January 1, 2016 Voya Mutual Funds 7337 East Doubletree Ranch Road Suite 100 Scottsdale, AZ 85258-2034

(d)(18)(iii)

January 1, 2016

Voya Mutual Funds
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Suite 100
Scottsdale, AZ  85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement (“ELA”) between Voya Investments, LLC (“VIL”) and Voya Mutual Funds (“VMF”), on behalf of Voya Emerging Markets Equity Dividend Fund (the “Fund”), intending to be legally bound hereby, VIL, the adviser to the Fund, agrees that, from January 1, 2016 through March 1, 2017, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Fund shall be as follows:

		Maximum Operating Expense Limit (as a percentage of average net assets)
		Share Classes
Name of Fund		A		B		C		I		O		W
Voya Emerging Markets Equity Dividend Fund		1.65	%	2.40	%	2.40	%	1.40	%	1.65	%	1.40	%

We are willing to be bound by this letter agreement to lower our fee for the period from January 1, 2016 through March 1, 2017.  The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply. VIL acknowledges that (1) it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed expenses at any time in the future.  This letter agreement shall terminate upon termination of the ELA.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of VMF.

		Sincerely,
		By:	/s/ Xxxx Xxxxx
			Xxxx Xxxxx
			Senior Vice President
			Voya Investments, LLC
Accepted:
By:	/s/ Xxxxxxxx X. Xxxxxxxx
	Xxxxxxxx X. Xxxxxxxx
	Senior Vice President
	Voya Mutual Funds

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