July 31, 2019 Christopher Kurtz Vice President, Finance Voya Investment Management Co. LLC One Orange Way, C1-N Windsor, CT 06095 Dear Mr. Kurtz:

(d)(5)(iii)

July 31, 2019

Xxxxxxxxxxx Xxxxx

Vice President, Finance

Voya Investment Management Co. LLC

One Orange Way, C1-N

Windsor, CT 06095

Dear Xx. Xxxxx:

Pursuant to the Sub-Advisory Agreement, effective as of November 18, 2014, as amended (the “Agreement”), between Voya Investments, LLC and Voya Investment Management Co. LLC, we hereby notify you of our intention to modify the annual sub-adviser fee rate for Voya Short Term Bond Fund (the “Fund”), effective on July 31, 2019, 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 the Amended Schedule A of the Agreement.  The Amended Schedule A, which indicates the annual sub-adviser fee rate for the Fund, is attached hereto.

Please signify your acceptance to the modified sub-adviser fee rate for the Fund by signing below where indicated.

	Very sincerely,
	By:	/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
		Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Investment Management Co. LLC

By:	/s/ Xxxxxxxxxxx Xxxxx
Name:	Xxxxxxxxxxx Xxxxx
Title:	VP Finance

AMENDED SCHEDULE A

with respect to the

SUB-ADVISORY AGREEMENT

between

VOYA INVESTMENTS, LLC

and

VOYA INVESTMENT MANAGEMENT CO. LLC

Series		Effective Date		Annual Sub-Advisory Fee (as a percentage of average daily assets allocated to the Sub-Adviser)
Voya Floating Rate Fund		November 18, 2014		0.2475%
Voya GNMA Income Fund		January 1, 2018		0.2115% on first $1 billion; 0.1800% on next $500 million; and 0.1575% on assets thereafter
Voya High Yield Bond Fund		November 18, 2014		0.2295% on first $1 billion; 0.2025% on next $4 billion; and 0.1800% on assets thereafter
Voya Intermediate Bond Fund		November 18, 2014		0.0765%
Voya Short Term Bond Fund		July 31, 2019		0.0675%
Voya Strategic Income Opportunities Fund		February 1, 2018		0.1800%

Effective date: July 31, 2019, in connection with a modification to the sub-advisory fee rate for Voya Short Term Bond Fund.