December 5, 2016 Mr. Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258 Dear Mr. Modic:

(d)(1)(v)

December 5, 2016

Xx. Xxxx Xxxxx

Senior Vice President

Voya Investments, LLC

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Suite 100

Scottsdale, AZ 85258

Dear Xx. Xxxxx:

Pursuant to the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, as amended, between Voya Mutual Funds (“VMF”) and Voya Investments, LLC (the “Agreement”), we hereby notify you of our intention to retain you as Manager to render investment advisory services to Voya Global Corporate Leaders^® 100 Fund and Voya Global High Dividend Low Volatility Fund (together, the “Funds”), each a newly established series of VMF, effective on December 5, 2016, upon all of the terms and conditions set forth in the Agreement.

Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the Funds to Amended Schedule A of the Agreement. The Amended Schedule A, which indicates the annual investment management fees for the Funds, is attached hereto.

Please signify your acceptance to act as Manager to the aforementioned Funds under the Agreement with respect to the Funds by signing below where indicated.

		Very sincerely,
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx
		Senior Vice President
		Voya Mutual Funds

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

AMENDED SCHEDULE A

with respect to the

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

between

VOYA MUTUAL FUNDS

and

VOYA INVESTMENTS LLC

Series		Effective Date		Annual Investment Management Fee (as a percentage of average daily net assets)
Voya Diversified Emerging Markets Debt Fund		May 1, 2015		0.800% on all assets
Voya Diversified International Fund		May 1, 2015		Direct Investments1 0.400% on assets Underlying Funds2 0.100% on assets
Voya Emerging Markets Equity Dividend Fund		May 1, 2015		1.100% on the first $100 million of assets; 1.000% on the next $150 million of assets; and 0.900% thereafter
Voya Global Bond Fund		May 1, 2015		0.500% on all assets
Voya Global Corporate Leaders® 100 Fund		December 5, 2016		0.500% on all assets
Voya Global Equity Dividend Fund		May 1, 2015		0.800% on the first $500 million of assets; 0.780% on the next $500 million of assets; and 0.760% thereafter

¹  “Direct Investments” shall mean assets which are not Underlying Funds.

²  “Underlying Funds” shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase “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 May 1, 2015.

Series		Effective Date		Annual Investment Management Fee (as a percentage of average daily net assets)
Voya Global Equity Fund (formerly, Voya Global Value Advantage Fund)		Close of business on   May 22, 2015		0.950% on the first $500 million of assets; 0.900% on the next $500 million of assets; and 0.825% thereafter
Voya Global High Dividend Low Volatility Fund		December 5, 2016		0.500% on all assets
Voya Global Perspectives® Fund		May 1, 2015		Direct Investments1 0.400% on assets Underlying Funds2 0.200% on assets
Voya Global Real Estate Fund		May 1, 2015		0.900% of the first $250 million of assets; 0.875% of the next $250 million of assets; and 0.800% thereafter
Voya International Core Fund		May 1, 2015		0.850% on all assets
Voya International Real Estate Fund		May 1, 2015		1.100% on the first $250 million of assets; 1.000% on the next $250 million of assets; and 0.900% thereafter
Voya Multi-Manager Emerging Markets Equity Fund		May 1, 2015		1.100% on all assets
Voya Multi-Manager International Equity Fund		May 1, 2015		0.850% on all assets
Voya Multi-Manager International Small Cap Fund		May 1, 2015		1.100% of the first $500 million of assets; 1.000% of the next $500 million of assets; and 0.950% thereafter
Voya Russia Fund		May 1, 2015		1.350% on all assets

¹  “Direct Investments” shall mean assets which are not Underlying Funds.

²  “Underlying Funds” shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase “family of funds” shall have the same meaning as “fund complex” defined in Item 17 of Form N-1A, as it was in effect on May 1, 2015.