(d)(2)(iv)

March 1, 2021

Mr. Todd Modic

Senior Vice President

Voya Investments, LLC

7337 E. Doubletree Ranch Rd.

Suite 100

Scottsdale, AZ 85258

Dear Mr. Modic:

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.

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March 1, 2021

Page 2

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

Very sincerely,

By: /s/ Christopher Kurtz

Christopher Kurtz

Vice President, Finance

Voya Investment Management Co. LLC

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: /s/ Todd Modic

Todd Modic

Senior Vice President