FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT VOYA SERIES FUND, INC.

Exhibit 99.B(d)(2)(i)

FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT

VOYA SERIES FUND, INC.

This First Amendment, effective as of November 30, 2015, amends the Sub-Advisory Agreement (the “Agreement”), dated November 18, 2014, between Voya Investments, LLC, an Arizona limited liability company (the “Manager”), and Voya Investment Management Co. LLC, a Delaware limited liability company (the “Sub-Adviser”).

W I T N E S S E T H

WHEREAS, the parties desire to amend the Agreement and agree that the amendment will be effective as of November 30, 2015.

NOW, THEREFORE, the parties agree as follows:

1. The Amended Schedule A of the Agreement is hereby deleted and replaced with the Amended Schedule A attached hereto in order to modify the Annual Sub-Advisory Fee for Voya Capital Allocation Fund.

2. Capitalized terms used in this Amendment and not otherwise defined shall have the meanings ascribed to them in the Agreement.

3. In all other respects, the Agreement is hereby confirmed and remains in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year first above written.

	VOYA INVESTMENTS, LLC
	By:	/s/ ▇▇▇▇ ▇▇▇▇▇
		▇▇▇▇ ▇▇▇▇▇
		Senior Vice President
	VOYA INVESTMENT MANAGEMENT CO. LLC
	By:		/s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
	Name:		▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
	Title:		VP Finance

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AMENDED SCHEDULE A

with respect to the

SUB-ADVISORY AGREEMENT

between

VOYA INVESTMENTS, LLC

and

VOYA INVESTMENT MANAGEMENT CO. LLC

Series		Effective Date		Annual Sub-Advisory Fee (as a percentage of average daily net assets)
Voya Capital Allocation Fund		November 30, 2015		Direct Investments(1) 0.3600% on first $500 million; 0.3490% on next $500 million; 0.3380% on next $500 million; 0.3260% on next $500 million; and 0.3150% over $2 billion Unaffiliated Funds/ETFs(2) and Derivatives 0.1350% Underlying Funds(3) 0.0200%

(1) “Direct Investments” shall mean assets which are not Underlying Funds, Unaffiliated Funds/ETFs or Derivatives.

(2) “Unaffiliated Funds/ETFs” shall mean investment companies, including exchange traded funds, that are not within the Voya family of funds. The term “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 on November 18, 2014.

(3) “Underlying Funds” shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds.  The term “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 on November 18, 2014.

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Series		Effective Date		Annual Sub-Advisory Fee (as a percentage of average daily net assets)
Voya Corporate Leaders 100 Fund		November 18, 2014		0.1800% on all assets
Voya Global Target Payment Fund		November 18, 2014		Direct Investments(4) 0.1350% Underlying Funds(5) 0.0360%
Voya Mid Cap Value Advantage Fund		November 18, 2014		0.2030% on first $500 million; 0.1910% on next $250 million; 0.1800% on next $1.25 billion; and 0.1690% over $2 billion
Voya Money Market Fund		November 18, 2014		0.1800% on first $500 million; 0.1580% on next $500 million; 0.1530% on next $1 billion; 0.1490% on next $1 billion; and 0.1350% over $3 billion
Voya Small Company Fund		November 18, 2014		0.3830% on first $250 million; 0.3600% on next $250 million; 0.3490% on next $250 million; 0.3380% on next $1.25 billion; and 0.3260% over $2 billion

(4) “A Direct Investment 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 term “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 on November 18, 2014.

(5) “Underlying Funds” shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds.  The term “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 on November 18, 2014.

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