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N-CSRS 1 tm231769d5_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22025

Voya Separate Portfolios Trust

(Exact name of registrant as specified in charter)

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

The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end: May 31

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

Item 1. Reports to Stockholders.

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

Semi-Annual Report

November 30, 2022

Classes A, I, R and R6

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

◼	Voya Target Retirement 2045 Fund
◼	Voya Target Retirement 2050 Fund
◼	Voya Target Retirement 2055 Fund
◼	Voya Target Retirement 2060 Fund
◼	Voya Target Retirement 2065 Fund

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund’s annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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.

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INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Examples		1
Statements of Assets and Liabilities		3
Statements of Operations		9
Statements of Changes in Net Assets		12
Financial Highlights		17
Notes to Financial Statements		24
Portfolio of Investments		35
Advisory and Sub-Advisory Contract Approval Discussion		55

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PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

(THIS PAGE INTENTIONALLY LEFT BLANK)

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

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

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

Actual Expenses

The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended November 30, 2022**		Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended November 30, 2022**
Voya Target In-Retirement Fund
Class A	$	1,000.00	$	965.60		0.56	%	$	2.76	$	1,000.00		1,022.26		0.56	%	$	2.84
Class I		1,000.00		967.70		0.20			0.99		1,000.00		1,024.07		0.20			1.01
Class R		1,000.00		964.40		0.81			3.99		1,000.00		1,021.01		0.81			4.10
Class R6		1,000.00		966.70		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2025 Fund
Class A	$	1,000.00	$	967.10		0.47	%	$	2.32	$	1,000.00		1,022.71		0.47	%	$	2.38
Class I		1,000.00		967.40		0.28			1.38		1,000.00		1,023.66		0.28			1.42
Class R		1,000.00		965.20		0.72			3.55		1,000.00		1,021.46		0.72			3.65
Class R6		1,000.00		968.20		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2030 Fund
Class A	$	1,000.00	$	969.30		0.48	%	$	2.37	$	1,000.00		1,022.66		0.48	%	$	2.43
Class I		1,000.00		970.30		0.23			1.14		1,000.00		1,023.92		0.23			1.17
Class R		1,000.00		969.10		0.73			3.60		1,000.00		1,021.41		0.73			3.70
Class R6		1,000.00		971.10		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2035 Fund
Class A	$	1,000.00	$	971.80		0.50	%	$	2.47	$	1,000.00		1,022.56		0.50	%	$	2.54
Class I		1,000.00		973.70		0.20			0.99		1,000.00		1,024.07		0.20			1.01
Class R		1,000.00		970.80		0.75			3.71		1,000.00		1,021.31		0.75			3.80
Class R6		1,000.00		972.80		0.19			0.94		1,000.00		1,024.12		0.19			0.96

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended November 30, 2022**		Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio*			Expenses Paid During the Period Ended November 30, 2022**
Voya Target Retirement 2040 Fund
Class A	$	1,000.00	$	976.40		0.52	%	$	2.58	$	1,000.00		1,022.46		0.52	%	$	2.64
Class I		1,000.00		977.40		0.23			1.14		1,000.00		1,023.92		0.23			1.17
Class R		1,000.00		974.80		0.77			3.81		1,000.00		1,021.21		0.77			3.90
Class R6		1,000.00		977.40		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2045 Fund
Class A	$	1,000.00	$	977.70		0.55	%	$	2.73	$	1,000.00		1,022.31		0.55	%	$	2.79
Class I		1,000.00		980.30		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Class R		1,000.00		976.10		0.80			3.96		1,000.00		1,021.06		0.80			4.05
Class R6		1,000.00		979.50		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2050 Fund
Class A	$	1,000.00	$	978.60		0.54	%	$	2.68	$	1,000.00		1,022.36		0.54	%	$	2.74
Class I		1,000.00		981.10		0.22			1.09		1,000.00		1,023.97		0.22			1.12
Class R		1,000.00		977.00		0.79			3.92		1,000.00		1,021.11		0.79			4.00
Class R6		1,000.00		980.30		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2055 Fund
Class A	$	1,000.00	$	978.80		0.60	%	$	2.98	$	1,000.00		1,022.06		0.60	%	$	3.04
Class I		1,000.00		980.60		0.25			1.24		1,000.00		1,023.82		0.25			1.27
Class R		1,000.00		977.80		0.85			4.21		1,000.00		1,020.81		0.85			4.31
Class R6		1,000.00		980.60		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2060 Fund
Class A	$	1,000.00	$	979.30		0.60	%	$	2.98	$	1,000.00		1,022.06		0.60	%	$	3.04
Class I		1,000.00		981.10		0.22			1.09		1,000.00		1,023.97		0.22			1.12
Class R		1,000.00		978.40		0.85			4.22		1,000.00		1,020.81		0.85			4.31
Class R6		1,000.00		981.10		0.19			0.94		1,000.00		1,024.12		0.19			0.96
Voya Target Retirement 2065 Fund
Class A	$	1,000.00	$	980.20		0.45	%	$	2.23	$	1,000.00		1,022.81		0.45	%	$	2.28
Class I		1,000.00		981.20		0.23			1.14		1,000.00		1,023.92		0.23			1.17
Class R		1,000.00		979.10		0.70			3.47		1,000.00		1,021.56		0.70			3.55
Class R6		1,000.00		981.20		0.20			0.99		1,000.00		1,024.07		0.20			1.01

*		The annualized expense ratios do not include expenses of underlying funds.
**		Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

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

	Voya Target In-Retirement Fund			Voya Target Retirement 2025 Fund			Voya Target Retirement 2030 Fund			Voya Target Retirement 2035 Fund
ASSETS:
Investments in affiliated underlying funds at fair value*	$	17,825,918		$	26,184,760		$	31,744,759		$	24,494,648
Investments in unaffiliated underlying funds at fair value**		29,348,679			42,932,000			59,591,799			63,720,994
Cash		182,285			168,947			582,931			179,589
Receivables:
Investments in unaffiliated underlying funds sold		20,712			45,463			7,410			60,688
Fund shares sold		8,516			530,229			95,591			72,993
Dividends		1,442			—			—			—
Interest		274			204			875			693
Other assets		376			392			384			380
Total assets		47,388,202			69,861,995			92,023,749			88,529,985
LIABILITIES:
Payable for investments in affiliated underlying funds purchased		1,064			326,120			51,843			4,952
Payable for investments in unaffiliated underlying funds purchased		181,396			383,794			587,891			201,490
Payable for fund shares redeemed		7,068			—			443			62,657
Payable for unified fees		6,818			9,823			12,803			12,596
Payable for distribution and shareholder service fees		1,696			2,665			2,652			2,647
Payable to trustees under the deferred compensation plan (Note 6)		376			392			384			380
Other accrued expenses and liabilities		1,792			1,075			—			3,014
Total liabilities		200,210			723,869			656,016			287,736
NET ASSETS	$	47,187,992		$	69,138,126		$	91,367,733		$	88,242,249
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	53,012,629		$	76,112,232		$	99,539,126		$	96,087,340
Total distributable loss		(5,824,637	)		(6,974,106	)		(8,171,393	)		(7,845,091	)
NET ASSETS	$	47,187,992		$	69,138,126		$	91,367,733		$	88,242,249

* Cost of investments in affiliated underlying funds	$	19,909,912		$	28,744,032		$	34,595,484		$	26,562,375
** Cost of investments in unaffiliated underlying funds	$	30,686,018		$	45,350,198		$	62,390,829		$	67,264,030

See Accompanying Notes to Financial Statements

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

	Voya Target In-Retirement Fund		Voya Target Retirement 2025 Fund		Voya Target Retirement 2030 Fund		Voya Target Retirement 2035 Fund

Class A
Net assets	$	8,374,057	$	12,518,121	$	12,949,142	$	11,712,282
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		853,394		1,122,017		1,108,892		1,000,712
Net asset value and redemption price per share^†	$	9.81	$	11.16	$	11.68	$	11.70
Maximum offering price per share (5.75%)⁽¹⁾	$	10.41	$	11.84	$	12.39	$	12.41
Class I
Net assets	$	1,607,696	$	389,416	$	983,244	$	1,066,584
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		162,630		34,578		83,484		90,116
Net asset value and redemption price per share	$	9.89	$	11.26	$	11.78	$	11.84
Class R
Net assets	$	25,317	$	446,083	$	199,349	$	840,834
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		2,594		40,145		17,192		72,232
Net asset value and redemption price per share	$	9.76	$	11.11	$	11.60	$	11.64
Class R6
Net assets	$	37,180,922	$	55,784,506	$	77,235,998	$	74,622,549
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		3,761,437		4,959,201		6,561,377		6,321,806
Net asset value and redemption price per share	$	9.88	$	11.25	$	11.77	$	11.80

⁽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 NOVEMBER 30, 2022 (UNAUDITED)

	Voya Target Retirement 2040 Fund			Voya Target Retirement 2045 Fund			Voya Target Retirement 2050 Fund			Voya Target Retirement 2055 Fund
ASSETS:
Investments in affiliated underlying funds at fair value*	$	14,292,327		$	10,580,028		$	6,574,822		$	5,908,131
Investments in unaffiliated underlying funds at fair value**		57,833,074			65,077,202			48,665,953			39,205,116
Cash		430,846			335,739			305,858			298,578
Receivables:
Investments in affiliated underlying funds sold		—			—			104,230			—
Investments in unaffiliated underlying funds sold		—			—			193,570			—
Fund shares sold		87,204			92,349			100,390			87,966
Dividends		—			89			4			—
Interest		858			1,029			909			601
Reimbursement due from Investment Adviser		—			—			3			943
Other assets		278			297			211			174
Total assets		72,644,587			76,086,733			55,945,950			45,501,509
LIABILITIES:
Payable for investments in affiliated underlying funds purchased		32,136			34,057			—			29,841
Payable for investments in unaffiliated underlying funds purchased		442,831			355,639			279,372			335,022
Payable for fund shares redeemed		23,601			1,530			398,189			186
Payable for unified fees		10,197			10,703			7,825			6,332
Payable for distribution and shareholder service fees		2,650			1,630			1,786			1,053
Payable to trustees under the deferred compensation plan (Note 6)		278			297			211			174
Other accrued expenses and liabilities		4,864			2,479			1,663			573
Total liabilities		516,557			406,335			689,046			373,181
NET ASSETS	$	72,128,030		$	75,680,398		$	55,256,904		$	45,128,328
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	78,175,276		$	81,053,769		$	59,312,011		$	47,846,305
Total distributable loss		(6,047,246	)		(5,373,371	)		(4,055,107	)		(2,717,977	)
NET ASSETS	$	72,128,030		$	75,680,398		$	55,256,904		$	45,128,328

* Cost of investments in affiliated underlying funds	$	15,020,040		$	10,667,312		$	6,541,305		$	5,821,017
** Cost of investments in unaffiliated underlying funds	$	60,686,426		$	67,792,023		$	50,593,055		$	40,468,653

See Accompanying Notes to Financial Statements

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

	Voya Target Retirement 2040 Fund		Voya Target Retirement 2045 Fund		Voya Target Retirement 2050 Fund		Voya Target Retirement 2055 Fund

Class A
Net assets	$	12,237,895	$	7,960,795	$	7,468,805	$	4,723,850
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		984,865		647,056		604,661		392,839
Net asset value and redemption price per share^†	$	12.43	$	12.30	$	12.35	$	12.02
Maximum offering price per share (5.75%)⁽¹⁾	$	13.19	$	13.05	$	13.10	$	12.75
Class I
Net assets	$	357,890	$	277,490	$	405,429	$	354,660
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		28,541		22,331		32,522		29,215
Net asset value and redemption price per share	$	12.54	$	12.43	$	12.47	$	12.14
Class R
Net assets	$	624,092	$	173,665	$	666,604	$	327,678
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		50,479		14,150		54,176		27,503
Net asset value and redemption price per share	$	12.36	$	12.27	$	12.30	$	11.91
Class R6
Net assets	$	58,908,153	$	67,268,448	$	46,716,066	$	39,722,140
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		4,696,357		5,411,625		3,746,460		3,270,923
Net asset value and redemption price per share	$	12.54	$	12.43	$	12.47	$	12.14

⁽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 NOVEMBER 30, 2022 (UNAUDITED)


ASSETS:
Investments in affiliated underlying funds at fair value*	$	3,242,582		$	965,634
Investments in unaffiliated underlying funds at fair value**		23,521,955			6,982,365
Cash		246,342			65,734
Receivables:
Fund shares sold		87,344			39,556
Dividends		32			—
Interest		396			116
Reimbursement due from Investment Adviser		38			639
Other assets		105			16
Total assets		27,098,794			8,054,060

LIABILITIES:
Payable for investments in affiliated underlying funds purchased		24,367			11,076
Payable for investments in unaffiliated underlying funds purchased		296,315			90,377
Payable for unified fees		3,183			1,108
Payable for distribution and shareholder service fees		929			255
Payable to trustees under the deferred compensation plan (Note 6)		105			16
Total liabilities		324,899			102,832

NET ASSETS	$	26,773,895		$	7,951,228

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	28,134,220		$	8,277,293
Total distributable loss		(1,360,325	)		(326,065	)
NET ASSETS	$	26,773,895		$	7,951,228

* Cost of investments in affiliated underlying funds	$	3,177,674		$	976,710
** Cost of investments in unaffiliated underlying funds	$	24,246,647		$	7,162,019

See Accompanying Notes to Financial Statements

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


Class A
Net assets	$	4,442,239	$	1,234,629
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		391,042		124,795
Net asset value and redemption price per share^†	$	11.36	$	9.89
Maximum offering price per share (5.75%)⁽¹⁾	$	12.05	$	10.49
Class I
Net assets	$	55,294	$	69,383
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		4,835		6,994
Net asset value and redemption price per share	$	11.44	$	9.92
Class R
Net assets	$	164,214	$	32,209
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		14,509		3,269
Net asset value and redemption price per share	$	11.32	$	9.85
Class R6
Net assets	$	22,112,148	$	6,615,007
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		1,930,580		666,606
Net asset value and redemption price per share	$	11.45	$	9.92

⁽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 SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)

	Voya Target In-Retirement Fund			Voya Target Retirement 2025 Fund			Voya Target Retirement 2030 Fund			Voya Target Retirement 2035 Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	364,581		$	356,380		$	389,962		$	273,746
Dividends from unaffiliated underlying funds		151,005			255,640			274,462			288,698
Interest		1,270			1,474			2,095			1,691
Total investment income		516,856			613,494			666,519			564,135

EXPENSES:
Unified fees		40,718			58,134			73,593			74,327
Distribution and shareholder service fees:
Class A		10,497			15,063			16,071			14,006
Class R		54			1,117			461			1,980
Transfer agent fees:
Class A		5,236			2,204			2,637			3,362
Class I		74			84			236			29
Class R		13			82			38			238
Trustee fees		564			805			1,019			1,030
Miscellaneous expense		1,131			1,086			1,013			994
Total expenses		58,287			78,575			95,068			95,966
Net expenses		58,287			78,575			95,068			95,966
Net investment income		458,569			534,919			571,451			468,169

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(1,629,315	)		(1,378,227	)		(1,526,745	)		(1,235,352	)
Sale of unaffiliated underlying funds		(1,020,217	)		(1,575,153	)		(2,559,725	)		(2,575,248	)
Net realized loss		(2,649,532	)		(2,953,380	)		(4,086,470	)		(3,810,600	)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		113,270			(209,150	)		(89,149	)		(47,713	)
Unaffiliated underlying funds		643,539			715,746			1,776,581			1,382,257
Net change in unrealized appreciation (depreciation)		756,809			506,596			1,687,432			1,334,544
Net realized and unrealized loss		(1,892,723	)		(2,446,784	)		(2,399,038	)		(2,476,056	)
Decrease in net assets resulting from operations	$	(1,434,154	)	$	(1,911,865	)	$	(1,827,587	)	$	(2,007,887	)

See Accompanying Notes to Financial Statements

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

	Voya Target Retirement 2040 Fund			Voya Target Retirement 2045 Fund			Voya Target Retirement 2050 Fund			Voya Target Retirement 2055 Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	123,126		$	59,835		$	25,486		$	13,333
Dividends from unaffiliated underlying funds		213,522			228,616			156,672			119,359
Interest		1,712			1,793			1,452			1,050
Total investment income		338,360			290,244			183,610			133,742

EXPENSES:
Unified fees		58,445			60,506			44,033			34,354
Distribution and shareholder service fees:
Class A		14,438			9,688			9,125			5,408
Class R		1,428			385			1,580			730
Transfer agent fees:
Class A		4,504			4,263			3,833			4,398
Class I		67			2			62			100
Class R		223			84			332			297
Trustee fees		773			839			610			476
Miscellaneous expense		1,056			1,038			1,109			1,129
Total expenses		80,934			76,805			60,684			46,892
Waived and reimbursed fees		—			—			—			(943	)
Net expenses		80,934			76,805			60,684			45,949
Net investment income		257,426			213,439			122,926			87,793

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(1,349,900	)		(1,818,292	)		(1,560,217	)		(1,141,400	)
Sale of unaffiliated underlying funds		(1,983,191	)		(1,869,028	)		(1,359,153	)		(950,424	)
Net realized loss		(3,333,091	)		(3,687,320	)		(2,919,370	)		(2,091,824	)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		584,008			1,048,794			1,040,386			856,164
Unaffiliated underlying funds		1,407,357			1,488,351			1,309,350			1,028,809
Net change in unrealized appreciation (depreciation)		1,991,365			2,537,145			2,349,736			1,884,973
Net realized and unrealized loss		(1,341,726	)		(1,150,175	)		(569,634	)		(206,851	)
Decrease in net assets resulting from operations	$	(1,084,300	)	$	(936,736	)	$	(446,708	)	$	(119,058	)

See Accompanying Notes to Financial Statements

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


INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	3,402		$	973
Dividends from unaffiliated underlying funds		67,435			20,542
Interest		707			138
Total investment income		71,544			21,653

EXPENSES:
Unified fees		20,266			6,079
Distribution and shareholder service fees:
Class A		4,915			1,469
Class R		384			56
Transfer agent fees:
Class A		4,501			9
Class I		5			10
Class R		176			—
Trustee fees		281			85
Miscellaneous expense		1,187			1,302
Total expenses		31,715			9,010
Waived and reimbursed fees		(1,458	)		(639	)
Net expenses		30,257			8,371
Net investment income		41,287			13,282

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(705,699	)		(253,551	)
Sale of unaffiliated underlying funds		(600,008	)		(67,304	)
Net realized loss		(1,305,707	)		(320,855	)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		527,302			199,139
Unaffiliated underlying funds		652,611			63,978
Net change in unrealized appreciation (depreciation)		1,179,913			263,117
Net realized and unrealized loss		(125,794	)		(57,738	)
Decrease in net assets resulting from operations	$	(84,507	)	$	(44,456	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target In-Retirement Fund								Voya Target Retirement 2025 Fund
	Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022				Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022
FROM OPERATIONS:
Net investment income		$	458,569			$	811,730			$	534,919			$	1,053,499
Net realized gain (loss)			(2,649,532	)			426,715				(2,953,380	)			1,826,418
Net change in unrealized appreciation (depreciation)			756,809				(4,762,411	)			506,596				(7,785,270	)
Decrease in net assets resulting from operations			(1,434,154	)			(3,523,966	)			(1,911,865	)			(4,905,353	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			—				(880,626	)			—				(1,661,215	)
Class I			—				(180,966	)			—				(7,067	)
Class R			—				(6,581	)			—				(64,419	)
Class R6			—				(3,131,216	)			—				(5,505,034	)
Total distributions			—				(4,199,389	)			—				(7,237,735	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			7,425,254				27,165,954				12,067,613				38,269,889
Reinvestment of distributions			—				4,199,389				—				7,237,735
			7,425,254				31,365,343				12,067,613				45,507,624
Cost of shares redeemed			(3,274,607	)			(13,447,539	)			(6,058,061	)			(14,541,763	)
Net increase in net assets resulting from capital share transactions			4,150,647				17,917,804				6,009,552				30,965,861
Net increase in net assets			2,716,493				10,194,449				4,097,687				18,822,773

NET ASSETS:
Beginning of year or period			44,471,499				34,277,050				65,040,439				46,217,666
End of year or period		$	47,187,992			$	44,471,499			$	69,138,126			$	65,040,439

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target Retirement 2030 Fund								Voya Target Retirement 2035 Fund
	Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022				Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022
FROM OPERATIONS:
Net investment income		$	571,451			$	1,161,151			$	468,169			$	1,147,963
Net realized gain (loss)			(4,086,470	)			2,427,017				(3,810,600	)			3,114,692
Net change in unrealized appreciation (depreciation)			1,687,432				(10,109,703	)			1,334,544				(10,432,663	)
Decrease in net assets resulting from operations			(1,827,587	)			(6,521,535	)			(2,007,887	)			(6,170,008	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			—				(1,670,575	)			—				(1,837,822	)
Class I			—				(197,963	)			—				(67,086	)
Class R			—				(12,753	)			—				(13,416	)
Class R6			—				(6,298,583	)			—				(8,279,683	)
Total distributions			—				(8,179,874	)			—				(10,198,007	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			18,907,065				47,217,563				17,671,656				45,516,958
Reinvestment of distributions			—				8,179,874				—				10,198,007
			18,907,065				55,397,437				17,671,656				55,714,965
Cost of shares redeemed			(5,212,466	)			(9,521,675	)			(6,809,674	)			(12,748,258	)
Net increase in net assets resulting from capital share transactions			13,694,599				45,875,762				10,861,982				42,966,707
Net increase in net assets			11,867,012				31,174,353				8,854,095				26,598,692

NET ASSETS:
Beginning of year or period			79,500,721				48,326,368				79,388,154				52,789,462
End of year or period		$	91,367,733			$	79,500,721			$	88,242,249			$	79,388,154

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target Retirement 2040 Fund								Voya Target Retirement 2045 Fund
	Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022				Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022
FROM OPERATIONS:
Net investment income		$	257,426			$	831,498			$	213,439			$	776,284
Net realized gain (loss)			(3,333,091	)			2,266,252				(3,687,320	)			2,612,656
Net change in unrealized appreciation (depreciation)			1,991,365				(8,192,116	)			2,537,145				(8,203,038	)
Decrease in net assets resulting from operations			(1,084,300	)			(5,094,366	)			(936,736	)			(4,814,098	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			—				(1,645,076	)			—				(1,403,200	)
Class I			—				(63,755	)			—				(55,154	)
Class R			—				(3,362	)			—				(1,085	)
Class R6			—				(6,354,852	)			—				(7,899,239	)
Total distributions			—				(8,067,045	)			—				(9,358,678	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			13,659,814				39,822,897				16,516,323				39,389,759
Reinvestment of distributions			—				8,067,045				—				9,358,678
			13,659,814				47,889,942				16,516,323				48,748,437
Cost of shares redeemed			(3,356,238	)			(10,044,253	)			(4,216,870	)			(10,523,967	)
Net increase in net assets resulting from capital share transactions			10,303,576				37,845,689				12,299,453				38,224,470
Net increase in net assets			9,219,276				24,684,278				11,362,717				24,051,694

NET ASSETS:
Beginning of year or period			62,908,754				38,224,476				64,317,681				40,265,987
End of year or period		$	72,128,030			$	62,908,754			$	75,680,398			$	64,317,681

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target Retirement 2050 Fund								Voya Target Retirement 2055 Fund
	Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022				Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022
FROM OPERATIONS:
Net investment income		$	122,926			$	569,007			$	87,793			$	419,465
Net realized gain (loss)			(2,919,370	)			2,348,188				(2,091,824	)			1,526,906
Net change in unrealized appreciation (depreciation)			2,349,736				(6,720,544	)			1,884,973				(4,775,247	)
Decrease in net assets resulting from operations			(446,708	)			(3,803,349	)			(119,058	)			(2,828,876	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			—				(1,423,514	)			—				(902,934	)
Class I			—				(87,712	)			—				(71,658	)
Class R			—				(24,094	)			—				(8,106	)
Class R6			—				(5,406,011	)			—				(4,725,556	)
Total distributions			—				(6,941,331	)			—				(5,708,254	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			11,605,748				28,530,526				11,180,067				20,338,411
Reinvestment of distributions			—				6,941,331				—				5,708,254
			11,605,748				35,471,857				11,180,067				26,046,665
Cost of shares redeemed			(2,774,232	)			(8,271,917	)			(1,374,127	)			(4,669,277	)
Net increase in net assets resulting from capital share transactions			8,831,516				27,199,940				9,805,940				21,377,388
Net increase in net assets			8,384,808				16,455,260				9,686,882				12,840,258

NET ASSETS:
Beginning of year or period			46,872,096				30,416,836				35,441,446				22,601,188
End of year or period		$	55,256,904			$	46,872,096			$	45,128,328			$	35,441,446

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target Retirement 2060 Fund								Voya Target Retirement 2065 Fund
	Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022				Six Months Ended November 30, 2022 (Unaudited)				Year Ended May 31, 2022
FROM OPERATIONS:
Net investment income		$	41,287			$	266,716			$	13,282			$	88,427
Net realized gain (loss)			(1,305,707	)			1,226,726				(320,855	)			344,733
Net change in unrealized appreciation (depreciation)			1,179,913				(3,085,663	)			263,117				(910,247	)
Decrease in net assets resulting from operations			(84,507	)			(1,592,221	)			(44,456	)			(477,087	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			—				(898,682	)			—				(224,771	)
Class I			—				(28,257	)			—				(12,956	)
Class R			—				(2,415	)			—				(1,492	)
Class R6			—				(2,511,883	)			—				(752,539	)
Total distributions			—				(3,441,237	)			—				(991,758	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			6,949,130				12,348,163				1,632,809				1,687,004
Reinvestment of distributions			—				3,441,237				—				991,758
			6,949,130				15,789,400				1,632,809				2,678,762
Cost of shares redeemed			(1,112,186	)			(5,211,993	)			(70,730	)			(211,188	)
Net increase in net assets resulting from capital share transactions			5,836,944				10,577,407				1,562,079				2,467,574
Net increase in net assets			5,752,437				5,543,949				1,517,623				998,729

NET ASSETS:
Beginning of year or period			21,021,458				15,477,509				6,433,605				5,434,876
End of year or period		$	26,773,895			$	21,021,458			$	7,951,228			$	6,433,605

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Target In-Retirement Fund
Class A
11-30-22⁺		10.16		0.09	^•		(0.44	)		(0.35	)		—		—		—		—		—		9.81		(3.44	)		0.56		0.56		0.56		1.89		8,374		46
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		8,933		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		9,712		86
05-31-20		10.86		0.25	^•		0.35			0.60			0.27		0.32		—		0.59		—		10.87		5.43			0.72		0.72		0.72		2.31		3,390		85
05-31-19		10.88		0.25			0.07			0.32			0.20		0.14		—		0.34		—		10.86		3.09			0.73		0.73		0.73		2.19		1,684		156
05-31-18		10.94		0.22	^•		0.21			0.43			0.22		0.27		—		0.49		—		10.88		3.85			3.97		0.51		0.51		1.96		1,594		70
Class I
11-30-22⁺		10.22		0.11	^•		(0.44	)		(0.33	)		—		—		—		—		—		9.89		(3.23	)		0.20		0.20		0.20		2.25		1,608		46
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		1,666		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		1,312		86
05-31-20		10.90		0.28			0.35			0.63			0.29		0.32		—		0.61		—		10.92		5.71			0.44		0.44		0.44		2.60		93		85
05-31-19		10.91		0.27	^•		0.08			0.35			0.22		0.14		—		0.36		—		10.90		3.44			0.44		0.44		0.44		2.47		80		156
05-31-18		10.96		0.25			0.21			0.46			0.24		0.27		—		0.51		—		10.91		4.13			3.76		0.27		0.27		2.23		65		70
Class R
11-30-22⁺		10.12		0.08	^•		(0.44	)		(0.36	)		—		—		—		—		—		9.76		(3.56	)		0.81		0.81		0.81		1.57		25		46
05-31-22		12.01		0.18	^•		(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
05-31-20		10.84		0.23			0.35			0.58			0.24		0.32		—		0.56		—		10.86		5.25			0.97		0.97		0.97		2.07		3		85
06-01-18⁽⁵⁾–05-31-19		10.90		0.21	^•		0.06			0.27			0.19		0.14		—		0.33		—		10.84		2.68			0.98		0.98		0.98		1.92		3		156
Class R6
11-30-22⁺		10.22		0.11	^•		(0.45	)		(0.34	)		—		—		—		—		—		9.88		(3.33	)		0.19		0.19		0.19		2.24		37,181		46
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		33,856		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		23,194		86
05-31-20		10.90		0.29	^•		0.34			0.63			0.29		0.32		—		0.61		—		10.92		5.73			0.43		0.43		0.43		2.63		7,139		85
05-31-19		10.90		0.24	^•		0.13			0.37			0.23		0.14		—		0.37		—		10.90		3.55			0.43		0.43		0.43		2.25		9,005		156
05-31-18		10.96		0.25	^•		0.20			0.45			0.24		0.27		—		0.51		—		10.90		4.08			3.69		0.22		0.22		2.30		4,084		70
Voya Target Retirement 2025 Fund
Class A
11-30-22⁺		11.54		0.09	^•		(0.47	)		(0.38	)		—		—		—		—		—		11.16		(3.29	)		0.47		0.47		0.47		1.59		12,518		33
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		12,510		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		12,443		97
05-31-20		11.76		0.25	^•		0.45			0.70			0.23		0.29		—		0.52		—		11.94		5.78			0.70		0.70		0.70		2.11		8,584		93
05-31-19		12.02		0.21	^•		(0.08	)		0.13			0.19		0.20		—		0.39		—		11.76		1.30			0.71		0.71		0.71		1.81		4,067		96
05-31-18		11.76		0.22	^•		0.62			0.84			0.25		0.33		—		0.58		—		12.02		7.17			2.78		0.44		0.44		1.82		2,753		80
Class I
11-30-22⁺		11.64		0.08	^•		(0.46	)		(0.38	)		—		—		—		—		—		11.26		(3.26	)		0.28		0.28		0.28		1.49		389		33
05-31-22		14.28		0.19	^•		(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
05-31-20		11.81		0.30	^•		0.42			0.72			0.24		0.29		—		0.53		—		12.00		5.93			0.47		0.47		0.47		2.41		40		93
05-31-19		12.06		0.22			(0.05	)		0.17			0.22		0.20		—		0.42		—		11.81		1.60			0.47		0.47		0.47		1.97		106		96
05-31-18		11.79		0.26	^•		0.61			0.87			0.27		0.33		—		0.60		—		12.06		7.38			2.52		0.19		0.19		2.12		91		80
Class R
11-30-22⁺		11.51		0.07	^•		(0.47	)		(0.40	)		—		—		—		—		—		11.11		(3.48	)		0.72		0.72		0.72		1.36		446		33
05-31-22		14.14		0.19	^•		(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
05-31-20		11.72		0.22	^•		0.45			0.67			0.20		0.29		—		0.49		—		11.90		5.53			0.95		0.95		0.95		1.79		570		93
06-01-18⁽⁵⁾–05-31-19		12.08		0.19	^•		(0.14	)		0.05			0.21		0.20		—		0.41		—		11.72		0.59			0.96		0.96		0.96		1.64		351		96

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Target Retirement 2025 Fund (continued)
Class R6
11-30-22⁺		11.62		0.10	^•		(0.47	)		(0.37	)		—		—		—		—		—		11.25		(3.18	)		0.19		0.19		0.19		1.86		55,785		33
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		51,976		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		33,017		97
05-31-20		11.80		0.27			0.47			0.74			0.25		0.29		—		0.54		—		12.00		6.09			0.41		0.41		0.41		2.27		23,838		93
05-31-19		12.05		0.23	^•		(0.06	)		0.17			0.22		0.20		—		0.42		—		11.80		1.64			0.41		0.41		0.41		1.98		19,178		96
05-31-18		11.78		0.26	^•		0.61			0.87			0.27		0.33		—		0.60		—		12.05		7.43			2.44		0.14		0.14		2.15		7,764		80
Voya Target Retirement 2030 Fund
Class A
11-30-22⁺		12.05		0.07	^•		(0.44	)		(0.37	)		—		—		—		—		—		11.68		(3.07	)		0.48		0.48		0.48		1.18		12,949		34
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		13,656		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		12,455		98
05-31-20		11.71		0.23	^•		0.46			0.69			0.19		0.30		—		0.49		—		11.91		5.74			0.70		0.70		0.70		1.93		7,929		93
05-31-19		12.27		0.20			(0.18	)		0.02			0.21		0.37		—		0.58		—		11.71		0.53			0.72		0.72		0.72		1.71		4,445		103
05-31-18		11.88		0.19	^•		0.81			1.00			0.27		0.34		—		0.61		—		12.27		8.40			2.89		0.43		0.43		1.57		2,795		80
Class I
11-30-22⁺		12.14		0.09	^•		(0.45	)		(0.36	)		—		—		—		—		—		11.78		(2.97	)		0.23		0.23		0.23		1.47		983		34
05-31-22		14.88		0.29	^•		(1.10	)		(0.81	)		0.34		1.59		—		1.94		—		12.14		(6.97	)		0.23		0.23		0.23		2.03		1,444		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
05-31-20		11.76		0.26	^•		0.47			0.73			0.21		0.30		—		0.51		—		11.98		6.03			0.45		0.45		0.45		2.13		148		93
05-31-19		12.32		0.23	^•		(0.19	)		0.04			0.23		0.37		—		0.60		—		11.76		0.76			0.47		0.47		0.47		1.88		177		103
05-31-18		11.91		0.25			0.79			1.04			0.29		0.34		—		0.63		—		12.32		8.72			2.58		0.18		0.18		1.98		78		80
Class R
11-30-22⁺		11.97		0.05	^•		(0.42	)		(0.37	)		—		—		—		—		—		11.60		(3.09	)		0.73		0.73		0.73		0.92		199		34
05-31-22		14.72		0.20	^•		(1.08	)		(0.88	)		0.28		1.59		—		1.88		—		11.97		(7.50	)		0.73		0.73		0.73		1.47		98		58
05-31-21		11.87		0.15	^•		3.26			3.41			0.25		0.31		—		0.56		—		14.72		29.08			0.93		0.93		0.93		1.12		68		98
05-31-20		11.68		0.18	^•		0.48			0.66			0.17		0.30		—		0.47		—		11.87		5.47			0.95		0.95		0.95		1.46		53		93
06-01-18⁽⁵⁾–05-31-19		12.35		0.19	^•		(0.28	)		(0.09	)		0.21		0.37		—		0.58		—		11.68		(0.36	)		0.97		0.97		0.97		1.56		16		103
Class R6
11-30-22⁺		12.12		0.08	^•		(0.43	)		(0.35	)		—		—		—		—		—		11.77		(2.89	)		0.19		0.19		0.19		1.44		77,236		34
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		64,302		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		34,878		98
05-31-20		11.75		0.23			0.51			0.74			0.22		0.30		—		0.52		—		11.97		6.08			0.41		0.41		0.41		2.04		21,771		93
05-31-19		12.31		0.21			(0.16	)		0.05			0.24		0.37		—		0.61		—		11.75		0.79			0.42		0.42		0.42		1.74		15,534		103
05-31-18		11.90		0.25	^•		0.79			1.04			0.29		0.34		—		0.63		—		12.31		8.78			2.53		0.13		0.13		1.99		5,852		80
Voya Target Retirement 2035 Fund
Class A
11-30-22⁺		12.04		0.05	^•		(0.39	)		(0.34	)		—		—		—		—		—		11.70		(2.82	)		0.50		0.50		0.50		0.88		11,712		33
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		11,446		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		11,286		106
05-31-20		11.66		0.20	^•		0.49			0.69			0.19		0.32		—		0.51		—		11.84		5.69			0.72		0.72		0.72		1.67		6,316		95
05-31-19		12.36		0.17			(0.24	)		(0.07	)		0.21		0.42		—		0.63		—		11.66		(0.21	)		0.72		0.72		0.72		1.47		2,541		124
05-31-18		11.98		0.18	^•		0.96			1.14			0.25		0.51		—		0.76		—		12.36		9.51			3.30		0.43		0.43		1.44		1,997		99

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Target Retirement 2035 Fund (continued)
Class I
11-30-22⁺		12.16		0.06	^•		(0.38	)		(0.32	)		—		—		—		—		—		11.84		(2.63	)		0.20		0.20		0.20		0.99		1,067		33
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
05-31-20		11.71		0.24			0.49			0.73			0.21		0.32		—		0.53		—		11.91		6.01			0.42		0.42		0.42		1.96		642		95
05-31-19		12.40		0.22			(0.25	)		(0.03	)		0.24		0.42		—		0.66		—		11.71		0.14			0.43		0.43		0.43		1.75		680		124
05-31-18		12.01		0.23			0.94			1.17			0.27		0.51		—		0.78		—		12.40		9.75			3.03		0.18		0.18		1.93		662		99
Class R
11-30-22⁺		11.99		0.04	^•		(0.39	)		(0.35	)		—		—		—		—		—		11.64		(2.92	)		0.75		0.75		0.75		0.63		841		33
05-31-22		15.19		0.03	^•		(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
05-31-20		11.64		0.08			0.58			0.66			0.17		0.32		—		0.49		—		11.81		5.46			0.97		0.97		0.97		0.63		6		95
06-01-18⁽⁵⁾–05-31-19		12.45		0.15	^•		(0.34	)		(0.19	)		0.20		0.42		—		0.62		—		11.64		(1.15	)		0.97		0.97		0.97		1.24		3		124
Class R6
11-30-22⁺		12.13		0.07	^•		(0.40	)		(0.33	)		—		—		—		—		—		11.80		(2.72	)		0.19		0.19		0.19		1.18		74,623		33
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		66,848		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		40,475		106
05-31-20		11.69		0.22			0.52			0.74			0.22		0.32		—		0.54		—		11.89		6.03			0.41		0.41		0.41		1.92		24,983		95
05-31-19		12.39		0.19	^•		(0.23	)		(0.04	)		0.24		0.42		—		0.66		—		11.69		0.08			0.42		0.42		0.42		1.60		17,084		124
05-31-18		12.00		0.23	^•		0.95			1.18			0.28		0.51		—		0.79		—		12.39		9.79			2.99		0.13		0.13		1.84		4,368		99
Voya Target Retirement 2040 Fund
Class A
11-30-22⁺		12.73		0.03	^•		(0.33	)		(0.30	)		—		—		—		—		—		12.43		(2.36	)		0.52		0.52		0.52		0.54		12,238		34
05-31-22		16.08		0.21	^•		(1.02	)		(0.81	)		0.35		2.19		—		2.53		—		12.73		(7.11	)		0.52		0.52		0.52		1.40		11,929		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		9,349		112
05-31-20		11.85		0.22	^•		0.52			0.74			0.18		0.35		—		0.53		—		12.06		5.87			0.74		0.74		0.74		1.77		4,759		101
05-31-19		12.62		0.17			(0.33	)		(0.16	)		0.20		0.41		—		0.61		—		11.85		(0.84	)		0.73		0.73		0.73		1.36		2,473		130
05-31-18		12.12		0.19	^•		1.03			1.22			0.24		0.48		—		0.72		—		12.62		10.07			4.65		0.41		0.41		1.48		2,032		104
Class I
11-30-22⁺		12.83		0.05	^•		(0.34	)		(0.29	)		—		—		—		—		—		12.54		(2.26	)		0.23		0.23		0.23		0.83		358		34
05-31-22		16.17		0.28	^•		(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
05-31-20		11.90		0.27	^•		0.49			0.76			0.19		0.35		—		0.54		—		12.12		6.07			0.45		0.45		0.45		2.13		32		101
05-31-19		12.67		0.21			(0.34	)		(0.13	)		0.23		0.41		—		0.64		—		11.90		(0.59	)		0.45		0.45		0.45		1.66		104		130
05-31-18		12.15		0.23			1.03			1.26			0.26		0.48		—		0.74		—		12.67		10.39			4.42		0.16		0.16		1.77		91		104
Class R
11-30-22⁺		12.68		0.02	^•		(0.34	)		(0.32	)		—		—		—		—		—		12.36		(2.52	)		0.77		0.77		0.77		0.31		624		34
05-31-22		16.05		0.18	^•		(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
05-31-20		11.84		0.16			0.54			0.70			0.13		0.35		—		0.48		—		12.06		5.59			0.99		0.99		0.99		1.29		3		101
06-01-18⁽⁵⁾–05-31-19		12.73		0.13			(0.41	)		(0.28	)		0.20		0.41		—		0.61		—		11.84		(1.84	)		0.98		0.98		0.98		1.16		3		130
Class R6
11-30-22⁺		12.83		0.05	^•		(0.34	)		(0.29	)		—		—		—		—		—		12.54		(2.26	)		0.19		0.19		0.19		0.85		58,908		34
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		50,600		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		28,811		112
05-31-20		11.89		0.21			0.57			0.78			0.20		0.35		—		0.55		—		12.12		6.20			0.41		0.41		0.41		1.86		17,929		101
05-31-19		12.66		0.17	^•		(0.29	)		(0.12	)		0.24		0.41		—		0.65		—		11.89		(0.55	)		0.42		0.42		0.42		1.42		11,916		130
05-31-18		12.14		0.23	^•		1.04			1.27			0.27		0.48		—		0.75		—		12.66		10.44			4.34		0.11		0.11		1.81		2,661		104

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets									Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Target Retirement 2045 Fund
Class A
11-30-22⁺		12.58		0.02	^•		(0.30	)		(0.28	)		—		—		—		—		—		12.30		(2.23	)		0.55		0.55		0.55		0.34			7,961		37
05-31-22		16.56		0.20	^•		(0.93	)		(0.73	)		0.36		2.89		—		3.26		—		12.58		(6.95	)		0.55		0.55		0.55		1.30			7,739		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			6,396		115
05-31-20		12.01		0.20	^•		0.52			0.72			0.18		0.42		—		0.60		—		12.13		5.61			0.76		0.76		0.76		1.59			3,535		101
05-31-19		12.82		0.16			(0.39	)		(0.23	)		0.18		0.40		—		0.58		—		12.01		(1.38	)		0.76		0.76		0.76		1.30			1,922		135
05-31-18		12.24		0.16	^•		1.12			1.28			0.22		0.48		—		0.70		—		12.82		10.47			4.25		0.42		0.42		1.28			1,571		82
Class I
11-30-22⁺		12.68		0.04	^•		(0.29	)		(0.25	)		—		—		—		—		—		12.43		(1.97	)		0.19		0.19		0.19		0.70			277		37
05-31-22		16.67		0.27	^•		(0.96	)		(0.69	)		0.41		2.89		—		3.31		—		12.68		(6.67	)		0.19		0.19		0.19		1.76			272		57
05-31-21		12.19		0.19	^•		4.78			4.97			0.22		0.27		—		0.49		—		16.67		41.21			0.40		0.40		0.40		1.27			231		115
05-31-20		12.06		0.27	^•		0.48			0.75			0.20		0.42		—		0.62		—		12.19		5.88			0.44		0.44		0.44		2.11			27		101
05-31-19		12.86		0.21			(0.40	)		(0.19	)		0.21		0.40		—		0.61		—		12.06		(1.02	)		0.42		0.42		0.42		1.62			87		135
05-31-18		12.28		0.21	^•		1.10			1.31			0.25		0.48		—		0.73		—		12.86		10.67			3.99		0.17		0.17		1.62			84		82
Class R
11-30-22⁺		12.57		0.01	^•		(0.31	)		(0.30	)		—		—		—		—		—		12.27		(2.39	)		0.80		0.80		0.80		0.09			174		37
05-31-22		16.55		0.16	^•		(0.94	)		(0.78	)		0.31		2.89		—		3.21		—		12.57		(7.23	)		0.80		0.80		0.80		1.08			6		57
05-31-21		12.12		0.08	^•		4.77			4.85			0.15		0.27		—		0.42		—		16.55		40.39			0.99		0.99		0.99		0.53			6		115
05-31-20		11.99		0.14			0.54			0.68			0.13		0.42		—		0.55		—		12.12		5.34			1.01		1.01		1.01		1.08			4		101
06-01-18⁽⁵⁾–05-31-19		12.93		0.13			(0.49	)		(0.36	)		0.18		0.40		—		0.58		—		11.99		(2.42	)		1.01		1.01		1.01		1.07			3		135
Class R6
11-30-22⁺		12.69		0.04	^•		(0.30	)		(0.26	)		—		—		—		—		—		12.43		(2.05	)		0.19		0.19		0.19		0.67			67,268		37
05-31-22		16.67		0.24	^•		(0.92	)		(0.68	)		0.41		2.89		—		3.31		—		12.69		(6.60	)		0.19		0.19		0.19		1.59			56,301		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			33,633		115
05-31-20		12.05		0.22			0.55			0.77			0.21		0.42		—		0.63		—		12.19		5.98			0.41		0.41		0.41		1.74			20,314		101
05-31-19		12.86		0.16	^•		(0.35	)		(0.19	)		0.22		0.40		—		0.62		—		12.05		(1.06	)		0.42		0.42		0.42		1.27			15,349		135
05-31-18		12.27		0.21	^•		1.12			1.33			0.26		0.48		—		0.74		—		12.86		10.82			3.92		0.12		0.12		1.66			3,066		82
Voya Target Retirement 2050 Fund
Class A
11-30-22⁺		12.62		0.01	^•		(0.28	)		(0.27	)		—		—		—		—		—		12.35		(2.14	)		0.54		0.54		0.54		0.23			7,469		38
05-31-22		16.36		0.19	^•		(0.98	)		(0.79	)		0.38		2.57		—		2.94		—		12.62		(7.26	)		0.54		0.54		0.54		1.28			7,734		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			7,243		110
05-31-20		11.74		0.18	^•		0.51			0.69			0.17		0.43		—		0.60		—		11.83		5.44			0.77		0.78		0.78		1.52			4,589		98
05-31-19		12.77		0.14			(0.41	)		(0.27	)		0.20		0.56		—		0.76		—		11.74		(1.55	)		0.77		0.76		0.76		1.15			2,278		135
05-31-18		12.25		0.14	^•		1.16			1.30			0.23		0.55		—		0.78		—		12.77		10.60			5.43		0.42		0.42		1.08			1,749		86
Class I
11-30-22⁺		12.71		0.03	^•		(0.27	)		(0.24	)		—		—		—		—		—		12.47		(1.89	)		0.22		0.22		0.22		0.55			405		38
05-31-22		16.45		0.25	^•		(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
05-31-20		11.78		0.21			0.53			0.74			0.19		0.43		—		0.62		—		11.90		5.86			0.45		0.46		0.46		1.69			149		98
05-31-19		12.81		0.19			(0.43	)		(0.24	)		0.23		0.56		—		0.79		—		11.78		(1.30	)		0.46		0.45		0.45		1.43			129		135
05-31-18		12.27		0.21			1.13			1.34			0.25		0.55		—		0.80		—		12.81		10.97			5.13		0.17		0.17		1.58			106		86
Class R
11-30-22⁺		12.59		(0.00	)*^•		(0.29	)		(0.29	)		—		—		—		—		—		12.30		(2.30	)		0.79		0.79		0.79		(0.01	)		667		38
05-31-22		16.32		0.15	^•		(0.98	)		(0.83	)		0.33		2.57		—		2.89		—		12.59		(7.52	)		0.79		0.79		0.79		0.98			131		58
05-31-21		11.79		0.06	^•		4.70			4.76			0.11		0.12		—		0.23		—		16.32		40.61			0.99		0.99		0.99		0.43			155		110
05-31-20		11.72		0.16	^•		0.51			0.67			0.17		0.43		—		0.60		—		11.79		5.29			1.02		1.03		1.03		1.32			153		98
06-01-18⁽⁵⁾–05-31-19		12.89		0.12			(0.54	)		(0.42	)		0.19		0.56		—		0.75		—		11.72		(2.71	)		1.02		1.01		1.01		0.90			3		135

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets									Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Target Retirement 2050 Fund (continued)
Class R6
11-30-22⁺		12.72		0.03	^•		(0.28	)		(0.25	)		—		—		—		—		—		12.47		(1.97	)		0.19		0.19		0.19		0.56			46,716		38
05-31-22		16.46		0.23	^•		(0.97	)		(0.74	)		0.43		2.57		—		2.99		—		12.72		(6.93	)		0.19		0.19		0.19		1.54			38,536		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			22,567		110
05-31-20		11.77		0.21			0.54			0.75			0.20		0.43		—		0.63		—		11.89		5.90			0.42		0.43		0.43		1.68			11,838		98
05-31-19		12.81		0.14	^•		(0.38	)		(0.24	)		0.24		0.56		—		0.80		—		11.77		(1.34	)		0.43		0.42		0.42		1.14			7,951		135
05-31-18		12.27		0.19	^•		1.16			1.35			0.26		0.55		—		0.81		—		12.81		11.02			5.07		0.12		0.12		1.51			1,926		86
Voya Target Retirement 2055 Fund
Class A
11-30-22⁺		12.28		0.01	^•		(0.27	)		(0.26	)		—		—		—		—		—		12.02		(2.12	)		0.64		0.60		0.60		0.12			4,724		35
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			4,360		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			3,895		116
05-31-20		11.85		0.16			0.57			0.73			0.18		0.61		—		0.79		—		11.79		5.55			0.76		0.77		0.77		1.40			2,779		112
05-31-19		12.87		0.13	^•		(0.41	)		(0.28	)		0.19		0.55		—		0.74		—		11.85		(1.68	)		0.80		0.78		0.78		1.07			1,659		121
05-31-18		12.30		0.16	^•		1.14			1.30			0.22		0.51		—		0.73		—		12.87		10.61			5.53		0.42		0.42		1.27			1,270		71
Class I
11-30-22⁺		12.38		0.03	^•		(0.27	)		(0.24	)		—		—		—		—		—		12.14		(1.94	)		0.25		0.25		0.25		0.48			355		35
05-31-22		16.45		0.24	^•		(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
05-31-20		11.89		0.21			0.57			0.78			0.21		0.61		—		0.82		—		11.85		5.96			0.42		0.43		0.43		1.69			88		112
05-31-19		12.91		0.19			(0.43	)		(0.24	)		0.23		0.55		—		0.78		—		11.89		(1.38	)		0.44		0.42		0.42		1.47			83		121
05-31-18		12.33		0.21			1.13			1.34			0.25		0.51		—		0.76		—		12.91		10.88			5.22		0.17		0.17		1.57			84		71
Class R
11-30-22⁺		12.18		(0.00	)*^•		(0.27	)		(0.27	)		—		—		—		—		—		11.91		(2.22	)		0.89		0.85		0.85		(0.05	)		328		35
05-31-22		16.26		0.13	^•		(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
05-31-20		11.83		0.12	^•		0.58			0.70			0.16		0.61		—		0.77		—		11.76		5.32			1.01		1.02		1.02		0.98			10		112
06-01-18⁽⁵⁾–05-31-19		12.99		0.12			(0.54	)		(0.42	)		0.19		0.55		—		0.74		—		11.83		(2.82	)		1.05		1.03		1.03		0.86			3		121
Class R6
11-30-22⁺		12.38		0.03	^•		(0.27	)		(0.24	)		—		—		—		—		—		12.14		(1.94	)		0.19		0.19		0.19		0.51			39,722		35
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			30,690		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			18,329		116
05-31-20		11.89		0.20	^•		0.57			0.77			0.21		0.61		—		0.82		—		11.84		5.88			0.42		0.43		0.43		1.62			11,057		112
05-31-19		12.91		0.13	^•		(0.37	)		(0.24	)		0.23		0.55		—		0.78		—		11.89		(1.35	)		0.44		0.42		0.42		1.10			7,646		121
05-31-18		12.32		0.21	^•		1.15			1.36			0.26		0.51		—		0.77		—		12.91		11.02			5.18		0.12		0.12		1.59			1,859		71
Voya Target Retirement 2060 Fund
Class A
11-30-22⁺		11.60		0.00	*^•		(0.24	)		(0.24	)		—		—		—		—		—		11.36		(2.07	)		0.67		0.60		0.60		0.05			4,442		36
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			3,968		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			4,667		110
05-31-20		10.89		0.15			0.51			0.66			0.15		0.50		—		0.65		—		10.90		5.61			0.78		0.80		0.80		1.38			2,803		109
05-31-19		12.14		0.13	^•		(0.42	)		(0.29	)		0.19		0.77		—		0.96		—		10.89		(1.76	)		0.78		0.73		0.73		1.10			1,274		114
05-31-18		11.62		0.15	^•		1.09			1.24			0.22		0.50		—		0.72		—		12.14		10.65			7.38		0.42		0.42		1.27			1,016		69

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets									Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions^(2)(3),(4)		Expenses net of fee waivers and/or recoupments if any^(2)(3),(4)		Expenses net of all reductions/ additions^(2)(3),(4)		Net investment income (loss)^(2)(3),(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Target Retirement 2060 Fund (continued)
Class I
11-30-22⁺		11.66		0.02	^•		(0.24	)		(0.22	)		—		—		—		—		—		11.44		(1.89	)		0.22		0.22		0.22		0.43			55		36
05-31-22		15.23		0.30	^•		(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
05-31-20		10.91		0.19			0.51			0.70			0.18		0.50		—		0.68		—		10.93		5.90			0.44		0.46		0.46		1.67			122		109
05-31-19		12.15		0.18			(0.43	)		(0.25	)		0.22		0.77		—		0.99		—		10.91		(1.39	)		0.47		0.42		0.42		1.46			125		114
05-31-18		11.64		0.22	^•		1.04			1.26			0.25		0.50		—		0.75		—		12.15		10.80			7.16		0.17		0.17		1.82			120		69
Class R
11-30-22⁺		11.57		(0.01	)^•		(0.24	)		(0.25	)		—		—		—		—		—		11.32		(2.16	)		0.92		0.85		0.85		(0.18	)		164		36
05-31-22		15.15		0.16	^•		(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
05-31-20		10.88		0.12			0.52			0.64			0.13		0.50		—		0.63		—		10.89		5.37			1.03		1.05		1.05		1.05			6		109
06-01-18⁽⁵⁾–05-31-19		12.25		0.09	^•		(0.51	)		(0.42	)		0.18		0.77		—		0.95		—		10.88		(2.77	)		1.03		0.98		0.98		0.75			6		114
Class R6
11-30-22⁺		11.67		0.02	^•		(0.24	)		(0.22	)		—		—		—		—		—		11.45		(1.89	)		0.19		0.19		0.19		0.44			22,112		36
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			16,991		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			10,641		110
05-31-20		10.92		0.18			0.52			0.70			0.18		0.50		—		0.68		—		10.94		5.89			0.44		0.46		0.46		1.57			5,619		109
05-31-19		12.16		0.13	^•		(0.38	)		(0.25	)		0.22		0.77		—		0.99		—		10.92		(1.36	)		0.47		0.42		0.42		1.10			3,217		114
05-31-18		11.64		0.19	^•		1.08			1.27			0.25		0.50		—		0.75		—		12.16		10.91			7.09		0.12		0.12		1.51			861		69
Voya Target Retirement 2065 Fund
Class A
11-30-22⁺		10.09		0.01	^•		(0.21	)		(0.20	)		—		—		—		—		—		9.89		(1.98	)		0.47		0.45		0.45		0.22			1,235		34
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			1,246		38
07-29-20⁽⁵⁾–05-31-21		10.00		0.08	^•		2.97			3.05			0.14		0.02		—		0.16		—		12.89		30.61			0.67		0.67		0.67		0.82			1,320		87
Class I
11-30-22⁺		10.11		0.02	^•		(0.21	)		(0.19	)		—		—		—		—		—		9.92		(1.88	)		0.25		0.23		0.23		0.44			69		34
05-31-22		12.91		0.19	^•		(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⁽⁵⁾–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		1.02			76		87
Class R
11-30-22⁺		10.06		(0.01	)^•		(0.20	)		(0.21	)		—		—		—		—		—		9.85		(2.09	)		0.72		0.70		0.70		(0.12	)		32		34
05-31-22		12.88		0.09	^•		(0.76	)		(0.67	)		0.28		1.87		—		2.16		—		10.06		(7.40	)		0.71		0.71		0.71		0.74			10		38
07-29-20⁽⁵⁾–05-31-21		10.00		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
11-30-22⁺		10.11		0.02	^•		(0.21	)		(0.19	)		—		—		—		—		—		9.92		(1.88	)		0.22		0.20		0.20		0.43			6,615		34
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			5,108		38
07-29-20⁽⁵⁾–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			4,032		87

⁽¹⁾		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.
⁽²⁾		Annualized for periods less than one year.
⁽³⁾		Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

See Accompanying Notes to Financial Statements

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

NOTE 1 — ORGANIZATION

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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

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

NOTE 3 — INVESTMENT TRANSACTIONS

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

	Purchases		Sales
In-Retirement	$	25,159,517	$	20,533,252
Retirement 2025		27,884,875		21,350,331
Retirement 2030		41,882,217		27,651,941
Retirement 2035		38,724,257		27,428,980
Retirement 2040		32,789,993		22,234,735
Retirement 2045		37,309,897		24,835,878
Retirement 2050		27,305,664		18,375,635
Retirement 2055		23,347,145		13,486,461
Retirement 2060		14,041,282		8,162,626
Retirement 2065		3,891,158		2,316,298

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

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

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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

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

	Class A
Initial Sales Charges:
In-Retirement	$	912
Retirement 2025		2,142
Retirement 2030		1,915
Retirement 2035		4,460
Retirement 2040		1,757
Retirement 2045		1,670
Retirement 2050		2,528
Retirement 2055		1,230
Retirement 2060		1,092
Retirement 2065		199
Contingent Deferred Sales Charges:
Retirement 2040	$	29

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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

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

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

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

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

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

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

⁽¹⁾

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

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

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

	2023		2024		2025		Total
	November 30,
Retirement 2060	$	—	$	—	$	44	$	44
Retirement 2065		—		—		639		639

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

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

	2023		2024		2025		Total
	November 30,
Retirement 2055
Class A	$	—	$	34	$	883	$	917
Class R		—		1		60		61
Retirement 2060
Class A		—		—		1,408		1,408
Class R		—		—		55		55

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

NOTE 8 — LINE OF CREDIT

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

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

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

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

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)	($)	($)	($)		($)
In-Retirement
Class A
11/30/2022	56,978	—	—	(82,863	)	(25,885	)	553,816	—	—	(805,403	)	(251,587	)
5/31/2022	212,308	—	77,657	(217,548	)	72,417		2,437,121	—	880,626	(2,500,517	)	817,230
Class I
11/30/2022	567	—	—	(1,025	)	(458	)	5,537	—	—	(9,778	)	(4,241	)
5/31/2022	61,446	—	15,902	(22,716	)	54,632		754,630	—	180,966	(268,671	)	666,925
Class R
11/30/2022	1,545	—	—	(569	)	976		14,892	—	—	(5,460	)	9,432
5/31/2022	1,472	—	581	(5,435	)	(3,382	)	17,213	—	6,581	(58,041	)	(34,247	)
Class R6
11/30/2022	698,673	—	—	(251,554	)	447,119		6,851,009	—	—	(2,453,966	)	4,397,043
5/31/2022	2,062,474	—	275,151	(941,430	)	1,396,195		23,956,990	—	3,131,216	(10,620,310	)	16,467,896
Retirement 2025
Class A
11/30/2022	70,813	—	—	(32,842	)	37,971		769,053	—	—	(360,045	)	409,008
5/31/2022	194,535	—	127,101	(114,120	)	207,516		2,569,628	—	1,661,215	(1,506,341	)	2,724,502
Class I
11/30/2022	28,879	—	—	(542	)	28,337		300,755	—	—	(5,789	)	294,966
5/31/2022	23,477	—	537	(22,067	)	1,947		335,671	—	7,067	(327,287	)	15,451
Class R
11/30/2022	2,867	—	—	(4,648	)	(1,781	)	32,163	—	—	(51,803	)	(19,640	)
5/31/2022	1,499	—	4,940	(13,797	)	(7,358	)	20,320	—	64,419	(201,708	)	(116,969	)
Class R6
11/30/2022	999,906	—	—	(514,314	)	485,592		10,965,642	—	—	(5,640,424	)	5,325,218
5/31/2022	2,684,780	—	418,952	(942,826	)	2,160,906		35,344,270	—	5,505,034	(12,506,427	)	28,342,877
Retirement 2030
Class A
11/30/2022	66,134	—	—	(90,906	)	(24,772	)	754,367	—	—	(1,023,328	)	(268,961	)
5/31/2022	270,089	—	121,851	(100,365	)	291,575		3,648,639	—	1,670,575	(1,380,377	)	3,938,837
Class I
11/30/2022	9,793	—	—	(45,332	)	(35,539	)	108,384	—	—	(552,479	)	(444,095	)
5/31/2022	57,678	—	14,345	(15,210	)	56,813		871,196	—	197,963	(227,767	)	841,392
Class R
11/30/2022	9,100	—	—	(98	)	9,002		107,653	—	—	(1,089	)	106,564
5/31/2022	2,622	—	935	(5	)	3,552		38,344	—	12,753	(76	)	51,021
Class R6
11/30/2022	1,569,553	—	—	(311,551	)	1,258,002		17,936,661	—	—	(3,635,570	)	14,301,091
5/31/2022	3,088,643	—	457,082	(587,326	)	2,958,399		42,659,384	—	6,298,583	(7,913,455	)	41,044,512
Retirement 2035
Class A
11/30/2022	96,571	—	—	(46,217	)	50,354		1,096,724	—	—	(524,351	)	572,373
5/31/2022	166,815	—	133,466	(91,188	)	209,093		2,380,999	—	1,837,822	(1,312,381	)	2,906,440
Class I
11/30/2022	57,908	—	—	(585	)	57,323		622,142	—	—	(6,419	)	615,723
5/31/2022	26,525	—	4,833	(61,599	)	(30,241	)	400,744	—	67,086	(955,104	)	(487,274	)
Class R
11/30/2022	15,123	—	—	(902	)	14,221		177,299	—	—	(9,841	)	167,458
5/31/2022	104,256	—	977	(51,266	)	53,967		1,373,433	—	13,416	(627,517	)	759,332
Class R6
11/30/2022	1,357,462	—	—	(547,626	)	809,836		15,775,491	—	—	(6,269,063	)	9,506,428
5/31/2022	2,954,204	—	597,811	(683,419	)	2,868,596		41,361,782	—	8,279,683	(9,853,256	)	39,788,209
Retirement 2040
Class A
11/30/2022	71,427	—	—	(23,494	)	47,933		861,061	—	—	(275,964	)	585,097
5/31/2022	335,396	—	112,522	(92,565	)	355,353		4,887,552	—	1,645,076	(1,411,572	)	5,121,056
Class I
11/30/2022	1,136	—	—	(127	)	1,009		13,075	—	—	(1,549	)	11,526
5/31/2022	24,299	—	4,331	(4,236	)	24,394		392,273	—	63,755	(60,320	)	395,708

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)	($)	($)	($)		($)
Retirement 2040 (continued)
Class R
11/30/2022	51,524	—	—	(3,082	)	48,442		647,008	—	—	(38,458	)	608,550
5/31/2022	990	—	231	(4	)	1,217		14,765	—	3,362	(66	)	18,061
Class R6
11/30/2022	1,010,106	—	—	(257,140	)	752,966		12,138,670	—	—	(3,040,267	)	9,098,403
5/31/2022	2,327,902	—	431,716	(597,355	)	2,162,263		34,528,307	—	6,354,852	(8,572,295	)	32,310,864
Retirement 2045
Class A
11/30/2022	101,724	—	—	(69,833	)	31,891		1,210,934	—	—	(792,757	)	418,177
5/31/2022	175,409	—	96,906	(43,319	)	228,996		2,642,769	—	1,403,200	(672,399	)	3,373,570
Class I
11/30/2022	7,311	—	—	(6,413	)	898		81,941	—	—	(75,169	)	6,772
5/31/2022	5,099	—	3,786	(1,304	)	7,581		79,988	—	55,154	(17,252	)	117,890
Class R
11/30/2022	14,852	—	—	(1,211	)	13,641		183,585	—	—	(13,388	)	170,197
5/31/2022	95	—	75	—		170		1,200	—	1,085	—		2,285
Class R6
11/30/2022	1,252,739	—	—	(278,665	)	974,074		15,039,863	—	—	(3,335,556	)	11,704,307
5/31/2022	2,543,912	—	541,786	(665,337	)	2,420,361		36,665,802	—	7,899,239	(9,834,316	)	34,730,725
Retirement 2050
Class A
11/30/2022	59,392	—	—	(67,623	)	(8,231	)	702,705	—	—	(825,423	)	(122,718	)
5/31/2022	137,731	—	97,769	(65,361	)	170,139		2,099,340	—	1,423,514	(1,001,986	)	2,520,868
Class I
11/30/2022	3,025	—	—	(7,512	)	(4,487	)	35,993	—	—	(90,082	)	(54,089	)
5/31/2022	4,652	—	5,987	(1,058	)	9,581		71,073	—	87,712	(16,489	)	142,296
Class R
11/30/2022	49,357	—	—	(5,616	)	43,741		614,230	—	—	(65,406	)	548,824
5/31/2022	1,178	—	1,657	(1,923	)	912		17,581	—	24,094	(32,069	)	9,606
Class R6
11/30/2022	870,120	—	—	(154,239	)	715,881		10,252,820	—	—	(1,793,321	)	8,459,499
5/31/2022	1,785,828	—	369,011	(495,638	)	1,659,201		26,342,532	—	5,406,011	(7,221,373	)	24,527,170
Retirement 2055
Class A
11/30/2022	59,196	—	—	(21,437	)	37,759		674,823	—	—	(248,133	)	426,690
5/31/2022	91,605	—	63,677	(38,455	)	116,827		1,400,729	—	902,934	(566,167	)	1,737,496
Class I
11/30/2022	1,726	—	—	(29	)	1,697		19,995	—	—	(335	)	19,660
5/31/2022	2,468	—	5,022	(1,219	)	6,271		36,937	—	71,658	(20,418	)	88,177
Class R
11/30/2022	32,083	—	—	(8,709	)	23,374		383,506	—	—	(98,189	)	285,317
5/31/2022	1,821	—	576	(4	)	2,393		26,316	—	8,106	(60	)	34,362
Class R6
11/30/2022	880,919	—	—	(89,724	)	791,195		10,101,743	—	—	(1,027,470	)	9,074,273
5/31/2022	1,308,834	—	331,153	(274,804	)	1,365,183		18,874,429	—	4,725,556	(4,082,632	)	19,517,353
Retirement 2060
Class A
11/30/2022	72,757	—	—	(23,799	)	48,958		787,543	—	—	(258,708	)	528,835
5/31/2022	95,434	—	67,066	(128,270	)	34,230		1,321,087	—	898,682	(1,725,038	)	494,731
Class I
11/30/2022	648	—	—	(269	)	379		7,075	—	—	(3,007	)	4,068
5/31/2022	1,742	—	2,101	(9,911	)	(6,068	)	25,626	—	28,257	(132,695	)	(78,812	)
Class R
11/30/2022	17,156	—	—	(3,526	)	13,630		195,000	—	—	(38,289	)	156,711
5/31/2022	434	—	180	(349	)	265		6,119	—	2,415	(4,449	)	4,085
Class R6
11/30/2022	549,353	—	—	(74,527	)	474,826		5,959,512	—	—	(812,182	)	5,147,330
5/31/2022	823,709	—	186,618	(252,968	)	757,359		10,995,331	—	2,511,883	(3,349,811	)	10,157,403

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

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding	Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#	($)	($)	($)	($)		($)
Retirement 2065
Class A
11/30/2022	1,362	—	—	—		1,362	12,244	—	—	—		12,244
5/31/2022	1,762	—	19,294	(4	)	21,052	21,556	—	224,771	(48	)	246,279
Class I
11/30/2022	—	—	—	—		—	—	—	—	—		—
5/31/2022	—	—	1,111	—		1,111	—	—	12,956	—		12,956
Class R
11/30/2022	2,353	—	—	(45	)	2,308	22,520	—	—	(422	)	22,098
5/31/2022	327	—	128	(1	)	454	3,981	—	1,492	(12	)	5,461
Class R6
11/30/2022	168,751	—	—	(7,368	)	161,383	1,598,045	—	—	(70,308	)	1,527,737
5/31/2022	147,103	—	64,540	(18,755	)	192,888	1,661,467	—	752,539	(211,128	)	2,202,878

NOTE 10 — FEDERAL INCOME TAXES

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

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

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

	Year Ended May 31, 2022				Year Ended May 31, 2021
	Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
In-Retirement	$	3,127,942	$	1,071,447	$	958,494	$	—
Retirement 2025		3,386,753		3,850,982		1,730,418		201,817
Retirement 2030		3,733,789		4,446,085		1,484,950		307,713
Retirement 2035		4,510,208		5,687,799		1,583,527		204,549
Retirement 2040		4,236,650		3,830,395		1,001,755		109,944
Retirement 2045		4,413,288		4,945,390		868,935		182,042
Retirement 2050		3,237,341		3,703,990		466,980		59,285
Retirement 2055		2,557,681		3,150,573		381,287		57,071
Retirement 2060		1,577,126		1,864,111		250,218		20,235
Retirement 2065		850,246		141,512		64,823		—

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

	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Post-October Capital Losses Deferred			Unrealized Appreciation/ (Depreciation)			Other		Total Distributable Earnings/(Loss)
In-Retirement	$	397,570	$	346,378	$	—		$	(5,134,289	)	$	(142)	$	(4,390,483)
Retirement 2025		405,848		1,454,698		—			(6,922,540	)		(247)		(5,062,241)
Retirement 2030		196,176		2,733,484		(46,569	)		(9,226,655	)		(242)		(6,343,806)
Retirement 2035		123,493		3,221,085		(86,644	)		(9,094,896	)		(242)		(5,837,204)
Retirement 2040		41,481		2,545,285		(8,605	)		(7,540,928	)		(179)		(4,962,946)
Retirement 2045		18,020		2,577,687		—			(7,032,153	)		(189)		(4,436,635)
Retirement 2050		—		2,046,662		(97,251	)		(5,557,677	)		(133)		(3,608,399)
Retirement 2055		—		1,429,834		(24,905	)		(4,003,739	)		(109)		(2,598,919)
Retirement 2060		—		1,163,292		(20,537	)		(2,418,505	)		(68)		(1,275,818)
Retirement 2065		—		237,353		(10,675	)		(508,275	)		(12)		(281,609)

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

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

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

NOTE 10 — FEDERAL INCOME TAXES (continued)

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

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

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

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

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

NOTE 12 — MARKET DISRUPTION

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

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

NOTE 13 — SUBSEQUENT EVENTS

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

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

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

NOTE 13 — SUBSEQUENT EVENTS (continued)

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

Fund
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 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
IN-RETIREMENT FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares			Value

EXCHANGE-TRADED FUNDS: 39.3%
13,554	iShares 20+ Year Treasury Bond ETF	$	1,392,402	3.0
9,410	iShares Core S&P Small-Cap ETF		958,314	2.0
52,394	iShares Core U.S. Aggregate Bond ETF		5,149,806	10.9
53,200	Schwab U.S. TIPS ETF		2,824,920	6.0
32,909	Vanguard FTSE Developed Markets ETF		1,428,580	3.0
4,439	Vanguard Mid-Cap ETF		961,177	2.0
77,413	Vanguard Short-Term Bond ETF		5,844,682	12.4
	Total Exchange-Traded Funds (Cost $19,843,472)		18,559,881	39.3

MUTUAL FUNDS: 60.7%
	Affiliated Investment Companies: 37.8%
193,276	Voya Global Bond Fund — Class P3		1,410,917	3.0
139,156	Voya High Yield Bond Fund — Class P3		939,306	2.0

Shares			Value

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
1,631,749	Voya Intermediate Bond Fund — Class P3	$	14,033,041	29.8
49,815	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		488,190	1.0
108,216	Voya Multi-Manager International Factors Fund — Class P3		954,464	2.0
			17,825,918	37.8

	Unaffiliated Investment Companies: 22.9%
238,374	TIAA-CREF S&P 500 Index Fund — Institutional Class		10,788,798	22.9
	Total Mutual Funds (Cost $30,752,458)		28,614,716	60.7
	Total Investments in Securities (Cost $50,595,930)	$	47,174,597	100.0
	Assets in Excess of Other Liabilities		13,395	0.0
	Net Assets	$	47,187,992	100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	18,559,881	$	—	$	—	$	18,559,881
Mutual Funds		28,614,716		—		—		28,614,716
Total Investments, at fair value	$	47,174,597	$	—	$	—	$	47,174,597

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

Transactions with Affiliates

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

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund — Class P3	$	1,335,600	$	233,152	$	(103,924	)	$	(53,911	)	$	1,410,917	$	—	$	(21,525	)	$	—
Voya High Yield Bond Fund — Class P3		897,092		187,674		(106,486	)		(38,974	)		939,306		29,520		(18,010	)		—
Voya Intermediate Bond Fund — Class P3		15,127,201		3,744,199		(4,638,662	)		(199,697	)		14,033,041		263,276		(778,465	)		—

See Accompanying Notes to Financial Statements

VOYA TARGET
IN-RETIREMENT FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)
Voya Multi-Manager Emerging Markets Equity Fund — Class P3	$	905,981	$	165,090	$	(785,571	)	$	202,690	$	488,190	$	—	$	(302,449	)	$	—
Voya Multi-Manager International Factors Fund — Class P3		887,721		474,758		(439,808	)		31,793		954,464		—		(69,695	)		—
Voya Short Term Bond Fund — Class R6		—		1,601,365		(1,601,365	)		—		—		1,694		(10,893	)		—
Voya Short Term Bond Fund — Class P3		5,806,945		1,791,648		(7,769,962	)		171,369		—		70,091		(428,278	)		—
	$	24,960,540	$	8,197,886	$	(15,445,778	)	$	113,270	$	17,825,918	$	364,581	$	(1,629,315	)	$	—

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

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

Cost for federal income tax purposes was $51,552,077.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	95,104
Gross Unrealized Depreciation		(4,472,584	)
Net Unrealized Depreciation	$	(4,377,480	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares			Value	Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 30.2%
19,595	iShares 20+ Year Treasury Bond ETF	$	2,012,994		2.9
27,207	iShares Core S&P Small-Cap ETF		2,770,761		4.0
44,758	iShares Core U.S. Aggregate Bond ETF		4,399,264		6.4
51,274	Schwab U.S. TIPS ETF		2,722,649		3.9
17,420	Vanguard Emerging Markets ETF		705,858		1.0
126,869	Vanguard FTSE Developed Markets ETF		5,507,384		8.0
9,627	Vanguard Mid-Cap ETF		2,084,534		3.0
8,953	Vanguard Short-Term Bond ETF		675,952		1.0
	Total Exchange-Traded Funds (Cost $22,705,811)		20,879,396		30.2

MUTUAL FUNDS: 69.8%
	Affiliated Investment Companies: 37.9%
281,720	Voya Global Bond Fund — Class P3		2,056,556		3.0
2,309,964	Voya Intermediate Bond Fund — Class P3		19,865,691		28.7

Shares			Value	Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
145,673	Voya Multi-Manager Emerging Markets Equity Fund — Class P3	$	1,427,591		2.1
147,043	Voya Multi-Manager International Equity Fund — Class P3		1,421,903		2.1
160,206	Voya Multi-Manager International Factors Fund — Class P3		1,413,019		2.0
			26,184,760		37.9

	Unaffiliated Investment Companies: 31.9%
487,243	TIAA-CREF S&P 500 Index Fund — Institutional Class		22,052,604		31.9
	Total Mutual Funds (Cost $51,388,419)		48,237,364		69.8
	Total Investments in Securities (Cost $74,094,230)	$	69,116,760		100.0
	Assets in Excess of Other Liabilities		21,366		0.0
	Net Assets	$	69,138,126		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	20,879,396	$	—	$	—	$	20,879,396
Mutual Funds		48,237,364		—		—		48,237,364
Total Investments, at fair value	$	69,116,760	$	—	$	—	$	69,116,760

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund —Class P3	$	1,954,708	$	375,316	$	(205,645	)	$	(67,823	)	$	2,056,556	$	—	$	(40,466	)	$	—
Voya Intermediate Bond Fund — Class P3		20,190,671		5,340,767		(5,281,421	)		(384,326	)		19,865,691		348,115		(861,364	)		—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,326,942		445,559		(482,326	)		137,416			1,427,591		—		(187,561	)		—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer
Voya Multi-Manager International Equity Fund — Class P3	$	1,309,028	$	654,111	$	(604,947	)	$	63,711		$	1,421,903	$	—	$	(86,593	)	$—
Voya Multi-Manager International Factors Fund — Class P3		1,952,666		800,569		(1,382,088	)		41,872			1,413,019		—		(175,410	)	—
Voya Short Term Bond Fund — Class R6		—		2,281,728		(2,281,728	)		—			—		2,427		(15,782	)	—
Voya Short Term Bond Fund — Class P3		—		1,111,623		(1,111,623	)		—			—		5,838		(11,051	)	—
	$	26,734,015	$	11,009,673	$	(11,349,778	)	$	(209,150	)	$	26,184,760	$	356,380	$	(1,378,227	)	$—

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

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

Cost for federal income tax purposes was $75,532,704.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	31,334
Gross Unrealized Depreciation		(6,447,278	)
Net Unrealized Depreciation	$	(6,415,944	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares			Value	Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 28.4%
25,997	iShares 20+ Year Treasury Bond ETF	$	2,670,672		2.9
45,122	iShares Core S&P Small-Cap ETF		4,595,224		5.0
50,247	iShares Core U.S. Aggregate Bond ETF		4,938,778		5.4
17,007	Schwab U.S. TIPS ETF		903,072		1.0
23,112	Vanguard Emerging Markets ETF		936,498		1.0
168,324	Vanguard FTSE Developed Markets ETF		7,306,944		8.1
17,030	Vanguard Mid-Cap ETF		3,687,506		4.0
11,879	Vanguard Short-Term Bond ETF		896,865		1.0
	Total Exchange-Traded Funds (Cost $27,549,536)		25,935,559		28.4

MUTUAL FUNDS: 71.6%
	Affiliated Investment Companies: 34.7%
2,722,091	Voya Intermediate Bond Fund — Class P3		23,409,984		25.6
191,609	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,877,765		2.1

Shares			Value	Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
287,240	Voya Multi-Manager International Equity Fund — Class P3	$	2,777,612		3.0
417,165	Voya Multi-Manager International Factors Fund — Class P3		3,679,398		4.0
			31,744,759		34.7

	Unaffiliated Investment Companies: 36.9%
743,620	TIAA-CREF S&P 500 Index Fund — Institutional Class		33,656,240		36.9
	Total Mutual Funds (Cost $69,436,777)		65,400,999		71.6
	Total Investments in Securities (Cost $96,986,313)	$	91,336,558		100.0
	Assets in Excess of Other Liabilities		31,175		0.0
	Net Assets	$	91,367,733		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	25,935,559	$	—	$	—	$	25,935,559
Mutual Funds		65,400,999		—		—		65,400,999
Total Investments, at fair value	$	91,336,558	$	—	$	—	$	91,336,558

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost					Ending Fair Value at 11/30/2022			Realized Gains/ (Losses)
Voya Intermediate Bond Fund — Class P3	$	20,702,641	$	6,852,501	$	(3,415,999	)	$(729,159	)	$	23,409,984	$379,667	$	(567,232	)	$—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,621,475		723,977		(621,516	)	153,829			1,877,765	—		(211,173	)	—
Voya Multi-Manager International Equity Fund — Class P3		2,399,351		1,183,465		(1,026,029	)	220,825			2,777,612	—		(248,985	)	—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022			Purchases at Cost			Sales at Cost				Change in Unrealized Appreciation/ (Depreciation)				Ending Fair Value at 11/30/2022			Investment Income			Realized Gains/ (Losses)				Net Capital Gain Distributions
Voya Multi-Manager International Factors Fund — Class P3		$	3,977,802		$	1,851,881		$	(2,415,641	)		$	265,356			$	3,679,398		$	—		$	(465,912	)		$	—
Voya Short Term Bond Fund — Class R6			—			2,842,288			(2,842,288	)			—				—			2,998			(19,414	)			—
Voya Short Term Bond Fund — Class P3			—			1,403,606			(1,403,606	)			—				—			7,297			(14,029	)			—
		$	28,701,269		$	14,857,718		$	(11,725,079	)		$	(89,149	)		$	31,744,759		$	389,962		$	(1,526,745	)		$	—

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

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

Cost for federal income tax purposes was $98,875,781.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	323,785
Gross Unrealized Depreciation		(7,863,008	)
Net Unrealized Depreciation	$	(7,539,223	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares			Value	Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 28.5%
33,473	iShares 20+ Year Treasury Bond ETF	$	3,438,681		3.9
43,572	iShares Core S&P Small-Cap ETF		4,437,372		5.0
22,056	iShares Core U.S. Aggregate Bond ETF		2,167,884		2.5
44,638	Vanguard Emerging Markets ETF		1,808,732		2.1
203,181	Vanguard FTSE Developed Markets ETF		8,820,087		10.0
16,445	Vanguard Mid-Cap ETF		3,560,836		4.0
11,471	Vanguard Short-Term Bond ETF		866,061		1.0
	Total Exchange-Traded Funds (Cost $27,001,608)		25,099,653		28.5

MUTUAL FUNDS: 71.5%
	Affiliated Investment Companies: 27.7%
1,813,762	Voya Intermediate Bond Fund — Class P3		15,598,351		17.7
184,219	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,805,351		2.0

Shares			Value	Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
367,829	Voya Multi-Manager International Equity Fund — Class P3	$	3,556,904		4.0
400,685	Voya Multi-Manager International Factors Fund — Class P3		3,534,042		4.0
			24,494,648		27.7

	Unaffiliated Investment Companies: 43.8%
853,322	TIAA-CREF S&P 500 Index Fund — Institutional Class		38,621,341		43.8
	Total Mutual Funds (Cost $66,824,797)		63,115,989		71.5
	Total Investments in Securities (Cost $93,826,405)	$	88,215,642		100.0
	Assets in Excess of Other Liabilities		26,607		0.0
	Net Assets	$	88,242,249		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	25,099,653	$	—	$	—	$	25,099,653
Mutual Funds		63,115,989		—		—		63,115,989
Total Investments, at fair value	$	88,215,642	$	—	$	—	$	88,215,642

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost							Realized Gains/ (Losses)
Voya Intermediate Bond Fund — Class P3	$	14,316,059	$	4,368,289	$	(2,532,919	)	$(553,078	)	$15,598,351	$264,582	$	(388,822	)	$—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,623,329		768,581		(720,019	)	133,460		1,805,351	—		(211,735	)	—
Voya Multi-Manager International Equity Fund — Class P3		3,201,774		1,667,979		(1,602,554	)	289,705		3,556,904	—		(381,790	)	—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022			Purchases at Cost			Sales at Cost				Change in Unrealized Appreciation/ (Depreciation)				Ending Fair Value at 11/30/2022			Investment Income			Realized Gains/ (Losses)				Net Capital Gain Distributions
Voya Multi-Manager International Factors Fund — Class P3		$	3,183,677		$	1,591,514		$	(1,323,349	)		$	82,200			$	3,534,042		$	—		$	(229,851	)		$—
Voya Short Term Bond Fund — Class R6			—			2,901,303			(2,901,303	)			—				—			3,261			(20,005	)		—
Voya Short Term Bond Fund — Class P3			—			1,433,789			(1,433,789	)			—				—			5,903			(3,149	)		—
		$	22,324,839		$	12,731,455		$	(10,513,933	)		$	(47,713	)		$	24,494,648		$	273,746		$	(1,235,352	)		$—

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

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

Cost for federal income tax purposes was $95,975,994.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	312,665
Gross Unrealized Depreciation		(8,073,017	)
Net Unrealized Depreciation	$	(7,760,352	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares			Value	Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 30.5%
27,372	iShares 20+ Year Treasury Bond ETF	$	2,811,926		3.9
42,757	iShares Core S&P Small-Cap ETF		4,354,373		6.0
3,607	iShares Core U.S. Aggregate Bond ETF		354,532		0.5
36,502	Vanguard Emerging Markets ETF		1,479,061		2.1
215,991	Vanguard FTSE Developed Markets ETF		9,376,169		13.0
13,447	Vanguard Mid-Cap ETF		2,911,679		4.0
9,380	Vanguard Short-Term Bond ETF		708,190		1.0

	Total Exchange-Traded Funds (Cost $23,241,489)		21,995,930		30.5

MUTUAL FUNDS: 69.5%
	Affiliated Investment Companies: 19.8%
820,862	Voya Intermediate Bond Fund — Class P3		7,059,412		9.8
150,046	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,470,452		2.0

Shares			Value	Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
298,947	Voya Multi-Manager International Equity Fund — Class P3	$	2,890,819		4.0
325,583	Voya Multi-Manager International Factors Fund — Class P3		2,871,644		4.0
			14,292,327		19.8

	Unaffiliated Investment Companies: 49.7%
791,806	TIAA-CREF S&P 500 Index Fund — Institutional Class		35,837,144		49.7
	Total Mutual Funds (Cost $52,464,977)		50,129,471		69.5
	Total Investments in Securities (Cost $75,706,466)	$	72,125,401		100.0
	Assets in Excess of Other Liabilities		2,629		0.0
	Net Assets	$	72,128,030		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	21,995,930	$	—	$	—	$	21,995,930
Mutual Funds		50,129,471		—		—		50,129,471
Total Investments, at fair value	$	72,125,401	$	—	$	—	$	72,125,401

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost							Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund — Class P3	$	6,302,603	$	2,061,216	$	(1,072,691	)	$(231,716	)	$7,059,412	$116,102	$	(171,565	)	$	—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,927,209		662,402		(1,517,874	)	398,715		1,470,452	—		(529,354	)		—
Voya Multi-Manager International Equity Fund — Class P3		3,168,334		1,641,420		(2,263,833	)	344,898		2,890,819	—		(469,761	)		—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer
Voya Multi-Manager International Factors Fund — Class P3	$	2,519,872	$	1,252,135	$	(972,474	)	$	72,111	$	2,871,644	$	—	$	(161,262	)	$	—
Voya Short Term Bond Fund — Class R6		—		2,270,775		(2,270,775	)		—		—		2,403		(15,446	)		—
Voya Short Term Bond Fund — Class P3		—		1,108,768		(1,108,768	)		—		—		4,621		(2,512	)		—
	$	13,918,018	$	8,996,716	$	(9,206,415	)	$	584,008	$	14,292,327	$	123,126	$	(1,349,900	)	$	—

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

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

Cost for federal income tax purposes was $77,674,964.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	338,027
Gross Unrealized Depreciation		(5,887,590	)
Net Unrealized Depreciation	$	(5,549,563	)

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2045 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares		Value

EXCHANGE-TRADED FUNDS: 33.3%
28,569	iShares 20+ Year Treasury Bond ETF	$	2,934,893	3.9
44,626	iShares Core S&P Small-Cap ETF		4,544,712	6.0
57,147	Vanguard Emerging Markets ETF		2,315,596	3.1
260,118	Vanguard FTSE Developed Markets ETF		11,291,722	14.8
14,035	Vanguard Mid-Cap ETF		3,038,999	4.0
14,685	Vanguard Short-Term Bond ETF		1,108,718	1.5

	Total Exchange-Traded Funds (Cost $26,385,897)		25,234,640	33.3

MUTUAL FUNDS: 66.7%
	Affiliated Investment Companies: 14.0%
344,657	Voya Intermediate Bond Fund — Class P3		2,964,047	3.9
157,731	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,545,760	2.0

Shares		Value

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
314,895	Voya Multi-Manager International Equity Fund — Class P3	$	3,045,034	4.1
342,992	Voya Multi-Manager International Factors Fund — Class P3		3,025,187	4.0
			10,580,028	14.0

	Unaffiliated Investment Companies: 52.7%
880,304	TIAA-CREF S&P 500 Index Fund — Institutional Class		39,842,562	52.7
	Total Mutual Funds (Cost $52,073,438)		50,422,590	66.7
	Total Investments in Securities (Cost $78,459,335)	$	75,657,230	100.0
	Assets in Excess of Other Liabilities		23,168	0.0
	Net Assets	$	75,680,398	100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	25,234,640	$	—	$	—	$	25,234,640
Mutual Funds		50,422,590		—		—		50,422,590
Total Investments, at fair value	$	75,657,230	$	—	$	—	$	75,657,230

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022			Sales at Cost							Realized Gains/ (Losses)
Voya Intermediate Bond Fund — Class P3	$	2,576,834	$1,292,769	$	(838,700	)	$(66,856	)	$2,964,047	$49,488	$	(116,551	)	$—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		2,626,329	976,145		(2,703,155	)	646,441		1,545,760	—		(874,359	)	—
Voya Multi-Manager International Equity Fund — Class P3		3,238,718	2,141,860		(2,695,436	)	359,892		3,045,034	—		(551,114	)	—

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2045 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)
Voya Multi-Manager International Factors Fund — Class P3	$	2,575,493	$	1,598,931	$	(1,258,554	)	$	109,317	$	3,025,187	$	—	$	(237,854	)	$ —
Voya Short Term Bond Fund — Class R6		—		2,297,365		(2,297,365	)		—		—		2,433		(15,851	)	—
Voya Short Term Bond Fund — Class P3		—		1,239,343		(1,239,343	)		—		—		7,914		(22,563	)	—
	$	11,017,374	$	9,546,413	$	(11,032,553	)	$	1,048,794	$	10,580,028	$	59,835	$	(1,818,292	)	$ —

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

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

Cost for federal income tax purposes was $80,152,238.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	469,824
Gross Unrealized Depreciation		(4,964,832	)
Net Unrealized Depreciation	$	(4,495,008	)

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2050 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares		Value

EXCHANGE-TRADED FUNDS: 34.0%
20,952	iShares 20+ Year Treasury Bond ETF	$	2,152,399	3.9
32,728	iShares Core S&P Small-Cap ETF		3,333,020	6.0
41,910	Vanguard Emerging Markets ETF		1,698,193	3.1
190,764	Vanguard FTSE Developed Markets ETF		8,281,064	15.0
12,867	Vanguard Mid-Cap ETF		2,786,092	5.0
7,180	Vanguard Short-Term Bond ETF		542,090	1.0

	Total Exchange-Traded Funds (Cost $19,569,750)		18,792,858	34.0

MUTUAL FUNDS: 66.0%
	Affiliated Investment Companies: 11.9%
124,105	Voya Intermediate Bond Fund — Class P3		1,067,301	1.9
114,267	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,119,817	2.0

Shares		Value

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
227,629	Voya Multi-Manager International Equity Fund — Class P3	$	2,201,177	4.0
247,906	Voya Multi-Manager International Factors Fund — Class P3		2,186,527	4.0
			6,574,822	11.9

	Unaffiliated Investment Companies: 54.1%
660,033	TIAA-CREF S&P 500 Index Fund — Institutional Class		29,873,095	54.1
	Total Mutual Funds (Cost $37,564,610)		36,447,917	66.0
	Total Investments in Securities (Cost $57,134,360)	$	55,240,775	100.0
	Assets in Excess of Other Liabilities		16,129	0.0
	Net Assets	$	55,256,904	100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	18,792,858	$	—	$	—	$	18,792,858
Mutual Funds		36,447,917		—		—		36,447,917
Total Investments, at fair value	$	55,240,775	$	—	$	—	$	55,240,775

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)
Voya Intermediate Bond Fund — Class P3	$	939,773	$	624,320	$	(488,581	)	$	(8,211	)	$	1,067,301	$	18,365	$	(57,648	)	$—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,913,841		666,368		(1,971,335	)		510,943			1,119,817		—		(668,007	)	—
Voya Multi-Manager International Equity Fund — Class P3		2,832,980		1,401,602		(2,362,221	)		328,816			2,201,177		—		(475,605	)	—
Voya Multi-Manager International Factors Fund — Class P3		2,347,670		1,112,451		(1,482,432	)		208,838			2,186,527		—		(332,722	)	—

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2050 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost									Realized Gains/ (Losses)
Voya Short Term Bond Fund — Class R6	$	—	$	1,695,895	$	(1,695,895	)	$	—	$	—	$	1,801	$	(11,608	)	$	—
Voya Short Term Bond Fund — Class P3		—		872,960		(872,960	)		—		—		5,320		(14,627	)		—
	$	8,034,264	$	6,373,596	$	(8,873,424	)	$	1,040,386	$	6,574,822	$	25,486	$	(1,560,217	)	$	—

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

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

Cost for federal income tax purposes was $58,448,716.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	323,762
Gross Unrealized Depreciation		(3,531,703	)
Net Unrealized Depreciation	$	(3,207,941	)

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2055 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares		Value

EXCHANGE-TRADED FUNDS: 31.7%
16,971	iShares 20+ Year Treasury Bond ETF	$	1,743,431	3.9
26,510	iShares Core S&P Small-Cap ETF		2,699,778	6.0
33,948	Vanguard Emerging Markets ETF		1,375,573	3.0
133,918	Vanguard FTSE Developed Markets ETF		5,813,380	12.8
10,422	Vanguard Mid-Cap ETF		2,256,676	5.0
5,816	Vanguard Short-Term Bond ETF		439,108	1.0

	Total Exchange-Traded Funds (Cost $14,879,609)		14,327,946	31.7

MUTUAL FUNDS: 68.3%
	Affiliated Investment Companies: 13.1%
52,051	Voya Intermediate Bond Fund — Class P3		447,640	1.0
94,353	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		924,656	2.0

Shares		Value

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
235,297	Voya Multi-Manager International Equity Fund — Class P3	$	2,275,325	5.1
256,294	Voya Multi-Manager International Factors Fund — Class P3		2,260,510	5.0
			5,908,131	13.1

	Unaffiliated Investment Companies: 55.2%
549,650	TIAA-CREF S&P 500 Index Fund — Institutional Class		24,877,170	55.2

	Total Mutual Funds (Cost $31,410,061)		30,785,301	68.3
	Total Investments in Securities (Cost $46,289,670)	$	45,113,247	100.0
	Assets in Excess of Other Liabilities		15,081	0.0
	Net Assets	$	45,128,328	100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	14,327,946	$	—	$	—	$	14,327,946
Mutual Funds		30,785,301		—		—		30,785,301
Total Investments, at fair value	$	45,113,247	$	—	$	—	$	45,113,247

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Intermediate Bond Fund — Class P3	$	355,655	$	520,339	$	(437,071	)	$	8,717	$	447,640	$	7,841	$	(37,028	)	$	—
Voya Multi-Manager Emerging Markets Equity Fund — Class P3		1,447,850		644,700		(1,588,415	)		420,521		924,656		—		(536,245	)		—
Voya Multi-Manager International Equity Fund — Class P3		2,143,058		1,378,093		(1,532,793	)		286,967		2,275,325		—		(353,694	)		—

See Accompanying Notes to Financial Statements

Voya Target
Retirement 2055 Fund

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED) (CONTINUED)

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost									Realized Gains/ (Losses)
Voya Multi-Manager International Factors Fund — Class P3	$	1,775,452	$	1,143,304	$	(798,205	)	$	139,959	$	2,260,510	$	—	$	(194,093	)	$	—
Voya Short Term Bond Fund — Class R6		—		1,289,960		(1,289,960	)		—		—		1,369		(8,857	)		—
Voya Short Term Bond Fund — Class P3		—		681,282		(681,282	)		—		—		4,123		(11,483	)		—
	$	5,722,015	$	5,657,678	$	(6,327,726	)	$	856,164	$	5,908,131	$	13,333	$	(1,141,400	)	$	—

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

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

Cost for federal income tax purposes was $47,232,013.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	289,571
Gross Unrealized Depreciation		(2,408,337	)
Net Unrealized Depreciation	$	(2,118,766	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS
AS OF NOVEMBER 30, 2022 (UNAUDITED)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 32.2%
10,060	iShares 20+ Year Treasury Bond ETF	$	1,033,464		3.9
15,715	iShares Core S&P Small-Cap ETF		1,600,416		6.0
20,124	Vanguard Emerging Markets ETF		815,424		3.0
79,386	Vanguard FTSE Developed Markets ETF		3,446,146		12.9
6,178	Vanguard Mid-Cap ETF		1,337,722		5.0
5,171	Vanguard Short-Term Bond ETF		390,411		1.4

	Total Exchange-Traded Funds (Cost $8,910,573)		8,623,583		32.2

MUTUAL FUNDS: 67.8%
	Affiliated Investment Companies: 12.1%
56,037	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		549,160		2.1

Shares		Value		Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
$139,729	Voya Multi-Manager International Equity Fund — Class P3	$	1,351,181		5.0
152,182	Voya Multi-Manager International Factors Fund — Class P3		1,342,241		5.0
			3,242,582		12.1

	Unaffiliated Investment Companies: 55.7%
329,173	TIAA-CREF S&P 500 Index Fund — Institutional Class		14,898,372		55.7
	Total Mutual Funds (Cost $18,513,748)		18,140,954		67.8
	Total Investments in Securities (Cost $27,424,321)	$	26,764,537		100.0
	Assets in Excess of Other Liabilities		9,358		0.0
	Net Assets	$	26,773,895		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	8,623,583	$	—	$	—	$	8,623,583
Mutual Funds		18,140,954		—		—		18,140,954
Total Investments, at fair value	$	26,764,537	$	—	$	—	$	26,764,537

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 11/30/2022			Realized Gains/ (Losses)
Voya Multi-Manager Emerging Markets Equity Fund — Class P3	$	859,334	$	392,182	$	(931,361	)	$	229,005	$	549,160	$—	$	(298,331	)	$—
Voya Multi-Manager International Equity Fund — Class P3		1,484,415		894,524		(1,260,747	)		232,989		1,351,181	—		(298,608	)	—
Voya Multi-Manager International Factors Fund — Class P3		1,054,267		647,627		(424,961	)		65,308		1,342,241	—		(96,198	)	—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS
as of November 30, 2022 (Unaudited) (continued)

Issuer					Sales at Cost									Realized Gains/ (Losses)
Voya Short Term Bond Fund — Class R6	$	—	$	763,406	$	(763,406	)	$	—	$	—	$	810	$	(5,241	)	$	—
Voya Short Term Bond Fund — Class P3		—		404,132		(404,132	)		—		—		2,592		(7,321	)		—
	$	3,398,016	$	3,101,871	$	(3,784,607	)	$	527,302	$	3,242,582	$	3,402	$	(705,699	)	$	—

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

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

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

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	190,647
Gross Unrealized Depreciation		(1,429,239	)
Net Unrealized Depreciation	$	(1,238,592	)

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2065 FUND

PORTFOLIO OF INVESTMENTS
as of November 30, 2022 (Unaudited)

Shares		Value		Percentage of Net Assets

EXCHANGE-TRADED FUNDS: 31.7%
2,980	iShares 20+ Year Treasury Bond ETF	$	306,136		3.9
4,656	iShares Core S&P Small-Cap ETF		474,167		6.0
5,962	Vanguard Emerging Markets ETF		241,580		3.0
23,518	Vanguard FTSE Developed Markets ETF		1,020,916		12.8
1,830	Vanguard Mid-Cap ETF		396,250		5.0
1,021	Vanguard Short-Term Bond ETF		77,086		1.0
	Total Exchange-Traded Funds (Cost $2,617,312)		2,516,135		31.7

MUTUAL FUNDS: 68.3%
	Affiliated Investment Companies: 12.1%
16,692	Voya Multi-Manager Emerging Markets Equity Fund — Class P3		163,584		2.0

Shares		Value		Percentage of Net Assets

MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
41,608	Voya Multi-Manager International Equity Fund — Class P3	$	402,348		5.1
45,318	Voya Multi-Manager International Factors Fund — Class P3		399,702		5.0
			965,634		12.1

	Unaffiliated Investment Companies: 56.2%
98,679	TIAA-CREF S&P 500 Index Fund — Institutional Class		4,466,230		56.2
	Total Mutual Funds (Cost $5,521,417)		5,431,864		68.3
	Total Investments in Securities (Cost $8,138,729)	$	7,947,999		100.0
	Assets in Excess of Other Liabilities		3,229		0.0
	Net Assets	$	7,951,228		100.0

Fair Value Measurementsˆ

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


Asset Table
Investments, at fair value
Exchange-Traded Funds	$	2,516,135	$	—	$	—	$	2,516,135
Mutual Funds		5,431,864		—		—		5,431,864
Total Investments, at fair value	$	7,947,999	$	—	$	—	$	7,947,999

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

Transactions with Affiliates

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

Issuer	Beginning Fair Value at 5/31/2022		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)		Ending Fair Value at 11/30/2022		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Multi-Manager Emerging Markets Equity Fund — Class P3	$	262,882	$	100,483	$	(275,802	)	$	76,021	$	163,584	$	—	$	(96,885	)	$	—
Voya Multi-Manager International Equity Fund — Class P3		453,986		226,075		(384,499	)		106,786		402,348		—		(126,991	)		—
Voya Multi-Manager International Factors Fund — Class P3		322,456		163,979		(103,065	)		16,332		399,702		—		(26,083	)		—

See Accompanying Notes to Financial Statements

VOYA TARGET
RETIREMENT 2065 FUND

PORTFOLIO OF INVESTMENTS
as of November 30, 2022 (Unaudited) (continued)

Issuer					Sales at Cost									Realized Gains/ (Losses)
Voya Short Term Bond Fund — Class R6	$	—	$	230,546	$	(230,546	)	$	—	$	—	$	246	$	(1,578	)	$	—
Voya Short Term Bond Fund — Class P3		—		118,634		(118,634	)		—		—		727		(2,014	)		—
	$	1,039,324	$	839,717	$	(1,112,546	)	$	199,139	$	965,634	$	973	$	(253,551	)	$	—

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

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

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

Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	40,150
Gross Unrealized Depreciation		(285,308	)
Net Unrealized Depreciation	$	(245,158	)

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

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

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

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

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

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

Fund Performance

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

Economies of Scale

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

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

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

Fee Schedules, Profitability, and Fall-out Benefits

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

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

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

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

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

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

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

Fund-by-Fund Analysis

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

Voya Target In-Retirement Fund

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

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

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

Voya Target Retirement 2025 Fund

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

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

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

Voya Target Retirement 2030 Fund

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

Voya Target Retirement 2035 Fund

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

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

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

Voya Target Retirement 2040 Fund

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

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

Voya Target Retirement 2045 Fund

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

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

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

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

Voya Target Retirement 2050 Fund

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

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

Voya Target Retirement 2055 Fund

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

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

Voya Target Retirement 2060 Fund

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

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

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

Voya Target Retirement 2065 Fund

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

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

Board Conclusions

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

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

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

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

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
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.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

169172 (1122-012523)

(b) Not applicable.

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a)

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics is not required for the semi-annual filing.

(a)(2)

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

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not required for semi-annual filing.

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

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/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: February 3, 2023

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

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: February 3, 2023

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

Date: February 3, 2023