"), a series of Voya Separate Portfolios Trust ("VSPT"), can enter into a new investment management or sub-advisory contract only if the Board of Trustees of VSPT (the "Board"), including a majority of Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of the Fund, as such term is defined under the 1940 Act (the "Independent Trustees"), determine whether to approve the new arrangements. Thus, at its meeting held on November 14, 2024, the Board considered the initial approval of the investment management contract (the "Management Contract") with Voya Investments, LLC ("VIL") and the sub-advisory contract (the "Sub-Advisory Contract") between VIL and Voya Investment Management Co. LLC ("Voya IM"), as the Fund's sub-adviser (together, the "Management and Sub-Advisory Contracts").

In determining whether to initially approve the Management and Sub-Advisory Contracts for the Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Management and Sub-Advisory Contracts, and the proposed policies and procedures for the Fund, should be approved. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the Management and Sub-Advisory Contracts.

The materials provided to the Board in support of the Fund and the Fund's Management Contract included the following: (1) presentation materials detailing management's rationale for proposing the launch of the Fund that discusses, among other things, the experience and expertise of VIL in the management of other funds within the Voya funds complex, including the existing Voya Target Retirement Funds suite; (2) information about the Fund's proposed investment objective and strategies and anticipated portfolio characteristics; (3) Fund Analysis and Comparison Tables sheets for the Fund that compare the Fund's proposed fee structure to its comparable selected peer group ("SPG") and/or Morningstar category median and/or average; (4) supporting documentation, including copies of the forms of Management and Sub-Advisory Contracts for the Fund; (5) a memorandum provided by

counsel to the Independent Trustees summarizing the guidelines relevant to the Board's consideration of the approval of the Management and Sub-Advisory Contracts; (6) written responses to the Section 15(c) requests to VIL and Voya IM by counsel to the Independent Trustees on behalf of the Board; and (7) other information relevant to the Board's evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by VIL in the context of VIL's oversight and management of the other funds in the Voya funds complex.

The Board's consideration of whether to approve the Management Contract with VIL on behalf of the Fund took into account several factors, including, but not limited to, the following: (1) the nature, extent, and quality of the services to be provided by VIL to the Fund under the proposed Management Contract; (2) VIL's experience as a manager-of-managers overseeing sub-advisers to other funds within the Voya funds complex, including similar funds-of-funds; (3) the fairness of the compensation under the proposed Management Contract in light of the services to be provided to the Fund; (4) the costs for the services to be provided by VIL, including that the proposed management fee would not be subject to breakpoint discounts; (5) the pricing structure (including the estimated expense ratio and other fees to be borne by shareholders) of the Fund, including that: (a) the proposed management fee for the Fund is below the average and the median management fee of the funds in the Fund's SPG, and (b) the estimated expense ratio, inclusive of acquired fund fees and expenses, for the Fund is below the average and median expense ratios of the funds in the Fund's SPG, and (c) the estimated net funds-of-funds annual operating expenses for the Fund is below the average and the median expense ratios of the funds in the Fund's SPG; (6) management's representations that the Fund's fee structure is consistent with the Voya Target Retirement Funds suite; (7) the projected profitability of VIL with respect to its services to be rendered to the Fund; (8) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of VIL, including its management team's expertise in the management of other Voya funds, including other funds-of-funds and asset allocation products; (9) VIL's compliance capabilities, as demonstrated by, among other things, its policies and procedures designed to prevent violations of the Federal securities laws, which had previously been approved by the Board in connection with their oversight of other funds in the Voya funds complex; (10) the information that had been provided by VIL at regular Board meetings, and in anticipation of the November 2024 meeting, with respect to its capabilities in overseeing similar asset allocation products; and (11) "fall-out benefits" to VIL and its affiliates that were anticipated to arise from VIL's management of the Fund.

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

In reviewing the proposed Sub-Advisory Contract with Voya IM, the Board considered a number of factors, including, but not limited to, the following: (1) VIL's view of Voya IM's experience and its sub-advisory services; (2) the information that had been provided by Voya IM in advance of the November 13, 2024, Investment Review Committee F meeting at which Voya IM presented with respect to its sub-advisory services; (3) the nature and quality of the services to be provided by Voya IM under the proposed Sub-Advisory Contract; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM; (5) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by Voya IM as the Fund's sub-adviser; (6) Voya IM's operations and compliance program, including its policies and procedures designed to prevent violations of the Federal securities laws, which had been reviewed and evaluated by VSPT's Chief Compliance Officer; (7) Voya IM's financial condition; (8) the appropriateness of the selection of Voya IM in light of the Fund's investment objective and prospective investor base; and (9) Voya IM's Code of Ethics, which was previously approved by the Board.

With respect to the nature and quality of services to be provided by VIL and Voya IM, the Board was mindful of the "manager-of-managers" platform that has been developed by VIL. The Board recognized that VIL would be responsible for monitoring the investment program, performance, and developments/ on-going operations of Voya IM under this manager-of-managers arrangement. The Board also considered the techniques and resources that VIL has developed to provide ongoing oversight of the nature, extent and quality of the services Voya IM provides to the Fund and Voya IM's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, VIL has developed an oversight process formulated by its Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the Investment Review Committees ("IRCs") at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's services to a Voya fund and/

or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that VIL regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and VIL consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Fund also can benefit from the services of VIL's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and VIL. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by VIL to monitor sub-adviser performance.

The Board also considered the extent of benefits provided to the Fund's shareholders, beyond investment management services, from being part of the Voya family of funds. Although the Fund is new and has no performance history, the Board requested and considered performance information for the other funds in the Target Retirement Funds suite. Further, because the Fund is new, VIL does not currently receive, and may not receive prior to the time the Board next considers the approval of the Management Contract, any economies of scale with respect to the Fund.

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

The Fund will, however, benefit from any breakpoints in the fee schedules of underlying funds in which the Fund invests.

After its deliberation, the Board concluded that, in its business judgment, the terms of the Management and Sub-Advisory Contracts are fair and reasonable to the Fund and that approval of the Management and Sub-Advisory Contracts is in the best interests of the 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 Management and Sub-Advisory 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 the Fund's investment performance and the fees payable under the Management and Sub-Advisory Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Management and Sub-Advisory Contracts for the Fund.

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

At a meeting held on November 13, 2025, 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 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, 2026.

In addition to the Board meeting on November 13, 2025, 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 16, 2025 and November 11, 2025. 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; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or 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 omission of any such information was not deemed to be material to the Board's considerations.

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

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.

**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, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. 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 if and when 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.

**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** 

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

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 "bundled fee" arrangement in return for a single management fee ("Bundled Fee Structure"). 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 proposed 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, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, 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. 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's 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 16, 2025, November 11, 2025, and/or November 13, 2025 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. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratios 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, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year and five-year periods and the third quintile for the year-to-date, three-year and ten-year periods; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the

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

Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the third quintile for the one-year, three-year and ten-year periods, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and ten-year periods, the third quintile for the three-year period, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed. In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and ten-year periods, the third quintile for the three-year period, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed, and the ten-year period during which it was equal to the performance benchmark.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year, three-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year period, the third quintile for the three-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for

all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year and ten-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to

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

the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year period, the second quintile for the one-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the five-year period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile of all-in net expense ratios, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in

the third quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's all-in net expense ratio, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the first quintile, and the Fund's net expense ratio, not inclusive of AFFE, is below the median.

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) the expense borne by the Manager for the provision of most services by certain third parties to the Fund, such as transfer agency (excluding sub-transfer agency), custody, accounting, and legal services, pursuant to the Fund's Bundled Fee Structure.

**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, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |

---

---

| | |
|:---|:---|
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

---

| |
|:---|
| **Transfer Agent** |
| BNY Mellon Investment Servicing (U.S.) Inc. |
| 103 Bellevue Parkway |
| Wilmington, Delaware 19809 |

---

**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.**

**167983 (1125)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included in the financial statements filed under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $26,207 was paid by the series of the Trust during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. 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
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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibits.** 

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

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm262763d1_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm262763d1_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm262763d1_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm262763d1_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 | (Registrant): Voya Separate Portfolios Trust |
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: February 6, 2026 | Date: February 6, 2026 |

---

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.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: February 6, 2026 | Date: February 6, 2026 |
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |
| Date: February 6, 2026 | Date: February 6, 2026 |

---

## Ex-99.Cert

**EX-99.CERT**

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

I, Christian G. Wilson, 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 6, 2026 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**EX-99.CERT**

**<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 6, 2026 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal 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>Date of Form N-CSR: November 30, 2025

The undersigned, the principal 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 6<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br>Date of Form N-CSR: November 30, 2025

The undersigned, the principal 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 6<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---