ThZeal - The Zeal

N-CSRS 1 tm244309d8_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, 2023 to November 30, 2023

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, 2023

Classes A, I, R and R6

■	Voya Target In-Retirement Fund	■	Voya Target Retirement 2045 Fund
■	Voya Target Retirement 2025 Fund	■	Voya Target Retirement 2050 Fund
■	Voya Target Retirement 2030 Fund	■	Voya Target Retirement 2055 Fund
■	Voya Target Retirement 2035 Fund	■	Voya Target Retirement 2060 Fund
■	Voya Target Retirement 2040 Fund	■	Voya Target Retirement 2065 Fund

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

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.

E-Delivery Sign-up – details inside

INVESTMENT MANAGEMENT

voyainvestments.com

[This Page Intentionally Left Blank]

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
Portfolios of Investments	36
Advisory and Sub-Advisory Contract Approval Discussion	56

Go Paperless with E-Delivery!

Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.

You will be notified by e-mail when these communications become available on the internet.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (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.

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, 2023 to November 30, 2023. 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	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	June 1,	November 30,	Expense	November 30,	June 1,	November 30,	Expense	November 30,
	2023	2023	Ratio*	2023**	2023	2023	Ratio*	2023**

Voya Target In-Retirement Fund
Class A	$1,000.00	$1,025.90	0.43%	$2.18	$1,000.00	$1,022.85	0.43%	$2.17
Class I	1,000.00	1,027.80	0.08	0.41	1,000.00	1,024.60	0.08	0.40
Class R	1,000.00	1,025.90	0.68	3.44	1,000.00	1,021.60	0.68	3.44
Class R6	1,000.00	1,027.80	0.07	0.35	1,000.00	1,024.65	0.07	0.35
....2
Voya Target Retirement 2025 Fund
Class A	$1,000.00	$1,039.60	0.37%	$1.89	$1,000.00	$1,023.15	0.37%	$1.87
Class I	1,000.00	1,041.10	0.17	0.87	1,000.00	1,024.15	0.17	0.86
Class R	1,000.00	1,038.80	0.62	3.16	1,000.00	1,021.90	0.62	3.13
Class R6	1,000.00	1,041.10	0.08	0.41	1,000.00	1,024.60	0.08	0.40
....3
Voya Target Retirement 2030 Fund
Class A	$1,000.00	$1,048.80	0.38%	$1.95	$1,000.00	$1,023.10	0.38%	$1.92
Class I	1,000.00	1,049.30	0.13	0.67	1,000.00	1,024.35	0.13	0.66
Class R	1,000.00	1,047.30	0.63	3.22	1,000.00	1,021.85	0.63	3.18
Class R6	1,000.00	1,050.20	0.09	0.46	1,000.00	1,024.55	0.09	0.46

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return				Hypothetical (5% return before expenses)
	Beginning	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	June 1,	November 30,	Expense	November 30,	June 1,	November 30,	Expense	November 30,
	2023	2023	Ratio*	2023**	2023	2023	Ratio*	2023**

Voya Target Retirement 2035 Fund
Class A	$1,000.00	$1,057.80	0.39%	$2.01	$1,000.00	$1,023.05	0.39%	$1.97
Class I	1,000.00	1,059.00	0.09	0.46	1,000.00	1,024.55	0.09	0.46
Class R	1,000.00	1,055.40	0.64	3.29	1,000.00	1,021.80	0.64	3.23
Class R6	1,000.00	1,059.10	0.08	0.41	1,000.00	1,024.60	0.08	0.40
...
Voya Target Retirement 2040 Fund
Class A	$1,000.00	$1,065.30	0.43%	$2.22	$1,000.00	$1,022.85	0.43%	$2.17
Class I	1,000.00	1,067.30	0.14	0.72	1,000.00	1,024.30	0.14	0.71
Class R	1,000.00	1,064.10	0.68	3.51	1,000.00	1,021.60	0.68	3.44
Class R6	1,000.00	1,067.30	0.10	0.52	1,000.00	1,024.50	0.10	0.51
...
Voya Target Retirement 2045 Fund
Class A	$1,000.00	$1,070.20	0.47%	$2.43	$1,000.00	$1,022.65	0.47%	$2.38
Class I	1,000.00	1,072.20	0.11	0.57	1,000.00	1,024.45	0.11	0.56
Class R	1,000.00	1,068.80	0.72	3.72	1,000.00	1,021.40	0.72	3.64
Class R6	1,000.00	1,072.20	0.11	0.57	1,000.00	1,024.45	0.11	0.56
...
Voya Target Retirement 2050 Fund
Class A	$1,000.00	$1,072.00	0.46%	$2.38	$1,000.00	$1,022.70	0.46%	$2.33
Class I	1,000.00	1,073.90	0.14	0.73	1,000.00	1,024.30	0.14	0.71
Class R	1,000.00	1,070.60	0.71	3.68	1,000.00	1,021.45	0.71	3.59
Class R6	1,000.00	1,073.90	0.11	0.57	1,000.00	1,024.45	0.11	0.56
...
Voya Target Retirement 2055 Fund
Class A	$1,000.00	$1,071.90	0.51%	$2.64	$1,000.00	$1,022.45	0.51%	$2.58
Class I	1,000.00	1,074.80	0.16	0.83	1,000.00	1,024.20	0.16	0.81
Class R	1,000.00	1,070.90	0.76	3.93	1,000.00	1,021.20	0.76	3.84
Class R6	1,000.00	1,074.80	0.11	0.57	1,000.00	1,024.45	0.11	0.56
...
Voya Target Retirement 2060 Fund
Class A	$1,000.00	$1,072.60	0.50%	$2.59	$1,000.00	$1,022.50	0.50%	$2.53
Class I	1,000.00	1,074.10	0.10	0.52	1,000.00	1,024.50	0.10	0.51
Class R	1,000.00	1,071.20	0.75	3.88	1,000.00	1,021.25	0.75	3.79
Class R6	1,000.00	1,074.90	0.10	0.52	1,000.00	1,024.50	0.10	0.51
...
Voya Target Retirement 2065 Fund
Class A	$1,000.00	$1,074.40	0.37%	$1.92	$1,000.00	$1,023.15	0.37%	$1.87
Class I	1,000.00	1,075.20	0.12	0.62	1,000.00	1,024.40	0.12	0.61
Class R	1,000.00	1,072.60	0.62	3.21	1,000.00	1,021.90	0.62	3.13
Class R6	1,000.00	1,075.20	0.10	0.52	1,000.00	1,024.50	0.10	0.51

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

Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year.

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)

	Voya Target			Voya Target			Voya Target			Voya Target
	In-Retirement			Retirement 2025			Retirement 2030			Retirement 2035
	Fund			Fund			Fund			Fund
ASSETS:
Investments in affiliated underlying funds at fair value^*	$	15,912,558		$	26,267,985		$	29,339,425		$	30,691,291
Investments in unaffiliated underlying funds at fair value^**	38,029,255			65,220,048			88,036,075			97,545,110
Cash	28,678			193,970			736,299			1,083,979
Receivables:
Investments in affiliated underlying funds sold	–			–			–			42,621
Investments in unaffiliated underlying funds sold	–			–			–			41,777
Fund shares sold	23,462			16,968			74,513			3,958
Interest	205			219			318			360
Reimbursement due from Investment Adviser	8,143			10,220			13,954			18,322
Other assets	457			515			535			533
Total assets	54,002,758			91,709,925			118,201,119			129,427,951

LIABILITIES:
Payable for investments in affiliated underlying funds purchased	11,919			6,081			42,596			–
Payable for investments in unaffiliated underlying funds purchased	3,666			154,571			713,158			1,023,384
Payable for fund shares redeemed	7,862			7,372			397			88,333
Payable for unified fees	8,159			13,042			17,040			18,563
Payable for distribution and shareholder service fees	1,585			2,970			4,127			3,848
Payable to trustees under the deferred compensation plan (Note 6)	457			515			535			533
Other accrued expenses and liabilities	5,979			2,773			455			4,029
Total liabilities	39,627			187,324			778,308			1,138,690
NET ASSETS	$	53,963,131		$	91,522,601		$	117,422,811		$	128,289,261

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	59,084,392		$	96,786,538		$	123,267,975		$	132,949,153
Total distributable loss	(5,121,261		)	(5,263,937		)	(5,845,164		)	(4,659,892		)
NET ASSETS	$	53,963,131		$	91,522,601		$	117,422,811		$	128,289,261

* Cost of investments in affiliated underlying funds	$	16,061,158		$	26,561,192		$	29,380,957		$	30,734,995
** Cost of investments in unaffiliated underlying funds	$	37,500,989		$	62,816,337		$	83,528,116		$	92,397,864

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited) (continued)

	Voya Target			Voya Target			Voya Target			Voya Target
	In-Retirement			Retirement 2025			Retirement 2030			Retirement 2035
	Fund			Fund			Fund			Fund
Class A
Net assets	$	5,235,437	‌	$	12,235,422	‌	$	17,826,799	‌	$	16,055,491	‌
Shares authorized	unlimited			unlimited			unlimited			unlimited
Par value	$	0.001	‌	$	0.001	‌	$	0.001	‌	$	0.001	‌
Shares outstanding	527,623		‌	1,082,375		‌	1,507,278		‌	1,350,404		‌
Net asset value and redemption price per share†	$	9.92	‌	$	11.30	‌	$	11.83	‌	$	11.89	‌
Maximum offering price per share (5.75%)⁽¹⁾	$	10.53	‌	$	11.99	‌	$	12.55	‌	$	12.62	‌

Class I
Net assets	$	5,973,562	‌	$	6,884,543	‌	$	11,466,768	‌	$	12,720,408	‌
Shares authorized	unlimited			unlimited			unlimited			unlimited
Par value	$	0.001	‌	$	0.001	‌	$	0.001	‌	$	0.001	‌
Shares outstanding	597,975		‌	603,539		‌	960,980		‌	1,057,661		‌
Net asset value and redemption price per share	$	9.99	‌	$	11.41	‌	$	11.93	‌	$	12.03	‌

Class R
Net assets	$	112,148	‌	$	2,383,275	‌	$	1,145,199	‌	$	1,270,476	‌
Shares authorized	unlimited			unlimited			unlimited			unlimited
Par value	$	0.001	‌	$	0.001	‌	$	0.001	‌	$	0.001	‌
Shares outstanding	11,341		‌	211,690		‌	97,631		‌	107,533		‌
Net asset value and redemption price per share	$	9.89	‌	$	11.26	‌	$	11.73	‌	$	11.81	‌

Class R6
Net assets	$	42,641,984	‌	$	70,019,361	‌	$	86,984,045	‌	$	98,242,886	‌
Shares authorized	unlimited			unlimited			unlimited			unlimited
Par value	$	0.001	‌	$	0.001	‌	$	0.001	‌	$	0.001	‌
Shares outstanding	4,268,154		‌	6,142,324		‌	7,293,927		‌	8,188,562		‌
Net asset value and redemption price per share	$	9.99	‌	$	11.40	‌	$	11.93	‌	$	12.00	‌

⁽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, 2023 (Unaudited)

	Voya Target			Voya Target			Voya Target			Voya Target
	Retirement 2040			Retirement 2045			Retirement 2050			Retirement 2055
	Fund			Fund			Fund			Fund
ASSETS:
Investments in affiliated underlying funds at fair value^*	$	20,204,196	‌	$	17,194,898	‌	$	12,143,621	‌	$	11,087,509	‌
Investments in unaffiliated underlying funds at fair value^**	76,038,061		‌	90,186,368		‌	63,537,311		‌	56,333,678		‌
Cash	148,475		‌	240,132		‌	36,801		‌	32,993		‌
Receivables:
Fund shares sold	41,681		‌	45,731		‌	28,952		‌	16,385		‌
Interest	188		‌	194		‌	152		‌	184		‌
Reimbursement due from Investment Adviser	12,147		‌	11,876		‌	8,280		‌	5,603		‌
Other assets	398		‌	423		‌	302		‌	247		‌
Total assets	96,445,146		‌	107,679,622		‌	75,755,419		‌	67,476,599		‌

LIABILITIES:
Payable for investments in affiliated underlying funds purchased	17,887		‌	17,713		‌	10,387		‌	5,801		‌
Payable for investments in unaffiliated underlying funds purchased	125,208		‌	215,162		‌	18,080		‌	10,099		‌
Payable for fund shares redeemed	604		‌	866		‌	480		‌	480		‌
Payable for unified fees	13,965		‌	15,438		‌	10,887		‌	9,628		‌
Payable for distribution and shareholder service fees	3,296		‌	2,515		‌	2,380		‌	1,904		‌
Payable to trustees under the deferred compensation
plan (Note 6)	398		‌	423		‌	302		‌	247		‌
Other accrued expenses and liabilities	9,211		‌	7,925		‌	4,194		‌	2,738		‌
Total liabilities	170,569		‌	260,042		‌	46,710		‌	30,897		‌
NET ASSETS	$	96,274,577	‌	$	107,419,580	‌	$	75,708,709	‌	$	67,445,702	‌

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	99,302,981	‌	$	109,071,662	‌	$	77,284,696	‌	$	67,755,623	‌
Total distributable loss	(3,028,404		)	(1,652,082		)	(1,575,987		)	(309,921		)
NET ASSETS	$	96,274,577	‌	$	107,419,580	‌	$	75,708,709	‌	$	67,445,702	‌

* Cost of investments in affiliated underlying funds	$	20,204,678	‌	$	17,151,339	‌	$	12,085,031	‌	$	11,007,407	‌
** Cost of investments in unaffiliated underlying funds	$	71,126,008	‌	$	84,368,938	‌	$	59,003,675	‌	$	52,240,102	‌

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)(continued)

	Voya Target		Voya Target		Voya Target		Voya Target
	Retirement 2040		Retirement 2045		Retirement 2050		Retirement 2055
	Fund		Fund		Fund		Fund
Class A
Net assets	$	13,544,200	$	11,372,162	$	8,584,422	$	8,313,990
Shares authorized	unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding	1,065,049		899,032		677,867		671,436
Net asset value and redemption price per share†	$	12.72	$	12.65	$	12.66	$	12.38
Maximum offering price per share (5.75%)⁽¹⁾	$	13.50	$	13.42	$	13.43	$	13.14

Class I
Net assets	$	10,013,795	$	10,947,446	$	8,253,808	$	9,489,012
Shares authorized	unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding	779,796		856,714		645,504		758,515
Net asset value and redemption price per share	$	12.84	$	12.78	$	12.79	$	12.51

Class R
Net assets	$	1,210,982	$	300,459	$	1,592,363	$	521,172
Shares authorized	unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding	95,990		23,890		126,589		42,610
Net asset value and redemption price per share	$	12.62	$	12.58	$	12.58	$	12.23

Class R6
Net assets	$	71,505,600	$	84,799,513	$	57,278,116	$	49,121,528
Shares authorized	unlimited		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding	5,567,825		6,633,771		4,479,166		3,926,691
Net asset value and redemption price per share	$	12.84	$	12.78	$	12.79	$	12.51

⁽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, 2023 (UNAUDITED)

		Voya Target			Voya Target
		Retirement 2060			Retirement 2065
		Fund			Fund
ASSETS:
Investments in affiliated underlying funds at fair value^*		$	6,752,314		$	1,909,206
Investments in unaffiliated underlying funds at fair value^**			30,808,640			9,296,776
Cash			18,513			5,605
Receivables:
Investments in affiliated underlying funds sold			13,259			–
Investments in unaffiliated underlying funds sold			23,067			–
Fund shares sold			9,942			5,620
Interest			87			24
Reimbursement due from Investment Adviser			2,278			1,361
Other assets			149			29
Total assets			37,628,249			11,218,621
LIABILITIES:
Payable for investments in affiliated underlying funds purchased			–			1,994
Payable for investments in unaffiliated underlying funds purchased			–			3,625
Payable for fund shares redeemed			46,262			–
Payable for unified fees			5,368			1,585
Payable for distribution and shareholder service fees			1,497			325
Payable to trustees under the deferred compensation plan (Note 6)			149			29
Other accrued expenses and liabilities			2,565			28
Total liabilities			55,841			7,586
NET ASSETS		$	37,572,408		$	11,211,035
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	37,890,113		$	11,071,488
Total distributable earnings (loss)			(317,705	)		139,547
NET ASSETS		$	37,572,408		$	11,211,035
*	Cost of investments in affiliated underlying funds	$	6,657,908		$	1,858,209
**	Cost of investments in unaffiliated underlying funds	$	28,304,963		$	8,546,266

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2023 (UNAUDITED)(CONTINUED)

	Voya Target		Voya Target
	Retirement 2060		Retirement 2065
	Fund		Fund
Class A
Net assets	$	6,644,396	$	1,524,453
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		576,905		148,590
Net asset value and redemption price per share†	$	11.52	$	10.26
Maximum offering price per share (5.75%)⁽¹⁾	$	12.22	$	10.89
Class I
Net assets	$	1,595,399	$	145,996
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		137,528		14,193
Net asset value and redemption price per share	$	11.60	$	10.29
Class R
Net assets	$	397,903	$	59,855
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		34,772		5,873
Net asset value and redemption price per share	$	11.44	$	10.19
Class R6
Net assets	$	28,934,710	$	9,480,731
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		2,490,237		921,386
Net asset value and redemption price per share	$	11.62	$	10.29

⁽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, 2023 (UNAUDITED)

	Voya Target			Voya Target			Voya Target			Voya Target
	In-Retirement			Retirement 2025			Retirement 2030			Retirement 2035
	Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	331,741		$	434,566		$	410,364		$	359,035
Dividends from unaffiliated underlying funds		496,027			601,401			714,754			616,390
Interest		3,070			4,687			6,735			6,742
Other		218			344			441			443
Total investment income		831,056			1,040,998			1,132,294			982,610
EXPENSES:
Unified fees		49,710			79,577			103,592			109,183
Distribution and shareholder service fees:
Class A		11,809			19,783			26,453			22,335
Class R		81			1,229			548			2,773
Transfer agent fees:
Class A		5,904			2,928			4,338			5,361
Class I		1,436			2,600			2,048			534
Class R		21			91			45			333
Trustee fees and expenses		691			1,105			1,439			1,517
Miscellaneous expense		1,232			1,898			2,297			2,174
Interest expense		143			—			—			—
Total expenses		71,027			109,211			140,760			144,210
Waived and reimbursed fees		(34,820	)		(48,152	)		(56,577	)		(65,205	)
Net expenses		36,207			61,059			84,183			79,005
Net investment income		794,849			979,939			1,048,111			903,605
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(274,079	)		(180,672	)		(221,387	)		(154,003	)
Sale of unaffiliated underlying funds		181,574			(175,459	)		(213,340	)		(217,255	)
Capital gain distributions from unaffiliated underlying funds		359			720			1,518			1,523
Net realized loss		(92,146	)		(355,411	)		(433,209	)		(369,735	)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		(40,593	)		(141,066	)		60,214			34,067
Unaffiliated underlying funds		779,941			2,879,086			4,524,725			5,780,982
Net change in unrealized appreciation (depreciation)		739,348			2,738,020			4,584,939			5,815,049
Net realized and unrealized gain		647,202			2,382,609			4,151,730			5,445,314
Increase in net assets resulting from operations	$	1,442,051		$	3,362,548		$	5,199,841		$	6,348,919

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2023 (UNAUDITED)

	Voya Target			Voya Target			Voya Target			Voya Target
	Retirement 2040			Retirement 2045			Retirement 2050			Retirement 2055
	Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	190,037		$	107,753		$	61,150		$	49,926
Dividends from unaffiliated underlying funds		454,945			491,868			279,296			221,507
Interest		4,221			4,511			3,318			2,877
Other		348			361			260			213
Total investment income		649,551			604,493			344,024			274,523
EXPENSES:
Unified fees		84,335			90,097			64,569			55,090
Distribution and shareholder service fees:
Class A		21,300			16,413			13,591			11,261
Class R		1,857			630			2,026			1,123
Transfer agent fees:
Class A		6,726			7,222			5,708			8,108
Class I		1,610			3,432			3,044			2,133
Class R		291			139			425			404
Trustee fees and expenses		1,105			1,439			1,516			1,105
Miscellaneous expense		1,829			1,819			1,139			875
Interest expense		135			—			—			—
Total expenses		119,188			121,191			92,018			80,099
Waived and reimbursed fees		(41,245	)		(42,353	)		(30,507	)		(25,508	)
Net expenses		77,943			78,838			61,511			54,591
Net investment income		571,608			525,655			282,513			219,932
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(7,208	)		19,026			17,652			(33,317	)
Sale of unaffiliated underlying funds		(265,165	)		(222,143	)		(131,822	)		102,082
Capital gain distributions from unaffiliated underlying funds		1,240			1,290			922			769
Net realized gain (loss)		(271,133	)		(201,827	)		(113,248	)		69,534
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		45,262			99,442			100,827			121,470
Unaffiliated underlying funds		5,222,399			5,971,608			4,376,123			3,613,247
Net change in unrealized appreciation (depreciation)		5,267,661			6,071,050			4,476,950			3,734,717
Net realized and unrealized gain		4,996,528			5,869,223			4,363,702			3,804,251
Increase in net assets resulting from operations	$	5,568,136		$	6,394,878		$	4,646,215		$	4,024,183

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2023 (UNAUDITED)

	Voya Target			Voya Target
	Retirement 2060			Retirement 2065
	Fund			Fund
INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	22,539		$	6,127
Dividends from unaffiliated underlying funds		125,087			37,655
Interest		1,380			273
Other		124			38
Total investment income		149,130			44,093
EXPENSES:
Unified fees		30,494			8,028
Distribution and shareholder service fees:
Class A		8,556			1,833
Class R		568			132
Transfer agent fees:
Class A		7,187			147
Class I		375			13
Class R		238			6
Trustee fees and expenses		1,439			1,516
Miscellaneous expense		166			85
Total expenses		49,023			11,760
Waived and reimbursed fees		(17,616	)		(4,596	)
Net expenses		31,407			7,164
Net investment income		117,723			36,929
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Sale of affiliated underlying funds		(15,830	)		(18,756	)
Sale of unaffiliated underlying funds		51,569			(128,649	)
Capital gain distributions from unaffiliated underlying funds		444			137
Net realized gain (loss)		36,183			(147,268	)
Net change in unrealized appreciation (depreciation) on:
Affiliated underlying funds		103,093			51,977
Unaffiliated underlying funds		2,044,923			773,614
Net change in unrealized appreciation (depreciation)		2,148,016			825,591
Net realized and unrealized gain		2,184,199			678,323
Increase in net assets resulting from operations	$	2,301,922		$	715,252

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target						Voya Target
	In-Retirement Fund						Retirement 2025 Fund
	Six Months						Six Months
	Ended						Ended
	November 30,			Year Ended			November 30,			Year Ended
	2023			May 31,			2023			May 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	794,849		$	1,208,616		$	979,939		$	1,649,191
Net realized loss		(92,146	)		(5,624,163	)		(355,411	)		(7,009,824	)
Net change in unrealized appreciation (depreciation)		739,348			3,818,459			2,738,020			4,856,550
Increase (decrease) in net assets resulting from operations		1,442,051			(597,088	)		3,362,548			(504,083	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		—			(247,109	)		—			(507,947	)
Class I		—			(53,209	)		—			(16,660	)
Class R		—			(638	)		—			(16,916	)
Class R6		—			(1,274,785	)		—			(2,518,638	)
Total distributions		—			(1,575,741	)		—			(3,060,161	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,990,709			17,384,540			20,229,187			29,550,067
Reinvestment of distributions		—			1,575,741			—			3,060,161
		11,990,709			18,960,281			20,229,187			32,610,228
Cost of shares redeemed		(9,739,678	)		(10,988,902	)		(11,807,690	)		(14,347,867	)
Net increase in net assets resulting from capital share transactions		2,251,031			7,971,379			8,421,497			18,262,361
Net increase in net assets		3,693,082			5,798,550			11,784,045			14,698,117
NET ASSETS:
Beginning of year or period		50,270,049			44,471,499			79,738,556			65,040,439
End of year or period	$	53,963,131		$	50,270,049		$	91,522,601		$	79,738,556

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target						Voya Target
	Retirement 2030 Fund						Retirement 2035 Fund
	Six Months						Six Months
	Ended						Ended
	November 30,			Year Ended			November 30,			Year Ended
	2023			May 31,			2023			May 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	1,048,111		$	1,984,307		$	903,605		$	1,813,980
Net realized loss		(433,209	)		(9,444,857	)		(369,735	)		(8,386,570	)
Net change in unrealized appreciation (depreciation)		4,584,939			7,218,675			5,815,049			6,233,800
Increase (decrease) in net assets resulting from operations		5,199,841			(241,875	)		6,348,919			338,790
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		—			(612,806	)		—			(610,106	)
Class I		—			(48,980	)		—			(58,635	)
Class R		—			(9,321	)		—			49,893
Class R6		—			(3,788,217	)		—			(4,114,183	)
Total distributions		—			(4,459,324	)		—			(4,832,817	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		24,672,087			41,839,386			32,093,010			39,438,946
Reinvestment of distributions		—			4,459,324			—			4,832,817
		24,672,087			46,298,710			32,093,010			44,271,763
Cost of shares redeemed		(13,264,937	)		(20,282,412	)		(8,778,467	)		(19,862,511	)
Net increase in net assets resulting from capital share transactions		11,407,150			26,016,298			23,314,543			24,409,252
Net increase in net assets		16,606,991			21,315,099			29,663,462			19,237,645
NET ASSETS:
Beginning of year or period		100,815,820			79,500,721			98,625,799			79,388,154
End of year or period	$	117,422,811		$	100,815,820		$	128,289,261		$	98,625,799

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target						Voya Target
	Retirement 2040 Fund						Retirement 2045 Fund
	Six Months						Six Months
	Ended						Ended
	November 30,			Year Ended			November 30,			Year Ended
	2023			May 31,			2023			May 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	571,608		$	1,321,062		$	525,655		$	1,329,968
Net realized loss		(271,133	)		(6,422,721	)		(201,827	)		(6,250,185	)
Net change in unrealized appreciation (depreciation)		5,267,661			5,216,341			6,071,050			5,129,189
Increase in net assets resulting from operations		5,568,136			114,682			6,394,878			208,972
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		—			(640,720	)		—			(413,561	)
Class I		—			(19,404	)		—			(15,340	)
Class R		—			(32,750	)		—			(9,309	)
Class R6		—			(3,055,402	)		—			(3,381,087	)
Total distributions		—			(3,748,276	)		—			(3,819,297	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		23,030,624			30,971,218			28,054,286			34,343,393
Reinvestment of distributions		—			3,748,276			—			3,819,297
		23,030,624			34,719,494			28,054,286			38,162,690
Cost of shares redeemed		(11,145,014	)		(15,173,823	)		(8,022,812	)		(17,876,818	)
Net increase in net assets resulting from capital share transactions		11,885,610			19,545,671			20,031,474			20,285,872
Net increase in net assets		17,453,746			15,912,077			26,426,352			16,675,547
NET ASSETS:
Beginning of year or period		78,820,831			62,908,754			80,993,228			64,317,681
End of year or period	$	96,274,577		$	78,820,831		$	107,419,580		$	80,993,228

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target						Voya Target
	Retirement 2050 Fund						Retirement 2055 Fund
	Six Months						Six Months
	Ended						Ended
	November 30,			Year Ended			November 30,			Year Ended
	2023			May 31,			2023			May 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	282,513		$	916,136		$	219,932		$	742,798
Net realized gain (loss)		(113,248	)		(4,970,546	)		69,534			(3,843,581	)
Net change in unrealized appreciation (depreciation)		4,476,950			4,358,596			3,734,717			3,500,357
Increase in net assets resulting from operations		4,646,215			304,186			4,024,183			399,574
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		—			(418,231	)		—			(251,556	)
Class I		—			(23,953	)		—			(19,176	)
Class R		—			(37,328	)		—			(17,300	)
Class R6		—			(2,438,477	)		—			(1,846,727	)
Total distributions		—			(2,917,989	)		—			(2,134,759	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		19,143,655			25,124,030			20,546,963			23,333,617
Reinvestment of distributions		—			2,917,989			—			2,134,759
		19,143,655			28,042,019			20,546,963			25,468,376
Cost of shares redeemed		(6,888,813	)		(13,492,660	)		(4,899,261	)		(11,400,820	)
Net increase in net assets resulting from capital share transactions		12,254,842			14,549,359			15,647,702			14,067,556
Net increase in net assets		16,901,057			11,935,556			19,671,885			12,332,371
NET ASSETS:
Beginning of year or period		58,807,652			46,872,096			47,773,817			35,441,446
End of year or period	$	75,708,709		$	58,807,652		$	67,445,702		$	47,773,817

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Target						Voya Target
	Retirement 2060 Fund						Retirement 2065 Fund
	Six Months						Six Months
	Ended						Ended
	November 30,			Year Ended			November 30,			Year Ended
	2023			May 31,			2023			May 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	117,723		$	423,048		$	36,929		$	127,077
Net realized gain (loss)		36,183			(2,482,443	)		(147,268	)		(490,987	)
Net change in unrealized appreciation (depreciation)		2,148,016			2,289,764			825,591			429,763
Increase in net assets resulting from operations		2,301,922			230,369			715,252			65,853
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		—			(297,329	)		—			(58,125	)
Class I		—			(3,569	)		—			(3,410	)
Class R		—			(10,999	)		—			(1,519	)
Class R6		—			(1,262,281	)		—			(296,895	)
Total distributions		—			(1,574,178	)		—			(359,949	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		9,851,777			14,906,758			2,132,554			3,569,683
Reinvestment of distributions		—			1,574,178			—			359,949
		9,851,777			16,480,936			2,132,554			3,929,632
Cost of shares redeemed		(3,292,989	)		(7,446,887	)		(578,513	)		(1,127,399	)
Net increase in net assets resulting from capital share transactions		6,558,788			9,034,049			1,554,041			2,802,233
Net increase in net assets		8,860,710			7,690,240			2,269,293			2,508,137
NET ASSETS:
Beginning of year or period		28,711,698			21,021,458			8,941,742			6,433,605
End of year or period	$	37,572,408		$	28,711,698		$	11,211,035		$	8,941,742

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

		Income (loss) from investment operations				Less Distributions							Ratios to average net assets					Supplemental Data

Year or period ended	($)		($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)

Voya Target In-Retirement Fund
Class A
11-30-23⁺	9.67		0.13^•	0.12	0.25	—	—	—	—	—	9.92	2.59		0.56	0.43	0.43	2.66	5,235	39
05-31-23	10.16		0.22^•	(0.42)	(0.20)	0.18	0.11	—	0.29	—	9.67	(1.88)		0.59	0.50	0.50	2.30	9,946	126
05-31-22	12.04		0.20^•	(0.97)	(0.77)	0.20	0.91	—	1.11	—	10.16	(7.35)		0.55	0.55	0.55	1.72	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
Class I
11-30-23⁺	9.72		0.13^•	0.14	0.27	—	—	—	—	—	9.99	2.78		0.26	0.08	0.08	2.70	5,974	39
05-31-23	10.22		0.26^•	(0.43)	(0.17)	0.22	0.11	—	0.33	—	9.72	(1.56)		0.20	0.16	0.16	2.67	1,525	126
05-31-22	12.09		0.24^•	(0.96)	(0.72)	0.24	0.91	—	1.15	—	10.22	(6.94)		0.20	0.20	0.20	2.07	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
Class R
11-30-23⁺	9.64		0.10^•	0.15	0.25	—	—	—	—	—	9.89	2.59		0.81	0.68	0.68	2.07	112	39
05-31-23	10.12		0.20^•	(0.43)	(0.23)	0.14	0.11	—	0.25	—	9.64	(2.25)		0.84	0.75	0.75	2.04	27	126
05-31-22	12.01		0.18^•	(0.98)	(0.80)	0.18	0.91	—	1.09	—	10.12	(7.62)		0.80	0.80	0.80	1.57	16	60
05-31-21	10.86		0.17^•	1.35	1.52	0.26	0.11	—	0.37	—	12.01	14.08		0.96	0.96	0.96	1.49	60	86
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
11-30-23⁺	9.72		0.14^•	0.13	0.27	—	—	—	—	—	9.99	2.78		0.19	0.07	0.07	2.95	42,642	39
05-31-23	10.22		0.26^•	(0.43)	(0.17)	0.22	0.11	—	0.33	—	9.72	(1.55)		0.19	0.15	0.15	2.66	38,771	126
05-31-22	12.09		0.24^•	(0.96)	(0.72)	0.24	0.91	—	1.15	—	10.22	(6.93)		0.19	0.19	0.19	2.06	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
Voya Target Retirement 2025 Fund
Class A
11-30-23⁺	10.87		0.11^•	0.32	0.43	—	—	—	—	—	11.30	3.96		0.48	0.37	0.37	2.04	12,235	25
05-31-23	11.54		0.23^•	(0.45)	(0.22)	0.19	0.26	—	0.45	—	10.87	(1.72)		0.48	0.44	0.44	2.16	16,224	116
05-31-22	14.20		0.23^•	(1.07)	(0.84)	0.26	1.56	—	1.82	—	11.54	(7.42)		0.48	0.48	0.48	1.70	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
Class I
11-30-23⁺	10.96		0.11^•	0.34	0.45	—	—	—	—	—	11.41	4.11		0.29	0.17	0.17	1.95	6,885	25
05-31-23	11.64		0.27^•	(0.47)	(0.20)	0.22	0.26	—	0.48	—	10.96	(1.51)		0.31	0.23	0.23	2.45	482	116
05-31-22	14.28		0.19^•	(1.02)	(0.83)	0.25	1.56	—	1.81	—	11.64	(7.29)		0.28	0.37	0.37	1.32	73	63
05-31-21	12.00		0.23^•	2.72	2.95	0.33	0.34	—	0.67	—	14.28	24.91		0.67	0.45	0.45	1.74	61	97
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
Class R
11-30-23⁺	10.84		0.09^•	0.33	0.42	—	—	—	—	—	11.26	3.88		0.73	0.62	0.62	1.69	2,383	25
05-31-23	11.51		0.21^•	(0.46)	(0.25)	0.16	0.26	—	0.42	—	10.84	(2.01)		0.73	0.69	0.69	1.95	456	116
05-31-22	14.14		0.19^•	(1.05)	(0.86)	0.21	1.56	—	1.77	—	11.51	(7.57)		0.73	0.73	0.73	1.42	482	63
05-31-21	11.90		0.17^•	2.69	2.86	0.28	0.34	—	0.62	—	14.14	24.27		0.92	0.92	0.92	1.29	697	97
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data

Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)


Voya Target Retirement 2025 Fund (continued)
Class R (continued)
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
Class R6
11-30-23⁺	10.95	0.13^•	0.32	0.45	—	—	—	—	—	11.40	4.11	0.19	0.08	0.08	2.28	70,019	25
05-31-23	11.62	0.27^•	(0.46)	(0.19)	0.22	0.26	—	0.48	—	10.95	(1.41)	0.18	0.15	0.15	2.44	62,576	116
05-31-22	14.28	0.26^•	(1.06)	(0.80)	0.30	1.56	—	1.86	—	11.62	(7.12)	0.19	0.19	0.19	1.94	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
Voya Target Retirement 2030 Fund
Class A
11-30-23⁺	11.28	0.09^•	0.46	0.55	—	—	—	—	—	11.83	4.88	0.48	0.38	0.38	1.63	17,827	26
05-31-23	12.05	0.22^•	(0.45)	(0.23)	0.19	0.35	—	0.54	—	11.28	(1.60)	0.48	0.45	0.45	1.95	20,627	119
05-31-22	14.79	0.23^•	(1.07)	(0.84)	0.31	1.59	—	1.90	—	12.05	(7.23)	0.48	0.48	0.48	1.68	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
Class I
11-30-23⁺	11.37	0.09^•	0.47	0.56	—	—	—	—	—	11.93	4.93	0.23	0.13	0.13	1.63	11,467	26
05-31-23	12.14	0.25^•	(0.45)	(0.20)	0.22	0.35	—	0.57	—	11.37	(1.34)	0.23	0.20	0.20	2.20	1,162	119
05-31-22	14.88	0.29^•	(1.10)	(0.81)	0.34	1.59	—	1.93	—	12.14	(6.97)	0.23	0.23	0.23	2.03	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
Class R
11-30-23⁺	11.20	0.06^•	0.47	0.53	—	—	—	—	—	11.73	4.73	0.73	0.63	0.63	1.08	1,145	26
05-31-23	11.97	0.20^•	(0.44)	(0.24)	0.18	0.35	—	0.53	—	11.20	(1.72)	0.73	0.70	0.70	1.81	174	119
05-31-22	14.72	0.20^•	(1.08)	(0.88)	0.28	1.59	—	1.87	—	11.97	(7.50)	0.73	0.73	0.73	1.47	98	58
05-31-21	11.87	0.15^•	3.26	3.41	0.25	0.31	—	0.56	—	14.72	29.08	0.93	0.93	0.93	1.12	68	98
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
11-30-23⁺	11.36	0.11^•	0.46	0.57	—	—	—	—	—	11.93	5.02	0.19	0.09	0.09	1.89	86,984	26
05-31-23	12.12	0.27^•	(0.45)	(0.18)	0.23	0.35	—	0.58	—	11.36	(1.20)	0.19	0.16	0.16	2.33	78,852	119
05-31-22	14.87	0.26^•	(1.07)	(0.81)	0.35	1.59	—	1.94	—	12.12	(7.01)	0.19	0.19	0.19	1.89	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
Voya Target Retirement 2035 Fund
Class A
11-30-23⁺	11.24	0.07^•	0.58	0.65	—	—	—	—	—	11.89	5.78	0.50	0.39	0.39	1.28	16,055	23
05-31-23	12.04	0.20^•	(0.39)	(0.19)	0.18	0.43	—	0.61	—	11.24	(1.26)	0.51	0.48	0.48	1.78	17,474	103
05-31-22	15.23	0.23^•	(1.04)	(0.81)	0.32	2.06	—	2.38	—	12.04	(7.26)	0.50	0.50	0.50	1.58	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
Class I
11-30-23⁺	11.36	0.08^•	0.59	0.67	—	—	—	—	—	12.03	5.90	0.20	0.09	0.09	1.32	12,720	23

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data

Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)

Voya Target Retirement 2035 Fund (continued)
Class I (continued)
05-31-23	12.16	0.25^•	(0.40)	(0.15)	0.22	0.43	—	0.65	—	11.36	(0.93)	0.21	0.18	0.18	2.22	1,314	103
05-31-22	15.34	0.25^•	(1.01)	(0.76)	0.36	2.06	—	2.42	—	12.16	(6.89)	0.20	0.20	0.20	1.68	399	59
05-31-21	11.91	0.19^•	3.84	4.03	0.27	0.33	—	0.60	—	15.34	34.29	0.39	0.39	0.39	1.39	967	106
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
Class R
11-30-23⁺	11.19	0.06^•	0.56	0.62	—	—	—	—	—	11.81	5.54	0.75	0.64	0.64	1.02	1,270	23
05-31-23	11.99	0.17^•	(0.37)	(0.20)	0.17	0.43	—	0.60	—	11.19	(1.44)	0.76	0.73	0.73	1.51	1,035	103
05-31-22	15.19	0.03^•	(0.87)	(0.84)	0.30	2.06	—	2.36	—	11.99	(7.48)	0.75	0.75	0.75	0.25	696	59
05-31-21	11.81	0.04^•	3.87	3.91	0.20	0.33	—	0.53	—	15.19	33.50	0.94	0.94	0.94	0.30	61	106
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
11-30-23⁺	11.33	0.09^•	0.58	0.67	—	—	—	—	—	12.00	5.91	0.19	0.08	0.08	1.56	98,243	23
05-31-23	12.13	0.24^•	(0.39)	(0.15)	0.22	0.43	—	0.65	—	11.33	(0.93)	0.18	0.16	0.16	2.15	78,803	103
05-31-22	15.31	0.26^•	(1.01)	(0.75)	0.37	2.06	—	2.43	—	12.13	(6.89)	0.19	0.19	0.19	1.82	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
Voya Target Retirement 2040 Fund
Class A
11-30-23⁺	11.94	0.06^•	0.72	0.78	—	—	—	—	—	12.72	6.53	0.52	0.43	0.43	1.02	13,544	26
05-31-23	12.73	0.19^•	(0.33)	(0.14)	0.19	0.46	—	0.65	—	11.94	(0.81)	0.53	0.49	0.49	1.61	17,280	98
05-31-22	16.08	0.21^•	(1.02)	(0.81)	0.35	2.19	—	2.54	—	12.73	(7.11)	0.52	0.52	0.52	1.40	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
Class I
11-30-23⁺	12.03	0.06^•	0.75	0.81	—	—	—	—	—	12.84	6.73	0.23	0.14	0.14	0.97	10,014	26
05-31-23	12.83	0.20^•	(0.32)	(0.12)	0.22	0.46	—	0.68	—	12.03	(0.60)	0.25	0.21	0.21	1.68	640	98
05-31-22	16.17	0.28^•	(1.04)	(0.76)	0.39	2.19	—	2.58	—	12.83	(6.75)	0.23	0.23	0.23	1.87	353	61
05-31-21	12.12	0.17^•	4.42	4.59	0.24	0.30	—	0.54	—	16.17	38.37	0.42	0.42	0.42	1.16	51	112
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
Class R
11-30-23⁺	11.86	0.04^•	0.72	0.76	—	—	—	—	—	12.62	6.41	0.77	0.68	0.68	0.71	1,211	26
05-31-23	12.68	0.17^•	(0.34)	(0.17)	0.19	0.46	—	0.65	—	11.86	(1.07)	0.78	0.74	0.74	1.42	685	98
05-31-22	16.05	0.18^•	(1.03)	(0.85)	0.33	2.19	—	2.52	—	12.68	(7.33)	0.77	0.77	0.77	1.20	26	61
05-31-21	12.06	0.09^•	4.40	4.49	0.20	0.30	—	0.50	—	16.05	37.70	0.96	0.96	0.96	0.62	13	112
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
11-30-23⁺	12.03	0.08^•	0.73	0.81	—	—	—	—	—	12.84	6.73	0.19	0.10	0.10	1.31	71,506	26
05-31-23	12.83	0.24^•	(0.36)	(0.12)	0.22	0.46	—	0.68	—	12.03	(0.56)	0.19	0.17	0.17	2.01	60,216	98
05-31-22	16.18	0.26^•	(1.03)	(0.77)	0.39	2.19	—	2.58	—	12.83	(6.80)	0.19	0.19	0.19	1.71	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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data

Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)

Voya Target Retirement 2040 Fund (continued)
Class R6 (continued)
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
Voya Target Retirement 2045 Fund
Class A
11-30-23⁺	11.82	0.05^•	0.78	0.83	—	—	—	—	—	12.65	7.02	0.55	0.47	0.47	0.81	11,372	22
05-31-23	12.58	0.17^•	(0.29)	(0.12)	0.18	0.46	—	0.64	—	11.82	(0.65)	0.57	0.53	0.53	1.45	12,963	96
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
Class I
11-30-23⁺	11.92	0.05^•	0.81	0.86	—	—	—	—	—	12.78	7.22	0.27	0.11	0.11	0.78	10,947	22
05-31-23	12.68	0.17^•	(0.25)	(0.08)	0.22	0.46	—	0.68	—	11.92	(0.28)	0.23	0.16	0.16	1.40	856	96
05-31-22	16.67	0.27^•	(0.96)	(0.69)	0.41	2.89	—	3.31	—	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
Class R
11-30-23⁺	11.77	0.03^•	0.78	0.81	—	—	—	—	—	12.58	6.88	0.80	0.72	0.72	0.50	300	22
05-31-23	12.57	0.15^•	(0.31)	(0.16)	0.18	0.46	—	0.64	—	11.77	(0.95)	0.82	0.78	0.78	1.24	214	96
05-31-22	16.55	0.16^•	(0.94)	(0.78)	0.31	2.89	—	3.21	—	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
11-30-23⁺	11.92	0.07^•	0.79	0.86	—	—	—	—	—	12.78	7.22	0.19	0.11	0.11	1.12	84,800	22
05-31-23	12.69	0.23^•	(0.32)	(0.09)	0.22	0.46	—	0.68	—	11.92	(0.36)	0.18	0.17	0.17	1.96	66,960	96
05-31-22	16.67	0.24^•	(0.92)	(0.68)	0.41	2.89	—	3.30	—	12.69	(6.60)	0.19	0.19	0.19	1.59	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
Voya Target Retirement 2050 Fund
Class A
11-30-23⁺	11.81	0.03^•	0.82	0.85	—	—	—	—	—	12.66	7.20	0.54	0.46	0.46	0.55	8,584	20
05-31-23	12.62	0.16^•	(0.28)	(0.12)	0.18	0.51	—	0.69	—	11.81	(0.63)	0.57	0.52	0.52	1.38	10,477	97
05-31-22	16.36	0.19^•	(0.98)	(0.79)	0.38	2.57	—	2.95	—	12.62	(7.26)	0.54	0.54	0.54	1.28	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
Class I
11-30-23⁺	11.91	0.04^•	0.84	0.88	—	—	—	—	—	12.79	7.39	0.28	0.14	0.14	0.58	8,254	20
05-31-23	12.71	0.15^•	(0.22)	(0.07)	0.22	0.51	—	0.73	—	11.91	(0.21)	0.26	0.19	0.19	1.29	1,013	97
05-31-22	16.45	0.25^•	(1.00)	(0.75)	0.42	2.57	—	2.99	—	12.71	(6.97)	0.22	0.22	0.22	1.60	471	58
05-31-21	11.90	0.17^•	4.70	4.87	0.20	0.12	—	0.32	—	16.45	41.25	0.41	0.41	0.41	1.15	451	110
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
Class R
11-30-23⁺	11.75	0.01^•	0.82	0.83	—	—	—	—	—	12.58	7.06	0.79	0.71	0.71	0.23	1,592	20
05-31-23	12.59	0.14^•	(0.29)	(0.15)	0.18	0.51	—	0.69	—	11.75	(0.91)	0.82	0.77	0.77	1.21	704	97

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data

Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)

Voya Target Retirement 2050 Fund (continued)
Class R (continued)
05-31-22	16.32	0.15^•	(0.98)	(0.83)	0.33	2.57	—	2.90	—	12.59	(7.52)	0.79	0.79	0.79	0.98	131	58
05-31-21	11.79	0.06^•	4.70	4.76	0.11	0.12	—	0.23	—	16.32	40.61	0.99	0.99	0.99	0.43	155	110
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
Class R6
11-30-23⁺	11.91	0.05^•	0.83	0.88	—	—	—	—	—	12.79	7.39	0.19	0.11	0.11	0.87	57,278	20
05-31-23	12.72	0.22^•	(0.30)	(0.08)	0.22	0.51	—	0.73	—	11.91	(0.25)	0.19	0.17	0.17	1.89	46,614	97
05-31-22	16.46	0.23^•	(0.97)	(0.74)	0.43	2.57	—	3.00	—	12.72	(6.93)	0.19	0.19	0.19	1.54	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
Voya Target Retirement 2055 Fund
Class A
11-30-23⁺	11.55	0.03^•	0.80	0.83	—	—	—	—	—	12.38	7.19	0.62	0.51	0.51	0.45	8,314	20
05-31-23	12.28	0.15^•	(0.26)	(0.11)	0.18	0.44	—	0.62	—	11.55	(0.57)	0.65	0.57	0.57	1.29	8,657	103
05-31-22	16.35	0.18^•	(0.95)	(0.77)	0.36	2.94	—	3.30	—	12.28	(7.40)	0.60	0.60	0.60	1.23	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
Class I
11-30-23⁺	11.64	0.03^•	0.84	0.87	—	—	—	—	—	12.51	7.48	0.25	0.16	0.16	0.47	9,489	20
05-31-23	12.38	0.17^•	(0.25)	(0.08)	0.22	0.44	—	0.66	—	11.64	(0.31)	0.22	0.20	0.20	1.44	686	103
05-31-22	16.45	0.24^•	(0.95)	(0.71)	0.42	2.94	—	3.36	—	12.38	(7.03)	0.24	0.24	0.24	1.58	341	49
05-31-21	11.85	0.17^•	4.76	4.93	0.20	0.13	—	0.33	—	16.45	41.89	0.41	0.41	0.41	1.14	349	116
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
Class R
11-30-23⁺	11.42	0.01^•	0.80	0.81	—	—	—	—	—	12.23	7.09	0.87	0.76	0.76	0.18	521	20
05-31-23	12.18	0.13^•	(0.27)	(0.14)	0.18	0.44	—	0.62	—	11.42	(0.83)	0.90	0.82	0.82	1.14	412	103
05-31-22	16.26	0.13^•	(0.92)	(0.79)	0.35	2.94	—	3.29	—	12.18	(7.60)	0.85	0.85	0.85	0.91	50	49
05-31-21	11.76	0.06^•	4.72	4.78	0.15	0.13	—	0.28	—	16.26	40.94	1.03	1.03	1.03	0.40	28	116
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
11-30-23⁺	11.64	0.05^•	0.82	0.87	—	—	—	—	—	12.51	7.48	0.19	0.11	0.11	0.82	49,122	20
05-31-23	12.38	0.23^•	(0.31)	(0.08)	0.22	0.44	—	0.66	—	11.64	(0.25)	0.19	0.17	0.17	1.95	38,019	103
05-31-22	16.45	0.23^•	(0.93)	(0.70)	0.43	2.94	—	3.37	—	12.38	(6.99)	0.19	0.19	0.19	1.53	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
Voya Target Retirement 2060 Fund
Class A
11-30-23⁺	10.74	0.02^•	0.76	0.78	—	—	—	—	—	11.52	7.26	0.65	0.50	0.50	0.38	6,644	19
05-31-23	11.60	0.14^•	(0.26)	(0.12)	0.17	0.57	—	0.74	—	10.74	(0.60)	0.70	0.60	0.60	1.29	6,090	105
05-31-22	15.16	0.18^•	(0.90)	(0.72)	0.33	2.51	—	2.84	—	11.60	(7.26)	0.61	0.61	0.61	1.30	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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data

Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)

Voya Target Retirement 2060 Fund (continued)
Class A (continued)
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
Class I
11-30-23⁺	10.80	0.03^•	0.77	0.80	—	—	—	—	—	11.60	7.41	0.25	0.10	0.10	0.55	1,595	19
05-31-23	11.66	0.11^•	(0.19)	(0.08)	0.21	0.57	—	0.78	—	10.80	(0.21)	0.24	0.17	0.17	0.99	252	105
05-31-22	15.23	0.30^•	(0.97)	(0.67)	0.39	2.51	—	2.90	—	11.66	(6.93)	0.19	0.19	0.19	2.04	52	60
05-31-21	10.93	0.14^•	4.47	4.61	0.18	0.13	—	0.31	—	15.23	42.50	0.39	0.39	0.39	1.07	160	110
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
Class R
11-30-23⁺	10.68	0.01^•	0.75	0.76	—	—	—	—	—	11.44	7.12	0.90	0.75	0.75	0.09	398	19
05-31-23	11.57	0.12^•	(0.27)	(0.15)	0.17	0.57	—	0.74	—	10.68	(0.86)	0.95	0.85	0.85	1.12	183	105
05-31-22	15.15	0.16^•	(0.91)	(0.75)	0.32	2.51	—	2.83	—	11.57	(7.49)	0.86	0.86	0.86	1.16	10	60
05-31-21	10.89	0.04^•	4.45	4.49	0.10	0.13	—	0.23	—	15.15	41.45	1.02	1.02	1.02	0.27	9	110
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
11-30-23⁺	10.81	0.04^•	0.77	0.81	—	—	—	—	—	11.62	7.49	0.19	0.10	0.10	0.78	28,935	19
05-31-23	11.67	0.20^•	(0.28)	(0.08)	0.21	0.57	—	0.78	—	10.81	(0.19)	0.19	0.17	0.17	1.87	22,187	105
05-31-22	15.24	0.21^•	(0.88)	(0.67)	0.39	2.51	—	2.90	—	11.67	(6.92)	0.19	0.19	0.19	1.53	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
Voya Target Retirement 2065 Fund
Class A
11-30-23⁺	9.55	0.03^•	0.68	0.71	—	—	—	—	—	10.26	7.44	0.46	0.37	0.37	0.52	1,524	41
05-31-23	10.09	0.14^•	(0.22)	(0.08)	0.14	0.32	—	0.46	—	9.55	(0.44)	0.46	0.43	0.43	1.46	1,386	90
05-31-22	12.89	0.16^•	(0.79)	(0.63)	0.30	1.87	—	2.17	—	10.09	(7.12)	0.46	0.46	0.46	1.34	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
11-30-23⁺	9.57	0.04^•	0.68	0.72	—	—	—	—	—	10.29	7.52	0.21	0.12	0.12	0.75	146	41
05-31-23	10.11	0.14^•	(0.19)	(0.05)	0.17	0.32	—	0.49	—	9.57	(0.20)	0.24	0.21	0.21	1.46	114	90
05-31-22	12.91	0.19^•	(0.79)	(0.60)	0.33	1.87	—	2.20	—	10.11	(6.90)	0.23	0.23	0.23	1.56	71	38
07-29-20⁽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
11-30-23⁺	9.50	0.01^•	0.68	0.69	—	—	—	—	—	10.19	7.26	0.71	0.62	0.62	0.24	60	41
05-31-23	10.06	0.12^•	(0.22)	(0.10)	0.14	0.32	—	0.46	—	9.50	(0.66)	0.71	0.68	0.68	1.29	45	90
05-31-22	12.88	0.09^•	(0.76)	(0.67)	0.28	1.87	—	2.16	—	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
11-30-23⁺	9.57	0.04^•	0.68	0.72	—	—	—	—	—	10.29	7.52	0.19	0.10	0.10	0.77	9,481	41
05-31-23	10.11	0.17^•	(0.22)	(0.05)	0.17	0.32	—	0.49	—	9.57	(0.16)	0.20	0.17	0.17	1.80	7,396	90
05-31-22	12.91	0.18^•	(0.78)	(0.60)	0.33	1.87	—	2.20	—	10.11	(6.89)	0.21	0.21	0.21	1.53	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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

⁽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.

⁽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.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (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 fifteen separate active investment series. The ten series (each, a “Fund” and collectively, the “Funds”) included in this report are: Voya Target In-Retirement Fund (“In-Retirement”), Voya Target Retirement 2025 Fund (“Retirement 2025”), Voya Target Retirement 2030 Fund (“Retirement 2030”), Voya Target Retirement 2035 Fund (“Retirement 2035”), Voya Target Retirement 2040 Fund (“Retirement 2040”), Voya Target Retirement 2045 Fund (“Retirement 2045”), Voya Target Retirement 2050 Fund (“Retirement 2050”), Voya Target Retirement 2055 Fund (“Retirement 2055”), Voya Target Retirement 2060 Fund (“Retirement 2060”), and Voya Target Retirement 2065 Fund (“Retirement 2065”), each a diversified series of the Trust.

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

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

“Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

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

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable

inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

(1)

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

(2)

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

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

Reported net realized foreign exchange gains or losses arise from the difference between the amounts of foreign withholding tax reclaims recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received. 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, 2023, the cost of purchases and the proceeds from the sales of investments were as follows:

	Purchases		Sales
In-Retirement	$	24,350,416‌	$	21,287,238‌
Retirement 2025	31,794,631‌		22,317,157‌
Retirement 2030	42,430,813‌		29,894,322‌
Retirement 2035	52,669,908‌		28,305,739‌
Retirement 2040	36,488,922‌		23,915,444‌
Retirement 2045	42,284,463‌		21,548,180‌
Retirement 2050	26,719,288‌		14,034,124‌
Retirement 2055	28,367,568‌		12,376,883‌
Retirement 2060	13,281,529‌		6,541,379‌
Retirement 2065	6,014,128‌		4,136,087‌

NOTE 4 — INVESTMENT MANAGEMENT FEES

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

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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, 2023, the Distributor retained the following amounts in sales charges:

	Class A
Initial Sales Charges:
In-Retirement	$	211‌
Retirement 2025		261‌
Retirement 2030		1,601‌
Retirement 2035		1,763‌
Retirement 2040		1,111‌
Retirement 2045		1,450‌
Retirement 2050		1,121‌
Retirement 2055		896‌
Retirement 2060		379‌
Retirement 2065		124‌

	Class A
Contingent Deferred Sales Charges:
In-Retirement	$	3,243‌
Retirement 2025		3,530‌
Retirement 2030		4,963‌
Retirement 2035		4,171‌
Retirement 2040		7,159‌
Retirement 2045		6,311‌
Retirement 2050		6,286‌
Retirement 2055		4,775‌
Retirement 2060		4,911‌

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At November 30, 2023, 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	30.03%
	Retirement 2025	25.80
	Retirement 2030	22.89
	Retirement 2035	23.94
	Retirement 2040	19.83
	Retirement 2045	22.75
	Retirement 2050	24.13
	Retirement 2055	21.51
	Retirement 2060	22.82
	Retirement 2065	10.33
Voya Investment Management Co. LLC	Retirement 2065	46.63
Voya Retirement Insurance and Annuity Company	In-Retirement	44.97
	Retirement 2025	43.89
	Retirement 2030	43.70
	Retirement 2035	46.67
	Retirement 2040	47.01
	Retirement 2045	47.64
	Retirement 2050	44.82
	Retirement 2055	45.17
	Retirement 2060	49.26
	Retirement 2065	33.51

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

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

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

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, 2023, the Funds did not pay any amounts for affiliated recordkeeping services.

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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

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

The Expense Limitation Agreement is contractual through October 1, 2024, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

Pursuant to side letter agreements through October 1, 2024, the Investment Adviser has further lowered the expense limits for the following Funds. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreements will continue. Termination or modification of these obligations requires approval by the Board.

Fund⁽¹⁾⁽²⁾	Class A	Class I	Class R	Class R6
In-Retirement	0.58%	0.23%	0.83%	0.22%
Retirement 2025	0.52%	0.32%	0.77%	0.23%
Retirement 2030	0.53%	0.28%	0.78%	0.24%
Retirement 2035	0.55%	0.25%	0.80%	0.24%
Retirement 2040	0.58%	0.29%	0.83%	0.25%
Retirement 2045	0.61%	0.25%	0.86%	0.25%
Retirement 2050	0.60%	0.28%	0.85%	0.25%
Retirement 2055	0.65%	0.30%	0.90%	0.25%
Retirement 2060	0.65%	0.25%	0.90%	0.25%
Retirement 2065	0.52%	0.29%	0.77%	0.25%

⁽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.

⁽²⁾	Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

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

As of November 30, 2023, the Funds did not have any amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

NOTE 8 — LINE OF CREDIT

Effective June 12, 2023, 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 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of a Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, 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 12, 2023.

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.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

The following Funds utilized the line of credit during the period ended November 30, 2023 :

				Approximate
			Approximate	Weighted
			Average	Average
			Daily Balance	Interest Rate
	Days		For Days	For Days
Fund	Utilized		Utilized	Utilized
In-Retirement	1	$	811,000‌	6.33%
Retirement 2040	1		767,000‌	6.33‌

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Net

increase

Proceeds

(decrease)

from

Reinvestment

issued in

Net increase

sold

merger

distributions

redeemed

converted

outstanding

sold

merger

distributions

redeemed

converted

(decrease)

Year or

period ended

($)

In-Retirement

Class A

11/30/2023

90,341‌

—‌

(591,471)

—‌

(501,130)

886,971‌

—‌

(5,776,343)

—‌

(4,889,372)

5/31/2023

292,934‌

—‌

26,514‌

(169,975)

—‌

149,473‌

2,842,611‌

—‌

247,109‌

(1,643,484)

—‌

1,446,236‌

Class I

11/30/2023

466,829‌

—‌

(25,794)

—‌

441,035‌

4,543,991‌

—‌

(255,423)

—‌

4,288,568‌

5/31/2023

4,107‌

—‌

5,691‌

(15,947)

—‌

(6,149)

39,753‌

—‌

53,209‌

(152,231)

—‌

(59,269)

Class R

11/30/2023

8,516‌

—‌

8,516‌

83,614‌

—‌

83,614‌

5/31/2023

1,735‌

—‌

68‌

(596)

—‌

1,207‌

16,715‌

—‌

638‌

(5,722)

—‌

11,631‌

Class R6

11/30/2023

660,030‌

—‌

(381,693)

—‌

278,337‌

6,476,133‌

—‌

(3,707,912)

—‌

2,768,221‌

5/31/2023

1,483,281‌

—‌

136,341‌

(944,122)

—‌

675,500‌

14,485,461‌

—‌

1,274,785‌

(9,187,465)

—‌

6,572,781‌

Retirement 2025

Class A

11/30/2023

101,275‌

—‌

(511,525)

—‌

(410,250)

1,123,780‌

—‌

(5,632,868)

—‌

(4,509,088)

5/31/2023

503,193‌

—‌

48,935‌

(143,549)

—‌

408,579‌

5,493,303‌

—‌

507,947‌

(1,548,818)

—‌

4,452,432‌

Class I

11/30/2023

596,750‌

—‌

(37,213)

—‌

559,537‌

6,629,398‌

—‌

(413,809)

—‌

6,215,589‌

5/31/2023

47,936‌

—‌

1,594‌

(11,769)

—‌

37,761‌

507,963‌

—‌

16,660‌

(124,821)

—‌

399,802‌

Class R

11/30/2023

173,544‌

—‌

(3,907)

—‌

169,637‌

1,948,023‌

—‌

(43,522)

—‌

1,904,501‌

5/31/2023

6,829‌

—‌

1,633‌

(8,336)

—‌

126‌

75,308‌

—‌

16,916‌

(91,262)

—‌

962‌

Class R6

11/30/2023

939,428‌

—‌

(513,497)

—‌

425,931‌

10,527,986‌

—‌

(5,717,491)

—‌

4,810,495‌

5/31/2023

2,146,701‌

—‌

241,249‌

(1,145,165)

—‌

1,242,785‌

23,473,493‌

—‌

2,518,638‌

(12,582,966)

—‌

13,409,165‌

Retirement 2030

Class A

11/30/2023

216,209‌

—‌

(537,207)

—‌

(320,998)

2,509,923‌

—‌

(6,204,084)

—‌

(3,694,161)

5/31/2023

794,758‌

—‌

57,058‌

(157,205)

—‌

694,611‌

9,021,833‌

—‌

612,806‌

(1,775,438)

—‌

7,859,201‌

Class I

11/30/2023

900,248‌

—‌

(41,486)

—‌

858,762‌

10,471,036‌

—‌

(488,903)

—‌

9,982,133‌

5/31/2023

24,393‌

—‌

4,531‌

(45,729)

—‌

(16,805)

273,406‌

—‌

48,980‌

(556,988)

—‌

(234,602)

Class R

11/30/2023

88,404‌

—‌

(6,317)

—‌

82,087‌

1,030,452‌

—‌

(71,608)

—‌

958,844‌

5/31/2023

10,488‌

—‌

874‌

(4,008)

—‌

7,354‌

123,103‌

—‌

9,321‌

(44,636)

—‌

87,788‌

Class R6

11/30/2023

916,060‌

—‌

(563,629)

—‌

352,431‌

10,660,676‌

—‌

(6,500,342)

—‌

4,160,334‌

5/31/2023

2,842,466‌

—‌

350,761‌

(1,555,105)

—‌

1,638,122‌

32,421,044‌

—‌

3,788,217‌

(17,905,350)

—‌

18,303,911‌

Retirement 2035

Class A

11/30/2023

142,710‌

—‌

(346,463)

—‌

(203,753)

1,657,814‌

—‌

(4,017,083)

—‌

(2,359,269)

5/31/2023

649,084‌

—‌

57,287‌

(102,571)

—‌

603,800‌

7,341,248‌

—‌

610,106‌

(1,161,458)

—‌

6,789,896‌

Class I

11/30/2023

974,465‌

—‌

(32,516)

—‌

941,949‌

11,355,739‌

—‌

(377,964)

—‌

10,977,775‌

5/31/2023

90,964‌

—‌

5,459‌

(13,504)

—‌

82,919‌

991,661‌

—‌

58,635‌

(147,567)

—‌

902,729‌

Class R

11/30/2023

23,788‌

—‌

(8,742)

—‌

15,046‌

280,095‌

—‌

(99,007)

—‌

181,088‌

5/31/2023

31,199‌

—‌

4,707‌

(1,430)

—‌

34,476‌

357,090‌

—‌

49,893‌

(15,748)

—‌

391,235‌

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

Net

increase

Proceeds

(decrease)

from

Reinvestment

issued in

Net increase

sold

merger

distributions

redeemed

converted

outstanding

sold

merger

distributions

redeemed

converted

(decrease)

Year or

period ended

($)

Retirement 2035 (continued)

Class R6

11/30/2023

1,598,956‌

—‌

(366,977)

—‌

1,231,979‌

18,799,362‌

—‌

(4,284,413)

—‌

14,514,949‌

5/31/2023

2,681,796‌

—‌

384,144‌

(1,621,327)

—‌

1,444,613‌

30,748,947‌

—‌

4,114,183‌

(18,537,738)

—‌

16,325,392‌

Retirement 2040

Class A

11/30/2023

110,366‌

—‌

(493,042)

—‌

(382,676)

1,365,659‌

—‌

(6,102,642)

—‌

(4,736,983)

5/31/2023

505,744‌

—‌

56,902‌

(51,851)

—‌

510,795‌

6,059,804‌

—‌

640,720‌

(613,801)

—‌

6,086,723‌

Class I

11/30/2023

762,458‌

—‌

(35,832)

—‌

726,626‌

9,464,379‌

—‌

(445,614)

—‌

9,018,765‌

5/31/2023

24,381‌

—‌

1,713‌

(456)

—‌

25,638‌

287,354‌

—‌

19,404‌

(5,506)

—‌

301,252‌

Class R

11/30/2023

38,510‌

—‌

(307)

—‌

38,203‌

482,962‌

—‌

(3,882)

—‌

479,080‌

5/31/2023

56,750‌

—‌

2,927‌

(3,926)

—‌

55,751‌

708,321‌

—‌

32,750‌

(48,518)

—‌

692,553‌

Class R6

11/30/2023

934,289‌

—‌

(370,217)

—‌

564,072‌

11,717,624‌

—‌

(4,592,876)

—‌

7,124,748‌

5/31/2023

1,993,121‌

—‌

269,673‌

(1,202,433)

—‌

1,060,361‌

23,915,739‌

—‌

3,055,402‌

(14,505,998)

—‌

12,465,143‌

Retirement 2045

Class A

11/30/2023

152,909‌

—‌

(350,517)

—‌

(197,608)

1,892,179‌

—‌

(4,323,417)

—‌

(2,431,238)

5/31/2023

546,102‌

—‌

37,191‌

(101,819)

—‌

481,474‌

6,495,572‌

—‌

413,561‌

(1,169,509)

—‌

5,739,624‌

Class I

11/30/2023

850,363‌

—‌

(65,481)

—‌

784,882‌

10,440,541‌

—‌

(812,130)

—‌

9,628,411‌

5/31/2023

57,681‌

—‌

1,370‌

(8,652)

—‌

50,399‌

668,754‌

—‌

15,340‌

(101,057)

—‌

583,037‌

Class R

11/30/2023

6,114‌

—‌

(418)

—‌

5,696‌

74,855‌

—‌

(5,050)

—‌

69,805‌

5/31/2023

18,778‌

—‌

839‌

(1,931)

—‌

17,686‌

229,411‌

—‌

9,309‌

(21,861)

—‌

216,859‌

Class R6

11/30/2023

1,250,589‌

—‌

(232,283)

—‌

1,018,306‌

15,646,711‌

—‌

(2,882,215)

—‌

12,764,496‌

5/31/2023

2,259,935‌

—‌

301,883‌

(1,383,904)

—‌

1,177,914‌

26,949,656‌

—‌

3,381,087‌

(16,584,391)

—‌

13,746,352‌

Retirement 2050

Class A

11/30/2023

114,799‌

—‌

(323,789)

—‌

(208,990)

1,419,978‌

—‌

(3,992,950)

—‌

(2,572,972)

5/31/2023

346,580‌

—‌

37,679‌

(110,294)

—‌

273,965‌

4,112,132‌

—‌

418,231‌

(1,321,296)

—‌

3,209,067‌

Class I

11/30/2023

619,136‌

—‌

(58,713)

—‌

560,423‌

7,627,637‌

—‌

(715,575)

—‌

6,912,062‌

5/31/2023

55,676‌

—‌

2,142‌

(9,747)

—‌

48,071‌

651,454‌

—‌

23,953‌

(116,883)

—‌

558,524‌

Class R

11/30/2023

68,367‌

—‌

(1,698)

—‌

66,669‌

854,017‌

—‌

(20,757)

—‌

833,260‌

5/31/2023

58,505‌

—‌

3,375‌

(12,395)

—‌

49,485‌

720,892‌

—‌

37,328‌

(143,501)

—‌

614,719‌

Class R6

11/30/2023

739,289‌

—‌

(174,936)

—‌

564,353‌

9,242,023‌

—‌

(2,159,531)

—‌

7,082,492‌

5/31/2023

1,662,854‌

—‌

218,111‌

(996,731)

—‌

884,234‌

19,639,552‌

—‌

2,438,477‌

(11,910,980)

—‌

10,167,049‌

Retirement 2055

Class A

11/30/2023

132,813‌

—‌

(211,022)

—‌

(78,209)

1,611,578‌

—‌

(2,541,131)

—‌

(929,553)

5/31/2023

423,417‌

—‌

23,185‌

(52,038)

—‌

394,564‌

4,899,092‌

—‌

251,557‌

(601,078)

—‌

4,549,571‌

Class I

11/30/2023

745,220‌

—‌

(45,642)

—‌

699,578‌

8,965,780‌

—‌

(559,878)

—‌

8,405,902‌

5/31/2023

31,207‌

—‌

1,755‌

(1,542)

—‌

31,420‌

355,480‌

—‌

19,176‌

(17,995)

—‌

356,661‌

Class R

11/30/2023

10,629‌

—‌

(4,076)

—‌

6,553‌

127,585‌

—‌

(49,247)

—‌

78,338‌

5/31/2023

41,045‌

—‌

1,611‌

(10,729)

—‌

31,927‌

485,360‌

—‌

17,300‌

(120,812)

—‌

381,848‌

Class R6

11/30/2023

806,222‌

—‌

(144,938)

—‌

661,284‌

9,842,020‌

—‌

(1,749,005)

—‌

8,093,015‌

5/31/2023

1,529,497‌

—‌

169,114‌

(912,933)

—‌

785,678‌

17,593,685‌

—‌

1,846,726‌

(10,660,935)

—‌

8,779,476‌

Retirement 2060

Class A

11/30/2023

174,493‌

—‌

(164,771)

—‌

9,722‌

1,973,903‌

—‌

(1,852,866)

—‌

121,037‌

5/31/2023

248,049‌

—‌

29,468‌

(52,417)

—‌

225,100‌

2,672,254‌

—‌

297,329‌

(562,632)

—‌

2,406,951‌

Class I

11/30/2023

127,512‌

—‌

(13,323)

—‌

114,189‌

1,426,771‌

—‌

(149,464)

—‌

1,277,307‌

5/31/2023

20,191‌

—‌

352‌

(1,661)

—‌

18,882‌

212,754‌

—‌

3,569‌

(18,097)

—‌

198,226‌

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

Net

increase

Proceeds

(decrease)

from

Reinvestment

issued in

Net increase

sold

merger

distributions

redeemed

converted

outstanding

sold

merger

distributions

redeemed

converted

(decrease)

Year or

period ended

($)

Retirement 2060 (continued)

Class R

11/30/2023

18,203‌

—‌

(549)

—‌

17,654‌

205,434‌

—‌

(6,104)

—‌

199,330‌

5/31/2023

22,771‌

—‌

1,095‌

(7,627)

—‌

16,239‌

254,727‌

—‌

10,999‌

(80,642)

—‌

185,084‌

Class R6

11/30/2023

553,081‌

—‌

(115,227)

—‌

437,854‌

6,245,669‌

—‌

(1,284,555)

—‌

4,961,114‌

5/31/2023

1,088,820‌

—‌

124,485‌

(616,677)

—‌

596,628‌

11,767,023‌

—‌

1,262,281‌

(6,785,516)

—‌

6,243,788‌

Retirement 2065

Class A

11/30/2023

6,434‌

—‌

(2,962)

—‌

3,472‌

63,870‌

—‌

(28,627)

—‌

35,243‌

5/31/2023

15,209‌

—‌

6,480‌

(4)

—‌

21,685‌

145,812‌

—‌

58,125‌

(42)

—‌

203,895‌

Class I

11/30/2023

3,001‌

—‌

(765)

—‌

2,236‌

29,945‌

—‌

(7,628)

—‌

22,317‌

5/31/2023

5,842‌

—‌

380‌

(1,259)

—‌

4,963‌

54,747‌

—‌

3,410‌

(11,860)

—‌

46,297‌

Class R

11/30/2023

1,388‌

—‌

(246)

—‌

1,142‌

13,781‌

—‌

(2,456)

—‌

11,325‌

5/31/2023

4,385‌

—‌

170‌

(784)

—‌

3,771‌

41,749‌

—‌

1,519‌

(7,411)

—‌

35,857‌

Class R6

11/30/2023

202,928‌

—‌

(54,554)

—‌

148,374‌

2,024,958‌

—‌

(539,802)

—‌

1,485,156‌

5/31/2023

350,343‌

—‌

33,099‌

(115,654)

—‌

267,788‌

3,327,375‌

—‌

296,895‌

(1,108,086)

—‌

2,516,184‌

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, 2023

May 31, 2022

Ordinary

Long-term

Ordinary

Long-term

Income

Capital Gains

Income

Capital Gains

In-Retirement

1,229,363‌

346,378‌

3,127,942‌

1,071,447‌

Retirement 2025

1,605,463‌

1,454,698‌

3,386,753‌

3,850,982‌

Retirement 2030

1,725,840‌

2,733,484‌

3,733,789‌

4,446,085‌

Retirement 2035

1,611,732‌

3,221,085‌

4,510,208‌

5,687,799‌

Retirement 2040

1,202,991‌

2,545,285‌

4,236,650‌

3,830,395‌

Retirement 2045

1,241,610‌

2,577,687‌

4,413,288‌

4,945,390‌

Retirement 2050

871,327‌

2,046,662‌

3,237,341‌

3,703,990‌

Retirement 2055

704,925‌

1,429,834‌

2,557,681‌

3,150,573‌

Retirement 2060

410,886‌

1,163,292‌

1,577,126‌

1,864,111‌

Retirement 2065

122,596‌

237,353‌

850,246‌

141,512‌

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of May 31, 2023 were:

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

	Undistributed		Unrealized						Total
	Ordinary		Appreciation/		Capital Loss Carryforwards				Distributable
	Income		(Depreciation)		Amount		Character	Expiration	Earnings/(Loss)
In-Retirement	$	382,449‌	$	(1,518,098)	$	(774,969)	Short-term	None	$	(6,563,312)
						(4,652,694)	Long-term	None
					$	(5,427,663)
Retirement 2025		449,329‌		(3,017,600)		(1,325,147)	Short-term	None		(8,626,485)
						(4,733,067)	Long-term	None
					$	(6,058,214)
Retirement 2030		454,401‌		(3,475,936)		(1,742,188)	Short-term	None		11,045,005‌
						(6,281,282)	Long-term	None
					$	(8,023,470)
Retirement 2035		325,499‌		(3,853,163)		(1,521,600)	Short-term	None		(11,008,811)
						(5,959,547)	Long-term	None
					$	(7,481,147)
Retirement 2040		159,372‌		(3,206,944)		(1,283,945)	Short-term	None		(8,596,540)
						(4,265,023)	Long-term	None
					$	(5,548,968)
Retirement 2045		106,189‌		(2,851,466)		(1,397,264)	Short-term	None		(8,046,960)
						(3,904,419)	Long-term	None
					$	(5,301,683)
Retirement 2050		44,676‌		(1,822,847)		(878,035)	Short-term	None		(6,222,202)
						(3,565,996)	Long-term	None
					$	(4,444,031)
Retirement 2055		37,764‌		(1,064,107)		(544,308)	Short-term	None		(4,334,104)
						(2,763,453)	Short-term	None
					$	(3,307,761)
Retirement 2060		12,094‌		(637,796)		(326,920)	Short-term	None		(2,619,627)
						(1,667,005)	Long-term	None
					$	(1,993,925)
Retirement 2065		4,469‌		(199,883)		(118,966)	Short-term	None		(575,705)
						(261,325)	Long-term	None
					$	(380,291)

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

As of November 30, 2023, 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”)

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments,

financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

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

reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

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. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in 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.

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Fund's financial statements.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 14 — SUBSEQUENT EVENTS

Dividends: Subsequent to November 30, 2023, the Funds declared and paid dividends and distributions of:

	PER SHARE AMOUNTS
	Net
	Investment	Short-term		Long-term		Payable	Record
	Income	Capital Gains		Capital Gains		Date	Date
In-Retirement
Class A	$0.2405	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.3122	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.3022	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.3166	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2025
Class A	$0.2666	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.3068	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2972	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.3159	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2030
Class A	$0.2607	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.3042	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2955	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.3100	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2035
Class A	$0.2324	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2773	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2553	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2804	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2040
Class A	$0.2158	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2816	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2665	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2864	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2045
Class A	$0.2053	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2668	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2531	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2689	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2050
Class A	$0.1762	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2498	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2312	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2536	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2055
Class A	$0.1816	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2370	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2187	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2419	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2060
Class A	$0.1675	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.2227	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.2067	$	—	$	—	December 29, 2023	December 27, 2023
Class R6	$0.2271	$	—	$	—	December 29, 2023	December 27, 2023
Retirement 2065
Class A	$0.1726	$	—	$	—	December 29, 2023	December 27, 2023
Class I	$0.1941	$	—	$	—	December 29, 2023	December 27, 2023
Class R	$0.1562	$	—	$	—	December 29, 2023	December 27, 2023

NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)

NOTE 14 — SUBSEQUENT EVENTS (continued)

PER SHARE AMOUNTS

Net

Investment

Short-term

Long-term

Payable

Record

Income

Capital Gains

Date

Class R6

$0.1969

—

December 29, 2023

December 27, 2023

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, 2023 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
EXCHANGE-TRADED FUNDS: 50.1%
4,347	iShares Core S&P Mid- Cap ETF	$	1,113,093		2.1
5,772	iShares Core S&P Small-Cap ETF		555,497		1.0
86,965	iShares Core U.S. Aggregate Bond ETF		8,371,251		15.5
108,973	Schwab U.S. TIPS ETF		5,582,687		10.4
97,458	SPDR Portfolio High Yield Bond ETF		2,232,763		4.1
54,521	Vanguard FTSE Developed Markets ETF		2,505,785		4.6
13,729	Vanguard FTSE Emerging Markets ETF		557,809		1.0
19,469	Vanguard Long-Term Treasury ETF		1,113,822		2.1
36,566	Vanguard Short-Term Bond ETF		2,785,232		5.2
29,176	Vanguard Short-Term Corporate Bond ETF		2,229,630		4.1
	Total Exchange-Traded Funds (Cost $27,737,092)		27,047,569		50.1
MUTUAL FUNDS: 49.9%
	Affiliated Investment Companies: 29.5%
226,765	Voya Global Bond Fund - Class R6		1,623,635		3.0
1,505,003	Voya Intermediate Bond Fund - Class R6		12,777,478		23.7
110,081	Voya Multi-Manager International Factors Fund - Class I		990,728		1.8
50,604 ⁽¹⁾	Voya VACS Series EME Fund		520,717		1.0
			15,912,558		29.5
	Unaffiliated Investment Companies: 20.4%
217,244	TIAA-CREF S&P 500 Index Fund - Institutional Class		10,981,686		20.4
	Total Mutual Funds (Cost $25,825,055)		26,894,244		49.9
	Total Long-Term Investments (Cost $53,562,147)		53,941,813		100.0
	Total Investments in Securities (Cost $53,562,147)	$	53,941,813		100.0
	Assets in Excess of Other Liabilities		21,318		0.0
	Net Assets	$	53,963,131		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
In-Retirement Fund	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	27,047,569	$	—	$	—	$	27,047,569
Mutual Funds		26,894,244		—		—		26,894,244
Total Investments, at fair value	$	53,941,813	$	—	$	—	$	53,941,813

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

Transactions with Affiliates

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

The following table provides transactions during the period ended November 30, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Global Bond Fund - Class R6	$	1,516,675	$	380,436	$	(260,382	)	$	(13,094	)	$	1,623,635	$	36,252	$	(12,509	)	$	—
Voya Intermediate Bond Fund -
Class R6		12,620,315		8,322,601		(8,120,558	)		(44,880	)		12,777,478		295,489		(293,609	)		—
Voya Multi-Manager International
Factors Fund - Class I		990,811		764,627		(773,054	)		8,343			990,728		—		34,908			—
Voya VACS Series EME Fund		—		696,549		(184,870	)		9,038			520,717		—		(2,869	)		—
	$	15,127,801	$	10,164,213	$	(9,338,864	)	$	(40,593	)	$	15,912,558	$	331,741	$	(274,079	)	$	—

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

At November 30, 2023, 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 $54,720,562.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,442,594
Gross Unrealized Depreciation		(2,221,344	)
Net Unrealized Depreciation	$	(778,750	)

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2025 Fund	as of November 30, 2023 (Unaudited)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 39.7%
10,498	iShares Core S&P Mid-Cap ETF	$	2,688,118	2.9
18,587	iShares Core S&P Small-Cap ETF		1,788,813	1.9
112,021	iShares Core U.S. Aggregate Bond ETF		10,783,141	11.8
105,277	Schwab U.S. TIPS ETF		5,393,341	5.9
78,460	SPDR Portfolio High Yield Bond ETF		1,797,519	2.0
165,818	Vanguard FTSE Developed Markets ETF		7,620,995	8.3
44,210	Vanguard FTSE Emerging Markets ETF		1,796,252	2.0
31,348	Vanguard Long-Term Treasury ETF		1,793,419	2.0
35,233	Vanguard Short-Term Corporate Bond ETF		2,692,506	2.9
	Total Exchange-Traded Funds
	(Cost $37,213,929)		36,354,104	39.7
MUTUAL FUNDS: 60.3%
	Affiliated Investment Companies: 28.7%
384,624	Voya Global Bond Fund - Class R6		2,753,907	3.0
2,211,668	Voya Intermediate Bond Fund - Class R6		18,777,064	20.5
196,308	Voya Multi-Manager International Equity Fund - Class I		1,894,376	2.1
210,491	Voya Multi-Manager International Factors Fund - Class I		1,894,416	2.1
92,150 ⁽¹⁾	Voya VACS Series EME Fund		948,222	1.0
			26,267,985	28.7
	Unaffiliated Investment Companies: 31.6%
571,037	TIAA-CREF S&P 500 Index Fund - Institutional Class		28,865,944	31.6
	Total Mutual Funds (Cost $52,163,600)		55,133,929	60.3
	Total Long-Term Investments
	(Cost $89,377,529)		91,488,033	100.0
	Total Investments in Securities
	(Cost $89,377,529)	$	91,488,033	100.0
	Assets in Excess of Other Liabilities		34,568	0.0
	Net Assets	$	91,522,601	100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2025 Fund	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	36,354,104	$	—	$	—	$	36,354,104
Mutual Funds		55,133,929		—		—		55,133,929
Total Investments, at fair value	$	91,488,033	$	—	$	—	$	91,488,033

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Global Bond Fund - Class R6	$	2,410,483	$	660,464	$	(288,418	)	$	(28,622	)	$	2,753,907	$	57,864	$	(14,842	)	$	—
Voya Intermediate Bond Fund -
Class R6		16,090,217		9,098,528		(6,220,121	)		(191,560	)		18,777,064		376,702		(215,083	)		—
Voya Multi-Manager International
Equity Fund - Class I		1,579,117		1,109,321		(829,743	)		35,681			1,894,376		—		11,659			—
Voya Multi-Manager International
Factors Fund - Class I		1,579,462		1,125,024		(840,808	)		30,738			1,894,416		—		42,564			—
Voya VACS Series EME Fund		—		1,182,188		(246,663	)		12,697			948,222		—		(4,970	)		—
	$	21,659,279	$	13,175,525	$	(8,425,753	)	$	(141,066	)	$	26,267,985	$	434,566	$	(180,672	)	$	—

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

At November 30, 2023, 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 $91,767,613.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	3,557,536
Gross Unrealized Depreciation		(3,837,116	)
Net Unrealized Depreciation	$	(279,580	)

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2030 Fund	as of November 30, 2023 (Unaudited)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 39.5%
18,328	iShares Core S&P Mid-Cap ETF	$	4,693,068	4.0
36,506	iShares Core S&P Small-Cap ETF		3,513,337	3.0
146,679	iShares Core U.S. Aggregate Bond ETF		14,119,321	12.0
68,924	Schwab U.S. TIPS ETF		3,530,977	3.0
102,735	SPDR Portfolio High Yield Bond ETF		2,353,659	2.0
217,121	Vanguard FTSE Developed Markets ETF		9,978,881	8.5
57,889	Vanguard FTSE Emerging Markets ETF		2,352,030	2.0
61,571	Vanguard Long-Term Treasury ETF		3,522,477	3.0
30,756	Vanguard Short-Term Corporate Bond ETF		2,350,373	2.0
	Total Exchange-Traded Funds
	(Cost $46,742,666)		46,414,123	39.5
MUTUAL FUNDS: 60.5%
	Affiliated Investment Companies: 25.0%
2,216,208	Voya Intermediate Bond Fund - Class R6		18,815,609	16.0
363,148	Voya Multi-Manager International Equity Fund - Class I		3,504,380	3.0
519,287	Voya Multi-Manager International Factors Fund - Class I		4,673,582	4.0
227,974 ⁽¹⁾	Voya VACS Series EME Fund		2,345,854	2.0
			29,339,425	25.0
	Unaffiliated Investment Companies: 35.5%
823,382	TIAA-CREF S&P 500 Index Fund - Institutional Class		41,621,952	35.5

	Total Mutual Funds
	(Cost $66,166,407)		70,961,377	60.5
	Total Long-Term Investments
	(Cost $112,909,073)		117,375,500	100.0
	Total Investments in Securities
	(Cost $112,909,073)	$	117,375,500	100.0
	Assets in Excess of Other Liabilities		47,311	0.0
	Net Assets	$	117,422,811	100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2030 Fund	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	46,414,123	$	—	$	—	$	46,414,123
Mutual Funds		70,961,377		—		—		70,961,377
Total Investments, at fair value	$	117,375,500	$	—	$	—	$	117,375,500

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund - Class R6	$	17,319,192	$	9,096,521	$	(7,387,670	)	$	(212,434	)	$	18,815,609	$	410,364	$	(291,668	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		2,999,975		1,446,975		(1,038,456	)		95,886			3,504,380		—		12,730			—
Voya Multi-Manager International
Factors Fund - Class I		4,000,844		1,823,610		(1,293,305	)		142,433			4,673,582		—		65,852			—
Voya VACS Series EME Fund		—		2,652,242		(340,717	)		34,329			2,345,854		—		(8,301	)		—
	$	24,320,011	$	15,019,348	$	(10,060,148	)	$	60,214		$	29,339,425	$	410,364	$	(221,387	)	$	—

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

At November 30, 2023, 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 $116,266,497.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	5,528,226
Gross Unrealized Depreciation		(4,419,223	)
Net Unrealized Appreciation	$	1,109,003

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2035 Fund	as of November 30, 2023 (Unaudited)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 33.6%
20,079	iShares Core S&P Mid-Cap ETF	$	5,141,429		4.0
39,993	iShares Core S&P Small-Cap ETF		3,848,926		3.0
120,518	iShares Core U.S. Aggregate Bond ETF		11,601,063		9.1
112,549	SPDR Portfolio High Yield Bond ETF		2,578,498		2.0
293,828	Vanguard FTSE Developed Markets ETF		13,504,335		10.5
63,418	Vanguard FTSE Emerging Markets ETF		2,576,673		2.0
67,452	Vanguard Long-Term Treasury ETF		3,858,929		3.0
	Total Exchange-Traded Funds
	(Cost $43,457,145)		43,109,853		33.6
MUTUAL FUNDS: 66.4%
	Affiliated Investment Companies: 23.9%
1,963,587	Voya Intermediate Bond Fund - Class R6		16,670,857		13.0
527,386	Voya Multi-Manager International Equity Fund - Class I		5,089,270		3.9
565,552	Voya Multi-Manager International Factors Fund - Class I		5,089,969		4.0
373,294 ⁽¹⁾	Voya VACS Series EME Fund		3,841,195		3.0
			30,691,291		23.9
	Unaffiliated Investment Companies: 42.5%
1,076,860	TIAA-CREF S&P 500 Index Fund - Institutional Class		54,435,257		42.5
	Total Mutual Funds
	(Cost $79,675,714)		85,126,548		66.4
	Total Long-Term Investments
	(Cost $123,132,859)		128,236,401		100.0
	Total Investments in Securities
	(Cost $123,132,859)	$	128,236,401		100.0
	Assets in Excess of Other Liabilities		52,860		0.0
	Net Assets	$	128,289,261		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2035 Fund	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	43,109,853	$	—	$	—	$	43,109,853
Mutual Funds		85,126,548		—		—		85,126,548
Total Investments, at fair value	$	128,236,401	$	—	$	—	$	128,236,401

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund - Class R6	$	13,963,922	$	8,890,218	$	(5,992,246	)	$	(191,037	)	$	16,670,857	$	359,035	$	(252,371	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		3,917,518		2,691,946		(1,619,007	)		98,813			5,089,270		—		22,039			—
Voya Multi-Manager International
Factors Fund - Class I		3,918,332		2,737,063		(1,674,680	)		109,254			5,089,969		—		87,644			—
Voya VACS Series EME Fund		—		4,206,274		(382,116	)		17,037			3,841,195		—		(11,315	)		—
	$	21,799,772	$	18,525,501	$	(9,668,049	)	$	34,067		$	30,691,291	$	359,035	$	(154,003	)	$	—

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

At November 30, 2023, 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 $126,274,515.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	5,946,231
Gross Unrealized Depreciation		(3,984,345	)
Net Unrealized Appreciation	$	1,961,886

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2040 Fund	as of November 30, 2023 (Unaudited)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 31.5%
18,800	iShares Core S&P Mid-Cap ETF	$	4,813,928		5.0
39,943	iShares Core S&P Small-Cap ETF		3,844,114		4.0
20,061	iShares Core U.S. Aggregate Bond ETF		1,931,072		2.0
84,307	SPDR Portfolio High Yield Bond ETF		1,931,473		2.0
282,981	Vanguard FTSE Developed Markets ETF		13,005,807		13.5
47,505	Vanguard FTSE Emerging Markets ETF		1,930,128		2.0
50,526	Vanguard Long-Term Treasury ETF		2,890,593		3.0
	Total Exchange-Traded Funds
	(Cost $30,279,697)		30,347,115		31.5
MUTUAL FUNDS: 68.5%
	Affiliated Investment Companies: 21.0%
1,137,402	Voya Intermediate Bond Fund - Class R6		9,656,541		10.0
396,864	Voya Multi-Manager International Equity Fund - Class I		3,829,736		4.0
425,562	Voya Multi-Manager International Factors Fund - Class I		3,830,055		4.0
280,648 ⁽¹⁾	Voya VACS Series EME Fund		2,887,864		3.0
			20,204,196		21.0
	Unaffiliated Investment Companies: 47.5%
903,876	TIAA-CREF S&P 500 Index Fund - Institutional Class		45,690,946		47.5
	Total Mutual Funds (Cost $61,050,989)		65,895,142		68.5
	Total Long-Term Investments
	(Cost $91,330,686)		96,242,257		100.0
	Total Investments in Securities
	(Cost $91,330,686)	$	96,242,257		100.0
	Assets in Excess of Other Liabilities		32,320		0.0
	Net Assets	$	96,274,577		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2040 Fund	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	30,347,115	$	—	$	—	$	30,347,115
Mutual Funds		65,895,142		—		—		65,895,142
Total Investments, at fair value	$	96,242,257	$	—	$	—	$	96,242,257

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund - Class R6	$	7,188,428	$	5,073,937	$	(2,505,105	)	$	(100,719	)	$	9,656,541	$	190,037	$	(94,101	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		3,140,759		2,288,923		(1,672,266	)		72,320			3,829,736		—		17,267			—
Voya Multi-Manager International
Factors Fund - Class I		3,141,405		2,322,088		(1,697,930	)		64,492			3,830,055		—		80,091			—
Voya VACS Series EME Fund		—		3,317,299		(438,604	)		9,169			2,887,864		—		(10,465	)		—
	$	13,470,592	$	13,002,247	$	(6,313,905	)	$	45,262		$	20,204,196	$	190,037	$	(7,208	)	$	—

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

At November 30, 2023, 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 $94,181,541.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	5,193,960
Gross Unrealized Depreciation		(3,133,244	)
Net Unrealized Appreciation	$	2,060,716

See Accompanying Notes to Financial Statements

Voya Target	PORTFOLIO OF INVESTMENTS
Retirement 2045 Fund	as of November 30, 2023 (Unaudited)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 32.5%
20,946	iShares Core S&P Mid- Cap ETF	$	5,363,433		5.0
44,503	iShares Core S&P Small-Cap ETF		4,282,969		4.0
93,930	SPDR Portfolio High Yield Bond ETF		2,151,936		2.0
361,993	Vanguard FTSE Developed Markets ETF		16,637,198		15.5
79,391	Vanguard FTSE Emerging Markets ETF		3,225,656		3.0
56,294	Vanguard Long-Term Treasury ETF		3,220,580		3.0
	Total Exchange-Traded Funds
	(Cost $34,578,918)		34,881,772		32.5
MUTUAL FUNDS: 67.5%
	Affiliated Investment Companies: 16.0%
635,433	Voya Intermediate Bond Fund - Class R6		5,394,824		5.0
444,194	Voya Multi-Manager International Equity Fund - Class I		4,286,469		4.0
476,326	Voya Multi-Manager International Factors Fund - Class I		4,286,938		4.0
313,573 ⁽¹⁾	Voya VACS Series EME Fund		3,226,667		3.0
			17,194,898		16.0
	Unaffiliated Investment Companies: 51.5%
1,094,057	TIAA-CREF S&P 500 Index Fund - Institutional Class		55,304,596		51.5
	Total Mutual Funds
	(Cost $66,941,359)		72,499,494		67.5
	Total Long-Term Investments
	(Cost $101,520,277)		107,381,266		100.0
	Total Investments in Securities
	(Cost $101,520,277)	$	107,381,266		100.0
	Assets in Excess of Other Liabilities		38,314		0.0
	Net Assets	$	107,419,580		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target Retirement 2045 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	34,881,772	$	—	$	—	$	34,881,772
Mutual Funds		72,499,494		—		—		72,499,494
Total Investments, at fair value	$	107,381,266	$	—	$	—	$	107,381,266

^{^}

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund -Class R6	$	4,106,360	$	2,856,914	$	(1,517,570	)	$	(50,880	)	$	5,394,824	$	107,753	$	(66,459	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		3,226,492		2,956,327		(1,968,615	)		72,265			4,286,469		—		13,916			—
Voya Multi-Manager International
Factors Fund - Class I		3,227,193		2,993,950		(1,996,473	)		62,268			4,286,938		—		90,865			—
Voya VACS Series EME Fund		—		3,724,382		(513,504	)		15,789			3,226,667		—		(19,296	)		—
	$	10,560,045	$	12,531,573	$	(5,996,162	)	$	99,442		$	17,194,898	$	107,753	$	19,026		$	—

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

At November 30, 2023, 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 $104,161,682.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	6,041,355
Gross Unrealized Depreciation		(2,821,771	)
Net Unrealized Appreciation	$	3,219,584

See Accompanying Notes to Financial Statements

Voya Target Retirement 2050 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
EXCHANGE-TRADED FUNDS: 30.4%
17,684	iShares Core S&P Mid- Cap ETF	$	4,528,165		6.0
31,310	iShares Core S&P Small-Cap ETF		3,013,275		4.0
238,249	Vanguard FTSE Developed Markets ETF		10,949,924		14.4
55,856	Vanguard FTSE Emerging Markets ETF		2,269,429		3.0
39,606	Vanguard Long-Term Treasury ETF		2,265,859		3.0
	Total Exchange-Traded Funds
	(Cost $22,655,579)		23,026,652		30.4
MUTUAL FUNDS: 69.6%
	Affiliated Investment Companies: 16.1%
358,804	Voya Intermediate Bond Fund - Class R6		3,046,250		4.1
314,049	Voya Multi-Manager International Equity Fund - Class I		3,030,569		4.0
420,929	Voya Multi-Manager International Factors Fund - Class I		3,788,362		5.0
221,423 ⁽¹⁾	Voya VACS Series EME Fund		2,278,440		3.0
			12,143,621		16.1
	Unaffiliated Investment Companies: 53.5%
801,398	TIAA-CREF S&P 500 Index Fund - Institutional Class		40,510,659		53.5
	Total Mutual Funds (Cost $48,433,127)		52,654,280		69.6
	Total Long-Term Investments (Cost $71,088,706)		75,680,932		100.0
	Total Investments in Securities (Cost $71,088,706)	$	75,680,932		100.0
	Assets in Excess of Other Liabilities		27,777		0.0
	Net Assets	$	75,708,709		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target Retirement 2050 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	23,026,652	$	—	$	—	$	23,026,652
Mutual Funds		52,654,280		—		—		52,654,280
Total Investments, at fair value	$	75,680,932	$	—	$	—	$	75,680,932

^{^}

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund -Class R6	$	2,387,682	$	1,417,829	$	(726,053	)	$	(33,208	)	$	3,046,250	$	61,150	$	(34,215	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		2,352,159		1,785,063		(1,163,331	)		56,678			3,030,569		—		4,526			—
Voya Multi-Manager International
Factors Fund - Class I		2,940,762		2,241,017		(1,463,069	)		69,652			3,788,362		—		60,062			—
Voya VACS Series EME Fund		—		2,627,254		(356,519	)		7,705			2,278,440		—		(12,721	)		—
	$	7,680,603	$	8,071,163	$	(3,708,972	)	$	100,827		$	12,143,621	$	61,150	$	17,652		$	—

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

At November 30, 2023, 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 $73,026,828.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	4,713,016
Gross Unrealized Depreciation		(2,058,912	)
Net Unrealized Appreciation	$	2,654,104

See Accompanying Notes to Financial Statements

Voya Target Retirement 2055 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
EXCHANGE-TRADED FUNDS: 30.1%
15,832	iShares Core S&P Mid- Cap ETF	$	4,053,942		6.0
28,030	iShares Core S&P Small-Cap ETF		2,697,607		4.0
205,936	Vanguard FTSE Developed Markets ETF		9,464,819		14.1
50,004	Vanguard FTSE Emerging Markets ETF		2,031,662		3.0
35,457	Vanguard Long-Term Treasury ETF		2,028,495		3.0
	Total Exchange-Traded Funds
	(Cost $20,000,690)		20,276,525		30.1
MUTUAL FUNDS: 69.9%
	Affiliated Investment Companies: 16.4%
238,708	Voya Intermediate Bond Fund - Class R6		2,026,630		3.0
312,392	Voya Multi-Manager International Equity Fund - Class I		3,014,585		4.5
372,282	Voya Multi-Manager International Factors Fund - Class I		3,350,539		4.9
261,978 ⁽¹⁾	Voya VACS Series EME Fund		2,695,755		4.0
			11,087,509		16.4
	Unaffiliated Investment Companies: 53.5%
713,297	TIAA-CREF S&P 500 Index Fund - Institutional Class		36,057,153		53.5
	Total Mutual Funds
	(Cost $43,246,819)		47,144,662		69.9
	Total Long-Term Investments
	(Cost $63,247,509)		67,421,187		100.0
	Total Investments in Securities
	(Cost $63,247,509)	$	67,421,187		100.0
	Assets in Excess of Other Liabilities		24,515		0.0
	Net Assets	$	67,445,702		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target Retirement 2055 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	20,276,525	$	—	$	—	$	20,276,525
Mutual Funds		47,144,662		—		—		47,144,662
Total Investments, at fair value	$	67,421,187	$	—	$	—	$	67,421,187

^{^}

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund -Class R6	$	1,937,441	$	1,282,174	$	(1,186,593	)	$	(6,392	)	$	2,026,630	$	49,926	$	(72,787	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		2,139,814		2,060,543		(1,248,535	)		62,763			3,014,585		—		(113	)		—
Voya Multi-Manager International
Factors Fund - Class I		2,378,123		2,244,169		(1,332,612	)		60,859			3,350,539		—		54,347			—
Voya VACS Series EME Fund		—		3,068,774		(377,259	)		4,240			2,695,755		—		(14,764	)		—
	$	6,455,378	$	8,655,660	$	(4,144,999	)	$	121,470		$	11,087,509	$	49,926	$	(33,317	)	$	—

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

At November 30, 2023, 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 $64,750,577.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	4,248,066
Gross Unrealized Depreciation		(1,577,456	)
Net Unrealized Appreciation	$	2,670,610

See Accompanying Notes to Financial Statements

Voya Target Retirement 2060 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
EXCHANGE-TRADED FUNDS: 28.5%
8,806	iShares Core S&P Mid- Cap ETF	$	2,254,864		6.0
15,591	iShares Core S&P Small-Cap ETF		1,500,478		4.0
102,277	Vanguard FTSE Developed Markets ETF		4,700,651		12.5
27,814	Vanguard FTSE Emerging Markets ETF		1,130,083		3.0
19,722	Vanguard Long-Term Treasury ETF		1,128,295		3.0
	Total Exchange-Traded Funds
	(Cost $10,467,507)		10,714,371		28.5
MUTUAL FUNDS: 71.5%
	Affiliated Investment Companies: 18.0%
133,208	Voya Intermediate Bond Fund - Class R6		1,130,937		3.0
193,937	Voya Multi-Manager International Equity Fund - Class I		1,871,495		5.0
249,579	Voya Multi-Manager International Factors Fund - Class I		2,246,207		6.0
146,130 ⁽¹⁾	Voya VACS Series EME Fund		1,503,675		4.0
			6,752,314		18.0
	Unaffiliated Investment Companies: 53.5%
397,513	TIAA-CREF S&P 500 Index Fund - Institutional Class		20,094,269		53.5
	Total Mutual Funds
	(Cost $24,495,364)		26,846,583		71.5
	Total Long-Term Investments
	(Cost $34,962,871)		37,560,954		100.0
	Total Investments in Securities
	(Cost $34,962,871)	$	37,560,954		100.0
	Assets in Excess of Other Liabilities		11,454		0.0
	Net Assets	$	37,572,408		100.0

⁽¹⁾

Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target Retirement 2060 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	10,714,371	$	—	$	—	$	10,714,371
Mutual Funds		26,846,583		—		—		26,846,583
Total Investments, at fair value	$	37,560,954	$	—	$	—	$	37,560,954

^{^}

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, 2023, where the following issuers were considered an affiliate:

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)			11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund -Class R6	$	873,227	$	556,260	$	(291,955	)	$	(6,595	)	$	1,130,937	$	22,539	$	(18,479	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		1,430,382		899,373		(503,222	)		44,962			1,871,495		—		(4,879	)		—
Voya Multi-Manager International
Factors Fund - Class I		1,716,748		1,065,315		(597,369	)		61,512			2,246,207		—		17,710			—
Voya VACS Series EME Fund		—		1,741,196		(240,735	)		3,214			1,503,675		—		(10,182	)		—
	$	4,020,357	$	4,262,144	$	(1,633,281	)	$	103,093		$	6,752,314	$	22,539	$	(15,830	)	$	—

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

At November 30, 2023, 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 $36,050,734.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	2,640,827
Gross Unrealized Depreciation		(1,130,607	)
Net Unrealized Appreciation	$	1,510,220

See Accompanying Notes to Financial Statements

Voya Target Retirement 2065 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
EXCHANGE-TRADED FUNDS: 28.4%
2,618	iShares Core S&P Mid- Cap ETF	$	670,365		6.0
4,636	iShares Core S&P Small-Cap ETF		446,169		4.0
32,842	Vanguard FTSE Developed Markets ETF		1,509,418		13.4
5,513	Vanguard FTSE Emerging Markets ETF		223,993		2.0
5,864	Vanguard Long-Term Treasury ETF		335,480		3.0
	Total Exchange-Traded Funds
	(Cost $3,070,994)		3,185,425		28.4
MUTUAL FUNDS: 71.6%
	Affiliated Investment Companies: 17.1%
26,615	Voya Intermediate Bond Fund - Class R6		225,959		2.1
58,108	Voya Multi-Manager International Equity Fund - Class I		560,738		5.0
74,771	Voya Multi-Manager International Factors Fund - Class I		672,936		6.0
43,690 ⁽¹⁾	Voya VACS Series EME Fund		449,573		4.0
			1,909,206		17.1
	Unaffiliated Investment Companies: 54.5%
120,897	TIAA-CREF S&P 500 Index Fund - Institutional Class		6,111,351		54.5
	Total Mutual Funds
	(Cost $7,333,481)		8,020,557		71.6
	Total Long-Term Investments
	(Cost $10,404,475)		11,205,982		100.0
	Total Investments in Securities
	(Cost $10,404,475)	$	11,205,982		100.0
	Assets in Excess of Other Liabilities		5,053		0.0
	Net Assets	$	11,211,035		100.0

⁽¹⁾

 Non-income producing security.

See Accompanying Notes to Financial Statements

Voya Target Retirement 2065 Fund	PORTFOLIO OF INVESTMENTS
	as of November 30, 2023 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant		Fair Value
	for Identical		Observable		Unobservable		at
	Investments		Inputs		Inputs		November 30,
	(Level 1)		(Level 2)		(Level 3)		2023
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	3,185,425	$	—	$	—	$	3,185,425
Mutual Funds		8,020,557		—		—		8,020,557
Total Investments, at fair value	$	11,205,982	$	—	$	—	$	11,205,982

^{^}

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, 2023, where the following issuers were considered an affiliate:

								Change In		Ending							Net
	Beginning							Unrealized		Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/		Value at		Investment		Gains/			Gain
Issuer	at 5/31/2023		at Cost		at Cost			(Depreciation)		11/30/2023		Income		(Losses)			Distributions
Voya Intermediate Bond Fund -Class R6	$	271,404	$	115,569	$	(162,134	)	$	1,120	$	225,959	$	6,127	$	(11,786	)	$	—
Voya Multi-Manager International
Equity Fund - Class I		443,520		450,225		(357,398	)		24,391		560,738		—		(8,941	)		—
Voya Multi-Manager International
Factors Fund - Class I		532,402		684,817		(563,542	)		19,259		672,936		—		9,814			—
Voya VACS Series EME Fund		—		627,920		(185,554	)		7,207		449,573		—		(7,843	)		—
	$	1,247,326	$	1,878,531	$	(1,268,628	)	$	51,977	$	1,909,206	$	6,127	$	(18,756	)	$	—

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

At November 30, 2023, 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 $10,580,274.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	812,219
Gross Unrealized Depreciation		(186,511	)
Net Unrealized Appreciation	$	625,708

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 16, 2023, 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, 2024.

In addition to the Board meeting on November 16, 2023, 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 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

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

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

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. 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 Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.

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

Nature, Extent and Quality of Services

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

The Board considered the “manager-of-managers”

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

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

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

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

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

Fund Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a

broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser 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.

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 “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 proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the

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

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

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager 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 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date period, the second quintile for the three-year and ten-year periods, the third quintile for the five-year period, and the fourth quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, 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 third 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 below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board

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

took into account that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and three-year periods, the third quintile for the five-year and ten-year periods, and the fifth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date period, the third quintile for the five-year and ten-year periods, and the fifth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date, five-year and ten-year periods, and the fifth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

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

net expense ratio for the Fund, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and three-year periods, the second quintile for the five-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year and five-year periods, the second quintile for the year-to-date and ten-year periods, and the fourth quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of

the one-year period, during which it underperformed.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date, five-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark all periods presented, except the year-to-date and three-year periods, during which it outperformed.

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

ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date, five-year and ten-year periods, and the fourth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year period, the second quintile for the year-to-date and five-year periods, and the fourth quintile for the one-year period;

and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period and the third quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for the year-to-date period and underperformed for the one-year 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.

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

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 below the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

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, 2024.

[This Page Intentionally Left Blank]









































Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286

Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

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

RETIREMENT  \|  INVESTMENTS  \|  INSURANCE

voyainvestments.com	169172 (1123)

(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 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 applicable.

(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 5, 2024

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 5, 2024

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

Date: February 5, 2024