AMENDMENT NO. 1 TO INVESTMENT ADVISORY AGREEMENT (LB Series Fund, Inc.)

AMENDMENT NO. 1

TO INVESTMENT ADVISORY AGREEMENT

(LB Series Fund, Inc.)

Amendment No. 1 to INVESTMENT SUBADVISORY AGREEMENT dated as of January 1, 2002, by and among Thrivent Financial for Lutherans (f/k/a Aid Association for Lutherans)(“Adviser”), Thrivent Series Fund, Inc. (f/k/a LB Series Fund, Inc.)(the “Fund”) and X. Xxxx Price Associates, Inc. (the “Agreement”).

The Agreement is hereby amended, effective as of May 1,2004, as follows:

1. Pursuant to Section II of the Agreement, the following portfolio of the Fund shall be a “Portfolio” under the Agreement:

Thrivent Partner Small Cap Value Portfolio

2. Schedule 1 to the Agreement is hereby deleted in its entirety and replaced with Exhibit A to this Amendment.

Except as modified herein, all terms and conditions of the Agreement remain in full force and effect.

THRIVENT FINANCIAL FOR LUTHERANS
By:		/s/ Xxxxx X. Xxxxxxxxx
Name:		Xxxxx X. Xxxxxxxxx
Title:		President and Chief Executive Officer
LB SERIES FUND, INC.
By:		/s/ Xxxxxx X. Xxxxx
Name:		Xxxxxx X. Xxxxx
Title:		President
X. XXXX PRICE ASSOCIATES, INC.
By:		/s/ Xxxxxxx X. Xxxxxx
Name:		Xxxxxxx X. Xxxxxx
Title:		Vice President

EXHIBIT A

Schedule I

Dated as of May 1, 2004

Subadvisory Fees

Thrivent Partner Growth Stock Portfolio

(Formerly called TRP Growth Stock Portfolio)

Average Daily Net Assets		Annual Rate
$0 - $500       million		0.40	%
Above $500 million		0.35	%

Thrivent Partner Small Cap Value Portfolio

Average Daily Net Assets		Annual Rate
All Assets		0.60	%