November 18, 2022 Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258-2034 Dear Mr. Modic:

(d)(1)(iv)

November 18, 2022

Xxxx Xxxxx

Senior Vice President

Voya Investments, LLC

0000 X. Xxxxxxxxxx Xxxxx Xxxx

Suite 100

Scottsdale, AZ 85258-2034

Dear Xx. Xxxxx:

Pursuant to the Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Mutual Funds ("VMF") and Voya Investments, LLC (the "Agreement"), we hereby notify you of our intention to retain you as Manager to render investment advisory services to Voya VACS Series EME Fund (the "Fund"), a newly established series of VMF, effective on November 18, 2022, upon all of the terms and conditions set forth in the Agreement.

Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the Fund to the Amended Schedule A of the Agreement. The Amended Schedule A, which indicates the annual management fee rate for the Fund, is attached hereto.

Please signify your acceptance to act as Manager under the Agreement with respect to the aforementioned Fund by signing below where indicated.

Very sincerely,

By: /s/ Xxxxxxxx X. Xxxxxxxx_________

Name: Xxxxxxxx X. Xxxxxxxx

Title: Senior Vice President

Voya Mutual Funds

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: /s/ Xxxx Xxxxx__________________

Name: Xxxx Xxxxx

Title: Senior Vice President, Xxxx Authorized

AMENDED SCHEDULE A

with respect to the

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

		between
		VOYA MUTUAL FUNDS
		and
	VOYA INVESTMENTS, LLC
Series		Annual Investment Management Fee
		(as a percentage of average daily net assets)
Voya Global Bond Fund		0.500% on all assets
		Direct Investments1
Voya Global Diversified		0.400% on assets
	Payment Fund		Underlying Funds2
		0.180% on assets
Voya Global High Dividend		0.500% on all assets
Low Volatility Fund

1"Direct Investments" is an investment in a financial instrument issued by an issuer that is not a part of the Voya family of funds, including, but not limited to: a security issued by an investment company that is not a part of the Voya family of funds, including exchange traded funds; a security issued by a non-mutual fund issuer, such as an operating company; and derivative instruments other than call options written by Voya Investment Management Co. LLC. The phrase "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

2"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

A-1

	Series	Annual Investment Management Fee
		(as a percentage of average daily net assets)
		Direct Investments1
	Voya Global Perspectives®	0.400% on assets
		Fund	Underlying Funds2
		0.200% on assets
	Voya International High	0.500% on all assets
	Dividend Low Volatility Fund
		Voya Multi-Manager	Actively Managed Assets3
	1.100% on assets
	Emerging Markets Equity	Passively Managed Assets4
	Fund
		0.700% on assets
	Voya Multi-Manager	0.850% on all assets
	International Equity Fund
		Voya Multi-Manager	0.650% on all assets
	International Factors Fund
		Voya Multi-Manager	1.000% of the first $500 million of assets;
	0.950% of the next $500 million of assets; and
		International Small Cap Fund
	0.900% thereafter
		Voya Russia Fund	1.350% on all assets
	Voya VACS Series EME Fund	0.00% on all assets

Effective Date: November 18, 2022, to reflect the addition of Voya VACS Series EME Fund.

1"Direct Investments" shall mean assets which are not Underlying Funds.

2"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

3"Actively Managed Assets" shall mean assets which are not "Passively Managed Assets."

4"Passively Managed Assets" shall mean assets which are managed with a goal of replicating an index.

A-2