Contract

(d)(1)(v)

AMENDED SCHEDULE B

with respect to the

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

between

VOYA MUTUAL FUNDS

and

VOYA INVESTMENTS, LLC

EXCLUDED SERVICES

As set forth in Section 2 of this Agreement, the direct provision of the following services shall be deemed to be outside the scope of this Agreement.

1.Underwriting or distribution services of the sort provided by the underwriter or distributor to a Series

2.Distribution or shareholder services provided to a Series pursuant to a plan, whether or not adopted under Rule 12b-1 promulgated under the 1940 Act

3.Custody services such as those currently provided by The Bank of New York Mellon and State Street Bank

4.Fund accounting services of the sort currently provided by The Bank of New York Mellon and State Street Bank, inclusive of pricing services utilized by the fund accounting agents

5.Transfer agency and recordkeeping services provided by various brokers/dealers and other intermediaries

6.Transfer agency services such as those currently provided by The Bank of New York Mellon and Computershare Limited

7.Printing and postage for shareholder reports, prospectuses and statements of additional information such as is currently provided by Xxxxxxx Corporation, Universal Wilde, XX Xxxxxxxxx & Sons Company and Broadridge Financial Solutions, Inc.

8.External counsel and legal services such as those currently provided to the Trust or to the Independent Trustees by Ropes & Gray LLP and K&L Gates LLP

9.Audits and semi-annual reviews of financial statements, prospectuses and Form N-14 filings such as those currently provided by Xxxxx & Young LLP

10.Tax consulting services, review of tax compliance and other tax services such as those currently provided by Xxxxx & Young LLP

11.Fair value pricing services such as those currently provided by ICE Data Pricing & Reference Data, LLC

B-1

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12.Proxy tabulation and solicitation services related to shareholder meetings for a Series, such as those currently provided by Broadridge Financial Solutions, Inc. and/or Computershare Limited

13.Identifying and tracking services for wash sales activity such as those currently provided by Gainskeeper (Wolters Kluwer Financial Services, Inc.)

14.Brokerage services

15.Attribution and risk analysis services provided in support of the Chief Investment Risk Officer such as those currently provided by the Bank of New York-Wilshire Atlas/Axiom Attribution and Risk Analysis System

16.Recordkeeping services related to the Director/Trustee deferred compensation plan such as those currently provided by Pen-Cal Administrators

17.Call center services related to phone representatives that service existing fund shareholders of record such as those currently provided by The Bank of New York Mellon Services

18.Consultants hired at the request of the Board of Directors/Trustees to advise them

19.Administrative Services that are not reasonably necessary for the ordinary operation of each Series as of January 1, 2015, but that may be required in the future

B-2

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AMENDED SCHEDULE C

with respect to the

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

between

VOYA MUTUAL FUNDS

and

VOYA INVESTMENTS, LLC

EXPENSES

EXPENSE

CURRENT

% Borne

#

ITEM

VENDORS

DESCRIPTION

by Manager

ALLOCATION NOTE

Allocated Expenses

1

General Services

Ernst & Young LLP

Affiliated sub-custodian

50%

(17f-2 Audit Fees)

account test work

Fund Accounting/

Industry Classification for

2

Financial

Xxxxxx Xxxxxxx GICS

equity securities for

50%

Voya funds' portion is limited

Reporting

Direct License

financial reporting

to a maximum of $40,000.

Services

purposes

Fund Accounting/

Aggregated benchmark

data (returns). Data is used

Financial

RIMES Technologies

3

in Voya funds' annual and

60%

Reporting

Corporation

semi-annual reports and

Services

prospectuses.

Proxy Voting

Institutional

Proxy Advisory Services

4

Shareholder Services

50%

Services

and Voting Agent Service

(ISS, Inc.)

Bloomberg /

Allocation to the Voya funds

Morningstar / NYSE /

Market Data Service

is based on Board

5

Finance Services

Strategic Insight /

Providers (Non-XXXX

95%

usage/subscriptions. Only

Institutional Investor /

usage)

actual Board usage costs are

Etc.

allocated to the Voya funds.

Voya funds' portion is limited

Industry

Investment Company

to a maximum of the fee paid

6

General membership fees

90%

by the Voya funds for Mutual

Association Dues

Institute

Funds Directors Forum

membership.

C-1

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Allocated Expenses, continued

7

Chief Investment

Chief Investment Risk

Costs associated with the

40%

Overhead2

items are allocable

Risk Officer1

Officer (XXXX)

XXXX function

to the Manager.

Chief Compliance

Office of the Chief

Overhead2

items are allocable

8

Compliance Officer

CCO Function

0%

Officer1

to the Manager.

(CCO)

Voya Expenses

Software application to

9

General Services

Confluence

assist in monitoring the

100%

budgets and the accruals of

expenses of mutual funds.

Electronic system for

calculation of fund fees

10

General Services

Bonaire

and payments to sub-

100%

advisers. Annual license

cost.

Electronic system for Fund

Compliance - monthly

11

Fund Compliance

Albridge

compliance checklist

100%

process. Annual license

cost.

12

Fund Compliance

Bank of New York

Money Market Stress

100%

Testing

Institutional

Securities Class Action

13

Fund Accounting

Shareholder Services

100%

Service – (SCAS)

(ISS, Inc.)

Proxy Voting

Institutional

US & Global Custom

14

Shareholder Services

Voting Agent Services /

100%

Services

(ISS, Inc.)

Vote Disclosure Services

15

Operational

Eagle Pace

Fund Data Warehouse -

100%

Services

Annual License Agreement

The Bank of New

Product

York- Wilshire

16

Management/

Atlas/Axiom

Attribution Analysis

100%

Development

Attribution and Risk

Services

Analysis System -

Voya Use

1

2

XXXX and CCO costs are considered "extraordinary expenses" and are therefore excluded from expenses that are subject to the Funds' Expense Limitation Agreements.

Overhead includes the costs associated with the following items; technology (except for Market Data Services and any IT Software expenses that are for the sole use of the XXXX or CCO); facilities; equipment; printing; and postage.

C-2

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Voya Expenses, continued

External counsel and legal

17

Legal Services

Dechert LLP (External

services provided to Voya

100%

Legal Fees)

regarding Advisory/

Administrative Matters

Voya Funds Services,

Legal services for

Management and the Voya

18

Legal Services

LLC (Internal Legal

100%

funds performed by

Fees)

Internal Legal Staff

Online Board Document

19

Legal Services

Diligent Boardbooks

Management System for

100%

Board Meeting Materials

Content Management

20

Legal Services

ARC System

System for Registration

100%

Statement Production

21

Legal Services

Xxxx Xxxxx

Trade Cost Analysis

100%

22

Legal Services

Board IQ / Ignites

Industry Publications

100%

23

Advisory Services

Manager or Sub-

100%

Adviser

C-3

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