Contract

(d)(2)(iv)

March 1, 2021

Xx. Xxxx Xxxxx

Senior Vice President

Voya Investments, LLC

0000 X. Xxxxxxxxxx Xxxxx Xx.

Suite 100

Scottsdale, AZ 85258

Dear Xx. Xxxxx:

Voya Investments, LLC ("Voya Investments") and Voya Investment Management Co. LLC ("Voya IM") are parties to a Sub-Advisory Agreement dated November 18, 2014, as amended (the "Agreement"), and pursuant to the Agreement, Voya Investments has agreed to pay Voya IM an annual sub-advisory fee of 0.2930% as a percentage of average daily net assets of Voya Multi-Manager International Factors Fund (the "Fund"). By this letter dated March 1, 2021, Voya IM voluntarily waives the annual sub-advisory fee that it is entitled to receive with respect to the Class P shares of the Fund as follows:

Voya IM will waive the sub-advisory fee payable by Voya Investments for a period from March 1, 2021 through March 1, 2022 with respect to the Class P shares of the Fund, such that the new sub-advisory fee rate is 0.00% for the Class P shares of the Fund.

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

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

March 1, 2021

Page 2

Please acknowledge your acceptance of this fee waiver by executing below in the place indicated.

Very sincerely,

By: /s/ Xxxxxxxxxxx Xxxxx

Xxxxxxxxxxx Xxxxx

Vice President, Finance

Voya Investment Management Co. LLC

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: /s/ Xxxx Xxxxx

Xxxx Xxxxx

Senior Vice President