# EDGAR Filing Document

**Accession Number:** 0001392116
**File Stem:** 0001104659-25-073537
**Filing Date:** 2025-8
**Character Count:** 563077
**Document Hash:** 05e8ed0d303ccd3227e932f4feabc94a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-073537.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001104659-25-073537

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22025
- **FILM NUMBER:** 251179503

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?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: **May 31, 2025**

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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](#classname4c2acef6-1b9d-4ffb-b2f0-4ee7b3a35637)<br> **[Class A - VTRVX](#classname4c2acef6-1b9d-4ffb-b2f0-4ee7b3a35637)**  |
|  [Voya Target In-Retirement Fund](#classname83c651ef-b728-4784-a91c-7f3e1f9df3e1)<br> **[Class I - ISOLX](#classname83c651ef-b728-4784-a91c-7f3e1f9df3e1)**  |
|  [Voya Target In-Retirement Fund](#classname3647e828-61fb-4707-83ff-7fdeb942c0eb)<br> **[Class R - VRRFX](#classname3647e828-61fb-4707-83ff-7fdeb942c0eb)**  |
|  [Voya Target In-Retirement Fund](#classname3ad062f7-6e91-43c9-a3c7-f735f0c6eadd)<br> **[Class R6 - VTRWX](#classname3ad062f7-6e91-43c9-a3c7-f735f0c6eadd)**  |
|  [Voya Target Retirement 2025 Fund](#classnamec71be914-590d-402c-9e5c-4f712784aa79)<br> **[Class A - VTRCX](#classnamec71be914-590d-402c-9e5c-4f712784aa79)**  |
|  [Voya Target Retirement 2025 Fund](#classname1e8eec3e-b5e6-4809-9025-689e74b96beb)<br> **[Class I - IRSLX](#classname1e8eec3e-b5e6-4809-9025-689e74b96beb)**  |
|  [Voya Target Retirement 2025 Fund](#classname3cb63a2e-e623-4246-be53-7c2d08fb5576)<br> **[Class R - VRRHX](#classname3cb63a2e-e623-4246-be53-7c2d08fb5576)**  |
|  [Voya Target Retirement 2025 Fund](#classname811447f0-dab1-410d-a40c-774073e078a3)<br> **[Class R6 - VTRDX](#classname811447f0-dab1-410d-a40c-774073e078a3)**  |
|  [Voya Target Retirement 2030 Fund](#classnamec3434ca2-4ce8-4ac8-bb55-695e9ebc9ed9)<br> **[Class A - VTREX](#classnamec3434ca2-4ce8-4ac8-bb55-695e9ebc9ed9)**  |
|  [Voya Target Retirement 2030 Fund](#classname07597e0e-8ff2-4fe0-a544-01b61453fa33)<br> **[Class I - IRSMX](#classname07597e0e-8ff2-4fe0-a544-01b61453fa33)**  |
|  [Voya Target Retirement 2030 Fund](#classname0f5bc880-89c7-43ef-b103-cdfae6fa6451)<br> **[Class R - VRRIX](#classname0f5bc880-89c7-43ef-b103-cdfae6fa6451)**  |
|  [Voya Target Retirement 2030 Fund](#classnamede357da1-db76-464a-80ea-259bfae32b02)<br> **[Class R6 - VTRFX](#classnamede357da1-db76-464a-80ea-259bfae32b02)**  |
|  [Voya Target Retirement 2035 Fund](#classname2524925b-03ef-4142-9db4-9c8aaf74bd8a)<br> **[Class A - VTRGX](#classname2524925b-03ef-4142-9db4-9c8aaf74bd8a)**  |
|  [Voya Target Retirement 2035 Fund](#classname78f1300e-14c3-4aa5-9037-dd735f1252df)<br> **[Class I - IRSNX](#classname78f1300e-14c3-4aa5-9037-dd735f1252df)**  |
|  [Voya Target Retirement 2035 Fund](#classnameb424e458-b4e3-4465-a846-11dc47c29c50)<br> **[Class R - VRRJX](#classnameb424e458-b4e3-4465-a846-11dc47c29c50)**  |
|  [Voya Target Retirement 2035 Fund](#classname0689ec57-3bfc-4509-8924-fc2e0b4f7fe2)<br> **[Class R6 - VTRHX](#classname0689ec57-3bfc-4509-8924-fc2e0b4f7fe2)**  |
|  [Voya Target Retirement 2040 Fund](#classnamef667dfa2-7243-4fc0-bf22-f7845c52f952)<br> **[Class A - VTRJX](#classnamef667dfa2-7243-4fc0-bf22-f7845c52f952)**  |
|  [Voya Target Retirement 2040 Fund](#classname7015d5b4-58c2-42eb-b872-0e0b80a06b0e)<br> **[Class I - IRSOX](#classname7015d5b4-58c2-42eb-b872-0e0b80a06b0e)**  |
|  [Voya Target Retirement 2040 Fund](#classname989fe12b-9b0d-44d3-9f5e-5f9d4ba86fef)<br> **[Class R - VRRKX](#classname989fe12b-9b0d-44d3-9f5e-5f9d4ba86fef)**  |
|  [Voya Target Retirement 2040 Fund](#classnamef81d58e4-9aa5-4384-ac3f-6f293652f08f)<br> **[Class R6 - VTRKX](#classnamef81d58e4-9aa5-4384-ac3f-6f293652f08f)**  |
|  [Voya Target Retirement 2045 Fund](#classname19d23802-1f59-4c0f-a06b-64e91e0d6a4f)<br> **[Class A - VTRMX](#classname19d23802-1f59-4c0f-a06b-64e91e0d6a4f)**  |
|  [Voya Target Retirement 2045 Fund](#classname566b12b2-4bee-49e8-9042-905404b5d52a)<br> **[Class I - IRSPX](#classname566b12b2-4bee-49e8-9042-905404b5d52a)**  |
|  [Voya Target Retirement 2045 Fund](#classnamec8e6d3fa-55c0-4513-8d33-7167ac1e8e5c)<br> **[Class R - VRRLX](#classnamec8e6d3fa-55c0-4513-8d33-7167ac1e8e5c)**  |
|  [Voya Target Retirement 2045 Fund](#classname1d63f18d-d4c1-400c-a898-aaa0c7868dc5)<br> **[Class R6 - VTRNX](#classname1d63f18d-d4c1-400c-a898-aaa0c7868dc5)**  |
|  [Voya Target Retirement 2050 Fund](#classname6b6381f1-06f8-42f5-813e-f6610000fcd5)<br> **[Class A - VTROX](#classname6b6381f1-06f8-42f5-813e-f6610000fcd5)**  |
|  [Voya Target Retirement 2050 Fund](#classname46786a52-f803-45c3-858a-ccd154736aca)<br> **[Class I - IRSQX](#classname46786a52-f803-45c3-858a-ccd154736aca)**  |
|  [Voya Target Retirement 2050 Fund](#classname77b69447-66b7-49c4-bea0-0ea2935feefc)<br> **[Class R - VRRMX](#classname77b69447-66b7-49c4-bea0-0ea2935feefc)**  |
|  [Voya Target Retirement 2050 Fund](#classname289b95b1-280a-4aa4-b7cb-9402335cd6e5)<br> **[Class R6 - VTRPX](#classname289b95b1-280a-4aa4-b7cb-9402335cd6e5)**  |
|  [Voya Target Retirement 2055 Fund](#classname17abeb25-2baa-4cb3-9fb4-a27cd4b390e3)<br> **[Class A - VTRQX](#classname17abeb25-2baa-4cb3-9fb4-a27cd4b390e3)**  |
|  [Voya Target Retirement 2055 Fund](#classnamedd0e31d4-78a2-4abf-9ef9-cc07f82e5f50)<br> **[Class I - IRSVX](#classnamedd0e31d4-78a2-4abf-9ef9-cc07f82e5f50)**  |
|  [Voya Target Retirement 2055 Fund](#classname8039dd42-806a-45fd-9350-18d5d54bdd29)<br> **[Class R - VRRNX](#classname8039dd42-806a-45fd-9350-18d5d54bdd29)**  |
|  [Voya Target Retirement 2055 Fund](#classnamebba5014a-3eb7-44d1-8d7d-59b1e8176807)<br> **[Class R6 - VTRRX](#classnamebba5014a-3eb7-44d1-8d7d-59b1e8176807)**  |
|  [Voya Target Retirement 2060 Fund](#classname4fe3efa6-483a-43fe-8c94-1e5bcb65ff7e)<br> **[Class A - VTRSX](#classname4fe3efa6-483a-43fe-8c94-1e5bcb65ff7e)**  |
|  [Voya Target Retirement 2060 Fund](#classname670cb4f9-86b0-47c6-a97e-9e6383ae1ffc)<br> **[Class I - VRSAX](#classname670cb4f9-86b0-47c6-a97e-9e6383ae1ffc)**  |
|  [Voya Target Retirement 2060 Fund](#classnamef1906366-60a2-4cc8-be65-e48315d06e44)<br> **[Class R - VRROX](#classnamef1906366-60a2-4cc8-be65-e48315d06e44)**  |
|  [Voya Target Retirement 2060 Fund](#classname0700f476-c561-46c4-b03b-0a57ff08b70a)<br> **[Class R6 - VTRUX](#classname0700f476-c561-46c4-b03b-0a57ff08b70a)**  |
|  [Voya Target Retirement 2065 Fund](#classname24218bfc-52a6-4ad5-b7fc-6649f0b140df)<br> **[Class A - VTAUX](#classname24218bfc-52a6-4ad5-b7fc-6649f0b140df)**  |
|  [Voya Target Retirement 2065 Fund](#classnamecd0b3c86-0716-4096-9db9-8f5d1c9bd21e)<br> **[Class I - VTIUX](#classnamecd0b3c86-0716-4096-9db9-8f5d1c9bd21e)**  |
|  [Voya Target Retirement 2065 Fund](#classnamee652a47c-8841-4dbf-953c-7fabfc95c3e7)<br> **[Class R - VTURX](#classnamee652a47c-8841-4dbf-953c-7fabfc95c3e7)**  |
|  [Voya Target Retirement 2065 Fund](#classname68c4210d-1bf6-41f6-9794-d477bff84d4f)<br> **[Class R6 - VTUFX](#classname68c4210d-1bf6-41f6-9794-d477bff84d4f)**  |

---

# Class A: VTRVX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target In-Retirement Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $36 | 0.35% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date Retirement Income Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An overweight to U.S. large cap equity was the main contributor. Underlying fund selection was also additive. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, iShares Core S&P Mid-Cap ETF, Vanguard FTSE Developed Markets ETF and Voya VACS Series EME Fund were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg063.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date Retirement Income Index** |
| **12/21/2015** | $9427 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9703 | $10292 | $10178 | $10266 | $10336 |
| **2017** | $10338 | $10967 | $10339 | $12065 | $10943 |
| **2018** | $10737 | $11389 | $10300 | $13494 | $11428 |
| **2019** | $11068 | $11741 | $10960 | $13320 | $11765 |
| **2020** | $11668 | $12378 | $11992 | $14043 | $12597 |
| **2021** | $13352 | $14164 | $11944 | $19920 | $14069 |
| **2022** | $12371 | $13123 | $10962 | $18569 | $13277 |
| **2023** | $12138 | $12876 | $10728 | $18727 | $13302 |
| **2024** | $13249 | $14055 | $10868 | $23138 | $14495 |
| **2025** | $14251 | $15117 | $11617 | $26455 | $15641 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 1.37% | 2.86% | 3.82% |
| Class A - Excluding Sales Charge | 7.56% | 4.08% | 4.47% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$104,399,696

* # of Portfolio Holdings14

* Portfolio Turnover Rate104%

* Investment Advisory Fees Paid59,578

## 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 | 24.5% |
| Fidelity 500 Index Fund | 21.7% |
| iShares Core U.S. Aggregate Bond ETF | 14.0% |
| Schwab U.S. TIPS ETF | 10.0% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 5.5% |
| SPDR Portfolio High Yield Bond ETF | 4.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.1% |
| Fixed Income | 64.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target In-Retirement Fund
92913M716-AR

# Class I: ISOLX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target In-Retirement Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $9 | 0.09% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date Retirement Income Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An overweight to U.S. large cap equity was the main contributor. Underlying fund selection was also additive. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, iShares Core S&P Mid-Cap ETF, Vanguard FTSE Developed Markets ETF and Voya VACS Series EME Fund were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg058.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date Retirement Income Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $250516 | $257475 | $236450 | $251975 |
| **2017** | $267647 | $261543 | $277900 | $266766 |
| **2018** | $278694 | $260575 | $310803 | $278584 |
| **2019** | $288270 | $277252 | $306794 | $286802 |
| **2020** | $304739 | $303369 | $323453 | $307079 |
| **2021** | $349524 | $302156 | $458817 | $342976 |
| **2022** | $325281 | $277319 | $427710 | $323667 |
| **2023** | $320193 | $271384 | $431345 | $324282 |
| **2024** | $350467 | $274927 | $532955 | $353348 |
| **2025** | $378226 | $289935 | $605713 | $381241 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.92% | 4.42% | 4.23% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.31% |

---

## Fund Statistics
* Total Net Assets$104,399,696

* # of Portfolio Holdings14

* Portfolio Turnover Rate104%

* Investment Advisory Fees Paid59,578

## 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 | 24.5% |
| Fidelity 500 Index Fund | 21.7% |
| iShares Core U.S. Aggregate Bond ETF | 14.0% |
| Schwab U.S. TIPS ETF | 10.0% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 5.5% |
| SPDR Portfolio High Yield Bond ETF | 4.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.1% |
| Fixed Income | 64.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target In-Retirement Fund
92913M856-AR

# Class R: VRRFX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target In-Retirement Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $62 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date Retirement Income Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An overweight to U.S. large cap equity was the main contributor. Underlying fund selection was also additive. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, iShares Core S&P Mid-Cap ETF, Vanguard FTSE Developed Markets ETF and Voya VACS Series EME Fund were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg101.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date Retirement Income Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $10268 | $10660 | $9861 | $10283 |
| **2020** | $10807 | $11664 | $10397 | $11010 |
| **2021** | $12329 | $11617 | $14747 | $12297 |
| **2022** | $11390 | $10662 | $13748 | $11605 |
| **2023** | $11134 | $10434 | $13864 | $11627 |
| **2024** | $12137 | $10570 | $17130 | $12669 |
| **2025** | $13017 | $11147 | $19339 | $13670 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 7.26% | 3.79% | 3.84% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.56% |

---

## Fund Statistics
* Total Net Assets$104,399,696

* # of Portfolio Holdings14

* Portfolio Turnover Rate104%

* Investment Advisory Fees Paid59,578

## 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 | 24.5% |
| Fidelity 500 Index Fund | 21.7% |
| iShares Core U.S. Aggregate Bond ETF | 14.0% |
| Schwab U.S. TIPS ETF | 10.0% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 5.5% |
| SPDR Portfolio High Yield Bond ETF | 4.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg102.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.1% |
| Fixed Income | 64.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target In-Retirement Fund
92913M278-AR

# Class R6: VTRWX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target In-Retirement Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target In-Retirement Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $8 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date Retirement Income Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An overweight to U.S. large cap equity was the main contributor. Underlying fund selection was also additive. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, iShares Core S&P Mid-Cap ETF, Vanguard FTSE Developed Markets ETF and Voya VACS Series EME Fund were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg082.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date Retirement Income Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1030278 | $1017800 | $1026600 | $1033600 |
| **2017** | $1100898 | $1033900 | $1206500 | $1094300 |
| **2018** | $1145826 | $1030000 | $1349400 | $1142800 |
| **2019** | $1186537 | $1096000 | $1332000 | $1176500 |
| **2020** | $1254573 | $1199200 | $1404300 | $1259700 |
| **2021** | $1439207 | $1194400 | $1992000 | $1406900 |
| **2022** | $1339532 | $1096200 | $1856900 | $1327700 |
| **2023** | $1318730 | $1072800 | $1872700 | $1330200 |
| **2024** | $1444023 | $1086800 | $2313800 | $1449500 |
| **2025** | $1558990 | $1161735 | $2645476 | $1564100 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 7.96% | 4.44% | 4.81% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date Retirement Income Index | 7.91% | 4.42% | 4.85% |

---

## Fund Statistics
* Total Net Assets$104,399,696

* # of Portfolio Holdings14

* Portfolio Turnover Rate104%

* Investment Advisory Fees Paid59,578

## 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 | 24.5% |
| Fidelity 500 Index Fund | 21.7% |
| iShares Core U.S. Aggregate Bond ETF | 14.0% |
| Schwab U.S. TIPS ETF | 10.0% |
| Voya Short Duration Bond Fund - Class R6 | 7.9% |
| Vanguard FTSE Developed Markets ETF | 5.5% |
| SPDR Portfolio High Yield Bond ETF | 4.0% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya Multi-Manager International Equity Fund - Class I | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg071.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Equity | 35.1% |
| Fixed Income | 64.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 21.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.0% |
| International | 8.5% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 38.5% |
| High Yield | 4.0% |
| International Bonds | 1.5% |
| TIPS | 10.0% |
| Short Duration | 8.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target In-Retirement Fund
92913M690-AR

# Class A: VTRCX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2025 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2025 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $35 | 0.34% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2025 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to U.S. small cap equity and U.S. large cap equity positioning were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Manager selection detracted from performance. An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg109.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2025 Index** |
| **12/21/2015** | $9427 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9697 | $10286 | $10178 | $10266 | $10398 |
| **2017** | $10750 | $11403 | $10339 | $12065 | $11578 |
| **2018** | $11520 | $12220 | $10300 | $13494 | $12503 |
| **2019** | $11670 | $12380 | $10960 | $13320 | $12672 |
| **2020** | $12344 | $13094 | $11992 | $14043 | $13447 |
| **2021** | $15387 | $16322 | $11944 | $19920 | $16524 |
| **2022** | $14246 | $15112 | $10962 | $18569 | $15562 |
| **2023** | $14002 | $14853 | $10728 | $18727 | $15648 |
| **2024** | $15813 | $16774 | $10868 | $23138 | $17521 |
| **2025** | $17151 | $18194 | $11617 | $26455 | $19066 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.24% | 5.54% | 5.88% |
| Class A - Excluding Sales Charge | 8.46% | 6.80% | 6.54% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2025 Index | 8.82% | 7.23% | 7.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$152,392,264

* # of Portfolio Holdings14

* Portfolio Turnover Rate95%

* Investment Advisory Fees Paid91,210

## 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 | 24.2% |
| Fidelity 500 Index Fund | 22.7% |
| iShares Core U.S. Aggregate Bond ETF | 13.2% |
| Schwab U.S. TIPS ETF | 9.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Short Duration Bond Fund - Class R6 | 6.5% |
| Voya Multi-Manager International Equity Fund - Class I | 3.5% |
| SPDR Portfolio High Yield Bond ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 38.6% |
| Fixed Income | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 10.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 37.5% |
| High Yield | 3.5% |
| International Bonds | 1.5% |
| TIPS | 9.5% |
| Short Duration | 6.5% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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: VTRCX
![QR Code](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2025 Fund
92913M666-AR

# Class I: IRSLX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2025 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2025 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $10 | 0.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2025 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to U.S. small cap equity and U.S. large cap equity positioning were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Manager selection detracted from performance. An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg032.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2025 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $245614 | $257475 | $236450 | $247875 |
| **2017** | $273002 | $261543 | $277900 | $276009 |
| **2018** | $293148 | $260575 | $310803 | $298062 |
| **2019** | $297825 | $277252 | $306794 | $302086 |
| **2020** | $315487 | $303369 | $323453 | $320573 |
| **2021** | $394087 | $302156 | $458817 | $393921 |
| **2022** | $365373 | $277319 | $427710 | $370994 |
| **2023** | $359870 | $271384 | $431345 | $373035 |
| **2024** | $407437 | $274927 | $532955 | $417697 |
| **2025** | $442812 | $289935 | $605713 | $454532 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.68% | 7.02% | 5.88% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

## Fund Statistics
* Total Net Assets$152,392,264

* # of Portfolio Holdings14

* Portfolio Turnover Rate95%

* Investment Advisory Fees Paid91,210

## 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 | 24.2% |
| Fidelity 500 Index Fund | 22.7% |
| iShares Core U.S. Aggregate Bond ETF | 13.2% |
| Schwab U.S. TIPS ETF | 9.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Short Duration Bond Fund - Class R6 | 6.5% |
| Voya Multi-Manager International Equity Fund - Class I | 3.5% |
| SPDR Portfolio High Yield Bond ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 38.6% |
| Fixed Income | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 10.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 37.5% |
| High Yield | 3.5% |
| International Bonds | 1.5% |
| TIPS | 9.5% |
| Short Duration | 6.5% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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: IRSLX
![QR Code](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2025 Fund
92913M773-AR

# Class R: VRRHX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2025 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2025 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $61 | 0.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2025 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to U.S. small cap equity and U.S. large cap equity positioning were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Manager selection detracted from performance. An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2025 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $10059 | $10660 | $9861 | $10119 |
| **2020** | $10615 | $11664 | $10397 | $10738 |
| **2021** | $13191 | $11617 | $14747 | $13195 |
| **2022** | $12193 | $10662 | $13748 | $12427 |
| **2023** | $11948 | $10434 | $13864 | $12496 |
| **2024** | $13467 | $10570 | $17130 | $13992 |
| **2025** | $14562 | $11147 | $19339 | $15226 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 8.14% | 6.53% | 5.52% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2025 Index | 8.82% | 7.23% | 6.16% |

---

## Fund Statistics
* Total Net Assets$152,392,264

* # of Portfolio Holdings14

* Portfolio Turnover Rate95%

* Investment Advisory Fees Paid91,210

## 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 | 24.2% |
| Fidelity 500 Index Fund | 22.7% |
| iShares Core U.S. Aggregate Bond ETF | 13.2% |
| Schwab U.S. TIPS ETF | 9.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Short Duration Bond Fund - Class R6 | 6.5% |
| Voya Multi-Manager International Equity Fund - Class I | 3.5% |
| SPDR Portfolio High Yield Bond ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 38.6% |
| Fixed Income | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 10.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 37.5% |
| High Yield | 3.5% |
| International Bonds | 1.5% |
| TIPS | 9.5% |
| Short Duration | 6.5% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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: VRRHX
![QR Code](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2025 Fund
92913M252-AR

# Class R6: VTRDX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2025 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2025 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $8 | 0.08% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2025 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to U.S. small cap equity and U.S. large cap equity positioning were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Manager selection detracted from performance. An overweight to U.S. mid cap & underweight to international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg051.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2025 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1029652 | $1017800 | $1026600 | $1039800 |
| **2017** | $1145229 | $1033900 | $1206500 | $1157800 |
| **2018** | $1230323 | $1030000 | $1349400 | $1250300 |
| **2019** | $1250530 | $1096000 | $1332000 | $1267200 |
| **2020** | $1326745 | $1199200 | $1404300 | $1344700 |
| **2021** | $1658284 | $1194400 | $1992000 | $1652400 |
| **2022** | $1540213 | $1096200 | $1856900 | $1556200 |
| **2023** | $1518456 | $1072800 | $1872700 | $1564800 |
| **2024** | $1719232 | $1086800 | $2313800 | $1752100 |
| **2025** | $1869872 | $1161735 | $2645476 | $1906600 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 8.76% | 7.10% | 6.85% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2025 Index | 8.82% | 7.23% | 7.06% |

---

## Fund Statistics
* Total Net Assets$152,392,264

* # of Portfolio Holdings14

* Portfolio Turnover Rate95%

* Investment Advisory Fees Paid91,210

## 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 | 24.2% |
| Fidelity 500 Index Fund | 22.7% |
| iShares Core U.S. Aggregate Bond ETF | 13.2% |
| Schwab U.S. TIPS ETF | 9.4% |
| Vanguard FTSE Developed Markets ETF | 7.2% |
| Voya Short Duration Bond Fund - Class R6 | 6.5% |
| Voya Multi-Manager International Equity Fund - Class I | 3.5% |
| SPDR Portfolio High Yield Bond ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 1.9% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Equity | 38.6% |
| Fixed Income | 61.3% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 22.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 1.3% |
| International | 10.8% |
| Emerging Markets | 3.0% |
| Core Fixed Income | 37.5% |
| High Yield | 3.5% |
| International Bonds | 1.5% |
| TIPS | 9.5% |
| Short Duration | 6.5% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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: VTRDX
![QR Code](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2025 Fund
92913M658-AR

# Class A: VTREX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2030 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $38 | 0.36% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to global bond and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity $ Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg072.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2030 Index** |
| **12/21/2015** | $9429 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9684 | $10271 | $10178 | $10266 | $10408 |
| **2017** | $10877 | $11535 | $10339 | $12065 | $11702 |
| **2018** | $11790 | $12504 | $10300 | $13494 | $12780 |
| **2019** | $11853 | $12571 | $10960 | $13320 | $12860 |
| **2020** | $12534 | $13293 | $11992 | $14043 | $13594 |
| **2021** | $16219 | $17202 | $11944 | $19920 | $17298 |
| **2022** | $15046 | $15957 | $10962 | $18569 | $16265 |
| **2023** | $14806 | $15702 | $10728 | $18727 | $16362 |
| **2024** | $17054 | $18086 | $10868 | $23138 | $18692 |
| **2025** | $18577 | $19702 | $11617 | $26455 | $20470 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.64% | 6.91% | 6.78% |
| Class A - Excluding Sales Charge | 8.93% | 8.19% | 7.44% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2030 Index | 9.51% | 8.53% | 7.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$169,772,456

* # of Portfolio Holdings14

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid118,735

## 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 | 35.7% |
| Voya Intermediate Bond Fund - Class R6 | 17.5% |
| iShares Core U.S. Aggregate Bond ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| Voya Multi-Manager International Equity Fund - Class I | 6.0% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 39.4% |
| Equity | 60.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2030 Fund
92913M641-AR

# Class I: IRSMX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2030 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $13 | 0.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to global bond and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity $ Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg026.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2030 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $243969 | $257475 | $236450 | $247025 |
| **2017** | $274655 | $261543 | $277900 | $277730 |
| **2018** | $298596 | $260575 | $310803 | $303309 |
| **2019** | $300858 | $277252 | $306794 | $305220 |
| **2020** | $319007 | $303369 | $323453 | $322648 |
| **2021** | $413715 | $302156 | $458817 | $410537 |
| **2022** | $384891 | $277319 | $427710 | $386028 |
| **2023** | $379743 | $271384 | $431345 | $388344 |
| **2024** | $438479 | $274927 | $532955 | $443631 |
| **2025** | $478734 | $289935 | $605713 | $485841 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.18% | 8.46% | 6.71% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2030 Index | 9.51% | 8.53% | 6.87% |

---

## Fund Statistics
* Total Net Assets$169,772,456

* # of Portfolio Holdings14

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid118,735

## 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 | 35.7% |
| Voya Intermediate Bond Fund - Class R6 | 17.5% |
| iShares Core U.S. Aggregate Bond ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| Voya Multi-Manager International Equity Fund - Class I | 6.0% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 39.4% |
| Equity | 60.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2030 Fund
92913M781-AR

# Class R: VRRIX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2030 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $64 | 0.61% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to global bond and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity $ Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2030 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9964 | $10660 | $9861 | $10048 |
| **2020** | $10509 | $11664 | $10397 | $10622 |
| **2021** | $13565 | $11617 | $14747 | $13515 |
| **2022** | $12547 | $10662 | $13748 | $12708 |
| **2023** | $12331 | $10434 | $13864 | $12785 |
| **2024** | $14169 | $10570 | $17130 | $14605 |
| **2025** | $15404 | $11147 | $19339 | $15994 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 8.72% | 7.95% | 6.37% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2030 Index | 9.51% | 8.53% | 6.89% |

---

## Fund Statistics
* Total Net Assets$169,772,456

* # of Portfolio Holdings14

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid118,735

## 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 | 35.7% |
| Voya Intermediate Bond Fund - Class R6 | 17.5% |
| iShares Core U.S. Aggregate Bond ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| Voya Multi-Manager International Equity Fund - Class I | 6.0% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 39.4% |
| Equity | 60.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2030 Fund
92913M245-AR

# Class R6: VTRFX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2030 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2030 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $9 | 0.09% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2030 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight to global bond and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity $ Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg069.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2030 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1028061 | $1017800 | $1026600 | $1040800 |
| **2017** | $1158147 | $1033900 | $1206500 | $1170200 |
| **2018** | $1259845 | $1030000 | $1349400 | $1278000 |
| **2019** | $1269731 | $1096000 | $1332000 | $1286000 |
| **2020** | $1346996 | $1199200 | $1404300 | $1359400 |
| **2021** | $1747405 | $1194400 | $1992000 | $1729800 |
| **2022** | $1624809 | $1096200 | $1856900 | $1626500 |
| **2023** | $1605274 | $1072800 | $1872700 | $1636200 |
| **2024** | $1854644 | $1086800 | $2313800 | $1869200 |
| **2025** | $2027241 | $1161735 | $2645476 | $2047000 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 9.31% | 8.52% | 7.77% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2030 Index | 9.51% | 8.53% | 7.86% |

---

## Fund Statistics
* Total Net Assets$169,772,456

* # of Portfolio Holdings14

* Portfolio Turnover Rate80%

* Investment Advisory Fees Paid118,735

## 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 | 35.7% |
| Voya Intermediate Bond Fund - Class R6 | 17.5% |
| iShares Core U.S. Aggregate Bond ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.0% |
| Voya Multi-Manager International Equity Fund - Class I | 6.0% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Schwab U.S. TIPS ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Fixed Income | 39.4% |
| Equity | 60.6% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 35.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 15.0% |
| Emerging Markets | 3.5% |
| Core Fixed Income | 29.5% |
| High Yield | 2.0% |
| TIPS | 3.0% |
| Short Duration | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2030 Fund
92913M633-AR

# Class A: VTRGX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2035 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $37 | 0.35% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond and U.S. treasury inflation protected securities (TIPs) and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity & Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg061.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2035 Index** |
| **12/21/2015** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9663 | $10254 | $10178 | $10266 | $10417 |
| **2017** | $10994 | $11666 | $10339 | $12065 | $11823 |
| **2018** | $12040 | $12776 | $10300 | $13494 | $13048 |
| **2019** | $12014 | $12749 | $10960 | $13320 | $13035 |
| **2020** | $12698 | $13474 | $11992 | $14043 | $13709 |
| **2021** | $16998 | $18037 | $11944 | $19920 | $18126 |
| **2022** | $15764 | $16728 | $10962 | $18569 | $17025 |
| **2023** | $15565 | $16517 | $10728 | $18727 | $17119 |
| **2024** | $18301 | $19420 | $10868 | $23138 | $19983 |
| **2025** | $20092 | $21320 | $11617 | $26455 | $22031 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.48% | 8.33% | 7.67% |
| Class A - Excluding Sales Charge | 9.79% | 9.61% | 8.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2035 Index | 10.24% | 9.95% | 8.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$226,394,905

* # of Portfolio Holdings12

* Portfolio Turnover Rate94%

* Investment Advisory Fees Paid155,373

## 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 | 42.7% |
| Voya Intermediate Bond Fund - Class R6 | 14.5% |
| Vanguard FTSE Developed Markets ETF | 11.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.9% |
| Voya Multi-Manager International Equity Fund - Class I | 6.9% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 28.4% |
| Equity | 71.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2035 Fund
92913M625-AR

# Class I: IRSNX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2035 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond and U.S. treasury inflation protected securities (TIPs) and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity & Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg054.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2035 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $241243 | $257475 | $236450 | $246200 |
| **2017** | $275209 | $261543 | $277900 | $279437 |
| **2018** | $302039 | $260575 | $310803 | $308387 |
| **2019** | $302467 | $277252 | $306794 | $308078 |
| **2020** | $320650 | $303369 | $323453 | $324006 |
| **2021** | $430606 | $302156 | $458817 | $428401 |
| **2022** | $400940 | $277319 | $427710 | $402397 |
| **2023** | $397207 | $271384 | $431345 | $404610 |
| **2024** | $468307 | $274927 | $532955 | $472306 |
| **2025** | $515224 | $289935 | $605713 | $520692 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 10.02% | 9.95% | 7.50% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2035 Index | 10.24% | 9.95% | 7.61% |

---

## Fund Statistics
* Total Net Assets$226,394,905

* # of Portfolio Holdings12

* Portfolio Turnover Rate94%

* Investment Advisory Fees Paid155,373

## 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 | 42.7% |
| Voya Intermediate Bond Fund - Class R6 | 14.5% |
| Vanguard FTSE Developed Markets ETF | 11.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.9% |
| Voya Multi-Manager International Equity Fund - Class I | 6.9% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 28.4% |
| Equity | 71.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2035 Fund
92913M799-AR

# Class R: VRRJX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2035 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $63 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond and U.S. treasury inflation protected securities (TIPs) and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity & Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg055.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2035 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9885 | $10660 | $9861 | $9978 |
| **2020** | $10425 | $11664 | $10397 | $10494 |
| **2021** | $13917 | $11617 | $14747 | $13875 |
| **2022** | $12876 | $10662 | $13748 | $13032 |
| **2023** | $12691 | $10434 | $13864 | $13104 |
| **2024** | $14880 | $10570 | $17130 | $15296 |
| **2025** | $16292 | $11147 | $19339 | $16864 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 9.49% | 9.34% | 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2035 Index | 10.24% | 9.95% | 7.69% |

---

## Fund Statistics
* Total Net Assets$226,394,905

* # of Portfolio Holdings12

* Portfolio Turnover Rate94%

* Investment Advisory Fees Paid155,373

## 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 | 42.7% |
| Voya Intermediate Bond Fund - Class R6 | 14.5% |
| Vanguard FTSE Developed Markets ETF | 11.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.9% |
| Voya Multi-Manager International Equity Fund - Class I | 6.9% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 28.4% |
| Equity | 71.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2035 Fund
92913M237-AR

# Class R6: VTRHX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2035 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2035 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $9 | 0.09% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P Target Date 2035 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond and U.S. treasury inflation protected securities (TIPs) and overweight to U.S. large cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & intermediate core bond were the main asset allocation detractors. On an individual holdings level, Voya Multi-Manager International Equity & Voya VACS Series EME Funds were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg080.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2035 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1026388 | $1017800 | $1026600 | $1041700 |
| **2017** | $1171332 | $1033900 | $1206500 | $1182300 |
| **2018** | $1286015 | $1030000 | $1349400 | $1304800 |
| **2019** | $1287081 | $1096000 | $1332000 | $1303500 |
| **2020** | $1364704 | $1199200 | $1404300 | $1370900 |
| **2021** | $1832434 | $1194400 | $1992000 | $1812600 |
| **2022** | $1706192 | $1096200 | $1856900 | $1702500 |
| **2023** | $1690371 | $1072800 | $1872700 | $1711900 |
| **2024** | $1992716 | $1086800 | $2313800 | $1998300 |
| **2025** | $2193083 | $1161735 | $2645476 | $2203100 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 10.06% | 9.95% | 8.67% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2035 Index | 10.24% | 9.95% | 8.70% |

---

## Fund Statistics
* Total Net Assets$226,394,905

* # of Portfolio Holdings12

* Portfolio Turnover Rate94%

* Investment Advisory Fees Paid155,373

## 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 | 42.7% |
| Voya Intermediate Bond Fund - Class R6 | 14.5% |
| Vanguard FTSE Developed Markets ETF | 11.0% |
| iShares Core U.S. Aggregate Bond ETF | 8.9% |
| Voya Multi-Manager International Equity Fund - Class I | 6.9% |
| iShares Core S&P Mid-Cap ETF | 3.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 28.4% |
| Equity | 71.5% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 42.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 3.5% |
| US Small Cap | 2.0% |
| International | 18.0% |
| Emerging Markets | 4.5% |
| Core Fixed Income | 23.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2035 Fund
92913M617-AR

# Class A: VTRJX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2040 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $39 | 0.37% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, and R shares underperformed and Class R6 shares performed inline to the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond & U.S. treasury inflation protected securities (TIPs) & overweight to U.S. small cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. The Fund's overweight to U.S. mid cap and long duration were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg117.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2040 Index** |
| **12/21/2015** | $9428 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9669 | $10256 | $10178 | $10266 | $10423 |
| **2017** | $11087 | $11761 | $10339 | $12065 | $11911 |
| **2018** | $12204 | $12945 | $10300 | $13494 | $13242 |
| **2019** | $12101 | $12836 | $10960 | $13320 | $13170 |
| **2020** | $12812 | $13589 | $11992 | $14043 | $13800 |
| **2021** | $17689 | $18763 | $11944 | $19920 | $18727 |
| **2022** | $16431 | $17429 | $10962 | $18569 | $17590 |
| **2023** | $16297 | $17287 | $10728 | $18727 | $17700 |
| **2024** | $19519 | $20704 | $10868 | $23138 | $21040 |
| **2025** | $21579 | $22889 | $11617 | $26455 | $23327 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.19% | 9.68% | 8.49% |
| Class A - Excluding Sales Charge | 10.55% | 10.99% | 9.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2040 Index | 10.87% | 11.07% | 9.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$122,648,452

* # of Portfolio Holdings12

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid106,094

## 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 | 47.6% |
| Vanguard FTSE Developed Markets ETF | 13.9% |
| Voya Intermediate Bond Fund - Class R6 | 10.5% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| iShares Core U.S. Aggregate Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg088.jpg)

---

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

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2040 Fund
92913M591-AR

# Class I: IRSOX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2040 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $13 | 0.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, and R shares underperformed and Class R6 shares performed inline to the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond & U.S. treasury inflation protected securities (TIPs) & overweight to U.S. small cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. The Fund's overweight to U.S. mid cap and long duration were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg021.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2040 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $240760 | $257475 | $236450 | $245525 |
| **2017** | $276467 | $261543 | $277900 | $280561 |
| **2018** | $305202 | $260575 | $310803 | $311928 |
| **2019** | $303404 | $277252 | $306794 | $310213 |
| **2020** | $321812 | $303369 | $323453 | $325072 |
| **2021** | $445289 | $302156 | $458817 | $441122 |
| **2022** | $415209 | $277319 | $427710 | $414346 |
| **2023** | $412702 | $271384 | $431345 | $416915 |
| **2024** | $496083 | $274927 | $532955 | $495609 |
| **2025** | $549842 | $289935 | $605713 | $549479 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 10.84% | 11.31% | 8.20% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2040 Index | 10.87% | 11.07% | 8.19% |

---

## Fund Statistics
* Total Net Assets$122,648,452

* # of Portfolio Holdings12

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid106,094

## 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 | 47.6% |
| Vanguard FTSE Developed Markets ETF | 13.9% |
| Voya Intermediate Bond Fund - Class R6 | 10.5% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| iShares Core U.S. Aggregate Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg030.jpg)

---

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

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2040 Fund
92913M815-AR

# Class R: VRRKX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2040 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $65 | 0.62% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, and R shares underperformed and Class R6 shares performed inline to the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond & U.S. treasury inflation protected securities (TIPs) & overweight to U.S. small cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. The Fund's overweight to U.S. mid cap and long duration were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg113.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2040 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9816 | $10660 | $9861 | $9933 |
| **2020** | $10365 | $11664 | $10397 | $10409 |
| **2021** | $14272 | $11617 | $14747 | $14125 |
| **2022** | $13227 | $10662 | $13748 | $13268 |
| **2023** | $13085 | $10434 | $13864 | $13350 |
| **2024** | $15638 | $10570 | $17130 | $15870 |
| **2025** | $17247 | $11147 | $19339 | $17595 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 10.29% | 10.72% | 8.10% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2040 Index | 10.87% | 11.07% | 8.33% |

---

## Fund Statistics
* Total Net Assets$122,648,452

* # of Portfolio Holdings12

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid106,094

## 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 | 47.6% |
| Vanguard FTSE Developed Markets ETF | 13.9% |
| Voya Intermediate Bond Fund - Class R6 | 10.5% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| iShares Core U.S. Aggregate Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg037.jpg)

---

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

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2040 Fund
92913M229-AR

# Class R6: VTRKX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2040 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2040 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $11 | 0.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, and R shares underperformed and Class R6 shares performed inline to the S&P Target Date 2040 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in global bond & U.S. treasury inflation protected securities (TIPs) & overweight to U.S. small cap equity were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. The Fund's overweight to U.S. mid cap and long duration were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg122.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2040 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1027599 | $1017800 | $1026600 | $1042300 |
| **2017** | $1180852 | $1033900 | $1206500 | $1191100 |
| **2018** | $1304103 | $1030000 | $1349400 | $1324200 |
| **2019** | $1296955 | $1096000 | $1332000 | $1317000 |
| **2020** | $1377402 | $1199200 | $1404300 | $1380000 |
| **2021** | $1907896 | $1194400 | $1992000 | $1872700 |
| **2022** | $1778223 | $1096200 | $1856900 | $1759000 |
| **2023** | $1768194 | $1072800 | $1872700 | $1770000 |
| **2024** | $2126185 | $1086800 | $2313800 | $2104000 |
| **2025** | $2357330 | $1161735 | $2645476 | $2332700 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 10.87% | 11.35% | 9.51% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2040 Index | 10.87% | 11.07% | 9.36% |

---

## Fund Statistics
* Total Net Assets$122,648,452

* # of Portfolio Holdings12

* Portfolio Turnover Rate79%

* Investment Advisory Fees Paid106,094

## 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 | 47.6% |
| Vanguard FTSE Developed Markets ETF | 13.9% |
| Voya Intermediate Bond Fund - Class R6 | 10.5% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.5% |
| Vanguard Long-Term Treasury ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard FTSE Emerging Markets ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| iShares Core U.S. Aggregate Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg090.jpg)

---

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

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 47.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 4.5% |
| US Small Cap | 2.0% |
| International | 22.0% |
| Emerging Markets | 5.5% |
| Core Fixed Income | 12.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2040 Fund
92913M583-AR

# Class A: VTRMX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2045 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $39 | 0.37% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & intermediate core bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg017.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2045 Index** |
| **12/21/2015** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9667 | $10258 | $10178 | $10266 | $10428 |
| **2017** | $11090 | $11768 | $10339 | $12065 | $11984 |
| **2018** | $12251 | $13000 | $10300 | $13494 | $13372 |
| **2019** | $12082 | $12820 | $10960 | $13320 | $13257 |
| **2020** | $12760 | $13540 | $11992 | $14043 | $13853 |
| **2021** | $17950 | $19047 | $11944 | $19920 | $19094 |
| **2022** | $16702 | $17723 | $10962 | $18569 | $17941 |
| **2023** | $16593 | $17607 | $10728 | $18727 | $18070 |
| **2024** | $20117 | $21346 | $10868 | $23138 | $21731 |
| **2025** | $22333 | $23697 | $11617 | $26455 | $24193 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.64% | 10.53% | 8.88% |
| Class A - Excluding Sales Charge | 11.02% | 11.85% | 9.57% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2045 Index | 11.33% | 11.80% | 9.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$196,806,131

* # of Portfolio Holdings11

* Portfolio Turnover Rate103%

* Investment Advisory Fees Paid157,422

## 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 | 53.2% |
| Vanguard FTSE Developed Markets ETF | 14.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| Voya Intermediate Bond Fund - Class R6 | 5.5% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 9.5% |
| Equity | 90.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2045 Fund
92913M575-AR

# Class I: IRSPX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2045 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $13 | 0.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & intermediate core bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg020.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2045 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $240496 | $257475 | $236450 | $244950 |
| **2017** | $276861 | $261543 | $277900 | $281497 |
| **2018** | $306402 | $260575 | $310803 | $314094 |
| **2019** | $303268 | $277252 | $306794 | $311393 |
| **2020** | $321114 | $303369 | $323453 | $325405 |
| **2021** | $453433 | $302156 | $458817 | $448506 |
| **2022** | $423212 | $277319 | $427710 | $421416 |
| **2023** | $422026 | $271384 | $431345 | $424451 |
| **2024** | $513256 | $274927 | $532955 | $510443 |
| **2025** | $571611 | $289935 | $605713 | $568274 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.37% | 12.22% | 8.62% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2045 Index | 11.33% | 11.80% | 8.56% |

---

## Fund Statistics
* Total Net Assets$196,806,131

* # of Portfolio Holdings11

* Portfolio Turnover Rate103%

* Investment Advisory Fees Paid157,422

## 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 | 53.2% |
| Vanguard FTSE Developed Markets ETF | 14.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| Voya Intermediate Bond Fund - Class R6 | 5.5% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 9.5% |
| Equity | 90.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2045 Fund
92913M823-AR

# Class R: VRRLX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2045 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $65 | 0.62% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & intermediate core bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg019.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2045 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9758 | $10660 | $9861 | $9904 |
| **2020** | $10279 | $11664 | $10397 | $10349 |
| **2021** | $14430 | $11617 | $14747 | $14264 |
| **2022** | $13388 | $10662 | $13748 | $13403 |
| **2023** | $13261 | $10434 | $13864 | $13499 |
| **2024** | $16022 | $10570 | $17130 | $16234 |
| **2025** | $17753 | $11147 | $19339 | $18073 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 10.81% | 11.55% | 8.55% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2045 Index | 11.33% | 11.80% | 8.75% |

---

## Fund Statistics
* Total Net Assets$196,806,131

* # of Portfolio Holdings11

* Portfolio Turnover Rate103%

* Investment Advisory Fees Paid157,422

## 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 | 53.2% |
| Vanguard FTSE Developed Markets ETF | 14.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| Voya Intermediate Bond Fund - Class R6 | 5.5% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 9.5% |
| Equity | 90.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2045 Fund
92913M211-AR

# Class R6: VTRNX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2045 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2045 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2045 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & intermediate core bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity Funds were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg097.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2045 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1027731 | $1017800 | $1026600 | $1042800 |
| **2017** | $1182768 | $1033900 | $1206500 | $1198400 |
| **2018** | $1310793 | $1030000 | $1349400 | $1337200 |
| **2019** | $1296937 | $1096000 | $1332000 | $1325700 |
| **2020** | $1374474 | $1199200 | $1404300 | $1385300 |
| **2021** | $1941242 | $1194400 | $1992000 | $1909400 |
| **2022** | $1813081 | $1096200 | $1856900 | $1794100 |
| **2023** | $1806605 | $1072800 | $1872700 | $1807000 |
| **2024** | $2197453 | $1086800 | $2313800 | $2173100 |
| **2025** | $2447387 | $1161735 | $2645476 | $2419300 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 11.37% | 12.23% | 9.94% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2045 Index | 11.33% | 11.80% | 9.78% |

---

## Fund Statistics
* Total Net Assets$196,806,131

* # of Portfolio Holdings11

* Portfolio Turnover Rate103%

* Investment Advisory Fees Paid157,422

## 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 | 53.2% |
| Vanguard FTSE Developed Markets ETF | 14.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| Voya Intermediate Bond Fund - Class R6 | 5.5% |
| iShares Core S&P Mid-Cap ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Long-Term Treasury ETF | 2.0% |
| iShares Core S&P Small-Cap ETF | 2.0% |
| SPDR Portfolio High Yield Bond ETF | 2.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 9.5% |
| Equity | 90.4% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 53.0% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 2.0% |
| International | 23.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 5.5% |
| High Yield | 2.0% |
| Long Govt Bonds | 2.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2045 Fund
92913M567-AR

# Class A: VTROX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2050 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $42 | 0.40% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg006.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2050 Index** |
| **12/21/2015** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9667 | $10258 | $10178 | $10266 | $10427 |
| **2017** | $11101 | $11780 | $10339 | $12065 | $12044 |
| **2018** | $12277 | $13028 | $10300 | $13494 | $13479 |
| **2019** | $12087 | $12826 | $10960 | $13320 | $13334 |
| **2020** | $12744 | $13524 | $11992 | $14043 | $13923 |
| **2021** | $17967 | $19066 | $11944 | $19920 | $19342 |
| **2022** | $16662 | $17680 | $10962 | $18569 | $18168 |
| **2023** | $16556 | $17568 | $10728 | $18727 | $18301 |
| **2024** | $20172 | $21406 | $10868 | $23138 | $22144 |
| **2025** | $22424 | $23795 | $11617 | $26455 | $24671 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.74% | 10.65% | 8.93% |
| Class A - Excluding Sales Charge | 11.16% | 11.96% | 9.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2050 Index | 11.41% | 12.12% | 10.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$100,929,526

* # of Portfolio Holdings10

* Portfolio Turnover Rate86%

* Investment Advisory Fees Paid94,143

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 15.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya Intermediate Bond Fund - Class R6 | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.0% |
| Equity | 94.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2050 Fund
92913M559-AR

# Class I: IRSQX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2050 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $16 | 0.15% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg056.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2050 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $240472 | $257475 | $236450 | $244475 |
| **2017** | $276701 | $261543 | $277900 | $282393 |
| **2018** | $307054 | $260575 | $310803 | $316054 |
| **2019** | $303073 | $277252 | $306794 | $312641 |
| **2020** | $320850 | $303369 | $323453 | $326460 |
| **2021** | $453206 | $302156 | $458817 | $453518 |
| **2022** | $421625 | $277319 | $427710 | $425989 |
| **2023** | $420750 | $271384 | $431345 | $429099 |
| **2024** | $513979 | $274927 | $532955 | $519208 |
| **2025** | $573030 | $289935 | $605713 | $578462 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.49% | 12.30% | 8.65% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2050 Index | 11.41% | 12.12% | 8.75% |

---

## Fund Statistics
* Total Net Assets$100,929,526

* # of Portfolio Holdings10

* Portfolio Turnover Rate86%

* Investment Advisory Fees Paid94,143

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 15.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya Intermediate Bond Fund - Class R6 | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.0% |
| Equity | 94.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2050 Fund
92913M831-AR

# Class R: VRRMX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2050 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $69 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg108.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2050 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9729 | $10660 | $9861 | $9882 |
| **2020** | $10244 | $11664 | $10397 | $10319 |
| **2021** | $14404 | $11617 | $14747 | $14335 |
| **2022** | $13321 | $10662 | $13748 | $13465 |
| **2023** | $13200 | $10434 | $13864 | $13563 |
| **2024** | $16029 | $10570 | $17130 | $16411 |
| **2025** | $17789 | $11147 | $19339 | $18187 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 10.98% | 11.67% | 8.58% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2050 Index | 11.41% | 12.12% | 8.92% |

---

## Fund Statistics
* Total Net Assets$100,929,526

* # of Portfolio Holdings10

* Portfolio Turnover Rate86%

* Investment Advisory Fees Paid94,143

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 15.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya Intermediate Bond Fund - Class R6 | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.0% |
| Equity | 94.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2050 Fund
92913M195-AR

# Class R6: VTRPX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2050 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2050 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class I and R6 shares outperformed and Classes A and R shares underperformed the S&P Target Date 2050 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2050 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1027748 | $1017800 | $1026600 | $1042700 |
| **2017** | $1183051 | $1033900 | $1206500 | $1204400 |
| **2018** | $1313376 | $1030000 | $1349400 | $1347900 |
| **2019** | $1295726 | $1096000 | $1332000 | $1333400 |
| **2020** | $1372185 | $1199200 | $1404300 | $1392300 |
| **2021** | $1941323 | $1194400 | $1992000 | $1934200 |
| **2022** | $1806828 | $1096200 | $1856900 | $1816800 |
| **2023** | $1802281 | $1072800 | $1872700 | $1830100 |
| **2024** | $2202249 | $1086800 | $2313800 | $2214400 |
| **2025** | $2456052 | $1161735 | $2645476 | $2467100 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 11.53% | 12.35% | 9.98% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2050 Index | 11.41% | 12.12% | 10.00% |

---

## Fund Statistics
* Total Net Assets$100,929,526

* # of Portfolio Holdings10

* Portfolio Turnover Rate86%

* Investment Advisory Fees Paid94,143

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 15.9% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 4.9% |
| Voya Intermediate Bond Fund - Class R6 | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg115.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 5.0% |
| Equity | 94.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.0% |
| US Small Cap | 3.0% |
| International | 24.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 4.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2050 Fund
92913M542-AR

# Class A: VTRQX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2055 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $41 | 0.39% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed and Classes A, I and R shares underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg033.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2055 Index** |
| **12/21/2015** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9667 | $10257 | $10178 | $10266 | $10428 |
| **2017** | $11116 | $11795 | $10339 | $12065 | $12090 |
| **2018** | $12295 | $13046 | $10300 | $13494 | $13545 |
| **2019** | $12088 | $12826 | $10960 | $13320 | $13391 |
| **2020** | $12759 | $13538 | $11992 | $14043 | $13961 |
| **2021** | $18045 | $19147 | $11944 | $19920 | $19474 |
| **2022** | $16710 | $17731 | $10962 | $18569 | $18290 |
| **2023** | $16614 | $17629 | $10728 | $18727 | $18427 |
| **2024** | $20247 | $21484 | $10868 | $23138 | $22307 |
| **2025** | $22534 | $23910 | $11617 | $26455 | $24896 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.87% | 10.73% | 8.98% |
| Class A - Excluding Sales Charge | 11.29% | 12.05% | 9.67% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2055 Index | 11.61% | 12.27% | 10.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$136,409,005

* # of Portfolio Holdings10

* Portfolio Turnover Rate102%

* Investment Advisory Fees Paid116,097

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 5.5% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 4.0% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2055 Fund
92913M534-AR

# Class I: IRSVX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2055 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $15 | 0.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed and Classes A, I and R shares underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg036.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2055 Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $240468 | $257475 | $236450 | $244050 |
| **2017** | $277305 | $261543 | $277900 | $282927 |
| **2018** | $307469 | $260575 | $310803 | $316992 |
| **2019** | $303221 | $277252 | $306794 | $313378 |
| **2020** | $321297 | $303369 | $323453 | $326728 |
| **2021** | $455900 | $302156 | $458817 | $455753 |
| **2022** | $423832 | $277319 | $427710 | $428043 |
| **2023** | $422506 | $271384 | $431345 | $431253 |
| **2024** | $517078 | $274927 | $532955 | $522039 |
| **2025** | $576821 | $289935 | $605713 | $582636 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.56% | 12.42% | 8.72% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.49% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| S&P Target Date 2055 Index | 11.61% | 12.27% | 8.83% |

---

## Fund Statistics
* Total Net Assets$136,409,005

* # of Portfolio Holdings10

* Portfolio Turnover Rate102%

* Investment Advisory Fees Paid116,097

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 5.5% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 4.0% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2055 Fund
92913M849-AR

# Class R: VRRNX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2055 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $68 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed and Classes A, I and R shares underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg110.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2055 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9718 | $10660 | $9861 | $9877 |
| **2020** | $10235 | $11664 | $10397 | $10297 |
| **2021** | $14425 | $11617 | $14747 | $14364 |
| **2022** | $13328 | $10662 | $13748 | $13491 |
| **2023** | $13218 | $10434 | $13864 | $13592 |
| **2024** | $16071 | $10570 | $17130 | $16453 |
| **2025** | $17835 | $11147 | $19339 | $18269 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 10.98% | 11.75% | 8.62% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2055 Index | 11.61% | 12.27% | 8.99% |

---

## Fund Statistics
* Total Net Assets$136,409,005

* # of Portfolio Holdings10

* Portfolio Turnover Rate102%

* Investment Advisory Fees Paid116,097

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 5.5% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 4.0% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg116.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2055 Fund
92913M187-AR

# Class R6: VTRRX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2055 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2055 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed and Classes A, I and R shares underperformed the S&P Target Date 2055 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long duration bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg103.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2055 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1026701 | $1017800 | $1026600 | $1042800 |
| **2017** | $1184570 | $1033900 | $1206500 | $1209000 |
| **2018** | $1315104 | $1030000 | $1349400 | $1354500 |
| **2019** | $1297347 | $1096000 | $1332000 | $1339100 |
| **2020** | $1373587 | $1199200 | $1404300 | $1396100 |
| **2021** | $1950722 | $1194400 | $1992000 | $1947400 |
| **2022** | $1814299 | $1096200 | $1856900 | $1829000 |
| **2023** | $1809749 | $1072800 | $1872700 | $1842700 |
| **2024** | $2214103 | $1086800 | $2313800 | $2230700 |
| **2025** | $2472730 | $1161735 | $2645476 | $2489600 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 11.68% | 12.48% | 10.06% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2055 Index | 11.61% | 12.27% | 10.11% |

---

## Fund Statistics
* Total Net Assets$136,409,005

* # of Portfolio Holdings10

* Portfolio Turnover Rate102%

* Investment Advisory Fees Paid116,097

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 7.9% |
| iShares Core S&P Mid-Cap ETF | 5.5% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Fixed Income | 4.0% |
| Equity | 95.9% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2055 Fund
92913M526-AR

# Class A: VTRSX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2060 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $44 | 0.42% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underpeformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in short government bond were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg035.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2060 Index** |
| **12/21/2015** | $9425 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9663 | $10252 | $10178 | $10266 | $10398 |
| **2017** | $11115 | $11793 | $10339 | $12065 | $12085 |
| **2018** | $12298 | $13048 | $10300 | $13494 | $13562 |
| **2019** | $12081 | $12818 | $10960 | $13320 | $13415 |
| **2020** | $12759 | $13537 | $11992 | $14043 | $14018 |
| **2021** | $18103 | $19207 | $11944 | $19920 | $19543 |
| **2022** | $16788 | $17812 | $10962 | $18569 | $18344 |
| **2023** | $16688 | $17706 | $10728 | $18727 | $18488 |
| **2024** | $20340 | $21580 | $10868 | $23138 | $22388 |
| **2025** | $22634 | $24015 | $11617 | $26455 | $24980 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.86% | 10.84% | 9.03% |
| Class A - Excluding Sales Charge | 11.28% | 12.15% | 9.72% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2060 Index | 11.58% | 12.25% | 10.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$59,014,835

* # of Portfolio Holdings10

* Portfolio Turnover Rate88%

* Investment Advisory Fees Paid50,422

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 2.9% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.0% |
| Equity | 95.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2060 Fund
92913M518-AR

# Class I: VRSAX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2060 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $13 | 0.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underpeformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in short government bond were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg120.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2060 Index** |
| **12/21/2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $256568 | $254444 | $256638 | $259938 |
| **2017** | $295942 | $258465 | $301627 | $302126 |
| **2018** | $327895 | $257508 | $337339 | $339045 |
| **2019** | $323340 | $273989 | $332988 | $335384 |
| **2020** | $342404 | $299799 | $351069 | $350442 |
| **2021** | $487906 | $298599 | $497991 | $488587 |
| **2022** | $454100 | $274055 | $464228 | $458588 |
| **2023** | $453131 | $268190 | $468174 | $462210 |
| **2024** | $554250 | $271691 | $578458 | $559695 |
| **2025** | $619231 | $290434 | $661369 | $624488 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class I | 11.70% | 12.58% | 10.08% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2060 Index | 11.58% | 12.25% | 10.18% |

---

## Fund Statistics
* Total Net Assets$59,014,835

* # of Portfolio Holdings10

* Portfolio Turnover Rate88%

* Investment Advisory Fees Paid50,422

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 2.9% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg119.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.0% |
| Equity | 95.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2060 Fund
92913M724-AR

# Class R: VRROX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2060 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $71 | 0.67% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underpeformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in short government bond were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg039.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2060 Index** |
| **6/1/2018** | $10000 | $10000 | $10000 | $10000 |
| **2019** | $9723 | $10660 | $9861 | $9882 |
| **2020** | $10246 | $11664 | $10397 | $10326 |
| **2021** | $14492 | $11617 | $14747 | $14397 |
| **2022** | $13406 | $10662 | $13748 | $13513 |
| **2023** | $13290 | $10434 | $13864 | $13619 |
| **2024** | $16168 | $10570 | $17130 | $16492 |
| **2025** | $17939 | $11147 | $19339 | $18304 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (6/1/2018)** |
| Class R | 10.96% | 11.85% | 8.71% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.59% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.88% |
| S&P Target Date 2060 Index | 11.58% | 12.25% | 9.02% |

---

## Fund Statistics
* Total Net Assets$59,014,835

* # of Portfolio Holdings10

* Portfolio Turnover Rate88%

* Investment Advisory Fees Paid50,422

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 2.9% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.0% |
| Equity | 95.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2060 Fund
92913M179-AR

# Class R6: VTRUX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2060 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2060 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes I and R6 shares outperformed and Classes A and R shares underpeformed the S&P Target Date 2060 Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in short government bond were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg092.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2060 Index** |
| **12/21/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1026281 | $1017800 | $1026600 | $1039800 |
| **2017** | $1184358 | $1033900 | $1206500 | $1208500 |
| **2018** | $1313617 | $1030000 | $1349400 | $1356200 |
| **2019** | $1295749 | $1096000 | $1332000 | $1341500 |
| **2020** | $1372082 | $1199200 | $1404300 | $1401800 |
| **2021** | $1954602 | $1194400 | $1992000 | $1954300 |
| **2022** | $1819297 | $1096200 | $1856900 | $1834400 |
| **2023** | $1815841 | $1072800 | $1872700 | $1848800 |
| **2024** | $2223156 | $1086800 | $2313800 | $2238800 |
| **2025** | $2481372 | $1161735 | $2645476 | $2498000 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **1 Year** | **5 Years** | **Since Inception (12/21/2015)** |
| Class R6 | 11.61% | 12.58% | 10.10% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -0.90% | 1.60% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 10.85% |
| S&P Target Date 2060 Index | 11.58% | 12.25% | 10.18% |

---

## Fund Statistics
* Total Net Assets$59,014,835

* # of Portfolio Holdings10

* Portfolio Turnover Rate88%

* Investment Advisory Fees Paid50,422

## 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 | 55.7% |
| Vanguard FTSE Developed Markets ETF | 16.4% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 3.0% |
| Voya VACS Series EME Fund | 2.9% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Fixed Income | 4.0% |
| Equity | 95.8% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 24.5% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 3.0% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2060 Fund
92913M492-AR

# Class A: VTAUX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2065 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $39 | 0.37% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed, Classes A and R shares underperformed, and Class I shares performed inline to the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg038.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $9425 | $10000 | $10000 | $10000 | $10000 |
| **2021** | $12310 | $13061 | $9776 | $12673 | $12922 |
| **2022** | $11434 | $12132 | $8972 | $11814 | $12147 |
| **2023** | $11384 | $12078 | $8780 | $11914 | $12238 |
| **2024** | $13930 | $14780 | $8895 | $14721 | $14867 |
| **2025** | $15525 | $16472 | $9380 | $17126 | $16619 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Fund** | **1 Year** | **Since Inception (7/29/2020)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 5.05% | 9.52% |
| Class A - Excluding Sales Charge | 11.45% | 10.87% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -1.32% |
| MSCI All Country World Index℠ | 13.65% | 11.76% |
| S&P Target Date 2065+ Index | 11.78% | 11.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$25,747,797

* # of Portfolio Holdings10

* Portfolio Turnover Rate98%

* Investment Advisory Fees Paid19,555

## 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 | 55.5% |
| Vanguard FTSE Developed Markets ETF | 16.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.5% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Fixed Income | 3.5% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2065 Fund
92913M161-AR

# Class I: VTIUX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2065 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $13 | 0.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed, Classes A and R shares underperformed, and Class I shares performed inline to the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg076.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $250000 | $250000 | $250000 | $250000 |
| **2021** | $327294 | $244395 | $316821 | $323057 |
| **2022** | $304721 | $224306 | $295341 | $303673 |
| **2023** | $304122 | $219506 | $297851 | $305951 |
| **2024** | $372750 | $222371 | $368014 | $371675 |
| **2025** | $416646 | $234510 | $428147 | $415471 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Fund** | **1 Year** | **Since Inception (7/29/2020)** |
| Class I | 11.78% | 11.13% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -1.32% |
| MSCI All Country World Index℠ | 13.65% | 11.76% |
| S&P Target Date 2065+ Index | 11.78% | 11.07% |

---

## Fund Statistics
* Total Net Assets$25,747,797

* # of Portfolio Holdings10

* Portfolio Turnover Rate98%

* Investment Advisory Fees Paid19,555

## 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 | 55.5% |
| Vanguard FTSE Developed Markets ETF | 16.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.5% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Fixed Income | 3.5% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2065 Fund
92913M153-AR

# Class R: VTURX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2065 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $65 | 0.62% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed, Classes A and R shares underperformed, and Class I shares performed inline to the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg049.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $10000 | $10000 | $10000 | $10000 |
| **2021** | $13040 | $9776 | $12673 | $12922 |
| **2022** | $12075 | $8972 | $11814 | $12147 |
| **2023** | $11995 | $8780 | $11914 | $12238 |
| **2024** | $14632 | $8895 | $14721 | $14867 |
| **2025** | $16267 | $9380 | $17126 | $16619 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Fund** | **1 Year** | **Since Inception (7/29/2020)** |
| Class R | 11.18% | 10.58% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -1.32% |
| MSCI All Country World Index℠ | 13.65% | 11.76% |
| S&P Target Date 2065+ Index | 11.78% | 11.07% |

---

## Fund Statistics
* Total Net Assets$25,747,797

* # of Portfolio Holdings10

* Portfolio Turnover Rate98%

* Investment Advisory Fees Paid19,555

## 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 | 55.5% |
| Vanguard FTSE Developed Markets ETF | 16.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.5% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Fixed Income | 3.5% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2065 Fund
92913M146-AR

# Class R6: VTUFX
![Image](tm2520696d1_tsrimg077.jpg)

# Voya Target Retirement 2065 Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Target Retirement 2065 Fund for the period of June 1, 2024 to May 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $12 | 0.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Class R6 shares outperformed, Classes A and R shares underperformed, and Class I shares performed inline to the S&P Target Date 2065+ Index.

↑ Top contributors to performance: Asset allocation had a positive impact. An underweight in U.S. small cap equity & long government bond were the main contributors. On an individual holdings level, Voya Intermediate Bond Fund was the key contributor.

↓ Top detractors from performance: Underlying fund selection detracted from performance. An overweight to U.S. mid cap & underweight in international equity were the main asset allocation detractors. On an individual holdings level, Voya VACS Series EME & Voya Multi-Manager International Equity were the key detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d1_tsrimg098.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **MSCI All Country World Index℠** | **S&P Target Date 2065+ Index** |
| **7/29/2020** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2021** | $1309176 | $977600 | $1267300 | $1292200 |
| **2022** | $1219035 | $897200 | $1181400 | $1214700 |
| **2023** | $1217048 | $878000 | $1191400 | $1223800 |
| **2024** | $1492046 | $889500 | $1472100 | $1486700 |
| **2025** | $1667970 | $938000 | $1712586 | $1661900 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Fund** | **1 Year** | **Since Inception (7/29/2020)** |
| Class R6 | 11.79% | 11.15% |
| Bloomberg U.S. Aggregate Bond Index | 5.46% | -1.32% |
| MSCI All Country World Index℠ | 13.65% | 11.76% |
| S&P Target Date 2065+ Index | 11.78% | 11.07% |

---

## Fund Statistics
* Total Net Assets$25,747,797

* # of Portfolio Holdings10

* Portfolio Turnover Rate98%

* Investment Advisory Fees Paid19,555

## 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 | 55.5% |
| Vanguard FTSE Developed Markets ETF | 16.8% |
| Voya Multi-Manager International Equity Fund - Class I | 8.0% |
| iShares Core S&P Mid-Cap ETF | 5.4% |
| Vanguard FTSE Emerging Markets ETF | 3.4% |
| iShares Core S&P Small-Cap ETF | 3.0% |
| Voya VACS Series EME Fund | 3.0% |
| Voya Intermediate Bond Fund - Class R6 | 2.5% |
| Vanguard Russell 1000 Growth ETF | 1.0% |
| Vanguard Long-Term Treasury ETF | 1.0% |

---

### Asset Weightings
![A graphical representation of Investments made.](tm2520696d1_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.4% |
| Fixed Income | 3.5% |
| Equity | 96.1% |

---

### Target Asset Allocations
![A geographical representation of Investments made.](tm2520696d1_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| US Large Blend | 55.5% |
| US Large Growth | 1.0% |
| US Mid Cap Blend | 5.5% |
| US Small Cap | 3.0% |
| International | 25.0% |
| Emerging Markets | 6.5% |
| Core Fixed Income | 2.5% |
| Long Govt Bonds | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended May 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective October 1, 2024, the Fund's side letter expense limitation agreement expired. The investment adviser remains contractually obligated under its existing expense limitation agreement to limit expenses to 0.65%, 0.40%, 0.90% and 0.25% for Class A, Class I, Class R, Class R6 shares, respectively, through October 1, 2025.

## 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](tm2520696d1_tsrimg086.jpg)

# Voya Target Retirement 2065 Fund
92913M138-AR

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

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

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Christopher P. Sullivan are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended May 31, 2025 and May 31, 2024.

(a) <u>Audit Fees</u>: The
aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY ,
the principal accountant for each respective audit of the registrant's annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years $216,000 for the
year ended May 31, 2025 and $201,600 for the year ended May 31, 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance and related services
by EY that are reasonably related to the performance of each respective audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item were $0 for the year ended May 31, 2025 and $0 for the year ended May 31, 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional services rendered by EY
for tax compliance, tax advice, and tax planning were $60,510 for the year ended May 31, 2025 and $60,510 for the year ended May 31,
2024. Such services included review of excise distribution calculations (if applicable), preparation of the Registrants' federal,
state, and excise tax returns, tax services related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for products and services provided
by EY, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended May 31, 2025
and $0 for the year ended May 31, 2024.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax,
and other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's
fiscal years ended May 31, 2025 and May 31, 2024; and (ii) the aggregate non-audit fees billed to the investment adviser,
or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting firm for the
same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Separate Portfolios Trust | $60510 | $60510 |
| Voya Investments, LLC <sup>(1)</sup> | $16318367 | $19440327 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of
Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

![](tm2520696d1_finimg001.jpg)

Annual Financial Statements and Other Information

**May 31, 2025**

Classes A, I, R and R6

■ Voya Target In-Retirement
 Fund ■ Voya Target Retirement 2045 Fund

■ Voya Target Retirement 2025
 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

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.

---

| | |
|:---|:---|
| ![](tm2520696d1_finimg002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2520696d1_finimg003.jpg) |

---

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statements of Assets and Liabilities](#a_002) | [3](#a_002) |
| [Statements of Operations](#a_003) | [9](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [12](#a_004) |
| [Financial Highlights](#a_005) | [17](#a_005) |
| [Notes to Financial Statements](#a006) | [23](#a006) |
| [Portfolios of Investments](#a_006) | [34](#a_006) |
| [Tax Information](#a_007) | [60](#a_007) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;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. |

---

**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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of Voya Target In-Retirement Fund, Voya Target Retirement 2025 Fund, Voya Target Retirement 2030 Fund, Voya Target Retirement 2035 Fund, Voya Target Retirement 2040 Fund, Voya Target Retirement 2045 Fund, Voya Target Retirement 2050 Fund, Voya Target Retirement 2055 Fund, Voya Target Retirement 2060 Fund, and Voya Target Retirement 2065 Fund and the Board of Trustees of Voya Separate Portfolios Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Target In-Retirement Fund, Voya Target Retirement 2025 Fund, Voya Target Retirement 2030 Fund, Voya Target Retirement 2035 Fund, Voya Target Retirement 2040 Fund, Voya Target Retirement 2045 Fund, Voya Target Retirement 2050 Fund, Voya Target Retirement 2055 Fund, Voya Target Retirement 2060 Fund, and Voya Target Retirement 2065 Fund (collectively referred to as the "Funds") (ten of the funds constituting Voya Separate Portfolios Trust (the "Trust")), including the portfolios of investments, as of May 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting Voya Separate Portfolios Trust) at May 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Individual fund constituting the<br> Voya Separate Portfolios Trust** | &nbsp;&nbsp;**Statement of<br> operations** | &nbsp;&nbsp;&nbsp;**Statements of changes in<br> net assets** | &nbsp;&nbsp;**Financial highlights** |
| &nbsp;&nbsp;Voya Target In-Retirement Fund | &nbsp;&nbsp;For the year ended May 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended May 31, 2025 | &nbsp;&nbsp;For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;Voya Target Retirement 2025 Fund | &nbsp;&nbsp;For the year ended May 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended May 31, 2025 | &nbsp;&nbsp;For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;Voya Target Retirement 2030 Fund |  | &nbsp;&nbsp;For each of the two years in the period ended May 31, 2025 |  |
| &nbsp;&nbsp;Voya Target Retirement 2035 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2040 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2045 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2050 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2055 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2060 Fund |  |  |  |
| &nbsp;&nbsp;Voya Target Retirement 2065 Fund | &nbsp;&nbsp;For the year ended May 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended May 31, 2025 | &nbsp;&nbsp;For each of the four years in the period ended May 31, 2025 and the period from July 29, 2020 (commencement of operations) through May 31, 2021 |
|  | &nbsp;&nbsp;For the year ended May 31, 2025 | &nbsp;&nbsp;For each of the two years in the period ended May 31, 2025 | &nbsp;&nbsp;For each of the four years in the period ended May 31, 2025 and the period from July 29, 2020 (commencement of operations) through May 31, 2021 |
|  |  |  | &nbsp;&nbsp;For each of the four years in the period ended May 31, 2025 and the period from July 29, 2020 (commencement of operations) through May 31, 2021 |
|  |  |  | &nbsp;&nbsp;For each of the four years in the period ended May 31, 2025 and the period from July 29, 2020 (commencement of operations) through May 31, 2021 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)

------

![](tm2520696d1_finimg004.jpg)

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

Boston, Massachusetts

July 23, 2025

Statements Of Assets And Liabilities AS OF MAY 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2025**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $37996447 | $53646133 | $44924179 | $52925101 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 66364723 | 98621438 | 124782654 | 173196308 |
| Cash | 49781 | 85133 | 220246 | 229457 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated underlying funds sold | 7960 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated underlying funds sold | 12634 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 24221 | 139318 | 111471 | 169035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 127 | 188 | 243 | 238 |
| Reimbursement due from Investment Adviser | 16088 | 23072 | 17472 | 20410 |
| Other assets | 802 | 1006 | 1121 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 104472783 | 152516288 | 170057386 | 226541772 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased |  | 78960 | 17472 | 72788 |
| Payable for investments in unaffiliated underlying funds purchased |  | 895 | 150919 | 5094 |
| Payable for fund shares redeemed | 38173 | 115 | 75745 | 7133 |
| Payable for unified fees | 15975 | 22980 | 25384 | 33948 |
| Payable for distribution and shareholder service fees | 12965 | 17207 | 12807 | 21524 |
| Payable to trustees under the deferred compensation plan (Note 6) | 802 | 1006 | 1121 | 1223 |
| Other accrued expenses and liabilities | 5172 | 2861 | 1482 | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 73087 | 124024 | 284930 | 146867 |
| **NET ASSETS** | $104399696 | $152392264 | $169772456 | $226394905 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $105482665 | $147731527 | $158682147 | $209232436 |
| Total distributable earnings (loss) | (1082969) | 4660737 | 11090309 | 17162469 |
| **NET ASSETS** | $104399696 | $152392264 | $169772456 | $226394905 |
| \* Cost of investments in affiliated underlying funds | $38342836 | $53981426 | $44550002 | $52478789 |
| \*\* Cost of investments in unaffiliated underlying funds | $65941348 | $97343592 | $121851055 | $169518476 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2025**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $58268094 | $73464851 | $51029466 | $89763183 |
| &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 | 5369012 | 5767390 | 3739970 | 6431080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $10.85 | $12.74 | $13.64 | $13.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $11.51 | $13.52 | $14.47 | $14.81 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5348956 | $5404725 | $13126732 | $14473934 |
| &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 | 491476 | 420662 | 954466 | 1025736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.88 | $12.85 | $13.75 | $14.11 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1117578 | $4298929 | $5508232 | $6743403 |
| &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 | 104013 | 339808 | 408438 | 487168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.74 | $12.65 | $13.49 | $13.84 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $39665068 | $69223759 | $100108026 | $115414385 |
| &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 | 3646240 | 5396227 | 7278113 | 8200316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $10.88 | $12.83 | $13.75 | $14.07 |

---

(1) 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.

† 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 MAY 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2040**<br>**Fund** | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $26232660 | $32263314 | $15038388 | $18976665 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 96161108 | 164325026 | 85693187 | 117252162 |
| Cash | 146435 | 274125 | 133642 | 143668 |
| Cash collateral for futures contracts | 34495 | 55715 | 28546 | 38314 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 243088 | 151348 | 153612 | 176457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 115 | 159 | 90 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1756 | 2867 | 1477 | 1964 |
| Reimbursement due from Investment Adviser | 13487 | 14946 | 6800 | 1716 |
| Other assets | 861 | 1008 | 671 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 122834005 | 197088508 | 101056413 | 136591684 |
| **LIABILITIES:** |  |  |  |  |
| Payable for investments in affiliated underlying funds purchased | 93153 | 33169 | 51046 | 47762 |
| Payable for investments in unaffiliated underlying funds purchased | 58902 | 142974 | 53303 | 65950 |
| Payable for fund shares redeemed | 4166 | 53755 | 1212 | 31706 |
| Payable for unified fees | 18304 | 29430 | 15039 | 20342 |
| Payable for distribution and shareholder service fees | 5470 | 16513 | 3810 | 11929 |
| Payable to trustees under the deferred compensation plan (Note 6) | 861 | 1008 | 671 | 632 |
| Other accrued expenses and liabilities | 4697 | 5528 | 1806 | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 185553 | 282377 | 126887 | 182679 |
| **NET ASSETS** | $122648452 | $196806131 | $100929526 | $136409005 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |  |
| Paid-in capital | $107291924 | $177245262 | $85785571 | $122108559 |
| Total distributable earnings | 15356528 | 19560869 | 15143955 | 14300446 |
| **NET ASSETS** | $122648452 | $196806131 | $100929526 | $136409005 |
| \* Cost of investments in affiliated underlying funds | $25052613 | $31560761 | $14142175 | $18421960 |
| \*\* Cost of investments in unaffiliated underlying funds | $92344124 | $159764288 | $81640177 | $113663289 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2040**<br>**Fund** | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $11841260 | $70443672 | $8084416 | $49537727 |
| &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 | 776325 | 4628176 | 520756 | 3307195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $15.25 | $15.22 | $15.52 | $14.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $16.18 | $16.15 | $16.47 | $15.89 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $12529526 | $12843766 | $10352763 | $11919594 |
| &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 | 816105 | 836371 | 662797 | 788145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.35 | $15.36 | $15.62 | $15.12 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7300750 | $4259948 | $5057816 | $3910936 |
| &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 | 485139 | 282678 | 329763 | 265336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.05 | $15.07 | $15.34 | $14.74 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $90976916 | $109258745 | $77434531 | $71040748 |
| &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 | 5926183 | 7112413 | 4957277 | 4699429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $15.35 | $15.36 | $15.62 | $15.12 |

---

(1) 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.

† 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 MAY 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2060**<br>**Fund** | **Voya Target**<br>**Retirement 2065**<br>**Fund** |
| **ASSETS:** |  |  |
| Investments in affiliated underlying funds at fair value<sup>\*</sup> | $8216630 | $3480986 |
| Investments in unaffiliated underlying funds at fair value<sup>\*\*</sup> | 50662569 | 22169877 |
| Cash | 126904 | 69755 |
| Cash collateral for futures contracts | 16028 | 7325 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 144512 | 86413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 71 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 817 | 366 |
| Reimbursement due from Investment Adviser | 3954 | 1920 |
| Other assets | 344 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 59171829 | 25816774 |
| **LIABILITIES:** |  |  |
| Payable for investments in affiliated underlying funds purchased | 43815 | 28501 |
| Payable for investments in unaffiliated underlying funds purchased | 85333 | 35025 |
| Payable for fund shares redeemed | 11726 | 40 |
| Payable for unified fees | 8754 | 3793 |
| Payable for distribution and shareholder service fees | 2357 | 1241 |
| Payable to trustees under the deferred compensation plan (Note 6) | 344 | 95 |
| Other accrued expenses and liabilities | 4665 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 156994 | 68977 |
| **NET ASSETS** | $59014835 | $25747797 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $50246610 | $22750766 |
| Total distributable earnings | 8768225 | 2997031 |
| **NET ASSETS** | $59014835 | $25747797 |
| \* Cost of investments in affiliated underlying funds | $7716964 | $3314340 |
| \*\* Cost of investments in unaffiliated underlying funds | $48493361 | $21385457 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2060**<br>**Fund** | **Voya Target**<br>**Retirement 2065**<br>**Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5699926 | $5407514 |
| &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 | 402692 | 434716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $14.15 | $12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $15.01 | $13.20 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2654937 | $581319 |
| &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 | 186769 | 46590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.22 | $12.48 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2832581 | $326265 |
| &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 | 202559 | 26418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.98 | $12.35 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $47827391 | $19432699 |
| &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 | 3359944 | 1557652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $14.23 | $12.48 |

---

(1) 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.

† 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 YEAR ENDED MAY 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**In-Retirement**<br>**Fund** | **Voya Target**<br>**Retirement 2025**<br>**Fund** | **Voya Target**<br>**Retirement 2030**<br>**Fund** | **Voya Target**<br>**Retirement 2035**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $1471423 | $1897543 | $1661087 | $1888959 |
| Dividends from unaffiliated underlying funds | 1736954 | 2474346 | 2717485 | 3485145 |
| Interest | 4540 | 6529 | 7478 | 9710 |
| Other | 491 | 724 | 857 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3213408 | 4379142 | 4386907 | 5384904 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 158662 | 231181 | 266667 | 345282 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 100435 | 121658 | 83219 | 153054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 6388 | 22327 | 27185 | 30719 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8386 | 3687 | 8029 | 9250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1312 | 1489 | 3808 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 305 | 649 | 1288 | 1051 |
| Trustee fees and expenses | 7752 | 10813 | 15481 | 18312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 283240 | 391804 | 405677 | 560545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (99084) | (139972) | (147933) | (189909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 184156 | 251832 | 257744 | 370636 |
| Net investment income | 3029252 | 4127310 | 4129163 | 5014268 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 231944 | 482281 | 886969 | 1333367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 3429494 | 8159161 | 14098539 | 18605618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 4458 | 6337 | 6680 | 18315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from unaffiliated underlying funds | 54361 | 98594 | 140265 | 230022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (58951) | (83385) | (94485) | (116794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3661306 | 8662988 | 15037968 | 20070528 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | (392100) | (368471) | 125985 | (8520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | (1517245) | (4111561) | (7886290) | (9707753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1909345) | (4480032) | (7760305) | (9716273) |
| Net realized and unrealized gain | 1751961 | 4182956 | 7277663 | 10354255 |
| **Increase in net assets resulting from operations** | $4781213 | $8310266 | $11406826 | $15368523 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2040**<br>**Fund** | **Voya Target**<br>**Retirement 2045**<br>**Fund** | **Voya Target**<br>**Retirement 2050**<br>**Fund** | **Voya Target**<br>**Retirement 2055**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated underlying funds | $931125 | $1008923 | $510304 | $603960 |
| Dividends from unaffiliated underlying funds | 1942437 | 3069242 | 1520952 | 1967594 |
| Interest | 5786 | 8054 | 3911 | 5126 |
| Other | 674 | 944 | 547 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2880022 | 4087163 | 2035714 | 2577322 |
| **EXPENSES:** |  |  |  |  |
| Unified fees | 206009 | 299579 | 167523 | 204623 |
| Distribution and shareholder service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 22779 | 117055 | 16688 | 81968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 34418 | 19971 | 25983 | 17718 |
| Transfer agent fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2155 | 5075 | 2287 | 7870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2424 | 3363 | 4870 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 1860 | 556 | 1837 | 1119 |
| Trustee fees and expenses | 12753 | 15907 | 10388 | 11066 |
| Interest expense |  |  | 91 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 282398 | 461506 | 229667 | 327729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (99915) | (142157) | (73379) | (88526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 182483 | 319349 | 156288 | 239203 |
| Net investment income | 2697539 | 3767814 | 1879426 | 2338119 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 486829 | 1093648 | 428542 | 782911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 16108035 | 20158465 | 14661767 | 13842771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 14877 | 24104 | 12085 | 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from unaffiliated underlying funds | 138965 | 249437 | 130744 | 180571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (20364) | (25903) | (14957) | (14622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 16728342 | 21499751 | 15218181 | 14808038 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 711592 | 180355 | 512306 | 181768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | (8901261) | (10486572) | (7827781) | (6689739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 9480 | 15397 | 7803 | 10592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8180189) | (10290820) | (7307672) | (6497379) |
| Net realized and unrealized gain | 8548153 | 11208931 | 7910509 | 8310659 |
| **Increase in net assets resulting from operations** | $11245692 | $14976745 | $9789935 | $10648778 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Target**<br>**Retirement 2060**<br>**Fund** | **Voya Target**<br>**Retirement 2065**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated underlying funds | $265886 | $99924 |
| Dividends from unaffiliated underlying funds | 864406 | 342900 |
| Interest | 2339 | 365 |
| Other | 307 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1132938 | 443303 |
| **EXPENSES:** |  |  |
| Unified fees | 95015 | 36128 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 12333 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 12998 | 907 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3947 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 730 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 2088 | 20 |
| Trustee fees and expenses | 6200 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 133311 | 48597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (44593) | (16573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 88718 | 32024 |
| Net investment income | 1044220 | 411279 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of affiliated underlying funds | 274426 | 134933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of unaffiliated underlying funds | 7772845 | 2559523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated underlying funds | 6912 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from unaffiliated underlying funds | 75757 | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (9921) | (3691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 8120019 | 2723983 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated underlying funds | 283511 | 74284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated underlying funds | (3864317) | (1120363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 4393 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3576413) | (1044190) |
| Net realized and unrealized gain | 4543606 | 1679793 |
| **Increase in net assets resulting from operations** | $5587826 | $2091072 |

---

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 2025 Fund** | **Retirement 2025 Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3029252 | $1767602 | $4127310 | $2554983 |
| Net realized gain | 3661306 | 666460 | 8662988 | 2079906 |
| Net change in unrealized appreciation (depreciation) | (1909345) | 2346015 | (4480032) | 6050101 |
| Increase in net assets resulting from operations | 4781213 | 4780077 | 8310266 | 10684990 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1288210) | (81300) | (1486477) | (188631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (122262) | (187219) | (143532) | (181399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (25707) | (29920) | (79658) | (107871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (982918) | (1363411) | (1605359) | (1915107) |
| Total distributions | (2419097) | (1661850) | (3315026) | (2393008) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 73193399 | 17874244 | 93215806 | 30454688 |
| Reinvestment of distributions | 2419097 | 1661850 | 3315026 | 2393008 |
|  | 75612496 | 19536094 | 96530832 | 32847696 |
| Cost of shares redeemed | (22473691) | (24025595) | (31061908) | (38950134) |
| Net increase (decrease) in net assets resulting from capital share transactions | 53138805 | (4489501) | 65468924 | (6102438) |
| Net increase (decrease) in net assets | 55500921 | (1371274) | 70464164 | 2189544 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 48898775 | 50270049 | 81928100 | 79738556 |
| End of year or period | $104399696 | $48898775 | $152392264 | $81928100 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2030 Fund** | **Retirement 2030 Fund** | **Retirement 2035 Fund** | **Retirement 2035 Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $4129163 | $3133565 | $5014268 | $3173290 |
| Net realized gain | 15037968 | 2021440 | 20070528 | 2454952 |
| Net change in unrealized appreciation (depreciation) | (7760305) | 11184593 | (9716273) | 14551924 |
| Increase in net assets resulting from operations | 11406826 | 16339598 | 15368523 | 20180166 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (668008) | (240507) | (1701015) | (215980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (244336) | (289362) | (302594) | (293559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (63366) | (126864) | (98102) | (95995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (1718504) | (2260165) | (2357464) | (2312698) |
| Total distributions | (2694214) | (2916898) | (4459175) | (2918232) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 75868693 | 39778971 | 122928599 | 52169859 |
| Reinvestment of distributions | 2694214 | 2916898 | 4459175 | 2918232 |
|  | 78562907 | 42695869 | 127387774 | 55088091 |
| Cost of shares redeemed | (36775133) | (37662319) | (45604348) | (37273693) |
| Net increase in net assets resulting from capital share transactions | 41787774 | 5033550 | 81783426 | 17814398 |
| Net increase in net assets | 50500386 | 18456250 | 92692774 | 35076332 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 119272070 | 100815820 | 133702131 | 98625799 |
| End of year or period | $169772456 | $119272070 | $226394905 | $133702131 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2040 Fund** | **Retirement 2040 Fund** | **Retirement 2045 Fund** | **Retirement 2045 Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $2697539 | $2213647 | $3767814 | $2331088 |
| Net realized gain | 16728342 | 1555428 | 21499751 | 2214056 |
| Net change in unrealized appreciation (depreciation) | (8180189) | 13542789 | (10290820) | 15779569 |
| Increase in net assets resulting from operations | 11245692 | 17311864 | 14976745 | 20324713 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (184372) | (131043) | (1881170) | (116031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (265707) | (222666) | (373682) | (228547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (121805) | (108804) | (103014) | (60010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (1966497) | (1603592) | (3131833) | (1799341) |
| Total distributions | (2538381) | (2066105) | (5489699) | (2203929) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 31847796 | 39711845 | 98454547 | 44136157 |
| Reinvestment of distributions | 2538381 | 2066105 | 5489699 | 2203929 |
|  | 34386177 | 41777950 | 103944246 | 46340086 |
| Cost of shares redeemed | (25677221) | (30612355) | (32183296) | (29895963) |
| Net increase in net assets resulting from capital share transactions | 8708956 | 11165595 | 71760950 | 16444123 |
| Net increase in net assets | 17416267 | 26411354 | 81247996 | 34564907 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 105232185 | 78820831 | 115558135 | 80993228 |
| End of year or period | $122648452 | $105232185 | $196806131 | $115558135 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2050 Fund** | **Retirement 2050 Fund** | **Retirement 2055 Fund** | **Retirement 2055 Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1879426 | $1520779 | $2338119 | $1317215 |
| Net realized gain | 15218181 | 1157691 | 14808038 | 1777990 |
| Net change in unrealized appreciation (depreciation) | (7307672) | 12149424 | (6497379) | 10212589 |
| Increase in net assets resulting from operations | 9789935 | 14827894 | 10648778 | 13307794 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (120202) | (67797) | (1401802) | (86016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (192863) | (157913) | (364126) | (182933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (73052) | (79994) | (98185) | (40164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (1410036) | (1149815) | (2180631) | (968167) |
| Total distributions | (1796153) | (1455519) | (4044744) | (1277280) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 26203244 | 31190031 | 68568829 | 32430715 |
| Reinvestment of distributions | 1796153 | 1455519 | 4044744 | 1273366 |
|  | 27999397 | 32645550 | 72613573 | 33704081 |
| Cost of shares redeemed | (19586907) | (20302323) | (18978094) | (17338920) |
| Net increase in net assets resulting from capital share transactions | 8412490 | 12343227 | 53635479 | 16365161 |
| Net increase in net assets | 16406272 | 25715602 | 60239513 | 28395675 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 84523254 | 58807652 | 76169492 | 47773817 |
| End of year or period | $100929526 | $84523254 | $136409005 | $76169492 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Target** | **Voya Target** | **Voya Target** | **Voya Target** |
|  | **Retirement 2060 Fund** | **Retirement 2060 Fund** | **Retirement 2065 Fund** | **Retirement 2065 Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1044220 | $740315 | $411279 | $227418 |
| Net realized gain | 8120019 | 951956 | 2723983 | 126159 |
| Net change in unrealized appreciation (depreciation) | (3576413) | 5799614 | (1044190) | 2021229 |
| Increase in net assets resulting from operations | 5587826 | 7491885 | 2091072 | 2374806 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (74618) | (65559) | (124880) | (25614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (49710) | (31533) | (12747) | (2832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (35568) | (30834) | (4577) | (948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (826072) | (577965) | (532521) | (189022) |
| Total distributions | (985968) | (705891) | (674725) | (218416) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 19111200 | 19075502 | 12774829 | 5257900 |
| Reinvestment of distributions | 985968 | 705868 | 674725 | 218389 |
|  | 20097168 | 19781370 | 13449554 | 5476289 |
| Cost of shares redeemed | (10798689) | (10164564) | (3804851) | (1887674) |
| Net increase in net assets resulting from capital share transactions | 9298479 | 9616806 | 9644703 | 3588615 |
| Net increase in net assets | 13900337 | 16402800 | 11061050 | 5745005 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 45114498 | 28711698 | 14686747 | 8941742 |
| End of year or period | $59014835 | $45114498 | $25747797 | $14686747 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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** | **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** | **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** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 10.31 | 0.35• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 10.32 | 0.38• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 10.20 | 0.32• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 10.32 | 0.38• | 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• | 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• | (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• | (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• | 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 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** | **Voya Target Retirement 2025 Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.00 | 0.39• | 0.62 | 1.01 | 0.27 |  |  | 0.27 |  | 12.74 | **8.46** | 0.45 | 0.34 | 0.34 | 3.07 | 73465 | 95 |
| 05-31-24 | 10.87 | 0.30• | 1.10 | 1.40 | 0.27 |  |  | 0.27 |  | 12.00 | **12.94** | 0.47 | 0.36 | 0.36 | 2.65 | 7382 | 59 |
| 05-31-23 | 11.54 | 0.23• | (0.45) | (0.22) | 0.19 | 0.26 |  | 0.45 |  | 10.87 | **(1.72)** | 0.48 | 0.44 | 0.44 | 2.16 | 16224 | 116 |
| 05-31-22 | 14.20 | 0.23• | (1.07) | (0.84) | 0.26 | 1.56 |  | 1.82 |  | 11.54 | **(7.42)** | 0.48 | 0.48 | 0.48 | 1.70 | 12510 | 63 |
| 05-31-21 | 11.94 | 0.20• | 2.71 | 2.91 | 0.31 | 0.34 |  | 0.65 |  | 14.20 | **24.65** | 0.67 | 0.67 | 0.67 | 1.53 | 12443 | 97 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.09 | 0.42• | 0.62 | 1.04 | 0.28 |  |  | 0.28 |  | 12.85 | **8.68** | 0.21 | 0.10 | 0.10 | 3.31 | 5405 | 95 |
| 05-31-24 | 10.96 | 0.33• | 1.11 | 1.44 | 0.31 |  |  | 0.31 |  | 12.09 | **13.22** | 0.28 | 0.16 | 0.16 | 2.92 | 5435 | 59 |
| 05-31-23 | 11.64 | 0.27• | (0.47) | (0.20) | 0.22 | 0.26 |  | 0.48 |  | 10.96 | **(1.51)** | 0.31 | 0.23 | 0.23 | 2.45 | 482 | 116 |
| 05-31-22 | 14.28 | 0.19• | (1.02) | (0.83) | 0.25 | 1.56 |  | 1.81 |  | 11.64 | **(7.29)** | 0.28 | 0.37 | 0.37 | 1.32 | 73 | 63 |
| 05-31-21 | 12.00 | 0.23• | 2.72 | 2.95 | 0.33 | 0.34 |  | 0.67 |  | 14.28 | **24.91** | 0.67 | 0.45 | 0.45 | 1.74 | 61 | 97 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.91 | 0.35• | 0.61 | 0.96 | 0.22 |  |  | 0.22 |  | 12.65 | **8.14** | 0.70 | 0.59 | 0.59 | 2.82 | 4299 | 95 |
| 05-31-24 | 10.84 | 0.34• | 1.03 | 1.37 | 0.30 |  |  | 0.30 |  | 11.91 | **12.71** | 0.72 | 0.61 | 0.61 | 2.92 | 4302 | 59 |
| 05-31-23 | 11.51 | 0.21• | (0.46) | (0.25) | 0.16 | 0.26 |  | 0.42 |  | 10.84 | **(2.01)** | 0.73 | 0.69 | 0.69 | 1.95 | 456 | 116 |
| 05-31-22 | 14.14 | 0.19• | (1.05) | (0.86) | 0.21 | 1.56 |  | 1.77 |  | 11.51 | **(7.57)** | 0.73 | 0.73 | 0.73 | 1.42 | 482 | 63 |
| 05-31-21 | 11.90 | 0.17• | 2.69 | 2.86 | 0.28 | 0.34 |  | 0.62 |  | 14.14 | **24.27** | 0.92 | 0.92 | 0.92 | 1.29 | 697 | 97 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.07 | 0.42• | 0.63 | 1.05 | 0.29 |  |  | 0.29 |  | 12.83 | **8.76** | 0.19 | 0.08 | 0.08 | 3.33 | 69224 | 95 |
| 05-31-24 | 10.95 | 0.34• | 1.10 | 1.44 | 0.32 |  |  | 0.32 |  | 12.07 | **13.22** | 0.18 | 0.07 | 0.07 | 3.01 | 64808 | 59 |
| 05-31-23 | 11.62 | 0.27• | (0.46) | (0.19) | 0.22 | 0.26 |  | 0.48 |  | 10.95 | **(1.41)** | 0.18 | 0.15 | 0.15 | 2.44 | 62576 | 116 |
| 05-31-22 | 14.28 | 0.26• | (1.06) | (0.80) | 0.30 | 1.56 |  | 1.86 |  | 11.62 | **(7.12)** | 0.19 | 0.19 | 0.19 | 1.94 | 51976 | 63 |
| 05-31-21 | 12.00 | 0.24• | 2.72 | 2.96 | 0.34 | 0.34 |  | 0.68 |  | 14.28 | **24.99** | 0.38 | 0.38 | 0.38 | 1.81 | 33017 | 97 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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 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** | **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** | **Voya Target Retirement 2030 Fund** | **Voya Target Retirement 2030 Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 12.72 | 0.35• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.81 | 0.38• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.56 | 0.31• | 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• | 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• | (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• | (1.08) | (0.88) | 0.28 | 1.59 |  | 1.87 |  | 11.97 | **(7.50)** | 0.73 | 0.73 | 0.73 | 1.47 | 98 | 58 |
| 05-31-21 | 11.87 | 0.15• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.80 | 0.38• | 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• | 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• | (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• | (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• | 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** | **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** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** | **Voya Target Retirement 2035 Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.97 | 0.33• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.10 | 0.37• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.85 | 0.30• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.06 | 0.37• | 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• | 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• | (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• | (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• | 3.84 | 4.03 | 0.28 | 0.33 |  | 0.61 |  | 15.31 | **34.27** | 0.38 | 0.38 | 0.38 | 1.39 | 40475 | 106 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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 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** | **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** | **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** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 14.07 | 0.32• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.16 | 0.36• | 1.16 | 1.52 | 0.33 |  |  | 0.33 |  | 15.35 | **10.84** | 0.21 | 0.12 | 0.12 | 2.39 | 12530 | 79 |
| 05-31-24 | 12.03 | 0.29• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.89 | 0.28• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.16 | 0.36• | 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• | 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• | (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• | (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• | 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** | **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** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.11 | 0.31• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.21 | 0.35• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.95 | 0.27• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.21 | 0.35• | 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• | 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• | (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• | (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• | 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** | | **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 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** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 14.20 | 0.27• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.28 | 0.31• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.02 | 0.23• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 14.28 | 0.31• | 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• | 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• | (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• | (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• | 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** | **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** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.88 | 0.27• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.99 | 0.31• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.65 | 0.23• | 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• | 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• | (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• | (0.92) | (0.79) | 0.35 | 2.94 |  | 3.29 |  | 12.18 | **(7.60)** | 0.85 | 0.85 | 0.85 | 0.91 | 50 | 49 |
| 05-31-21 | 11.76 | 0.06• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.98 | 0.32• | 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• | 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• | (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• | (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• | 4.79 | 4.94 | 0.20 | 0.13 |  | 0.33 |  | 16.45 | **42.02** | 0.38 | 0.38 | 0.38 | 1.03 | 18329 | 116 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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 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** | **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** | **Voya Target Retirement 2060 Fund** | **Voya Target Retirement 2060 Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 12.91 | 0.23• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.97 | 0.28• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.77 | 0.20• | 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• | 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• | (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• | (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• | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.99 | 0.28• | 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• | 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• | (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• | (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• | 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** | **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** | **Voya Target Retirement 2065 Fund** | **Voya Target Retirement 2065 Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.50 | 0.22• | 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• | 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• | (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• | (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 | &nbsp;&nbsp;<br>0.08•  | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.52 | 0.25• | 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• | 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• | (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• | (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 | &nbsp;&nbsp;<br>0.10•  | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.42 | 0.19• | 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• | 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• | (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• | (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 | &nbsp;&nbsp;<br>0.05•  | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.52 | 0.25• | 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• | 1.94 | 2.15 | 0.20 |  |  | 0.20 |  | 11.52 | **22.60** | 0.18 | 0.10 | 0.10 | 2.01 | 12408 | 61 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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 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 R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |
| 05-31-23 | 10.11 | 0.17• | (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• | (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• | 2.97 | 3.07 | 0.14 | 0.02 |  | 0.16 |  | 12.91 | **30.92** | 0.42 | 0.42 | 0.42 | 1.05 | 4032 | 87 |

---

---

| | |
|:---|:---|
| <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. |
| <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> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of MAY 31, 2025

**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 2025 Fund ("Retirement 2025"), Voya Target Retirement 2030 Fund ("Retirement 2030"), Voya Target Retirement 2035 Fund ("Retirement 2035"), Voya Target Retirement 2040 Fund ("Retirement 2040"), Voya Target Retirement 2045 Fund ("Retirement 2045"), Voya Target Retirement 2050 Fund ("Retirement 2050"), Voya Target Retirement 2055 Fund ("Retirement 2055"), Voya Target Retirement 2060 Fund ("Retirement 2060"), and Voya Target Retirement 2065 Fund ("Retirement 2065"), each a diversified series of the Trust.

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

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

"Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The 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 May 31, 2025 (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 May 31, 2025 (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 federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions

taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

G. ***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 May 31, 2025 (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 year ended May 31, 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 year ended May 31, 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 2025 | 1357217 | 833379 |
| Retirement 2030 | 1551105 | 833379 |
| Retirement 2035 | 2145999 | 1041723 |
| Retirement 2040 | 3025750 | 2998025 |
| Retirement 2045 | 4862813 | 4796875 |
| Retirement 2050 | 2485438 | 2398438 |
| Retirement 2055 | 3349937 | 3357813 |
| Retirement 2060 | 1404812 | 1439063 |
| Retirement 2065 | 594407 | 599588 |

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NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (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 year ended May 31, 2025, the cost of purchases and the proceeds from the sales of investments were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| In-Retirement | $142749777 | $89011167 |
| Retirement 2025 | 186450766 | 120228138 |
| Retirement 2030 | 162126179 | 118735000 |
| Retirement 2035 | 261223132 | 178811738 |
| Retirement 2040 | 99612656 | 90815557 |
| Retirement 2045 | 239021049 | 168894911 |
| Retirement 2050 | 88790634 | 80326020 |
| Retirement 2055 | 167113459 | 115093626 |
| Retirement 2060 | 56041279 | 46711012 |
| Retirement 2065 | 28957032 | 19619337 |

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**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 year ended May 31, 2025, the Distributor retained the following amounts in sales charges:

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| | |
|:---|:---|
|  | **Class A** |
| **Initial Sales Charges:** |  |
| In-Retirement | $1741 |
| Retirement 2025 | 1034 |
| Retirement 2030 | 3735 |
| Retirement 2035 | 3998 |
| Retirement 2040 | 2539 |
| Retirement 2045 | 1846 |
| Retirement 2050 | 1321 |
| Retirement 2055 | 2844 |
| Retirement 2060 | 832 |
| Retirement 2065 | 481 |
| **Contingent Deferred Sales Charges:** |  |
| Retirement 2060 | $3 |

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

At May 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the following Funds:

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| | | |
|:---|:---|:---|
| **Subsidiary** | **Fund** | **Percentage** |
| Voya Institutional Trust Company | &nbsp;&nbsp;In-Retirement | 68.71% |
|  | &nbsp;&nbsp;Retirement 2025 | 55.75 |
|  | &nbsp;&nbsp;Retirement 2030 | 37.91 |
|  | &nbsp;&nbsp;Retirement 2035 | 47.60 |
|  | &nbsp;&nbsp;Retirement 2040 | 16.79 |
|  | &nbsp;&nbsp;Retirement 2045 | 46.28 |
|  | &nbsp;&nbsp;Retirement 2050 | 22.76 |
|  | &nbsp;&nbsp;Retirement 2055 | 48.41 |
|  | &nbsp;&nbsp;Retirement 2060 | 25.44 |
|  | &nbsp;&nbsp;Retirement 2065 | 22.37 |
| Voya Investment Management Co. LLC | &nbsp;&nbsp;Retirement 2065 | 25.91 |

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NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

---

| | | |
|:---|:---|:---|
| Voya Retirement Insurance and Annuity Company | In-Retirement | 16.8 |
|  | Retirement 2025 | 25.57 |
|  | Retirement 2030 | 32.45 |
|  | Retirement 2035 | 26.86 |
|  | Retirement 2040 | 45.41 |
|  | Retirement 2045 | 29.34 |
|  | Retirement 2050 | 42.15 |
|  | Retirement 2055 | 28.24 |
|  | Retirement 2060 | 48.65 |
|  | Retirement 2065 | 31.3 |

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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 year ended May 31, 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 and extraordinary expenses to the levels listed below:

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| | | | | |
|:---|:---|:---|:---|:---|
| <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 2025 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2030 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2035 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2040 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2045 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2050 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2055 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2060 | 0.65% | 0.40% | 0.90% | 0.25% |
| Retirement 2065 | 0.65% | 0.40% | 0.90% | 0.25% |

---

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, 2025, 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 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class I** | **Class R** | **Class R6** |
| In-Retirement | 0.58% | 0.23% | 0.83% | 0.22% |
| Retirement 2025 | 0.52% | 0.32% | 0.77% | 0.23% |
| Retirement 2030 | 0.53% | 0.28% | 0.78% | 0.24% |
| Retirement 2035 | 0.55% | 0.25% | 0.80% | 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.

As of May 31, 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:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| In-Retirement | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $73916 | $73916 |
| Retirement 2025 |  |  | 104442 | 104442 |
| Retirement 2030 |  |  | 101258 | 101258 |
| Retirement 2035 |  |  | 136703 | 136703 |
| Retirement 2040 |  |  | 65999 | 65999 |
| Retirement 2045 |  |  | 106087 | 106087 |
| Retirement 2050 |  |  | 47577 | 47577 |
| Retirement 2055 |  |  | 64209 | 64209 |
| Retirement 2060 |  |  | 27298 | 27298 |
| Retirement 2065 |  |  | 12284 | 12284 |

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The Expense Limitation Agreement is contractual through October 1, 2025 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

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

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of 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.

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 year ended May 31, 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** |
| Retirement 2050 | 1 | $617000 | 5.33% |
| Retirement 2055 | 1 | 589000 | 5.33 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 5558064 |  | 122337 | (648785) |  | 5031616 | 60586492 |  | 1288210 | (6972624) |  | 54902078 |
| 5/31/2024 | 214845 |  | 8050 | (914252) |  | (691357) | 2154341 |  | 81300 | (9027914) |  | (6792273) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 180537 |  | 11589 | (60435) |  | 131691 | 1965086 |  | 122262 | (650961) |  | 1436387 |
| 5/31/2024 | 480220 |  | 18537 | (295911) |  | 202846 | 4680105 |  | 187219 | (2996450) |  | 1870874 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 49264 |  | 2462 | (64328) |  | (12602) | 523610 |  | 25707 | (681778) |  | (132461) |
| 5/31/2024 | 118346 |  | 2992 | (7548) |  | 113790 | 1180176 |  | 29920 | (76277) |  | 1133819 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 950489 |  | 93168 | (1323022) |  | (279365) | 10118211 |  | 982918 | (14168328) |  | (3067199) |
| 5/31/2024 | 991490 |  | 134991 | (1190692) |  | (64211) | 9859622 |  | 1363411 | (11924954) |  | (701921) |
| **Retirement 2025** | **Retirement 2025** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 5710890 |  | 120558 | (679085) |  | 5152363 | 72639322 |  | 1486477 | (8523660) |  | 65602139 |
| 5/31/2024 | 165159 |  | 16303 | (1059060) |  | (877598) | 1866697 |  | 188631 | (11920088) |  | (9864760) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 214665 |  | 11557 | (255313) |  | (29091) | 2697689 |  | 143532 | (3209225) |  | (368004) |
| 5/31/2024 | 636942 |  | 15584 | (246775) |  | 405751 | 7103935 |  | 181399 | (2887797) |  | 4397537 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 38584 |  | 6497 | (66582) |  | (21501) | 479577 |  | 79658 | (803747) |  | (244512) |
| 5/31/2024 | 356241 |  | 9388 | (46373) |  | 319256 | 4022009 |  | 107871 | (541185) |  | 3588695 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1381260 |  | 129464 | (1482812) |  | 27912 | 17399218 |  | 1605359 | (18525276) |  | 479301 |
| 5/31/2024 | 1526427 |  | 164670 | (2039174) |  | (348077) | 17462047 |  | 1915107 | (23601064) |  | (4223910) |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (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** | **Retirement 2030** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 3192945 |  | 50568 | (379682) |  | 2863831 | 43098502 |  | 668008 | (5040701) |  | 38725809 |
| 5/31/2024 | 323326 |  | 19779 | (1295242) |  | (952137) | 3824915 |  | 240507 | (15326980) |  | (11261558) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 235857 |  | 18371 | (256657) |  | (2429) | 3151920 |  | 244336 | (3417806) |  | (21550) |
| 5/31/2024 | 985560 |  | 23660 | (154543) |  | 854677 | 11528968 |  | 289362 | (1893771) |  | 9924559 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 55233 |  | 4848 | (116599) |  | (56518) | 731108 |  | 63366 | (1509595) |  | (715121) |
| 5/31/2024 | 453378 |  | 10554 | (14519) |  | 449413 | 5350956 |  | 126864 | (171195) |  | 5306625 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2145581 |  | 129211 | (2032600) |  | 242192 | 28887163 |  | 1718504 | (26807031) |  | 3798636 |
| 5/31/2024 | 1591976 |  | 184956 | (1682507) |  | 94425 | 19074132 |  | 2260165 | (20270373) |  | 1063924 |
| **Retirement 2035** | **Retirement 2035** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 6028565 |  | 126282 | (711940) |  | 5442907 | 83462727 |  | 1701015 | (9721464) |  | 75442278 |
| 5/31/2024 | 327334 |  | 17588 | (910907) |  | (565985) | 3988405 |  | 215980 | (10857904) |  | (6653519) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 284776 |  | 22233 | (369150) |  | (62141) | 3904203 |  | 302594 | (5062274) |  | (855477) |
| 5/31/2024 | 1081679 |  | 23712 | (133226) |  | 972165 | 12722281 |  | 293559 | (1640429) |  | 11375411 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 168432 |  | 7337 | (129970) |  | 45799 | 2304488 |  | 98102 | (1713885) |  | 688705 |
| 5/31/2024 | 363057 |  | 7881 | (22057) |  | 348881 | 4343688 |  | 95995 | (262325) |  | 4177358 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2438643 |  | 173726 | (2142493) |  | 469876 | 33257181 |  | 2357464 | (29106725) |  | 6507920 |
| 5/31/2024 | 2576975 |  | 187263 | (1990381) |  | 773857 | 31115485 |  | 2312698 | (24513035) |  | 8915148 |
| **Retirement 2040** | **Retirement 2040** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 402357 |  | 12577 | (203873) |  | 211061 | 5995270 |  | 184372 | (2989195) |  | 3190447 |
| 5/31/2024 | 179653 |  | 9928 | (1072042) |  | (882461) | 2292846 |  | 131043 | (13612323) |  | (11188434) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 201351 |  | 18026 | (211647) |  | 7730 | 2997879 |  | 265707 | (3132496) |  | 131090 |
| 5/31/2024 | 904116 |  | 16780 | (165692) |  | 755204 | 11373334 |  | 222666 | (2187786) |  | 9408214 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 83446 |  | 8412 | (50324) |  | 41534 | 1221004 |  | 121805 | (722511) |  | 620298 |
| 5/31/2024 | 389678 |  | 8344 | (12204) |  | 385818 | 4958324 |  | 108804 | (163523) |  | 4903605 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1453168 |  | 133412 | (1286673) |  | 299907 | 21633643 |  | 1966497 | (18833019) |  | 4767121 |
| 5/31/2024 | 1624262 |  | 120843 | (1122583) |  | 622522 | 21087341 |  | 1603592 | (14648723) |  | 8042210 |
| **Retirement 2045** | **Retirement 2045** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 4335741 |  | 128671 | (381438) |  | 4082974 | 65567991 |  | 1881170 | (5658379) |  | 61790782 |
| 5/31/2024 | 234126 |  | 8824 | (794389) |  | (551439) | 2973756 |  | 116031 | (10057576) |  | (6967789) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 201390 |  | 25369 | (197255) |  | 29504 | 3007387 |  | 373682 | (2928185) |  | 452884 |
| 5/31/2024 | 953244 |  | 17288 | (235496) |  | 735036 | 11840862 |  | 228547 | (3125129) |  | 8944280 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 62554 |  | 7109 | (45076) |  | 24587 | 917679 |  | 103014 | (652145) |  | 368548 |
| 5/31/2024 | 246822 |  | 4609 | (11535) |  | 239896 | 3129834 |  | 60010 | (153294) |  | 3036550 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1944909 |  | 212472 | (1574763) |  | 582618 | 28961490 |  | 3131833 | (22944587) |  | 9148736 |
| 5/31/2024 | 2021408 |  | 136005 | (1243082) |  | 914331 | 26191705 |  | 1799341 | (16559964) |  | 11431082 |
| **Retirement 2050** | **Retirement 2050** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 233216 |  | 8056 | (108631) |  | 132641 | 3522377 |  | 120202 | (1628160) |  | 2014419 |
| 5/31/2024 | 168323 |  | 5136 | (672200) |  | (498741) | 2133070 |  | 67797 | (8470736) |  | (6269869) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 161894 |  | 12866 | (168736) |  | 6024 | 2442928 |  | 192863 | (2521486) |  | 114305 |
| 5/31/2024 | 685612 |  | 11909 | (125830) |  | 571691 | 8536698 |  | 157913 | (1616199) |  | 7078412 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 50097 |  | 4953 | (86332) |  | (31282) | 743416 |  | 73052 | (1298148) |  | (481680) |
| 5/31/2024 | 317659 |  | 6130 | (22664) |  | 301125 | 4014972 |  | 79994 | (298801) |  | 3796165 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1299006 |  | 94065 | (958077) |  | 434994 | 19494523 |  | 1410036 | (14139113) |  | 6765446 |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (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 2050 (continued)** | **Retirement 2050 (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2024 | 1270551 |  | 86713 | (749793) |  | 607471 | 16505291 |  | 1149815 | (9916587) |  | 7738519 |
| **Retirement 2055** | **Retirement 2055** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2985758 |  | 97415 | (234893) |  | 2848280 | 44430605 |  | 1401802 | (3394181) |  | 42438226 |
| 5/31/2024 | 176143 |  | 6365 | (473237) |  | (290729) | 2180531 |  | 82102 | (5854827) |  | (3592194) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 206470 |  | 25078 | (159913) |  | 71635 | 3030068 |  | 364126 | (2312882) |  | 1081312 |
| 5/31/2024 | 863072 |  | 14093 | (219591) |  | 657574 | 10538127 |  | 182933 | (2889772) |  | 7831288 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 76963 |  | 6929 | (43130) |  | 40762 | 1108994 |  | 98185 | (610367) |  | 596812 |
| 5/31/2024 | 194305 |  | 3163 | (8949) |  | 188519 | 2414073 |  | 40164 | (112559) |  | 2341678 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1368329 |  | 150285 | (874761) |  | 643853 | 19999162 |  | 2180631 | (12660664) |  | 9519129 |
| 5/31/2024 | 1365861 |  | 74647 | (650337) |  | 790171 | 17297984 |  | 968167 | (8481762) |  | 9784389 |
| **Retirement 2060** | **Retirement 2060** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 139287 |  | 5487 | (92250) |  | 52524 | 1906455 |  | 74618 | (1248255) |  | 732818 |
| 5/31/2024 | 237109 |  | 5461 | (459585) |  | (217015) | 2739367 |  | 65536 | (5327485) |  | (2522582) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 106299 |  | 3644 | (89557) |  | 20386 | 1455723 |  | 49710 | (1210330) |  | 295103 |
| 5/31/2024 | 186649 |  | 2621 | (46227) |  | 143043 | 2166186 |  | 31533 | (556031) |  | 1641688 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 53864 |  | 2644 | (27776) |  | 28732 | 726609 |  | 35568 | (368417) |  | 393760 |
| 5/31/2024 | 159402 |  | 2595 | (5289) |  | 156708 | 1846859 |  | 30834 | (64995) |  | 1812698 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1097036 |  | 60474 | (586062) |  | 571448 | 15022413 |  | 826072 | (7971687) |  | 7876798 |
| 5/31/2024 | 1042070 |  | 47964 | (353921) |  | 736113 | 12323090 |  | 577965 | (4216053) |  | 8685002 |
| **Retirement 2065** | **Retirement 2065** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 334820 |  | 10459 | (68259) |  | 277020 | 4089789 |  | 124880 | (820245) |  | 3394424 |
| 5/31/2024 | 17353 |  | 2398 | (7173) |  | 12578 | 181844 |  | 25587 | (74244) |  | 133187 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 35615 |  | 1066 | (19286) |  | 17395 | 422977 |  | 12747 | (227308) |  | 208416 |
| 5/31/2024 | 18909 |  | 265 | (1935) |  | 17239 | 209488 |  | 2832 | (20570) |  | 191750 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 17033 |  | 386 | (2270) |  | 15149 | 198055 |  | 4577 | (26912) |  | 175720 |
| 5/31/2024 | 8221 |  | 89 | (1772) |  | 6538 | 88532 |  | 948 | (19275) |  | 70205 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 664302 |  | 44525 | (228005) |  | 480822 | 8064008 |  | 532521 | (2730386) |  | 5866143 |
| 5/31/2024 | 453948 |  | 17699 | (167829) |  | 303818 | 4778036 |  | 189022 | (1773585) |  | 3193473 |

---

**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 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.

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:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025** | **May 31, 2025** | **May 31, 2024** | **May 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| In-Retirement | $2419097 | $— | $1661850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Retirement 2025 | 3315026 |  | 2393008 |  |
| 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 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 2025 | 1711436 | 3134630 | (185329) |  |  | 4660737 |
| 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 May 31, 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, 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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

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 — 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 the Funds' 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 the Funds' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — SUBSEQUENT EVENTS**

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

*Reorganization:* The Board approved a proposal to reorganize Retirement 2025 into In-Retirement on or about August 8, 2025. Following the reorganization, shareholders of Retirement 2025 will hold shares of In-Retirement.

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> In-Retirement Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 41.9%** | **EXCHANGE-TRADED FUNDS: 41.9%** | |  |
| 17328 | iShares Core S&P Mid- Cap ETF | $1040373 | 1 |
| 148773 | iShares Core U.S. Aggregate Bond ETF | 14594631 | 14 |
| 391844 | Schwab U.S. TIPS ETF | 10387784 | 10 |
| 177102 | SPDR Portfolio High Yield Bond ETF | 4161897 | 4 |
| 103263 | Vanguard FTSE Developed Markets ETF | 5739358 | 5.5 |
| 43236 | Vanguard FTSE Emerging Markets ETF | 2032092 | 1.9 |
| 57426 | Vanguard Long-Term Treasury ETF | 3156707 | 3 |
| 10270 | Vanguard Russell 1000 Growth ETF | 1055859 | 1 |
| 31537 | Vanguard Total International Bond ETF | 1559505 | 1.5 |
|  | Total Exchange-Traded Funds<br> (Cost $43,420,444) | **43728206** | **41.9** |
| **MUTUAL FUNDS: 58.1%** | **MUTUAL FUNDS: 58.1%** |  |  |
|  | **Affiliated Investment Companies: 36.4%** | **Affiliated Investment Companies: 36.4%** |  |
| 2947363 | Voya Intermediate Bond Fund - Class R6 | 25553633 | 24.5 |
| 263938 | Voya Multi-Manager International Equity Fund - Class I | 3103906 | 3 |
| 886980 | Voya Short Duration Bond Fund - Class R6 | 8310999 | 7.9 |
| 89539 | Voya VACS Series EME Fund | 1027909 | 1 |
|  |  | **37996447** | **36.4** |
|  | **Unaffiliated Investment Companies: 21.7%** | **Unaffiliated Investment Companies: 21.7%** |  |
| 110073 | Fidelity 500 Index Fund | **22636517** | **21.7** |
|  | Total Mutual Funds <br> (Cost $60,863,740) | **60632964** | **58.1** |
|  | Total Long-Term Investments <br> (Cost $104,284,184) | **104361170** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $104,284,184)** | $**104361170** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **38526** | **0.0** |
|  | **Net Assets** | $**104399696** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> In-Retirement Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $43728206 | $— | $— | $43728206 |
| Mutual Funds | 60632964 |  |  | 60632964 |
| Total Investments, at fair value | $104361170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $104361170 |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Global Bond Fund - Class R6 | $1449111 | $85757 | $(1573381) | $38513 | $— | $11004 | $(813) | $— |
| Voya Intermediate Bond Fund - Class R6 | 12403776 | 46259854 | (32533479) | (576518) | 25553633 | 1080675 | 223819 |  |
| Voya Multi-Manager International Equity Fund - Class I | 1035716 | 6961880 | (5110484) | 216794 | 3103906 | 37261 | 2928 |  |
| Voya Short Duration Bond Fund - Class R6 |  | 11114777 | (2773662) | (30116) | 8310999 | 296438 | (27955) |  |
| Voya VACS Series EME Fund | 502872 | 2371289 | (1805479) | (40773) | 1027909 | 46045 | 33965 | 4458 |
|  | $15391475 | $66793557 | $(43796485) | $(392100) | $37996447 | $1471423 | $231944 | $4458 |

---

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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(55466) |
| Interest rate contracts | (3485) |
| **Total** | $(58951) |

---

At May 31, 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 $104,864,203. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $1039948 |
| Gross Unrealized Depreciation | (1542981) |
| Net Unrealized Depreciation | $(503033) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2025 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 42.0%** | **EXCHANGE-TRADED FUNDS: 42.0%** | |  |
| 31574 | iShares Core S&P Mid- Cap ETF | $1895703 | 1.3 |
| 204918 | iShares Core U.S. Aggregate Bond ETF | 20102456 | 13.2 |
| 542688 | Schwab U.S. TIPS ETF | 14386659 | 9.4 |
| 225919 | SPDR Portfolio High Yield Bond ETF | 5309097 | 3.5 |
| 198154 | Vanguard FTSE Developed Markets ETF | 11013399 | 7.2 |
| 62923 | Vanguard FTSE Emerging Markets ETF | 2957381 | 1.9 |
| 83719 | Vanguard Long-Term Treasury ETF | 4602033 | 3 |
| 14972 | Vanguard Russell 1000 Growth ETF | 1539271 | 1 |
| 45977 | Vanguard Total International Bond ETF | 2273563 | 1.5 |
|  | Total Exchange-Traded Funds <br> (Cost $63,069,437) | **64079562** | **42.0** |
| **MUTUAL FUNDS: 57.9%** | **MUTUAL FUNDS: 57.9%** |  |  |
|  | **Affiliated Investment Companies: 35.2%** | **Affiliated Investment Companies: 35.2%** |  |
| 4264120 | Voya Intermediate Bond Fund - Class R6 | 36969916 | 24.2 |
| 452188 | Voya Multi-Manager International Equity Fund - Class I | 5317726 | 3.5 |
| 1051178 | Voya Short Duration Bond Fund - Class R6 | 9849534 | 6.5 |
| 131442 | Voya VACS Series EME Fund | 1508957 | 1 |
|  |  | **53646133** | **35.2** |
|  | **Unaffiliated Investment Companies: 22.7%** | **Unaffiliated Investment Companies: 22.7%** |  |
| 167964 | Fidelity 500 Index Fund | **34541876** | **22.7** |
|  | Total Mutual Funds <br> (Cost $88,255,581) | **88188009** | **57.9** |
|  | Total Long-Term Investments <br> (Cost $151,325,018) | **152267571** | **99.9** |
|  | **Total Investments in Securities <br> (Cost $151,325,018)** | $**152267571** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **124693** | **0.1** |
|  | **Net Assets** | $**152392264** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2025 Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $64079562 | $— | $— | $64079562 |
| Mutual Funds | 88188009 |  |  | 88188009 |
| Total Investments, at fair value | $152267571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $152267571 |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Global Bond Fund - Class R6 | $2432137 | $154822 | $(2653108) | $66149 | $— | $18728 | $(2502) | $— |
| Voya Intermediate Bond Fund - Class R6 | 17524580 | 50421068 | (30360185) | (615547) | 36969916 | 1471880 | 297523 |  |
| Voya Multi-Manager International Equity Fund - Class I | 3052968 | 10964909 | (8950581) | 250430 | 5317726 | 86902 | 155676 |  |
| Voya Short Duration Bond Fund - Class R6 |  | 10956637 | (1089440) | (17663) | 9849534 | 254580 | (12012) |  |
| Voya VACS Series EME Fund | 804458 | 2793453 | (2037114) | (51840) | 1508957 | 65453 | 43596 | 6337 |
|  | $23814143 | $75290889 | $(45090428) | $(368471) | $53646133 | $1897543 | $482281 | $6337 |

---

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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(78717) |
| Interest rate contracts | (4668) |
| **Total** | $(83385) |

---

At May 31, 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 $152,452,900. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $2276870 |
| Gross Unrealized Depreciation | (2462198) |
| Net Unrealized Depreciation | $(185328) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2030 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 37.8%** | **EXCHANGE-TRADED FUNDS: 37.8%** | |  |
| 98453 | iShares Core S&P Mid- Cap ETF | $5911118 | 3.5 |
| 32237 | iShares Core S&P Small-Cap ETF | 3396813 | 2 |
| 206255 | iShares Core U.S. Aggregate Bond ETF | 20233616 | 11.9 |
| 190848 | Schwab U.S. TIPS ETF | 5059380 | 3 |
| 143762 | SPDR Portfolio High Yield Bond ETF | 3378407 | 2 |
| 273433 | Vanguard FTSE Developed Markets ETF | 15197406 | 9 |
| 87414 | Vanguard FTSE Emerging Markets ETF | 4108458 | 2.4 |
| 93227 | Vanguard Long-Term Treasury ETF | 5124688 | 3 |
| 16671 | Vanguard Russell 1000 Growth ETF | 1713946 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $61,532,004) | **64123832** | **37.8** |
| **MUTUAL FUNDS: 62.2%** | **MUTUAL FUNDS: 62.2%** |  |  |
|  | **Affiliated Investment Companies: 26.5%** | **Affiliated Investment Companies: 26.5%** |  |
| 3428144 | Voya Intermediate Bond Fund - Class R6 | 29722011 | 17.5 |
| 862410 | Voya Multi-Manager International Equity Fund - Class I | 10141941 | 6 |
| 360080 | Voya Short Duration Bond Fund - Class R6 | 3373951 | 2 |
| 146888 | Voya VACS Series EME Fund | 1686276 | 1 |
|  |  | **44924179** | **26.5** |
|  | **Unaffiliated Investment Companies: 35.7%** | **Unaffiliated Investment Companies: 35.7%** |  |
| 294961 | Fidelity 500 Index Fund | **60658822** | **35.7** |
|  | Total Mutual Funds <br> (Cost $104,869,053) | **105583001** | **62.2** |
|  | Total Long-Term Investments<br> (Cost $166,401,057) | **169706833** | **100.0** |
|  | **Total Investments in Securities <br> (Cost $166,401,057)** | $**169706833** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **65623** | **0.0** |
|  | **Net Assets** | $**169772456** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2030 Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $64123832 | $— | $— | $64123832 |
| Mutual Funds | 105583001 |  |  | 105583001 |
| Total Investments, at fair value | $169706833 | $— | $— | $169706833 |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $21070956 | $26103624 | $(17247193) | $(205376) | $29722011 | $1282967 | $253243 | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 8463116 | 10425239 | (9136834) | 390420 | 10141941 | 197630 | 570523 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 4751319 | (1371976) | (5392) | 3373951 | 111492 | (13779) |  |
| Voya VACS Series EME Fund | 1189914 | 2139331 | (1589302) | (53667) | 1686276 | 68998 | 76982 | 6680 |
|  | $30723986 | $43419513 | $(29345305) | $125985 | $44924179 | $1661087 | $886969 | $6680 |

---

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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(89841) |
| Interest rate contracts | (4644) |
| **Total** | $(94485) |

---

At May 31, 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 $168,340,203. | Cost for U.S. federal income tax purposes was $168,340,203. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3981614 |
| Gross Unrealized Depreciation | (2614984) |
| Net Unrealized Appreciation | $1366630 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2035 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 33.8%** | **EXCHANGE-TRADED FUNDS: 33.8%** |  |  |
| 131075 | iShares Core S&P Mid- Cap ETF | $7869743 | 3.5 |
| 42921 | iShares Core S&P Small-Cap ETF | 4522586 | 2 |
| 206494 | iShares Core U.S. Aggregate Bond ETF | 20257061 | 8.9 |
| 191397 | SPDR Portfolio High Yield Bond ETF | 4497830 | 2 |
| 445980 | Vanguard FTSE Developed Markets ETF | 24787568 | 11 |
| 116687 | Vanguard FTSE Emerging Markets ETF | 5484289 | 2.4 |
| 124120 | Vanguard Long-Term Treasury ETF | 6822876 | 3 |
| 22197 | Vanguard Russell 1000 Growth ETF | 2282074 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $73,310,270) | **76524027** | **33.8** |
| **MUTUAL FUNDS: 66.1%** | **MUTUAL FUNDS: 66.1%** |  |  |
|  | **Affiliated Investment Companies: 23.4%** | **Affiliated Investment Companies: 23.4%** | **Affiliated Investment Companies: 23.4%** |
| 3777370 | Voya Intermediate Bond Fund - Class R6 | 32749795 | 14.5 |
| 1336196 | Voya Multi-Manager International Equity Fund - Class I | 15713664 | 6.9 |
| 388645 | Voya VACS Series EME Fund | 4461642 | 2 |
|  |  | **52925101** | **23.4** |
|  | **Unaffiliated Investment Companies: 42.7%** | **Unaffiliated Investment Companies: 42.7%** | **Unaffiliated Investment Companies: 42.7%** |
| 470082 | Fidelity 500 Index Fund | **96672281** | **42.7** |
|  | Total Mutual Funds<br> (Cost $148,686,995) | **149597382** | **66.1** |
|  | Total Long-Term Investments<br> (Cost $221,997,265) | **226121409** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $221,997,265)** | $**226121409** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **273496** | **0.1** |
|  | **Net Assets** | $**226394905** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2035 Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $76524027 | $— | $— | $76524027 |
| Mutual Funds | 149597382 |  |  | 149597382 |
| Total Investments, at fair value | $226121409 | $— | $— | $226121409 |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $19676639 | $35058469 | $(21522772) | $(462541) | $32749795 | $1381558 | $358330 | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 10882166 | 21050381 | (16869104) | 650221 | 15713664 | 309148 | 740222 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 1139615 | (1139615) |  |  | 9074 | 4607 |  |
| Voya VACS Series EME Fund | 2664629 | 4824559 | (2831346) | (196200) | 4461642 | 189179 | 230208 | 18315 |
|  | $33223434 | $62073024 | $(42362837) | $(8520) | $52925101 | $1888959 | $1333367 | $18315 |

---

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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(110913) |
| Interest rate contracts | (5881) |
| **Total** | $(116794) |

---

At May 31, 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 $223,566,634. | Cost for U.S. federal income tax purposes was $223,566,634. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $5167652 |
| Gross Unrealized Depreciation | (2612877) |
| Net Unrealized Appreciation | $2554775 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2040 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 30.8%** | **EXCHANGE-TRADED FUNDS: 30.8%** |  |  |
| 91159 | iShares Core S&P Mid- Cap ETF | $5473186 | 4.5 |
| 23217 | iShares Core S&P Small-Cap ETF | 2446375 | 2 |
| 24801 | iShares Core U.S. Aggregate Bond ETF | 2432978 | 2 |
| 103528 | SPDR Portfolio High Yield Bond ETF | 2432908 | 2 |
| 306796 | Vanguard FTSE Developed Markets ETF | 17051722 | 13.9 |
| 63067 | Vanguard FTSE Emerging Markets ETF | 2964149 | 2.4 |
| 67138 | Vanguard Long-Term Treasury ETF | 3690576 | 3 |
| 12006 | Vanguard Russell 1000 Growth ETF | 1234337 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $34,226,068) | **37726231** | **30.8** |
| **MUTUAL FUNDS: 69.0%** | **MUTUAL FUNDS: 69.0%** |  |  |
|  | **Affiliated Investment Companies: 21.4%** | **Affiliated Investment Companies: 21.4%** | **Affiliated Investment Companies: 21.4%** |
| 1481246 | Voya Intermediate Bond Fund - Class R6 | 12842404 | 10.5 |
| 830023 | Voya Multi-Manager International Equity Fund - Class I | 9761072 | 7.9 |
| 316131 | Voya VACS Series EME Fund | 3629184 | 3 |
|  |  | **26232660** | **21.4** |
|  | **Unaffiliated Investment Companies: 47.6%** | **Unaffiliated Investment Companies: 47.6%** | **Unaffiliated Investment Companies: 47.6%** |
| 284147 | Fidelity 500 Index Fund | **58434877** | **47.6** |
|  | Total Mutual Funds <br> (Cost $83,170,669) | **84667537** | **69.0** |
|  | Total Long-Term Investments<br> (Cost $117,396,737) | **122393768** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $117,396,737)** | $**122393768** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **254684** | **0.2** |
|  | **Net Assets** | $**122648452** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2040 Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $37726231 | $— | $— | $37726231 |
| Mutual Funds | 84667537 |  |  | 84667537 |
| Total Investments, at fair value | $122393768 | $— | $— | $122393768 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 11133 |  |  | 11133 |
| Total Assets | $122404901 | $— | $— | $122404901 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1650) | $— | $— | $(1650) |
| Total Liabilities | $(1650) | $— | $— | $(1650) |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $11496995 | $5967893 | $(4734087) | $111603 | $12842404 | $604421 | $(4551) | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 8710289 | 5355670 | (4852429) | 547542 | 9761072 | 168172 | 421970 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 609621 | (609621) |  |  | 4869 | 2480 |  |
| Voya VACS Series EME Fund | 3137563 | 1591824 | (1152650) | 52447 | 3629184 | 153663 | 66930 | 14877 |
|  | $23344847 | $13525008 | $(11348787) | $711592 | $26232660 | $931125 | $486829 | $14877 |

---

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

At May 31, 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;&nbsp;U.S. Treasury 5-Year Note | 28 | 09/30/25 | $3029250 | $11133 |
|  |  |  | $3029250 | $11133 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (13) | 12/16/25 | (3117400) | (1650) |
|  |  |  | $(3117400) | $(1650) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2040 Fund as of May 31, 2025 (continued) <br>      

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

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $11133 |
| **Total Asset Derivatives** |  | $11133 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1650 |
| **Total Liability Derivatives** |  | $1650 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(67049) |
| Interest rate contracts | 46685 |
| **Total** | $(20364) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $9480 |
| **Total** |  |
|  | $9480 |

---

At May 31, 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 $118,665,813. | Cost for U.S. federal income tax purposes was $118,665,813. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3810548 |
| Gross Unrealized Depreciation | (73110) |
| Net Unrealized Appreciation | $3737438 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2045 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 30.3%** | **EXCHANGE-TRADED FUNDS: 30.3%** |  |  |
| 162774 | iShares Core S&P Mid- Cap ETF | $9772951 | 5 |
| 37310 | iShares Core S&P Small-Cap ETF | 3931355 | 2 |
| 166379 | SPDR Portfolio High Yield Bond ETF | 3909907 | 2 |
| 527854 | Vanguard FTSE Developed Markets ETF | 29338125 | 14.9 |
| 141778 | Vanguard FTSE Emerging Markets ETF | 6663566 | 3.4 |
| 71930 | Vanguard Long-Term Treasury ETF | 3953992 | 2 |
| 19295 | Vanguard Russell 1000 Growth ETF | 1983719 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $55,410,190) | **59553615** | **30.3** |
| **MUTUAL FUNDS: 69.6%** | **MUTUAL FUNDS: 69.6%** |  |  |
|  | **Affiliated Investment Companies: 16.4%** | **Affiliated Investment Companies: 16.4%** | **Affiliated Investment Companies: 16.4%** |
| 1244309 | Voya Intermediate Bond Fund - Class R6 | 10788162 | 5.5 |
| 1330793 | Voya Multi-Manager International Equity Fund - Class I | 15650120 | 7.9 |
| 507407 | Voya VACS Series EME Fund | 5825032 | 3 |
|  |  | **32263314** | **16.4** |
|  | **Unaffiliated Investment Companies: 53.2%** | **Unaffiliated Investment Companies: 53.2%** | **Unaffiliated Investment Companies: 53.2%** |
| 509465 | Fidelity 500 Index Fund | **104771411** | **53.2** |
|  | Total Mutual Funds<br> (Cost $135,914,859) | **137034725** | **69.6** |
|  | Total Long-Term Investments<br> (Cost $191,325,049) | **196588340** | **99.9** |
|  | **Total Investments in Securities <br> (Cost $191,325,049)** | $**196588340** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **217791** | **0.1** |
|  | **Net Assets** | $**196806131** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2045 Fund as of May 31, 2025 (continued) <br>      

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $59553615 | $— | $— | $59553615 |
| Mutual Funds | 137034725 |  |  | 137034725 |
| Total Investments, at fair value | $196588340 | $— | $— | $196588340 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 17936 |  |  | 17936 |
| Total Assets | $196606276 | $— | $— | $196606276 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(2539) | $— | $— | $(2539) |
| Total Liabilities | $(2539) | $— | $— | $(2539) |

---

^ 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $6891020 | $10142501 | $(6126430) | $(118929) | $10788162 | $480529 | $85640 | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 9605996 | 21263652 | (15819943) | 600415 | 15650120 | 271543 | 677575 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 968346 | (968346) |  |  | 7884 | 4036 |  |
| Voya VACS Series EME Fund | 3458792 | 5805995 | (3138624) | (301131) | 5825032 | 248967 | 326397 | 24104 |
|  | $19955808 | $38180494 | $(26053343) | $180355 | $32263314 | $1008923 | $1093648 | $24104 |

---

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

At May 31, 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;&nbsp;U.S. Treasury 5-Year Note | 45 | 09/30/25 | $4868438 | $17936 |
|  |  |  | $4868438 | $17936 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (20) | 12/16/25 | (4796000) | (2539) |
|  |  |  | $(4796000) | $(2539) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2045 Fund as of May 31, 2025 (continued) <br>      

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

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $17936 |
| **Total Asset Derivatives** |  | $17936 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $2539 |
| **Total Liability Derivatives** |  | $2539 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $(101174) |
| Interest rate contracts | 75271 |
| **Total** | $(25903) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $15397 |
| **Total** | $15397 |

---

At May 31, 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 $192,771,527. | Cost for U.S. federal income tax purposes was $192,771,527. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $5864241 |
| Gross Unrealized Depreciation | (2032031) |
| Net Unrealized Appreciation | $3832210 |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2050 Fund as of May 31, 2025 <br>      

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 29.2%** | **EXCHANGE-TRADED FUNDS: 29.2%** |  |  |
| 83362 | iShares Core S&P Mid- Cap ETF | $5005055 | 4.9 |
| 28662 | iShares Core S&P Small-Cap ETF | 3020115 | 3 |
| 288572 | Vanguard FTSE Developed Markets ETF | 16038832 | 15.9 |
| 72668 | Vanguard FTSE Emerging Markets ETF | 3415396 | 3.4 |
| 18420 | Vanguard Long-Term Treasury ETF | 1012547 | 1 |
| 9882 | Vanguard Russell 1000 Growth ETF | 1015968 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $25,777,796) | **29507913** | **29.2** |
| **MUTUAL FUNDS: 70.6%** | **MUTUAL FUNDS: 70.6%** |  |  |
|  | **Affiliated Investment Companies: 14.9%** | **Affiliated Investment Companies: 14.9%** | **Affiliated Investment Companies: 14.9%** |
| 463920 | Voya Intermediate Bond Fund - Class R6 | 4022183 | 4 |
| 682748 | Voya Multi-Manager International Equity Fund - Class I | 8029120 | 7.9 |
| 260199 | Voya VACS Series EME Fund | 2987085 | 3 |
|  |  | **15038388** | **14.9** |
|  | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** |
| 273208 | Fidelity 500 Index Fund | **56185274** | **55.7** |
|  | Total Mutual Funds <br> (Cost $70,004,556) | **71223662** | **70.6** |
|  | Total Long-Term Investments<br> (Cost $95,782,352) | **100731575** | **99.8** |
|  | **Total Investments in Securities<br> (Cost $95,782,352)** | $**100731575** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **197951** | **0.2** |
|  | **Net Assets** | $**100929526** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2050 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $29507913 | $— | $— | $29507913 |
| Mutual Funds | 71223662 |  |  | 71223662 |
| Total Investments, at fair value | $100731575 | $— | $— | $100731575 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 9072 |  |  | 9072 |
| Total Assets | $100740647 | $— | $— | $100740647 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1269) | $— | $— | $(1269) |
| Total Liabilities | $(1269) | $— | $— | $(1269) |

---

---

| | |
|:---|:---|
| ^ | 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $4181362 | $2703542 | $(2884148) | $21427 | $4022183 | $245895 | $19450 | $— |
| Voya Multi-Manager International Equity Fund - Class I | 6896270 | 4706232 | (4021904) | 448522 | 8029120 | 135612 | 353027 |  |
| Voya Short Duration Bond Fund - Class R6 |  | 491648 | (491648) |  |  | 3974 | 2029 |  |
| Voya VACS Series EME Fund | 2510177 | 1401304 | (966753) | 42357 | 2987085 | 124823 | 54036 | 12085 |
|  | $13587809 | $9302726 | $(8364453) | $512306 | $15038388 | $510304 | $428542 | $12085 |

---

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

At May 31, 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 | 23 | 09/30/25 | $2488313 | $9072 |
|  |  |  | $2488313 | $9072 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (10) | 12/16/25 | (2398000) | (1269) |
|  |  |  | $(2398000) | $(1269) |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2050 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (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 May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $9072 |
| **Total Asset Derivatives** |  | $9072 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1269 |
| **Total Liability Derivatives** |  | $1269 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(55451) |
| Interest rate contracts | 40494 |
| **Total** | $(14957) |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Interest rate contracts | $7803 |
| **Total** | $7803 |

---

At May 31, 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 $96,766,405. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $3997421 |
| Gross Unrealized Depreciation | (24448) |
| Net Unrealized Appreciation | $3972973 |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2055 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 30.3%** | **EXCHANGE-TRADED FUNDS: 30.3%** |  |  |
| 124036 | iShares Core S&P Mid- Cap ETF | $7447121 | 5.5 |
| 38769 | iShares Core S&P Small-Cap ETF | 4085090 | 3 |
| 402328 | Vanguard FTSE Developed Markets ETF | 22361390 | 16.4 |
| 98241 | Vanguard FTSE Emerging Markets ETF | 4617327 | 3.4 |
| 24915 | Vanguard Long-Term Treasury ETF | 1369578 | 1 |
| 13366 | Vanguard Russell 1000 Growth ETF | 1374158 | 1 |
|  | Total Exchange-Traded Funds <br> (Cost $37,997,244) | **41254664** | **30.3** |
| **MUTUAL FUNDS: 69.6%** | **MUTUAL FUNDS: 69.6%** |  |  |
|  | **Affiliated Investment Companies: 13.9%** | **Affiliated Investment Companies: 13.9%** | **Affiliated Investment Companies: 13.9%** |
| 470424 | Voya Intermediate Bond Fund - Class R6 | 4078573 | 3 |
| 923397 | Voya Multi-Manager |  |  |
|  | International Equity Fund - Class I | 10859148 | 7.9 |
| 351824 | Voya VACS Series EME Fund | 4038944 | 3 |
|  |  | **18976665** | **13.9** |
|  | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** |
| 369548 | Fidelity 500 Index Fund | **75997498** | **55.7** |
|  | Total Mutual Funds<br> (Cost $94,088,005) | **94974163** | **69.6** |
|  | Total Long-Term Investments<br> (Cost $132,085,249) | **136228827** | **99.9** |
|  | **Total Investments in Securities<br> (Cost $132,085,249)** | $**136228827** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **180178** | **0.1** |
|  | **Net Assets** | $**136409005** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2055 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $41254664 | $— | $— | $41254664 |
| Mutual Funds | 94974163 |  |  | 94974163 |
| Total Investments, at fair value | $136228827 | $— | $— | $136228827 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 12369 |  |  | 12369 |
| Total Assets | $136241196 | $— | $— | $136241196 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(1777) | $— | $— | $(1777) |
| Total Liabilities | $(1777) | $— | $— | $(1777) |

---

---

| | |
|:---|:---|
| ^ | 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $2994459 | $4583389 | $(3443999) | $(55276) | $4078573 | $244895 | $38154 | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 6433570 | 14757491 | (10753229) | 421316 | 10859148 | 184173 | 522102 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 664549 | (664549) |  |  | 5421 | 2770 |  |
| Voya VACS Series EME Fund | 2293474 | 3991365 | (2061623) | (184272) | 4038944 | 169471 | 219885 | 16407 |
|  | $11721503 | $23996794 | $(16923400) | $181768 | $18976665 | $603960 | $782911 | $16407 |

---

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

At May 31, 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 | 31 | 09/30/25 | $3353812 | $12369 |
|  |  |  | $3353812 | $12369 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (14) | 12/16/25 | (3357200) | (1777) |
|  |  |  | $(3357200) | $(1777) |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2055 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (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 May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $12369 |
| **Total Asset Derivatives** |  | $12369 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $1777 |
| **Total Liability Derivatives** |  | $1777 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(66490) |
| Interest rate contracts | 51868 |
| **Total** | $(14622) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $10592 |
| **Total** | $10592 |

---

At May 31, 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 $132,843,587. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4270482 |
| Gross Unrealized Depreciation | (874650) |
| Net Unrealized Appreciation | $3395832 |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2060 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** | **EXCHANGE-TRADED FUNDS: 30.2%** |
| 53588 | iShares Core S&P Mid- Cap ETF | $3217424 | 5.4 |
| 16750 | iShares Core S&P Small-Cap ETF | 1764947 | 3 |
| 173911 | Vanguard FTSE Developed Markets ETF | 9665973 | 16.4 |
| 42467 | Vanguard FTSE Emerging Markets ETF | 1995949 | 3.4 |
| 10763 | Vanguard Long-Term Treasury ETF | 591642 | 1 |
| 5775 | Vanguard Russell 1000 Growth ETF | 593728 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $15,828,439) | **17829663** | **30.2** |
| **MUTUAL FUNDS: 69.6%** | **MUTUAL FUNDS: 69.6%** | **MUTUAL FUNDS: 69.6%** | **MUTUAL FUNDS: 69.6%** |
|  | **Affiliated Investment Companies: 13.9%** | **Affiliated Investment Companies: 13.9%** | **Affiliated Investment Companies: 13.9%** |
| 203479 | Voya Intermediate Bond Fund - Class R6 | 1764162 | 3 |
| 399999 | Voya Multi-Manager International Equity Fund - Class I | 4703984 | 8 |
| 152307 | Voya VACS Series EME Fund | 1748484 | 2.9 |
|  |  | **8216630** | **13.9** |
|  | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** | **Unaffiliated Investment Companies: 55.7%** |
| 159654 | Fidelity 500 Index Fund | **32832906** | **55.7** |
|  | Total Mutual Funds<br> (Cost $40,381,886) | **41049536** | **69.6** |
|  | Total Long-Term Investments <br> (Cost $56,210,325) | **58879199** | **99.8** |
|  | **Total Investments in Securities <br> (Cost $56,210,325)** | $**58879199** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **135636** | **0.2** |
|  | **Net Assets** | $**59014835** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2060 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $17829663 | $— | $— | $17829663 |
| Mutual Funds | 41049536 |  |  | 41049536 |
| Total Investments, at fair value | $58879199 | $— | $— | $58879199 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 5155 |  |  | 5155 |
| Total Assets | $58884354 | $— | $— | $58884354 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(762) | $— | $— | $(762) |
| Total Liabilities | $(762) | $— | $— | $(762) |

---

---

| | |
|:---|:---|
| ^ | 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $1806841 | $1488305 | $(1532609) | $1625 | $1764162 | $114345 | $15147 | $— |
| Voya Multi-Manager International |  |  |  |  |  |  |  |  |
| Equity Fund - Class I | 4039616 | 3411429 | (3001121) | 254060 | 4703984 | 77858 | 227325 |  |
| Voya Short Duration Bond Fund - |  |  |  |  |  |  |  |  |
| Class R6 |  | 284136 | (284136) |  |  | 2282 | 1171 |  |
| Voya VACS Series EME Fund | 1389465 | 964738 | (633545) | 27826 | 1748484 | 71401 | 30783 | 6912 |
|  | $7235922 | $6148608 | $(5451411) | $283511 | $8216630 | $265886 | $274426 | $6912 |

---

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

At May 31, 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 | 13 | 09/30/25 | $1406437 | $5155 |
|  |  |  | $1406437 | $5155 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (6) | 12/16/25 | (1438800) | (762) |
|  |  |  | $(1438800) | $(762) |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2060 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (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 May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **<u>Location on Statement<br> of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $5155 |
| **Total Asset Derivatives** |  | $5155 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $762 |
| **Total Liability Derivatives** |  | $762 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(33069) |
| Interest rate contracts | 23148 |
| **Total** | $(9921) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $4393 |
| **Total** | $4393 |

---

At May 31, 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 $56,602,291. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2295263 |
| Gross Unrealized Depreciation | (13962) |
| Net Unrealized Appreciation | $2281301 |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2065 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 30.6%** | **EXCHANGE-TRADED FUNDS: 30.6%** | **EXCHANGE-TRADED FUNDS: 30.6%** |  |
| 23337 | iShares Core S&P Mid- Cap ETF | $1401154 | 5.4 |
| 7295 | iShares Core S&P Small-Cap ETF | 768674 | 3 |
| 77725 | Vanguard FTSE Developed Markets ETF | 4319956 | 16.8 |
| 18417 | Vanguard FTSE Emerging Markets ETF | 865599 | 3.4 |
| 4688 | Vanguard Long-Term Treasury ETF | 257699 | 1 |
| 2514 | Vanguard Russell 1000 Growth ETF | 258464 | 1 |
|  | Total Exchange-Traded Funds<br> (Cost $7,192,585) | **7871546** | **30.6** |
| **MUTUAL FUNDS: 69.0%** | **MUTUAL FUNDS: 69.0%** |  |  |
|  | **Affiliated Investment Companies: 13.5%** | **Affiliated Investment Companies: 13.5%** | **Affiliated Investment Companies: 13.5%** |
| 73928 | Voya Intermediate Bond Fund - Class R6 | 640955 | 2.5 |
| 176274 | Voya Multi-Manager International Equity Fund - Class I | 2072984 | 8 |
| 66816 | Voya VACS Series EME Fund | 767047 | 3 |
|  |  | **3480986** | **13.5** |
|  | **Unaffiliated Investment Companies: 55.5%** | **Unaffiliated Investment Companies: 55.5%** | **Unaffiliated Investment Companies: 55.5%** |
| 69528 | Fidelity 500 Index Fund | **14298331** | **55.5** |
|  | Total Mutual Funds<br> (Cost $17,507,212) | **17779317** | **69.0** |
|  | Total Long-Term Investments<br> (Cost $24,699,797) | **25650863** | **99.6** |
|  | **Total Investments in Securities<br> (Cost $24,699,797)** | $**25650863** | **99.6** |
|  | **Assets in Excess of Other Liabilities** | **96934** | **0.4** |
|  | **Net Assets** | $**25747797** | **100.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Target Retirement 2065 Fund </u> <u> PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of May 31, 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>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $7871546 | $— | $— | $7871546 |
| Mutual Funds | 17779317 |  |  | 17779317 |
| Total Investments, at fair value | $25650863 | $— | $— | $25650863 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 2270 |  |  | 2270 |
| Total Assets | $25653133 | $— | $— | $25653133 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(381) | $— | $— | $(381) |
| Total Liabilities | $(381) | $— | $— | $(381) |

---

---

| | |
|:---|:---|
| ^ | 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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<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>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Intermediate Bond Fund - Class R6 | $446109 | $688061 | $(488158) | $(5057) | $640955 | $34877 | $4577 | $— |
| Voya Multi-Manager International Equity Fund - Class I | 1334744 | 2721848 | (2079242) | 95634 | 2072984 | 34086 | 94206 |  |
| Voya Short Duration Bond Fund - Class R6 |  | 115279 | (115279) |  |  | 913 | 465 |  |
| Voya VACS Series EME Fund | 452582 | 720265 | (389507) | (16293) | 767047 | 30048 | 35685 | 2909 |
|  | $2233435 | $4245453 | $(3072186) | $74284 | $3480986 | $99924 | $134933 | $2909 |

---

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

At May 31, 2025, the following futures contracts were outstanding for Voya Target Retirement 2065 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 | 6 | 09/30/25 | $649125 | $2270 |
|  |  |  | $649125 | $2270 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3-month SOFR | (3) | 12/16/25 | (719400) | (381) |
|  |  |  | $(719400) | $(381) |

---

See Accompanying Notes to Financial Statements

Voya Target PORTFOLIO OF INVESTMENTS <br> Retirement 2065 Fund as of May 31, 2025 (continued)

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

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $2270 |
| **Total Asset Derivatives** |  | $2270 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $381 |
| **Total Liability Derivatives** |  | $381 |

---

\* 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 year ended May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(10693) |
| Interest rate contracts | 7002 |
| **Total** | $(3691) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $1889 |
| **Total** | $1889 |

---

At May 31, 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 $24,902,790. | Cost for U.S. federal income tax purposes was $24,902,790. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $959893 |
| Gross Unrealized Depreciation | (209931) |
| Net Unrealized Appreciation | $749962 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Type</u>** | **<u>Per Share</u>** |
|  |  | **<u>Amount</u>** |
| Voya Target In-Retirement Fund | Voya Target In-Retirement Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2025 Fund | Voya Target Retirement 2025 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2030 Fund | Voya Target Retirement 2030 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2035 Fund | Voya Target Retirement 2035 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2040 Fund | Voya Target Retirement 2040 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |

---

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Type</u>** | **<u>Per Share</u>** |
|  |  | **<u>Amount</u>** |
| Voya Target Retirement 2045 Fund | Voya Target Retirement 2045 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1582 |
| Voya Target Retirement 2050 Fund | Voya Target Retirement 2050 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2055 Fund | Voya Target Retirement 2055 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1627 |
| Voya Target Retirement 2060 Fund | Voya Target Retirement 2060 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $- |
| Voya Target Retirement 2065 Fund | Voya Target Retirement 2065 Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1312 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Of the ordinary distributions made during the year ended May 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Target In-Retirement Fund | 10.89% |
| Voya Target Retirement 2025 Fund | 14.48% |
| Voya Target Retirement 2030 Fund | 21.79% |
| Voya Target Retirement 2035 Fund | 22.85% |
| Voya Target Retirement 2040 Fund | 32.16% |
| Voya Target Retirement 2045 Fund | 28.70% |
| Voya Target Retirement 2050 Fund | 34.84% |
| Voya Target Retirement 2055 Fund | 26.36% |

---

TAX INFORMATION (Unaudited) (continued)

---

| | |
|:---|:---|
| Voya Target Retirement 2060 Fund | 25.84% |
| Voya Target Retirement 2065 Fund | 24.04% |

---

For the year ended May 31, 2025, the following are percentages of ordinary income dividends paid by the Funds that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:

---

| | |
|:---|:---|
| Voya Target In-Retirement Fund | 17.43% |
| Voya Target Retirement 2025 Fund | 23.99% |
| Voya Target Retirement 2030 Fund | 36.86% |
| Voya Target Retirement 2035 Fund | 38.48% |
| Voya Target Retirement 2040 Fund | 55.83% |
| Voya Target Retirement 2045 Fund | 48.72% |
| Voya Target Retirement 2050 Fund | 59.37% |
| Voya Target Retirement 2055 Fund | 43.70% |
| Voya Target Retirement 2060 Fund | 43.71% |
| Voya Target Retirement 2065 Fund | 40.86% |

---

The Funds designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya Target Retirement 2045 Fund | $1981208 |
| Voya Target Retirement 2055 Fund | $1426186 |
| Voya Target Retirement 2065 Fund | $234582 |

---

The Funds designate the following amounts as Section 199A dividends:

---

| | |
|:---|:---|
| Voya Target In-Retirement Fund | $5224 |
| Voya Target Retirement 2025 Fund | $13842 |
| Voya Target Retirement 2030 Fund | $27865 |
| Voya Target Retirement 2035 Fund | $34033 |
| Voya Target Retirement 2040 Fund | $28904 |
| Voya Target Retirement 2045 Fund | $37423 |
| Voya Target Retirement 2050 Fund | $26290 |
| Voya Target Retirement 2055 Fund | $27411 |
| Voya Target Retirement 2060 Fund | $13950 |
| Voya Target Retirement 2065 Fund | $4736 |

---

The Regulated Investment Company Modernization Act of 2010 allows qualified fund-of-funds to elect to pass through the ability to take foreign tax credits (or deductions) to the extent that foreign taxes are passed through from underlying funds. A qualified fund-of-funds is a regulated investment company that has at least 50% of the value of its total assets invested in other regulated investment companies at the end of each quarter of the taxable year. Pursuant to Section 853 of the Internal Revenue Code, the Funds designate the following amounts as foreign taxes paid for the year ended May 31, 2025:

TAX INFORMATION (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Portion of Ordinary Income** |
|  | **Creditable Foreign** | **Per Share** | **Derived from** |
|  | **<u>Taxes Paid</u>** | **<u>Amount</u>** | **<u>Foreign Sourced Income\*</u>** |
| Voya Target In-Retirement Fund | $28809 | $0.0030 | 8.57% |
| Voya Target Retirement 2025 Fund | $51297 | $0.0043 | 11.86% |
| Voya Target Retirement 2030 Fund | $75890 | $0.0061 | 17.85% |
| Voya Target Retirement 2035 Fund | $125794 | $0.0078 | 18.67% |
| Voya Target Retirement 2040 Fund | $88836 | $0.0111 | 28.61% |
| Voya Target Retirement 2045 Fund | $147545 | $0.0115 | 24.68% |
| Voya Target Retirement 2050 Fund | $80924 | $0.0125 | 30.21% |
| Voya Target Retirement 2055 Fund | $99928 | $0.0110 | 21.33% |
| Voya Target Retirement 2060 Fund | $44998 | $0.0108 | 21.89% |
| Voya Target Retirement 2065 Fund | $18121 | $0.0088 | 20.57% |

---

\* None of the Funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, 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 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**167983 (0525)**

**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.**

None during the reporting period.

**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 $30,732 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None during the reporting period.

**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)](tm2520696d1_ex99-codeeth.htm) | [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm2520696d1_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| [(a)(3)](tm2520696d1_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm2520696d1_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| [(b)](tm2520696d1_ex99-906cert.htm) | [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2520696d1_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

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: August 4, 2025

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: August 4, 2025

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: August 4, 2025

## Ex-99.Codeeth

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I.</u>**  **<u>Adoption</u>** 

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II.</u>**  **<u>Policy</u>** 

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the
 ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
 disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities
 and Exchange Commission ("SEC") and in other public communications made by a
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental
 laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations
 of this Code to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical
 manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that
 would compromise their professional ethics or otherwise prejudice their ability faithfully
 to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use
 material non-public information acquired through their work for the Funds for unethical or
 illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their
 shareholders before their personal interests and manage actual or apparent conflicts of interest
 between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements
 generally applicable to the Funds and take all reasonable actions, consistent with their
 position(s) with a Fund and/or a Fund's service providers(s) to ensure full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the SEC or other governmental authorities, and in other public
 communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws,
 rules, and regulations in their dealings with or on behalf of a Fund, and take all reasonable
 actions, consistent with their positions(s) with a Fund and/or Fund's service
 provider(s), to ensure compliance by the Fund with applicable governmental laws, rules, and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent
 with their position(s) with a Fund and/or a Fund's service provider(s), to ensure
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly
 cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
 directors, counsel, or auditors, to governmental regulators or self-regulatory organizations,
 or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund,
 and its adviser(s), administrator, and principal underwriter, with the goal of promoting
 full, fair, accurate, timely, and understandable disclosure in the reports and documents
 the Fund files with, or submits to, the SEC, and in other public communications made by the
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the
 standards and restrictions imposed by applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or
 financial or other reporting by the Fund whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or
 fail to take an action, whereby the Covered Officer would benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action
 against, or cause or permit any retaliation or adverse action to be taken against, any other
 Covered Officer or any employee of the Funds or their affiliated persons for reports of potential
 violations of this Code or of applicable governmental laws, rules, and regulations that are
 made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation
 in which a Covered Officer, a member of a Covered Officer's immediate family, or an
 entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered
 Officer may receive compensation or other personal benefit, has an interest in a transaction
 or the results of a transaction in which a Fund is involved that is different from the interests
 of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
 is a situation in which a Covered Officer, a member of a Covered Officer's immediate
 family, or an entity other than a Fund on whose behalf a Covered Officers is acting or from
 which a Covered Officer may receive compensation or other personal benefit, appears to have
 an actual conflict of interest, without regard to whether an actual conflict of interest
 in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer, manager, or managing
member on the board of any public or private company<sup>4</sup> other than a Fund's investment adviser, administrator, principal
underwriter, or an affiliate or any of the foregoing, if such company has current or prospective business dealings with a Fund or if
a Fund may invest in securities issued by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5</sup> or meals from
any company with which a Fund has current or prospective business dealings unless such entertainment or meals are business-related, reasonable
in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. For the purposes of this Code,
entertainment and meals that are incidental to a business conference, seminar or meeting shall be deemed business-related, reasonable
in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any consulting, employment,
or compensation relationship with, any of a Fund's service providers, other than its investment adviser(s), administrator, principal
underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any opportunity which
a Fund may exploit. This prohibition shall not apply to securities trading undertaken in conformance with the Funds' and an investment
adviser's code of ethics adopted pursuant to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest, such as compensation
or equity ownership, in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transaction or for selling
or redeeming shares other than an interest arising from the Covered Officer's employment with a Fund's investment adviser,
administrator, principal underwriters, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year
from any entity or person that directly or indirectly currently or prospectively does or will do business with or receives compensation
or other benefits from a Fund. For the purposes of this restriction, gifts from different persons employed by the same entity shall be
aggregated, along with any gifts from the entity itself, in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's
investment adviser(s), administrator, or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings within one year after the latest to occur of such Covered Officer's termination of employment at the Fund or
at the Fund's investment adviser(s) administrator or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have
any other financial transactions with any company, other than a Fund's investment adviser(s), administrator or principal underwriter
(or any affiliate thereof), with which the Fund has current or prospective business dealings, other than routine retail transactions
that are effected on the same terms and conditions as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund,
except that this prohibition shall not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions
as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally
at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing to the CLO and the Board that they have received, read, and understand this Code.
Such affirmation shall be substantially in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board that they have complied
with the requirements of this Code. Such affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment, ownership, affiliations,
or other relationships related to conflicts of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know of any violation of
this Code or of any applicable governmental laws, rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO believes that no violation
has occurred, the CLO shall not be required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO believes that a violation
has occurred, the CLO shall report such violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that a violation has
occurred, it shall inform and make a recommendation to the Board, which shall consider appropriate action that may include review of,
and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the investment adviser
or its board, and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement or disgorgement by the Covered
Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## 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: August 4, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

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

I, Todd Modic, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: August 4, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

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## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: May 31, 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 4<sup>th</sup> day of August, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Separate Portfolios Trust <br> <br> Date of Form N-CSR: May 31, 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 4<sup>th</sup> day of August, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---