August 1, 2020 Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258 Dear Mr. Modic:

(d)(5)(ii)

August 1, 2020

▇▇▇▇ ▇▇▇▇▇

Senior Vice President

Voya Investments, LLC

▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇.

Suite 100

Scottsdale, AZ 85258

Dear ▇▇. ▇▇▇▇▇:

Voya Investments, LLC ("Voya Investments") and Voya Investment Management Co. LLC ("Voya IM") are parties to a Sub-Advisory Agreement, dated November 18, 2014 (the "Agreement"), and pursuant to the Agreement, Voya Investments has agreed to pay Voya IM an annual sub-advisory fee of 0.18% as a percentage of average daily net assets of Voya Investment Grade Credit Fund (the "Fund"). By this letter dated August 1, 2020, Voya IM voluntarily waives the annual sub-advisory fee that it is entitled to receive with respect to the Class P shares and Class SMA shares of the Fund as follows:

Voya IM will waive the sub-advisory fee payable by Voya Investments for a period from August 1, 2020 through August 1, 2021 with respect to the Class P shares and Class SMA shares of the Fund, such that the new sub-advisory fee rate is 0.00% for the Class P shares and

Class SMA shares of the Fund.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of Voya Separate Portfolios Trust.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

August 1, 2020

Page 2

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

Very sincerely,

By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇

▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇

Vice President, Finance

Voya Investment Management Co. LLC

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: /s/ ▇▇▇▇ ▇▇▇▇▇

▇▇▇▇ ▇▇▇▇▇

Senior Vice President