Exhibit (d)(1)(C)(iii)

November 15, 2025

Voya Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Management Fee Waiver

Ladies and Gentlemen:

By this letter dated November 15, 2025, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreements between Voya Investments, LLC (“VIL”) and the trusts listed on Schedule A (the “Trusts”), with respect to relevant funds listed on Schedule A (the “Funds”), as applicable. To the extent that a Fund invests in shares of an exchange-traded fund sponsored, managed or sub-advised by VIL or an affiliate thereof (an “Acquired Fund”), by this letter, we agree to waive the advisory fee we receive for advising the Fund in an amount equal to the unitary fee borne by each Fund in respect of that Fund’s assets invested in an Acquired Fund. We agree that this waiver (the “Waiver”) shall continue for the one-year period following the date of any such Fund’s next registration statement amendment or annual report (for the closed-end funds), as provided in Schedule A. Thereafter, this Waiver shall automatically renew for one-year terms with respect to a Fund, unless the Investment Manager provides written notice of the termination of this Waiver to the Chair of the Board of Trustees/Directors of a Fund within 90 days of the end of the then current term for that Fund and such termination is approved by the Board of Trustees/Directors of that Fund.

This 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.

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

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

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November 15, 2025

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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 Credit Income Fund

Voya Emerging Markets High Dividend Equity Fund

Voya Enhanced Securitized Income Fund

Voya Equity Trust

Voya Funds Trust

Voya Global Advantage and Premium Opportunity Fund

Voya Global Equity Dividend and Premium Opportunity Fund

Voya Infrastructure, Industrials and Materials Fund

Voya Intermediate Bond Portfolio

Voya Investors Trust

Voya Mutual Funds

Voya Partners, Inc.

Voya Separate Portfolios Trust

Voya Variable Funds

Voya Variable Insurance Trust

Voya Variable Portfolios, Inc.

Voya Variable Products Trust

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

November 15, 2025

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Schedule A

| Next Registration | Initial Renewal
Fund | Statement | Date
Update/Annual |
| Update |

Voya Credit Income Fund | February 28, 2026 | February 28, 2027
Voya Emerging Markets High Dividend Equity Fund | February 28, 2026 | February 28, 2027
Voya Enhanced Securitized Income Fund | February 28, 2026 | February 28, 2027
Voya Equity Trust |  |
Voya Corporate Leaders® 100 Fund | September 30, 2025 | September 30. 2026
Voya Global Income & Growth Fund | September 30, 2025 | September 30. 2026
Voya Large-Cap Growth Fund | September 30, 2025 | September 30. 2026
Voya Large Cap Value Fund | September 30, 2025 | September 30. 2026
Voya MI Dynamic Small Cap Fund | September 30, 2025 | September 30. 2026
Voya MI Dynamic SMID Cap Fund | September 30, 2025 | September 30. 2026
Voya MidCap Opportunities Fund | September 30, 2025 | September 30. 2026
Voya Multi-Manager Mid Cap Value Fund | September 30, 2025 | September 30. 2026
Voya Small Cap Growth Fund | September 30, 2025 | September 30. 2026
Voya Funds Trust |  |
Voya GNMA Income Fund | July 31, 2026 | July 31, 2027
Voya High Yield Bond Fund | July 31, 2026 | July 31, 2027
Voya Intermediate Bond Fund | July 31, 2026 | July 31, 2027
Voya Short Duration Bond Fund | July 31, 2026 | July 31, 2027
Voya Short Duration High Income Fund | July 31, 2026 | July 31, 2027
Voya Strategic Income Opportunities Fund | July 31, 2026 | July 31, 2027
Voya VACS Series CB Fund |  |
Voya VACS Series HYB Fund |  |
Voya Global Advantage and Premium Opportunity Fund | February 28, 2026 | February 28, 2027
Voya Global Equity Dividend and Premium Opportunity | February 28, 2026 | February 28, 2027
Fund |  | February 28, 2027
Voya Infrastructure, Industrials and Materials Fund | February 28, 2026
Voya Intermediate Bond Portfolio | May 1, 2026 | May 1, 2027
Voya Investors Trust |  |
Voya Balanced Income Portfolio | May 1, 2026 | May 1, 2027
Voya High Yield Portfolio | May 1, 2026 | May 1, 2027

November 15, 2025

Page 4

| Next Registration | Initial Renewal
Fund | Statement | Date
Update/Annual |
Voya Inflation Protected Bond Plus Portfolio | Update |
May 1, 2026 | May 1, 2027
Voya Large Cap Growth Portfolio | May 1, 2026 | May 1, 2027
Voya Limited Maturity Bond Portfolio | May 1, 2026 | May 1, 2027
Voya U.S. Stock Index Portfolio | May 1, 2026 | May 1, 2027
VY® BlackRock Inflation Protected Bond Portfolio | May 1, 2026 | May 1, 2027
VY® CBRE Global Real Estate Portfolio | May 1, 2026 | May 1, 2027
VY® CBRE Real Estate Portfolio | May 1, 2026 | May 1, 2027
VY® JPMorgan Emerging Markets Equity Portfolio | May 1, 2026 | May 1, 2027
VY® JPMorgan Small Cap Core Equity Portfolio | May 1, 2026 | May 1, 2027
VY® Morgan Stanley Global Franchise Portfolio | May 1, 2026 | May 1, 2027
VY® T. Rowe Price Capital Appreciation Portfolio | May 1, 2026 | May 1, 2027
VY® T. Rowe Price Equity Income Portfolio | May 1, 2026 | May 1, 2027
Voya Mutual Funds |  |
Voya Global Bond Fund | February 28, 2026 | February 28, 2027
Voya Global High Dividend Low Volatility Fund | February 28, 2026 | February 28, 2027
Voya Multi-Manager Emerging Markets Equity Fund | February 28, 2026 | February 28, 2027
Voya Multi-Manager International Equity Fund | February 28, 2026 | February 28, 2027
Voya Multi-Manager International Small Cap Fund | February 28, 2026 | February 28, 2027
Voya Partners, Inc. |  |
Voya Global Bond Portfolio | May 1, 2026 | May 1, 2027
Voya Global Insights Portfolio | May 1, 2026 | May 1, 2027
Voya International High Dividend Low Volatility Portfolio | May 1, 2026 | May 1, 2027
VY® American Century Small-Mid Cap Value Portfolio | May 1, 2026 | May 1, 2027
VY® Baron Growth Portfolio | May 1, 2026 | May 1, 2027
VY® Columbia Contrarian Core Portfolio | May 1, 2026 | May 1, 2027
VY® Columbia Small Cap Value II Portfolio | May 1, 2026 | May 1, 2027
VY® Invesco Comstock Portfolio | May 1, 2026 | May 1, 2027
VY® JPMorgan Mid Cap Value Portfolio | May 1, 2026 | May 1, 2027
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio | May 1, 2026 | May 1, 2027
Voya Separate Portfolios Trust |  |
Voya Investment Grade Credit Fund | July 31, 2026 | July 31, 2027
Voya Securitized Credit Fund | July 31, 2026 | July 31, 2027
Voya Variable Funds |  |
Voya Growth and Income Portfolio | May 1, 2026 | May 1, 2027
Voya Variable Insurance Trust |  |
VY® BrandywineGLOBAL – Bond Portfolio | May 1, 2026 | May 1, 2027
Voya Variable Portfolios, Inc. |  |
Voya Emerging Markets Index Portfolio | May 1, 2026 | May 1, 2027

November 15, 2025

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| Next Registration | Initial Renewal
Fund | Statement | Date
Update/Annual |
Voya Global High Dividend Low Volatility Portfolio | Update |
May 1, 2026 | May 1, 2027
Voya Index Plus LargeCap Portfolio | May 1, 2026 | May 1, 2027
Voya Index Plus MidCap Portfolio | May 1, 2026 | May 1, 2027
Voya Index Plus SmallCap Portfolio | May 1, 2026 | May 1, 2027
Voya International Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Large Cap Growth Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Large Cap Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Large Cap Value Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Mid Cap Growth Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Mid Cap Index Portfolio | May 1, 2026 | May 1, 2027
Voya Russell™ Small Cap Index Portfolio | May 1, 2026 | May 1, 2027
Voya Small Company Portfolio | May 1, 2026 | May 1, 2027
Voya U.S. Bond Index Portfolio | May 1, 2026 | May 1, 2027
Voya Variable Products Trust |  |
Voya MidCap Opportunities Portfolio | May 1, 2026 | May 1, 2027
Voya SmallCap Opportunities Portfolio | May 1, 2026 | May 1, 2027