1
To
the
Board
of
Directors
of
Thrivent
Series
Fund,
Inc.
and
Shareholders
of
each
of
the
thirty-two
funds
listed
in
Appendix
A
In
planning
and
performing
our
audits
of
the
financial
statements
of
the
funds
listed
in
Appendix
A
(constituting
Thrivent
Series
Fund,
Inc.,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
and
for
the
periods
ended
December
31,
2020,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB),
we
considered
the
Funds’
internal
control
over
financial
reporting,
including
controls
over
safeguarding
securities,
as
a
basis
for
designing
our
auditing
procedures
for
the
purpose
of
expressing
our
opinion
on
the
financial
statements
and
to
comply
with
the
requirements
of
Form
N-CEN,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
do
not
express
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
The
management
of
the
Funds
is
responsible
for
establishing
and
maintaining
effective
internal
control
over
financial
reporting.
In
fulfilling
this
responsibility,
estimates
and
judgments
by
management
are
required
to
assess
the
expected
benefits
and
related
costs
of
controls.
A
company’s
internal
control
over
financial
reporting
is
a
process
designed
to
provide
reasonable
assurance
regarding
the
reliability
of
financial
reporting
and
the
preparation
of
financial
statements
for
external
purposes
in
accordance
with
generally
accepted
accounting
principles.
A
company’s
internal
control
over
financial
reporting
includes
those
policies
and
procedures
that
(1)
pertain
to
the
maintenance
of
records
that,
in
reasonable
detail,
accurately
and
fairly
reflect
the
transactions
and
dispositions
of
the
assets
of
the
company;
(2)
provide
reasonable
assurance
that
transactions
are
recorded
as
necessary
to
permit
preparation
of
financial
statements
in
accordance
with
generally
accepted
accounting
principles,
and
that
receipts
and
expenditures
of
the
company
are
being
made
only
in
accordance
with
authorizations
of
management
and
directors
of
the
company;
and
(3)
provide
reasonable
assurance
regarding
prevention
or
timely
detection
of
unauthorized
acquisition,
use
or
disposition
of
a
company’s
assets
that
could
have
a
material
effect
on
the
financial
statements.
Because
of
its
inherent
limitations,
internal
control
over
financial
reporting
may
not
prevent
or
detect
misstatements.
Also,
projections
of
any
evaluation
of
effectiveness
to
future
periods
are
subject
to
the
risk
that
controls
may
become
inadequate
because
of
changes
in
conditions,
or
that
the
degree
of
compliance
with
the
policies
or
procedures
may
deteriorate.
A
deficiency
in
internal
control
over
financial
reporting
exists
when
the
design
or
operation
of
a
control
does
not
allow
management
or
employees,
in
the
normal
course
of
performing
their
assigned
functions,
to
prevent
or
detect
misstatements
on
a
timely
basis.
A
material
weakness
is
a
deficiency,
or
a
combination
of
deficiencies,
in
internal
control
over
financial
reporting,
such
that
there
is
a
reasonable
possibility
that
a
material
misstatement
of
the
company’s
annual
or
interim
financial
statements
will
not
be
prevented
or
detected
on
a
timely
basis.
Our
consideration
of
the
Funds’
internal
control
over
financial
reporting
was
for
the
limited
purpose
described
in
the
first
paragraph
and
would
not
necessarily
disclose
all
deficiencies
in
internal
control
over
financial
reporting
that
might
be
material
weaknesses
under
standards
established
by
the
PCAOB.
However,
we
noted
no
deficiencies
in
the
Funds’
internal
control
over
financial
reporting
and
its
operation,
including
controls
over
safeguarding
securities,
that
we
consider
to
be
material
weaknesses
as
defined
above
as
of
December
31,
2020.
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
F:
(612)
373
7160,
www.pwc.com/us
Report
of
Independent
Registered
Public
Accounting
Firm
2
This
report
is
intended
solely
for
the
information
and
use
of
the
Board
of
Directors
of
Thrivent
Series
Fund,
Inc.
and
the
Securities
and
Exchange
Commission
and
is
not
intended
to
be
and
should
not
be
used
by
anyone
other
than
these
specified
parties.
February
18,
2021
3
Appendix
A
Fund
Period
Thrivent
Aggressive
Allocation
Portfolio
Year
ended
December
31,
2020
Thrivent
All
Cap
Portfolio
Year
ended
December
31,
2020
Thrivent
Balanced
Income
Plus
Portfolio
Year
ended
December
31,
2020
Thrivent
Diversified
Income
Plus
Portfolio
Year
ended
December
31,
2020
Thrivent
ESG
Index
Portfolio
April
29,
2020
(commencement
of
operations)
through
December
31,
2020
Thrivent
Global
Stock
Portfolio
Year
ended
December
31,
2020
Thrivent
Government
Bond
Portfolio
Year
ended
December
31,
2020
Thrivent
High
Yield
Portfolio
Year
ended
December
31,
2020
Thrivent
Income
Portfolio
Year
ended
December
31,
2020
Thrivent
International
Allocation
Portfolio
Year
ended
December
31,
2020
Thrivent
International
Index
Portfolio
April
29,
2020
(commencement
of
operations)
through
December
31,
2020
Thrivent
Large
Cap
Growth
Portfolio
Year
ended
December
31,
2020
Thrivent
Large
Cap
Index
Portfolio
Year
ended
December
31,
2020
Thrivent
Large
Cap
Value
Portfolio
Year
ended
December
31,
2020
Thrivent
Limited
Maturity
Bond
Portfolio
Year
ended
December
31,
2020
Thrivent
Low
Volatility
Equity
Portfolio
Year
ended
December
31,
2020
Thrivent
Mid
Cap
Growth
Portfolio
April
29,
2020
(commencement
of
operations)
through
December
31,
2020
Thrivent
Mid
Cap
Index
Portfolio
Year
ended
December
31,
2020
Thrivent
Mid
Cap
Stock
Portfolio
Year
ended
December
31,
2020
4
Thrivent
Mid
Cap
Value
Portfolio
April
29,
2020
(commencement
of
operations)
through
December
31,
2020
Thrivent
Moderate
Allocation
Portfolio
Year
ended
December
31,
2020
Thrivent
Moderately
Aggressive
Allocation
Portfolio
Year
ended
December
31,
2020
Thrivent
Moderately
Conservative
Allocation
Portfolio
Year
ended
December
31,
2020
Thrivent
Money
Market
Portfolio
Year
ended
December
31,
2020
Thrivent
Multidimensional
Income
Portfolio
Year
ended
December
31,
2020
Thrivent
Opportunity
Income
Plus
Portfolio
Year
ended
December
31,
2020
Thrivent
Partner
Emerging
Markets
Equity
Portfolio
Year
ended
December
31,
2020
Thrivent
Partner
Healthcare
Portfolio
Year
ended
December
31,
2020
Thrivent
Real
Estate
Securities
Portfolio
Year
ended
December
31,
2020
Thrivent
Small
Cap
Growth
Portfolio
Year
ended
December
31,
2020
Thrivent
Small
Cap
Index
Portfolio
Year
ended
December
31,
2020
Thrivent
Small
Cap
Stock
Portfolio
Year
ended
December
31,
2020