August 1, 2007 ING Investment Management Co.

Exhibit 99.B(d)(5)(v)

August 1, 2007

ING Investment Management Co.

00 Xxxxx Xxxxx Xxxxxx

Hartford, CT 06103-3602

Pursuant to Section 1 of the Sub-Adviser Agreement dated May 9, 2001, as amended, between ING Investments, LLC and ING Investment Management Co. (the “Agreement”) we hereby notify you of our intention to modify the annual sub-adviser fee for ING Principal Protection Fund V, effective August 1, 2007 (the “Fund”).  Upon your acceptance, the Agreement will be modified to give effect to the foregoing by amending the Amended and Restated Schedule A of the Agreement.  The Amended and Restated Schedule A, with the annual sub-advisory fees indicated for each series, is attached hereto.

The Amended and Restated Schedule A has also been updated reflect the name change for ING Principal Protection Fund II and ING Principal Protection Fund III as these funds have entered their respective Index Plus LargeCap Period.

Please signify your acceptance to the modification of the sub-adviser fee for the Funds by signing below where indicated.

Very sincerely,

/s/ Xxxx Xxxxx

Xxxx Xxxxx

Senior Vice President

ING Investments, LLC

ACCEPTED AND AGREED TO:

ING Investment Management Co.

By:	/s/ Xxxxxxx X. Xxxxxx
Name:	Xxxxxxx X. Xxxxxx
Title:	EVP

0000 X. Xxxxxxxxxx Xxxxx Xx.
Scottsdale, AZ 00000-0000 Tel: 000-000-0000
Fax: 000-000-0000
xxx.xxxxxxxx.xxx ING Investments, LLC

AMENDED AND RESTATED
SCHEDULE A

with respect to the

SUB-ADVISER AGREEMENT

between

ING INVESTMENTS, LLC

and

ING INVESTMENT MANAGEMENT CO.

Series		Annual Sub-Adviser Fee
ING Index Plus LargeCap Equity Fund		Index Plus LargeCap Period		0.2025	%
ING Index Plus LargeCap Equity II		Index Plus LargeCap Period		0.2025	%
ING Index Plus LargeCap Equity III		Index Plus LargeCap Period		0.2025	%
ING Principal Protection Fund IV		Offering Phase		0.1250	%
		Guarantee Period		0.3600	%
		Index Plus LargeCap Period		0.2025	%
ING Principal Protection Fund V		Offering Phase		0.1250	%
		Guarantee Period:
		-	Equity Component	0.3600	%
		-	Fixed Component	0.2475	%
		-	ETF & Futures Strategy in lieu of Equity Strategy	0.2475	%
		Index Plus LargeCap Period		0.2025	%
ING Principal Protection Fund VI		Offering Phase		0.1250	%
		Guarantee Period		0.3600	%
		Index Plus LargeCap Period		0.2025	%
ING Principal Protection Fund VII		Offering Phase		0.1125	%
		Guarantee Period		0.3600	%
		Index Plus LargeCap Period		0.2025	%

Series		Annual Sub-Adviser Fee
ING Principal Protection Fund VIII		Offering Phase				0.1125	%
		Guarantee Period:
		-			Equity Component	0.3600	%
		-			Fixed Component	0.2475	%
		-			ETF & Futures Strategy in lieu of Equity Strategy	0.2475	%
		Index Plus LargeCap Period				0.2025	%
ING Principal Protection Fund IX		Offering Phase				0.1125	%
		Guarantee Period:
		-			Equity Component	0.3600	%
		-			Fixed Component	0.2475	%
		-			ETF & Futures Strategy in lieu of Equity Strategy	0.2475	%
		Index Plus LargeCap Period				0.2025	%
ING Principal Protection Fund X		Offering Phase				0.1125	%
		Guarantee Period:
		-		Equity Component		0.3600	%
		-		Fixed Component		0.2475	%
		-		ETF & Futures Strategy in lieu of Equity Strategy		0.2475	%
		Index Plus LargeCap Period				0.2025	%
ING Principal Protection Fund XI		Offering Phase				0.1125	%
		Guarantee Period:
		-	Equity Component			0.3600	%
		-	Fixed Component			0.2475	%
		-	ETF & Futures Strategy in lieu of Equity Strategy			0.2475	%
		Index Plus LargeCap Period				0.2025	%
ING Principal Protection Fund XII		Offering Phase				0.1125	%
		Guarantee Period:
		-	Equity Component			0.3600	%
		-	Fixed Component			0.2475	%
		-	ETF & Futures Strategy in lieu of Equity Strategy			0.2475	%
		Index Plus LargeCap Period				0.2025	%