May 1, 2015 Voya Variable Funds Suite 100 Scottsdale, AZ 85258 Ladies and Gentlemen:
(d)(4)(i)
May 1, 2015
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Suite 100
Scottsdale, AZ 85258
Ladies and Gentlemen:
By this letter dated May 1, 2015, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC and Voya Variable Funds (the “Agreement”), with respect to Voya Growth and Income Portfolio (the “Portfolio”), a series of Voya Variable Funds. By this letter, we agree to waive that fee for the period from May 1, 2015 through January 1, 2017.
We will waive 0.045% on the first $5 billion of assets and 0.070% on assets in excess of $5 billion of the management fee payable to us for the Portfolio, as reflected in the schedule set forth below.
| Series | Management Fee Waiver (as a percentage of average daily net assets) | |
| Voya Growth and Income Portfolio |
0.045% on first $5 billion; 0.070% on assets in excess of $5 billion | |
Voya Investments, LLC acknowledges that any fees waived during the term of this Agreement 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 Variable Funds.
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May 1, 2015
Page 2
Please indicate your agreement to this reduction in fee by executing below in the place indicated.
| Very sincerely, | ||
| By: | /s/ Xxxx Xxxxx | |
| Xxxx Xxxxx | ||
| Senior Vice President | ||
| Voya Investments, LLC | ||
Agreed and Accepted:
(on behalf of the Portfolio)
| By: | /s/ Xxxxxxxx X. Xxxxxxxx | |
| Xxxxxxxx X. Xxxxxxxx | ||
| Senior Vice President |
