January 1, 2016 Mr. Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258

(d)(1)(ii)

January 1, 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 Amended and Restated Investment Management Agreement, dated May 1, 2015, as amended, between Voya Variable Funds and Voya Investments, LLC (the “Agreement”), we hereby notify you of our intention to modify the breakpoints to the annual management fee for Voya Growth and Income Portfolio (the “Portfolio”), effective on January 1, 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 amending Schedule A of the Agreement. The Amended Schedule A, which indicates the modified breakpoints to the annual management fee for the Portfolio, is attached hereto.

Please signify your acceptance to the modified breakpoints to the annual management fee for the aforementioned Portfolio by signing below.

		Very sincerely,
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx Senior Vice President Voya Variable 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 VARIABLE FUNDS

and

VOYA INVESTMENTS, LLC

Series		Effective Date		Annual Management Fee (as a percentage of average daily net assets)
Voya Growth and Income Portfolio		January 1, 2016		0.600% on first $5 billion of assets; 0.550% on next $5 billion of assets; and 0.525% thereafter