October 1, 2011 ING Series Fund, Inc. Suite 100 Scottsdale, AZ 85258-2034

(d)(4)(v)

October 1, 2011

ING Series Fund, Inc.

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By our execution of this letter agreement, intending to be legally bound hereby, ING Investments, LLC (“ING Investments”), the Adviser to ING Core Equity Research Fund and ING Small Company Fund (together, the “Funds”), agrees that ING Investments shall, from October 1, 2011 through and including October 1, 2012, waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Funds shall be as follows:

Name of Fund		Maximum Operating Expense Limit (as a percentage of average net assets)
		Classes
		A				B				C				I				O				W
ING Core Equity Research Fund			1.08	%			1.83	%			1.83	%			0.75	%			1.08	%			0.83	%
ING Small Company Fund			1.50	%			2.25	%			2.25	%			1.04	%			1.50	%			1.25	%

We are willing to be bound by this letter agreement to lower our fees for the period from October 1, 2011 through and including October 1, 2012. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the Expense Limitation Agreement shall apply, subject to possible recoupment by ING Investments within three years. This letter agreement shall terminate upon termination of the Expense Limitation Agreement.

Sincerely,

		/s/ Xxxx Xxxxx
Name:		Xxxx Xxxxx
Title:		Senior Vice President

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx Xxxxx 000 Xxxxxxxxxx, XX 00000-0000                         Tel: 000.000.0000                         Fax: 000.000.0000                          xxx.xxxxxxxx.xxx ING Investments, LLC