FOURTH AMENDMENT TO SUB-ADVISORY AGREEMENT BETWEEN ING INVESTMENTS, LLC AND ING INVESTMENT MANAGEMENT CO.

Exhibit 99.B(d)(2)(v)

FOURTH AMENDMENT TO SUB-ADVISORY AGREEMENT

BETWEEN ING INVESTMENTS, LLC

AND ING INVESTMENT MANAGEMENT CO.

This Fourth Amendment, effective as of  April 4, 2008, amends the Amended Sub-Advisory Agreement (the “Agreement”) dated the 1st day of March 2002, as amended, between ING Investments, LLC, an Arizona limited liability company (the “Manager”), and ING Investment Management Co., with respect to ING Series Fund, Inc.

W I T N E S S E T H

WHEREAS, the parties desire to amend the Agreement and agree that the amendment will be effective as of April 4, 2008.

NOW, THEREFORE, the parties agree as follows:

1.             That portion of Schedule A (the fee schedule) applying with respect to the Strategic Allocation Conservative Fund, the Strategic Allocation Growth Fund, and the Strategic Allocation Moderate Fund, each a Series of ING Series Fund, Inc., is hereby deleted and replaced with the Schedule A attached hereto.  “Direct Investments” shall mean assets which are not shares of open-end investment companies registered under the 1940 Act.  “Underlying Funds” shall mean open-end investment companies registered under the 1940 Act.  “ADNA” shall mean the average daily net assets of the Fund.

2.             In all other respects, the Agreement is hereby confirmed and remains in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year first above written.

	ING INVESTMENTS, LLC
	By:	/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
	ING INVESTMENT MANAGEMENT CO.
	By:	/s/ Xxxxxxx Xxxxxxx
		Xxxxxxx Xxxxxxx
		Senior Vice President