November 18, 2014 Mr. Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258 Dear Mr. Modic:

(d)(3)(iii)

November 18, 2014

Xx. Xxxx Xxxxx

Senior Vice President

Voya Investments, LLC

0000 X. Xxxxxxxxxx Xxxxx Xx.

Suite 100

Scottsdale, AZ 85258

Dear Xx. Xxxxx:

Voya Investments, LLC (“Voya Investments”) and Voya Investment Management Co. LLC (“Voya IM”) are parties to a Sub-Advisory Agreement dated November 18, 2014 (the “Agreement”), and pursuant to the Agreement, Voya Investments has agreed to pay Voya IM an annual sub-advisory fee of 0.225% as a percentage of average daily net assets of Voya Securitized Credit Fund (the “Fund”). By this letter dated November 18, 2014, Voya IM voluntarily waives the annual sub-advisory fee that it is entitled to receive as follows:

Voya IM will waive the sub-advisory fee payable by Voya Investments for a period from November 18, 2014 through August 1, 2016 (the “Wavier Period”) for the Fund, such that the new sub-advisory fee rate is 0.00% for the Fund.

Voya IM acknowledges that any fees waived during the Waiver Period pursuant to this letter shall not be eligible for recoupment at any time in the future.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of Voya Separate Portfolios Trust.

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Voya^TM Investment Management was formerly ING U.S. Investment Management

Please acknowledge your acceptance of this fee waiver by executing below in the place indicated.

		Very sincerely,
By:		/s/ Xxxxxxxxxxx Xxxxx
		Xxxxxxxxxxx Xxxxx
		Vice President, Finance
		Voya Investment Management Co. LLC

ACCEPTED AND AGREED TO:
Voya Investments, LLC
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President