(d)(1)(ii) 

May 1, 2023 

Voya Mutual Funds 

7337 E. Doubletree Ranch Road 

Suite 100 

Scottsdale, AZ 85258-2034 

Re: Management Fee Waiver 

Ladies and Gentlemen: 

By this letter dated May 1, 2023, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC (“VIL”) and Voya Mutual Funds (“VMF”) (the “Agreement”), with respect to Voya Multi-Manager International Factors Fund (the “Fund”), a series of VMF. By this letter, we agree to waive that fee, as indicated in the table below, for the period from May 1, 2023 through March 1, 2025. 

This waiver (the “Waiver”) is “outside” the Fund’s expense limit arrangements under a separate expense limitation agreement (the “ELA”). This means that the Waiver does not reduce the Fund’s net operating expense ratio before the ELA is applied. The Waiver is deducted after the ELA is applied. However, with respect to any share class of the Fund that has a 0.00% expense limit, the Waiver cannot further reduce the 0.00% net expense ratio experienced by shareholders with respect to that share class. 

VIL acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.   

Series	Waiver  (as a percentage of average daily net assets)
Voya Multi-Manager International Factors Fund	0.018%

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

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK 

Please indicate your agreement to this reduction in fee for the aforementioned Fund by signing below where indicated.  

Very sincerely, 

By:/s/ Todd Modic___________ 

Name:Todd Modic 

Title:Senior Vice President 

Voya Investments, LLC  

ACCEPTED AND AGREED TO: 

Voya Mutual Funds 

By: /s/ Kimberly A. Anderson________ 

Name:Kimberly A. Anderson 

Title:Senior Vice President, Duly Authorized