(d)(1)(v)

January 20, 2017

Mr. Todd Modic

Senior Vice President

Voya Investments, LLC

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258

Dear Mr. Modic:

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 modify the annual investment management fee for Voya Multi-Manager International Factors Fund (formerly, Voya International Core Fund, the “Fund”), a series of VMF, effective as of the close of business on January 20, 2017, 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 modified annual investment management fee for the Fund, is attached hereto.

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

			Very sincerely,
		By:	/s/ Kimberly A. Anderson
			Kimberly A. Anderson
			Senior Vice President
			Voya Mutual Funds
ACCEPTED AND AGREED TO:
Voya Investments, LLC
By:	/s/ Todd Modic
Name:	Todd Modic
Title:	Senior Vice President, Duly 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 Investments(1) 0.400% on assets Underlying Funds(2) 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 Investments(1) 0.400% on assets Underlying Funds(2) 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 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 Factors Fund (formerly, Voya International Core Fund)	Close of business on January 20, 2017	0.650% 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.