thrivent flexible premium deferred variable annuity · 2020-04-30 · thrivent variable annuity...

THRIVENT FLEXIBLE PREMIUMDEFERRED VARIABLE ANNUITY

Issued by Thrivent Life Insurance Company, formerly LBVIP,between 2/18/1988 and 4/30/2003.Thrivent replaced Thrivent Life as the issuer on July 1, 2019.

ProspectusesApril 30, 2020Thrivent Variable Annuity Account CThrivent Series Fund, Inc.

Thrivent Series Fund, Inc.

Supplement to Prospectus andThrivent Partner Growth Stock Portfolio Summary Prospectus

each dated April 30, 2020

The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Growth StockPortfolio (the “Target Portfolio”) into Thrivent Large Cap Growth Portfolio. The merger is subject to approval bycontractholders of the Target Portfolio at a special meeting of contractholders to be held on or about August 24,2020. The merger, if approved by contractholders, will occur on or about August 31, 2020. The Target Portfolioand its corresponding subaccount will be closed as new investment selections at the end of the day on July 17,2020. If you already invest in a subaccount corresponding to the Target Portfolio, you can continue to invest inthe subaccount until the merger has been completed.

The date of this Supplement is June 24, 2020.

Please include this Supplement with your Prospectus.

36049

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE INSURANCE ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT I

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to the Prospectus

dated April 30, 2020

with respect to

Thrivent Partner Growth Stock Portfolio

The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Growth Stock

Portfolio (the “Target Portfolio”) into Thrivent Large Cap Growth Portfolio. The merger is subject to approval

by contractholders of the Target Portfolio at a special meeting of contractholders to be held on or about August

24, 2020. The merger, if approved by contractholders, will occur on or about August 31, 2020. The Target

Portfolio and its corresponding subaccount will be closed as new investment selections at the end of the day on

July 17, 2020. If you already invest in a subaccount corresponding to the Target Portfolio, you can continue to

invest in the subaccount until the merger has been completed.

The date of this Supplement is June 24, 2020.

36049A


Supplement toProspectus and Thrivent Partner Healthcare Portfolio Summary Prospectus,


1. Xiang Liu, PhD and Jeff Lee joined Erin Xie, PhD as portfolio co-managers of Thrivent PartnerHealthcare Portfolio in June 2020. The following replaces similar information for Thrivent PartnerHealthcare Portfolio found in the “Summary Section” under the heading “Portfolio Manager(s)” and inthe “Management of the Portfolios” section under the heading “Portfolio Management”:

Erin Xie, PhD, Xiang Liu, PhD, and Jeff Lee are jointly and primarily responsible for theday-to-day management of the Portfolio. Dr. Xie, Managing Director of BlackRock, Inc.(“BlackRock”), has served as a portfolio manager of the Portfolio since September 2017. Dr. Xiehas been a Managing Director of BlackRock since 2006 and joined BlackRock as a Director in2005. Prior to joining BlackRock, Dr. Xie was a Senior Vice President of State Street Research &Management from 2001 to 2005. Dr. Liu, Director of BlackRock, has served as a portfoliomanager of the Portfolio since June 2020. Dr. Liu has been a Director of Black Rock since 2016and joined BlackRock in 2008 as a Vice President in 2005. Mr. Lee, Vice President of BlackRock,has served as a portfolio manager of the Portfolio since June 2020. Mr. Lee has been a VicePresident of BlackRock since joining BlackRock in 2011. Prior to joining BlackRock, Mr. Leewas an analyst of Duquesne Capital Management from 2008 to 2010.

2. Thrivent Partner Healthcare Portfolio currently is considered to be diversified within the meaning ofthe 1940 Act.

Accordingly, the third sentence under “Principal Strategies” for Thrivent Partner Healthcare Portfolioin the “Summary Section” is deleted and replaced with the following: “The Portfolio invests primarilyin equity securities of both U.S. and non-U.S. companies (including American Depositary Receipts andissuers in emerging markets).”

Non-Diversified Risk is deleted from the “Principal Risks” for Thrivent Partner Healthcare Portfolio inthe “Summary Section.”

The date of this Supplement is July 24, 2020.

Please include this Supplement with your Prospectus or Summary Prospectus.

36079


Supplement to theProspectuses, Summary Prospectuses and Statement of Additional Information,

each dated April 30, 2020Thrivent Aggressive Allocation PortfolioThrivent Moderate Allocation Portfolio

Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation Portfolio

Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Portfolio

Thrivent Global Stock PortfolioThrivent International Allocation Portfolio

(the “Portfolios”)

Thrivent and the Portfolios are deeply saddened to share that Darren M. Bagwell, a portfolio co-manager of thePortfolios, recently passed away. Thrivent and the Portfolios’ Directors mourn his passing and extend our deepestcondolences to his loved ones.

All references to Mr. Bagwell are hereby deleted from the Prospectus, Summary Prospectus and Statement ofAdditional Information for each Portfolio. No other changes to the current portfolio management teams areanticipated at this time.

The date of this Supplement is August 4, 2020.

Please include this Supplement with your Prospectus, Summary Prospectus and Statement ofAdditional Information.

36129


Supplement to Prospectus andThrivent Partner Growth Stock Portfolio Summary Prospectus


Contractholders of Thrivent Partner Growth Stock Portfolio (the “Target Portfolio”) recently approved themerger of the Target Portfolio into Thrivent Large Cap Growth Portfolio (the “Acquiring Portfolio”). The mergerwill occur on or about August 31, 2020. In connection with the merger, each investment in the Target Portfoliowill automatically be transferred into the Acquiring Portfolio and the Target Portfolio will dissolve. Followingthe closing of the merger, all references to the Target Portfolio will be deleted from the prospectus.


Please include this Supplement with your Prospectus or Summary Prospectus.

36132

THRIVENT VARIABLE LIFE ACCOUNT ITHRIVENT VARIABLE INSURANCE ACCOUNT ATHRIVENT VARIABLE INSURANCE ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT ITHRIVENT VARIABLE ANNUITY ACCOUNT IITHRIVENT VARIABLE ANNUITY ACCOUNT ATHRIVENT VARIABLE ANNUITY ACCOUNT BTHRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to Prospectuseach dated April 30, 2020

with respect toThrivent Partner Growth Stock Portfolio

Contractholders of Thrivent Partner Growth Stock Portfolio (the “Target Portfolio”) recently approvedthe merger of the Target Portfolio into Thrivent Large Cap Growth Portfolio (the “AcquiringPortfolio”). The merger will occur on or about August 31, 2020. In connection with the merger, eachinvestment in the Target Portfolio will automatically be transferred into the Acquiring Portfolio and theTarget Portfolio will dissolve. Following the closing of the merger, all references to the TargetPortfolio will be deleted from the prospectus.


Please include this Supplement with your Prospectus.

36132A

TABLE OF CONTENTS

Product Prospectus

Thrivent Variable Annuity Account C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Summary Prospectuses

Thrivent Aggressive Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-1

Thrivent All Cap Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-7

Thrivent Balanced Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-11

Thrivent Diversified Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-18

Thrivent ESG Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-25

Thrivent Global Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-29

Thrivent Government Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-34

Thrivent High Yield Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-39

Thrivent Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-44

Thrivent International Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-49

Thrivent International Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-54

Thrivent Large Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-58

Thrivent Large Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-62

Thrivent Large Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-66

Thrivent Limited Maturity Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-70

Thrivent Low Volatility Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-75

Thrivent Mid Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-80

Thrivent Mid Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-84

Thrivent Mid Cap Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-88

Thrivent Mid Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-92

Thrivent Moderate Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-96

Thrivent Moderately Aggressive Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-102

Thrivent Moderately Conservative Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-108

Thrivent Money Market Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-115

Thrivent Multidimensional Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-119

Thrivent Opportunity Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-126

Thrivent Partner Emerging Markets Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-132

Thrivent Partner Growth Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-137

Thrivent Partner Healthcare Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-142

Thrivent Real Estate Securities Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-147

Thrivent Small Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-151

Thrivent Small Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-155

Thrivent Small Cap Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-159

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THRIVENT VARIABLE ANNUITY ACCOUNT CTHRIVENT SERIES FUND, INC.

PROSPECTUS FORFLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT

ISSUED BY THRIVENT FINANCIAL FOR LUTHERANS

Service Center: Corporate Office:4321 North Ballard RoadAppleton, WI 54919-0001Telephone: (800) 847-4836E-mail: [email protected]

625 Fourth Avenue SouthMinneapolis, MN 55415-1665

Telephone: (800) 847-4836E-mail: [email protected]

This Prospectus describes an individual flexible premium deferred variable annuity contract (the “Contract”) where the issuer isThrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law.Even though we no longer issue new Contracts, the Contract Owner (“you”) may continue to allocate premiums amonginvestment alternatives with different investment objectives.

We allocate premiums based on your designation to one or more Subaccounts of Thrivent Variable Annuity Account C (the“Variable Account”), and/or to the Fixed Account (which is the general account of ours, and which pays interest in an amountthat is at least as great as the guaranteed fixed rate).

The assets of each Subaccount will be invested solely in a corresponding Portfolio of Thrivent Series Fund, Inc. (the “Fund”),which is an open-end management investment company (commonly known as a “mutual fund”). The accompanyingProspectus for the Fund describes the investment objectives and attendant risks of the following Portfolios:

Thrivent Aggressive Allocation PortfolioThrivent All Cap Portfolio

Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Portfolio

Thrivent ESG Index PortfolioThrivent Global Stock Portfolio

Thrivent Government Bond PortfolioThrivent High Yield Portfolio

Thrivent Income PortfolioThrivent International Allocation Portfolio

(subadvised by Goldman Sachs Asset Management, L.P.)Thrivent International Index PortfolioThrivent Large Cap Growth PortfolioThrivent Large Cap Index PortfolioThrivent Large Cap Value Portfolio

Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Portfolio

Thrivent Mid Cap Growth PortfolioThrivent Mid Cap Index Portfolio

Thrivent Mid Cap Stock PortfolioThrivent Mid Cap Value Portfolio

Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation PortfolioThrivent Money Market Portfolio

Thrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus Portfolio

Thrivent Partner Emerging Markets Equity Portfolio(subadvised by Aberdeen Asset Managers Limited)

Thrivent Partner Growth Stock Portfolio(subadvised by T. Rowe Price Associates, Inc.)

Thrivent Partner Healthcare Portfolio(subadvised by BlackRock Investment Management, LLC )

Thrivent Real Estate Securities PortfolioThrivent Small Cap Growth PortfolioThrivent Small Cap Index PortfolioThrivent Small Cap Stock Portfolio

Additional information about us, the Contract and the Variable Account is contained in a Statement of Additional Information(“SAI”) dated April 30, 2020. That SAI was filed with the Securities and Exchange Commission and is incorporated by referencein this Prospectus. You may obtain a copy of the SAI and all other documents required to be filed with the SEC without chargeby calling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent, 4321 North Ballard Road, Appleton,Wisconsin, 54919-0001. In addition, the Securities and Exchange Commission maintains a website (http://www.sec.gov) thatcontains the SAI and all other documents required to be filed with the SEC. The Table of Contents for the SAI may be found onPage 39 of this Prospectus.

An investment in the Contract is not a deposit of a bank or financial institution and is not insured or guaranteed by the FederalDeposit Insurance Corporation or any other government agency. An investment in the Contract involves investment riskincluding the possible loss of principal.

The Securities and Exchange Commission has not approved or disapproved these securities or determined ifthis Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This Prospectus sets forth concisely the information about the Contract that a prospective investor ought toknow before investing, and should be read and kept for future reference. We have not authorized anyone toprovide you with information that is different.

Beginning on Jan. 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission,paper copies of the shareholder reports for portfolios available under your contract will no longer be sent bymail, unless you specifically request paper copies of the reports from Thrivent or from your financial

professional. Instead, the reports will be made available on a website, and you will be notified by mail eachtime a report is posted and provided with a website link to access the report.

If you already elected to receive reports electronically, you will not be affected by this change and you neednot take any action. You may elect to receive reports and other communications from Thrivent electronicallyby calling our Service Center at (800) 847-4836 or by signing up for electronic delivery on our website atwww.thrivent.com/gopaperless.

You may elect to receive all future reports in paper free of charge. You can inform Thrivent that you wish tocontinue receiving paper copies of your reports by calling our Service Center or by signing up at our website.Your election to receive reports in paper will apply to all portfolios available under your Contract.

The date of this Prospectus is April 30, 2020.

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Fee and Expense Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9The Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Annuity Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Federal Tax Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Exchange Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Thrivent and the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Thrivent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10The Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Allocation of Premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Accumulated Value of Your Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Subaccount Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Net Investment Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Minimum Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Death Benefit Before the Annuity Commencement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Death Benefit After the Annuity Commencement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Surrender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Dollar Cost Averaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Asset Rebalancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Telephone and Online Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Timely Processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Assignments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Contract Owner, Beneficiaries and Annuitants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Surrender Charge (Contingent Deferred Sales Charge) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Administrative Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Mortality and Expense Risk Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Other Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Sufficiency of Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Annuity Provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Annuity Commencement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Annuity Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Partial Annuitization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Frequency of Annuity Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Amount of Variable Annuity Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

TABLE OF CONTENTS

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Subaccount Annuity Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

General Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Entire Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Purchase Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Date of Receipt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Anti-Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Reports to Contract Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31State Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Gender Neutral Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Federal Tax Status. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Taxation of Annuities in General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Tax Deferral During Accumulation Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Taxation of Partial and Full Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Taxation of Annuity Income Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Tax Treatment of Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Assignments, Pledges, and Gratuitous Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Penalty Tax on Premature Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Aggregation of Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Exchanges of Annuity Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Qualified Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Direct Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Distribution of the Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Appendix A—Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

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DEFINITIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Accumulated Value. The sum of the accumulatedvalues for your Contract in Subaccounts and the FixedAccount on or before the Annuity CommencementDate.

Annuitant. The person named in the Contract whoselife is used to determine the duration of annuitypayments involving life contingencies.

Annuity Commencement Date. The date whenAnnuity income payments will begin if an Annuitant isliving on that date.

Annuity Unit. A unit of measure which is used in thecalculation of the second and each subsequent variableannuity payment.

Commuted Value. The amount expressed as a lumpsum payment which represents the present value of thefuture payments for the remaining guaranteed period.

Contract. The individual flexible premium variableannuity Contract offered by Thrivent and described inthis Prospectus.

Contract Anniversary. The same date in eachsucceeding year as the Date of Issue of the Contract.

Contract Owner. The person who controls all therights under the Contract while the Annuitant is alive.The Annuitant is the Contract Owner, unless anotherowner is named in the Contract application.

Contract Year. The period from one ContractAnniversary to the next. The first Contract Year will bethe period beginning on the Date of Issue of theContract and ending on the first Contract Anniversary.

Fixed Account. The Fixed Account is the generalaccount of Thrivent, which consists of all assets ofThrivent other than those allocated to a separateaccount of Thrivent. Premium payments allocated tothe Fixed Account will be paid a fixed rate of interest(which may not be less than 4.0%) declared by Thriventat least annually. Amounts accumulated in the FixedAccount are guaranteed by Thrivent.

Fund. Thrivent Series Fund, Inc., which is described inthe accompanying prospectus.

Medallion Signature Guarantee. A stamp providedby a financial institution that verifies your signature. Aneligible guarantor institution, such as a national bank,brokerage firm, commercial bank, trust company, creditunion, or savings association participating in theMedallion Signature Guarantee Program provides thatservice.

Portfolio. Each Subaccount invests exclusively in theshares of a corresponding Portfolio of the Fund.

Qualified Plan. A retirement plan that receivesfavorable tax treatment under Section 401, 403 408 or408A or similar provisions of the Internal RevenueCode.

Service Center. Thrivent, 4321 North Ballard Road,Appleton, Wisconsin 54919-0001, telephone,1-800-847-4836, or such other office as we may specifyin a notice to the Contract Owner.

Spouse. An individual lawfully married to anotherindividual as defined by federal tax law. The marriagemust be recognized by the state, possession, or territoryof the United States in which the marriage is enteredinto, regardless of domicile. Individuals who enter intoa marriage under the laws of a foreign jurisdiction arerecognized as married for federal tax law purposes if therelationship would be recognized as marriage under thelaws of at least one state, possession, or territory of theUnited States, regardless of domicile.

Subaccount. Subdivision of the Variable Account.Each Subaccount invests exclusively in the shares of acorresponding Portfolio of the Fund.

Valuation Day. Each day the New York StockExchange is open for trading. The Valuation Day ends atthe close of regular trading on the New York StockExchange, usually 4:00 p.m. Eastern Time.

Valuation Period. The period commencing at theclose of business of a Valuation Date and ending at theclose of business of the next Valuation Date.

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Variable Account. Thrivent Variable Annuity AccountC, which is a separate account of Thrivent. TheSubaccounts are subdivisions of the Variable Account.

Written Notice. A written request or notice providedby the Contract Owner and received in good order atour Service Center and satisfactory in form and contentto Thrivent.

DEFINITIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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FEE AND EXPENSE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering theContract. For a complete discussion of Contract fees and expenses, see Charges and Deductions.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrenderthe Contract, or transfer cash value between investment options. You pay no sales load when you make additionalinvestments in the Contract. No state premium taxes are deducted.

Contract Owner Transaction Expenses

Sales Load Imposed on Purchase (as a percentage of purchase payments) 0%

Maximum Deferred Sales Load (as a percentage of excess amount surrendered) 6.00%1

Transfer Charge (after 12 free transfers per Contract Year) 0%

The next table describes the fees and expenses that you will pay periodically during the time that you own theContract, not including Portfolio fees and expenses.

Annual Contract Fee $30 2

Annual Subaccount Expenses (as a percentage of average daily Accumulated Value or Annuity Unit Value)

Current3 Maximum

Mortality & Expense Risk Charge 1.10% 1.25%

Total Subaccount Annual Expenses 1.10% 1.25%

The next table shows the minimum and maximum Total Annual Portfolio Operating Expenses charged by thePortfolios that you pay indirectly during the time you own the Contract. This table shows the range (minimumand maximum) of fees and expenses (including management fees and other expenses) charged by any of thePortfolios, expressed as an annual percentage of average daily net assets. The amounts are based on the arithmeticaverage of expenses paid in the year ended December 31, 2019, for all of the available Portfolios, adjusted to reflectanticipated changes in fees and expenses. With respect to new Portfolios, amounts are based on estimates for thecurrent fiscal year. The amounts shown reflect expenses before any applicable expense reimbursement or fee waiver.

Total Annual Portfolio Operating Expenses4

Maximum Minimum

(expenses that are deducted from Fund Assets, including management feesand other expenses)

3.90% 0.24%

Each Subaccount of the Variable Account purchases shares of the corresponding Fund Portfolio at net asset value.The net asset value reflects the investment advisory fees and other expenses that are deducted from the assets of thePortfolio. The advisory fees and other expenses are not fixed or specified under the terms of the Contract, and theymay vary from year to year. More detail concerning the fees and expenses of the Portfolios is contained in theprospectus for the Fund.

If a Portfolio is structured as a “fund of funds,” the Portfolio will indirectly bear its proportionate share of any feesand expenses (like investment advisory fees and operating expenses) of the investment companies in which itinvests. However, Thrivent has contractually agreed, for as long as the current fee structure is in place, to waive anamount equal to any investment advisory fees indirectly incurred by an Asset Allocation Portfolio as a result of its

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investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other thanThrivent Cash Management Trust. For a list of the “fund of funds” portfolios available through the Contract, seethe chart of portfolios available in the prospectus for the Fund.

See Charges and Deductions in this prospectus for a discussion of these other charges.

Example5

The following example is intended to help you compare the cost of investing in the Contract with the cost ofinvesting in other variable annuity contracts. These costs include Contract Owner transaction expenses, Contractfees, separate account annual expenses, and Portfolio fees and expenses. The following example assumes that youinvest $10,000 in the Contract for the time periods indicated and that your investment has a 5% return each yearand assumes both the minimum and the maximum fees and expenses of the Portfolios. Although your actual costsmay be higher or lower, based on these assumptions, your costs would be:

Years

1 3 5 10

If you surrender your Contract at the end of theapplicable time period with

Minimum Portfolio Expenses: $ 711 $ 870 $1,027 $1,779

Maximum Portfolio Expenses: $1,054 $1,900 $2,744 $5,112

If you annuitize your Contract at the end of theapplicable time period with

Minimum Portfolio Expenses: $ 711 $ 870 $1,027 $1,779

Maximum Portfolio Expenses: $1,054 $1,900 $2,744 $5,112

If you do not surrender your Contract at end of theapplicable time period with

Minimum Portfolio Expenses: $ 152 $ 471 $ 813 $1,779

Maximum Portfolio Expenses: $ 515 $1,542 $2,565 $5,112

Notes to Fee and Expense Tables:1 In each Contract Year, you may surrender without a surrender charge up to 10% of the Accumulated Value existing at the timethe first surrender is made in a Contract Year; only the amount in excess of that amount (the “Excess Amount”) will be subjectto a surrender charge. A surrender charge is deducted if a full or partial surrender occurs during the first six Contract Years. Thesurrender charge is 6% during the first Contract Year and decreases by 1% each subsequent Contract Year. No surrender charge isdeducted for surrenders occurring in Contract Years seven and later. The surrender charge also will be deducted if the annuitypayments begin during the first six Contract Years, except under certain circumstances as described in Surrender Charge(Contingent Deferred Sales Charge).2 A $30 annual administrative charge is deducted on each Contract Anniversary only if, on that Contract Anniversary, the totalof premiums paid under the Contract minus all prior surrenders is less than $5,000 and the Accumulated Value is less than$5,000. The $30 fee is a Contract charge and is deducted proportionately from the Subaccounts and the Fixed Account thatmake up the Contract’s Accumulated Value.3 The current charge for the mortality and expense risk charge is equal to an annual rate of 1.10%, and we guarantee that thischarge will never exceed an annual rate of 1.25%. See Charges and Deductions—Mortality and Expense Risk Charge. A contractpending payout due to a death claim is charged based on the average daily net assets of the Variable Account and is equal to anannual rate of 0.95%.4 Thrivent Financial has agreed to reimburse certain expenses other than the advisory fees for certain Portfolios. After takingthese contractual and voluntary arrangements into account, the range (minimum and maximum) of total operating expensescharged by the Portfolios would have been 0.24% to 1.25%. The reimbursements may be discontinued at any time.5 For this example, the following assumptions are used: 1.25% mortality and expense risk charge and portfolio operatingexpenses ranging from 3.90% to 0.24%.

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SUMMARY••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Please see Definitions at the beginning of this Prospectusfor definitions of several technical terms, which canhelp you understand details about your Contract. TheSummary is an introduction to various topics related tothe Contract. For more detailed information on eachsubject, refer to the appropriate section of thisProspectus.

The Contract

Allocation of Premiums. You may allocatepremiums under the Contract to one or more of theSubaccounts of the Variable Account and to the FixedAccount. Some of the Subaccounts may be unavailablein some states.

The Accumulated Value of the Contract in theSubaccounts and, except to the extent fixed amountannuity payments have been elected, the amount ofannuity payments will vary, primarily based on theinvestment experience of the Portfolios whose sharesare held in the Subaccounts designated. Premiumsallocated to the Fixed Account will accumulate at fixedrates of interest declared by us, and will never be lessthan an effective rate of 4% per year.

Premiums will be allocated among the Subaccounts andthe Fixed Account according to your allocationinstructions, at the end of the Valuation Period inwhich we receive the premium.

Surrenders. If a Written Notice from you requesting asurrender is received on or before the AnnuityCommencement Date, we will pay to you all or part ofthe Accumulated Value of a Contract after deductingany applicable surrender charge. Partial surrenders must

be for at least $200 and may be requested only if theremaining Accumulated Value is not less than $1,000.Under certain circumstances the Contract Owner maymake surrenders after the Annuity CommencementDate.

Transfers. On or before the Annuity CommencementDate, you may request the transfer of all or a part ofyour Contract’s Accumulated Value to otherSubaccounts or to the Fixed Account. The total amounttransferred each time must be at least $200 (unless thetotal value in the Subaccount or the Fixed Account isless than $200, in which case the entire amount may betransferred). We reserve the right to limit the number oftransfers in any Contract Year, although we will alwaysallow at least 12 transfers a year. With respect to theFixed Account, transfers out of the Fixed Account arelimited to only one each Contract Year and must bemade on or within 45 days after a Contract Anniversary.

Annuity Provisions

You may select an annuity settlement option or options,and you may select whether payments are to be madeon a fixed or variable (or a combination of fixed andvariable) basis. See Annuity Provisions for more detail.

Federal Tax Status

For a description of the Federal income tax status ofannuities, see Federal Tax Status. Generally, adistribution from a Contract before the taxpayer attainsage 591⁄2 may result in a penalty tax of 10% of theamount of the distribution which is included in grossincome. Death proceeds paid to beneficiaries are alsosubject to income tax.

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Condensed Financial Information

Condensed financial information containing theaccumulated unit value history appears at the end ofthis Prospectus in Appendix A.

Exchange Program

From time to time, we may offer programs for certainvariable annuities issued by Thrivent to be exchangedfor contracts we currently sell. Such exchange offers willbe made available only for contracts that have not yetstarted making annuity payments. You should carefully

consider whether an exchange is appropriate for you bycomparing the death benefits, living benefits, and otherguarantees that are provided by the contract youcurrently own to the benefits and guarantees providedby the new contract being offered. You should alsocompare the fees and charges of your current contract tothe new contract being offered as they may be higherthan your current contract. The programs we offer willbe made available on terms and conditions determinedby us and any such program will comply withapplicable law.

THRIVENT AND THE VARIABLE ACCOUNT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Thrivent

Thrivent is a not-for-profit financial servicesmembership organization of Christians helping ourmembers achieve financial security and give back totheir communities. We were organized in 1902 as afraternal benefit society under Wisconsin law, andcomply with Internal Revenue Code Section 501(c)(8).We are licensed to sell insurance in all states and theDistrict of Columbia.

The Variable Account

The Variable Account is a separate account establishedin 1988. The Variable Account meets the definition of a“separate account” under the federal securities laws. TheVariable Account is registered with the Securities andExchange Commission (the “SEC”) as a unit investmenttrust under the Investment Company Act of 1940 (the“1940 Act”). This registration does not involvesupervision by the SEC of the management orinvestment policies or practices of the Variable Account.

We own the assets of the Variable Account, and we arenot a trustee with respect to such assets. However, theMinnesota laws under which the Variable Account wasestablished provide that the Variable Account shall notbe chargeable with liabilities arising out of any otherbusiness we may conduct. The Variable Account will befully funded at all times for the purposes of federalsecurities laws. We may transfer to our general accountassets of the Variable Account which exceed the reservesand other liabilities of the Variable Account.

Income and realized and unrealized gains and lossesfrom each Subaccount of the Variable Account arecredited to or charged against that Subaccount withoutregard to any of our other income, gains or losses. Wemay accumulate in the Variable Account the charge forexpense and mortality risk, mortality gains and lossesand investment results applicable to those assets thatare in excess of net assets supporting the Contracts.

INVESTMENT OPTIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Variable Investment Options and the Subaccounts

We select the Portfolios offered through the Contract based on several factors. We generally select the Portfolios toprovide a range of investment options for the Contracts from conservative to more aggressive investment strategies.

SUMMARY••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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You may allocate the premiums paid under the Contract and transfer from the Contract’s Accumulated Value to theSubaccounts of the Variable Account. We invest the assets of each Subaccount in a corresponding Portfolio of theFund. Note that the italicized Portfolios below are “fund of funds” which are comprised of investments in otherPortfolios within the Fund. The Subaccounts and the corresponding Portfolios are listed below.

Subaccount Corresponding Portfolio

Thrivent Aggressive Allocation Subaccount. . . . . . . . . . . . Thrivent Aggressive Allocation PortfolioThrivent All Cap Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent All Cap PortfolioThrivent Balanced Income Plus Subaccount . . . . . . . . Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Subaccount . . . . . . Thrivent Diversified Income Plus PortfolioThrivent ESG Index Subaccount. . . . . . . . . . . . . . . . . . . Thrivent ESG Index PortfolioThrivent Global Stock Subaccount . . . . . . . . . . . . . . . . Thrivent Global Stock PortfolioThrivent Government Bond Subaccount . . . . . . . . . . . Thrivent Government Bond PortfolioThrivent High Yield Subaccount . . . . . . . . . . . . . . . . . . Thrivent High Yield PortfolioThrivent Income Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent Income PortfolioThrivent International Allocation Subaccount. . . . . . Thrivent International Allocation PortfolioThrivent International Index Subaccount . . . . . . . . . . Thrivent International Index PortfolioThrivent Large Cap Growth Subaccount . . . . . . . . . . . Thrivent Large Cap Growth PortfolioThrivent Large Cap Index Subaccount . . . . . . . . . . . . . Thrivent Large Cap Index PortfolioThrivent Large Cap Value Subaccount . . . . . . . . . . . . . Thrivent Large Cap Value PortfolioThrivent Limited Maturity Bond Subaccount. . . . . . . Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Subaccount . . . . . . . . Thrivent Low Volatility Equity PortfolioThrivent Mid Cap Growth Subaccount . . . . . . . . . . . . Thrivent Mid Cap Growth PortfolioThrivent Mid Cap Index Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock Subaccount. . . . . . . . . . . . . . . Thrivent Mid Cap Stock PortfolioThrivent Mid Cap Value Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Value PortfolioThrivent Moderate Allocation Subaccount . . . . . . . . . . . . Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Subaccount. . Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Moderately Conservative Allocation PortfolioThrivent Money Market Subaccount. . . . . . . . . . . . . . . Thrivent Money Market PortfolioThrivent Multidimensional Income Subaccount . . . . Thrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus Subaccount . . . . Thrivent Opportunity Income Plus PortfolioThrivent Partner Emerging Markets Equity

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Emerging Markets Equity PortfolioThrivent Partner Growth Stock Subaccount . . . . . . . . Thrivent Partner Growth Stock PortfolioThrivent Partner Healthcare Subaccount . . . . . . . . . . . Thrivent Partner Healthcare PortfolioThrivent Real Estate Securities Subaccount . . . . . . . . . Thrivent Real Estate Securities PortfolioThrivent Small Cap Growth Subaccount . . . . . . . . . . . Thrivent Small Cap Growth PortfolioThrivent Small Cap Index Subaccount . . . . . . . . . . . . . Thrivent Small Cap Index PortfolioThrivent Small Cap Stock Subaccount . . . . . . . . . . . . . Thrivent Small Cap Stock Portfolio

The following table summarizes each Portfolio’s investment objective:

Portfolio Investment Objective

Thrivent Aggressive Allocation Portfolio . . . . . . . . . . . To seek long-term capital growth.


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Thrivent All Cap Portfolio . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term growth of capital.Thrivent Balanced Income Plus Portfolio . . . . . . . . . . To seek long-term total return through a balance

between income and the potential for long-termcapital growth.

Thrivent Diversified Income Plus Portfolio . . . . . . . . . To seek to maximize income while maintainingprospects for capital appreciation.

Thrivent ESG Index Portfolio . . . . . . . . . . . . . . . . . . . . . To seek to track the investment results of an indexcomposed of companies selected by the indexprovider based on environmental, social andgovernance characteristics. The Portfolio’sinvestment objective may be changed withoutshareholder approval.

Thrivent Global Stock Portfolio . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Government Bond Portfolio . . . . . . . . . . . . . To seek total return, consistent with preservation of

capital. The Portfolio’s investment objective may bechanged without shareholder approval.

Thrivent High Yield Portfolio . . . . . . . . . . . . . . . . . . . . . To achieve a higher level of income, while alsoconsidering growth of capital as a secondaryobjective.

Thrivent Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . To achieve a high level of income over the longerterm while providing reasonable safety of capital.

Thrivent International Allocation Portfolio . . . . . . . . To seek long-term growth of capital.Thrivent International Index Portfolio. . . . . . . . . . . . . To seek total returns that track the performance of

the MSCI EAFE Index.** The Portfolio’s investmentobjective may be changed without shareholderapproval.

Thrivent Large Cap Growth Portfolio . . . . . . . . . . . . . . To achieve long-term growth of capital.Thrivent Large Cap Index Portfolio. . . . . . . . . . . . . . . . To seek total returns that track the performance of

the S&P 500 Index*.Thrivent Large Cap Value Portfolio . . . . . . . . . . . . . . . . To achieve long-term growth of capital.Thrivent Limited Maturity Bond Portfolio . . . . . . . . . To seek a high level of current income consistent

with stability of principal.Thrivent Low Volatility Equity Portfolio . . . . . . . . . . . To seek long-term capital appreciation with lower

volatility relative to the global equity markets. ThePortfolio’s investment objective may be changedwithout shareholder approval.

Thrivent Mid Cap Growth Portfolio . . . . . . . . . . . . . . . To seek long-term capital growth. The Portfolio’sinvestment objective may be changed withoutshareholder approval.

Thrivent Mid Cap Index Portfolio . . . . . . . . . . . . . . . . . To seek total returns that track the performance ofthe S&P MidCap 400 Index*.

Thrivent Mid Cap Stock Portfolio . . . . . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Mid Cap Value Portfolio . . . . . . . . . . . . . . . . . To seek long-term capital growth. The Portfolio’s

investment objective may be changed withoutshareholder approval.


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Thrivent Moderate Allocation Portfolio . . . . . . . . . . . . To seek long-term capital growth while providingreasonable stability of principal.

Thrivent Moderately Aggressive AllocationPortfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.

Thrivent Moderately Conservative AllocationPortfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

To seek long-term capital growth while providingreasonable stability of principal.

Thrivent Money Market Portfolio . . . . . . . . . . . . . . . . . To achieve the maximum current income that isconsistent with stability of capital andmaintenance of liquidity.

Thrivent Multidimensional Income Portfolio. . . . . . . To seek a high level of current income and,secondarily, growth of capital. The Portfolio’sinvestment objective may be changed withoutshareholder approval.

Thrivent Opportunity Income Plus Portfolio . . . . . . . To seek a combination of current income andlong-term capital appreciation.

Thrivent Partner Emerging Markets EquityPortfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.

Thrivent Partner Growth Stock Portfolio . . . . . . . . . . . To achieve long-term growth of capital and,secondarily, increase dividend income.

Thrivent Partner Healthcare Portfolio . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Real Estate Securities Portfolio. . . . . . . . . . . . To seek to provide long-term capital appreciation

and high current income.Thrivent Small Cap Growth Portfolio. . . . . . . . . . . . . . To seek long-term capital growth. The Portfolio’s

investment objective may be changed withoutshareholder approval.

Thrivent Small Cap Index Portfolio . . . . . . . . . . . . . . . To seek capital growth that tracks the performanceof the S&P SmallCap 600 Index*.

Thrivent Small Cap Stock Portfolio . . . . . . . . . . . . . . . . To seek long-term capital growth.

* The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and hasbeen licensed for use by Thrivent Financial for Lutherans (“Thrivent”). Standard & Poor’s® and S&P® are registered trademarks of Standard &Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Thetrademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Thrivent. Thrivent variable insurance productsare not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow JonesIndices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Thrivent variableinsurance products or any member of the public regarding the advisability of purchasing variable insurance contracts generally or in theThrivent variable insurance contracts particularly or the ability of the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes to trackgeneral market performance. S&P Dow Jones Indices only relationship to Thrivent with respect to the S&P 500, S&P MidCap 400, and S&PSmallCap 600 Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/orits licensors. The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are determined, composed and calculated by S&P Dow JonesIndices without regard to Thrivent or the Thrivent variable insurance products. S&P Dow Jones Indices have no obligation to take the needs ofThrivent or the owners of the Thrivent variable insurance products into consideration in determining, composing or calculating the S&P 500,S&P MidCap 400, and S&P SmallCap 600 Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination ofthe prices, and amount of the Thrivent variable insurance products or the timing of the issuance or sale of the Thrivent variable insurancecontract or in the determination or calculation of the equation by which a Thrivent variable insurance product is to be converted into cash,surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration,marketing or trading of the Thrivent variable insurance product. There is no assurance that investment products based on the S&P 500, S&PMidCap 400, and S&P SmallCap 600 Indexes will accurately track index performance or provide positive investment returns. S&P Dow JonesIndices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy,sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P


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500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUTNOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&PDOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&PDOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT, OWNERS OF THETHRIVENT VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500, S&P MIDCAP 400, ANDS&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NOEVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, ORCONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IFTHEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES ANDTHRIVENT, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

**MSCI, Inc. (�MSCI�) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCIdata contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financialproducts. This prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constituteinvestment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Each Portfolio has its own investment objective,investment program, policies and restrictions. Althoughthe investment objectives and policies of certainPortfolios may be similar to the investment objectivesand policies of other Portfolios that we manage orsponsor or that an affiliate of ours may manage orsponsor, we do not represent or assure you that theinvestment results will be comparable to any otherPortfolio, even where the investment adviser ormanager is the same. Differences in portfolio size, actualinvestments held, fund expenses, and other factors allcontribute to differences in Portfolio performance. Forall of these reasons, you should expect investmentresults to differ. In particular, certain Portfolios availableonly through the Contract may have names similar toportfolios not available through the Contract. Theperformance of a Portfolio not available through theContract does not indicate performance of the similarlynamed Portfolio available through the Contract.

Before selecting any Subaccount, you shouldcarefully read the accompanying prospectus forthe Fund attached to this prospectus and foundin the back of this book. You shouldperiodically consider your allocation amongSubaccounts in light of current marketconditions and your investment goals, risktolerance and financial circumstances. TheFund prospectus provides more completeinformation about the Portfolios of the Fund inwhich the Subaccounts invest, includinginvestment objectives and policies, risks,charges, and expenses.

Shares of the Fund are sold to other Portfolios of theFund, to other insurance company separate accounts ofours, and to other insurance company separate accountsnot affiliated with us. The Fund may, in the future,create new Portfolios. It is conceivable that in the futureit may be disadvantageous for both variable annuityseparate accounts and variable life insurance separateaccounts to invest simultaneously in the Fund, althoughwe do not foresee any such disadvantages to eithervariable annuity or variable life insurance contractowners. The Fund’s management intends to monitorevents in order to identify any material conflictsbetween such Contract Owners and to determine whataction, if any, should be taken in response. Materialconflicts could result from, for example:

� Changes in state insurance laws;

� Changes in Federal income tax law;

� Changes in the investment management of theFund; or

� Differences in voting instructions between thosegiven by the Contract Owners from the differentseparate accounts.

If we believe the responses of the Fund to any of thoseevents or conflicts insufficiently protects ContractOwners, we may take appropriate action on our own.


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Such action could include the sale of Fund shares byone or more of the separate accounts, which could haveadverse consequences.

The Fund is a Minnesota corporation registered with theSEC under the 1940 Act as an open-end managementinvestment company (commonly called a “mutualfund”). That registration does not involve supervisionby the SEC of the management or investment practicesor policies of the Fund.

The Variable Account will purchase and redeem sharesfrom the Fund at net asset value. Shares will beredeemed to the extent necessary for us to collect

charges under the Contracts, to make payments uponsurrenders, to provide benefits under the Contracts, orto transfer assets from one Subaccount to another asrequested by Contract Owners. Any dividend or capitalgain distribution received from a Portfolio of the Fundswill be reinvested immediately at net asset value inshares of that Portfolio and retained as assets of thecorresponding Subaccount.

Investment Management

Thrivent is investment adviser to the Fund. Thrivent is registered as an investment adviser under the InvestmentAdvisers Act of 1940. Pursuant to the investment advisory agreement, Thrivent is responsible for determiningwhich securities to purchase and sell, arranges the purchases and sales and helps formulate the investment programfor the Portfolios. Thrivent implements the investment program for the Portfolios consistent with each Portfolio’sinvestment objectives, policies and restrictions. Thrivent and the Fund have engaged the following investmentsubadvisers:

Subadviser Portfolio Name

Goldman Sachs Asset Management, L.P. . . . . . . . . . . . Thrivent International Allocation PortfolioAberdeen Asset Managers Limited . . . . . . . . . . . . . . . . . Thrivent Partner Emerging Markets Equity PortfolioT. Rowe Price Associates, Inc. . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Growth Stock PortfolioBlackRock Investment Management, LLC . . . . . . . . . Thrivent Partner Healthcare Portfolio

Thrivent, as investment adviser, pays each of the above subadvisers an annual fee for subadvisory services.Subadvisory fees are described fully in the Statement of Additional Information for the Fund.

Addition, Deletion, Combination, orSubstitution of Investments

Where permitted by applicable law and business need,we reserve the right to make certain changes to thestructure and operation of the Variable Account,including, among others, the right to:

� Remove, combine, or add Subaccounts and makethe new Subaccounts available to you at ourdiscretion;

� Substitute shares of another Portfolio, which mayhave differences such as (among other things)different fees and expenses, objectives, and risks,for shares of an existing Portfolio in which yourSubaccount invests at our discretion;

� Substitute or close Subaccounts to allocations ofpremiums or Accumulated Value, or both, and toexisting investments or the investment of futurepremiums, or both, at any time in our discretion;

� Transfer assets supporting the Contract from oneSubaccount to another or from the VariableAccount to another Variable Account;


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� Combine the Variable Account with other variableaccounts, and/or create new variable accounts;

� Deregister the Variable Account under the 1940Act, or operate the Variable Account as amanagement investment company under the 1940Act, or as any other form permitted by law; and

� Modify the provisions of the Contract to reflectchanges to the Subaccounts and the VariableAccount and to comply with applicable law.

The Portfolios, which sell their shares to theSubaccounts, also may terminate these arrangementsand discontinue offering their shares to theSubaccounts. We will not make any changes withoutreceiving any necessary approval of the SEC andapplicable state insurance departments. We will notifyyou of any changes.

Income, gains and losses, whether or not realized, fromthe assets in each Subaccount are credited to or chargedagainst that Subaccount without regard to any of ourother income, gains or losses. The value of the assets inthe Variable Account is determined at the end of eachValuation Date.

If investment in the Fund or in any particular Portfoliois no longer possible, in our judgment becomesinappropriate for the purposes of the Contract, or forany other reason in our sole discretion, we may close orcombine any of the current Portfolios. We may close aPortfolio to new investment, but continue to allowcurrent investors to add additional premium payments,or we may combine the Portfolio with another Portfolio.The substituted investment option may have differentfees and expenses. We will not make any substitutionswithout receiving any necessary approval of the SECand state insurance departments, if applicable. You willbe notified of any substitutions. This notification willinclude the name of the Portfolio being modified, theapproximate date of the shareholder vote, the date anycombination will be completed (if approved and ifapplicable), the date that the Portfolio will be closed tonew investment selections, the date that funds can nolonger be applied to the Portfolio and the description ofwhere the current value will move to (if applicable) andwhere future premium payments (if any) will beapplied. Subaccounts may be opened, closed orsubstituted with regard to any of the following as of any

specified date: 1) existing Accumulated Value; 2) futurepayments; and 3) existing and/or future ContractOwners. The Fund sells its shares to the Subaccountspursuant to a participation agreement and mayterminate the agreement and discontinue offering itsshares to the Subaccounts.

In addition, we reserve the right to make otherstructural and operational changes affecting the VariableAccount.

We do not guarantee any money you place inthe Subaccounts. The value of each Subaccountwill increase or decrease, depending on theinvestment performance of the correspondingPortfolio and fees and charges under theContract. You could lose some or all of yourmoney.

Voting Privileges

To the extent required by law, we will vote the Fund’sshares held in the Variable Account at regular andspecial shareholder meetings of the Fund in accordancewith instructions received from persons having votinginterests in the corresponding Subaccounts of theVariable Account. If, however, the 1940 Act or anyregulation thereunder should be amended or if thepresent interpretation thereof should change, and as aresult we determine that we are permitted to vote theFund’s shares in our own right, we may elect to do so.

Before the Annuity Commencement Date, the ContractOwner shall have the voting interest with respect toshares of the Fund attributable to the Contract. On andafter the Annuity Commencement Date, the personentitled to receive annuity payments shall have thevoting interest with respect to such shares, which votinginterest will generally decrease during the annuityperiod.

The number of votes which a Contract Owner or personentitled to receive annuity payments has the right toinstruct will be calculated separately for eachSubaccount. The number of votes which each ContractOwner has the right to instruct will be determined bydividing a Contract’s Accumulated Value in aSubaccount by the net asset value per share of the


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corresponding Portfolio in which the Subaccountinvests. The number of votes which each person entitledto receive annuity payments has the right to instructwill be determined by dividing the Contract’s reserves ina Subaccount by the net asset value per share of thecorresponding Portfolio in which the Subaccountinvests. Fractional shares will be counted. The numberof votes of the Portfolio which the Contract Owner orperson entitled to receive annuity payments has right toinstruct will be determined as of the date coincidentwith the date established by the Portfolio fordetermining shareholders eligible to vote at the meetingof the Fund. Voting instructions will be solicited bywritten communication prior to such meeting inaccordance with procedures established by the Fund.

Any Portfolio shares held in the Variable Account forwhich we do not receive timely voting instructions, orwhich are not attributable to Contract Owners, will bevoted by us in proportion to the instructions receivedfrom all Contract Owners. Any Portfolio shares held byus or our affiliates in General Accounts will, for votingpurposes, be allocated to all separate accounts of oursand our affiliates having a voting interest in thatPortfolio in proportion to each such separate account’svotes. Voting instructions to abstain on any item to bevoted upon will be applied on a pro rata basis to reducethe votes eligible to be cast.

Each person having a voting interest in a Subaccountwill receive proxy materials, reports and other materialsrelating to the appropriate Portfolio.

Fixed Account

On or before the Annuity Commencement Date, youmay allocate the premiums paid under the Contract andtransfers from the Subaccounts to the Fixed Account.After the Annuity Commencement Date, you may nolonger transfer out of the Fixed Account. Any amountsallocated to the Fixed Account are invested with ourgeneral account assets. Interest will be credited onpremiums allocated to the Fixed Account and onamounts transferred to the Fixed Account from the dateof allocation or transfer. The initial interest rate for each

such allocation or transfer is guaranteed for 12 months,and subsequent interest rates will not change morefrequently than every 12 months. Interest will becompounded daily and will never be less than aneffective annual interest rate of 4% per year.

In any Contract Year, only one of your allowed transfersmay be from the Fixed Account. Any transfer from theFixed Account must be made on or within 45 days aftera Contract Anniversary.

Because of exemptive and exclusionary provisions,interests in the Fixed Account have not been registeredunder the Securities Act of 1933 (“1933 Act”), and theFixed Account has not been registered as an investmentcompany under the Investment Company Act of 1940(“1940 Act”). Accordingly, neither the Fixed Account,nor any interests therein are generally subject to theprovisions of the 1933 or 1940 Acts. Disclosuresregarding the Fixed Account, however, may be subjectto certain generally applicable provisions of the federalsecurities laws relating to the accuracy andcompleteness of statements in prospectuses.

Contract Owners have no voting rights in the VariableAccount with respect to Fixed Account values.

A Maintenance of Solvency provision is a legalrequirement of a fraternal benefit society. Please seeMaintenance of Solvency for more information.

The Maintenance of Solvency provision applies to theFixed Account in this Contract. The provision is onlyinvoked in the event the reserves of our fraternal benefitsociety become impaired. If our reserves becomeimpaired, you may be required to make an extrapayment. Our Board of Directors will determine theamount of any extra payment based on each member’sfair share of the deficiency. If the payment is not madewithin 60 days from the date we notify you, it will becharged as a debt against the Contract with interestcompounded at a rate of 5% per year. You may choosean equivalent reduction in benefits instead of or incombination with the debt.


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This annuity has some risks which may include thefollowing:

� The investment options you choose may lose value,and the Accumulated Value of your contract can godown;

� In addition to taxes on gain, there may be a taxpenalty if you withdraw money from the annuityprior to age 591⁄2;

� If you elect a Settlement Option, you will onlyreceive periodic annuity payments as frequently asyou selected. There is a risk that your annuitypayments will not keep pace with your personalexpenses. If you choose a life income with noguaranteed period, there is a risk that you will dieprematurely, and no death proceeds will be paid toyour beneficiaries.

� Health Crisis Risk. The global pandemicoutbreak of the novel coronavirus known asCOVID-19 has resulted in substantial marketvolatility and global business disruption. Theduration and full effects of the outbreak areuncertain and may result in trading suspensionsand market closures, limit liquidity and the abilityof the Fund to process contract owner redemptions,and negatively impact Fund performance. TheCOVID-19 outbreak and future pandemics couldaffect the global economy in ways that cannot beforeseen and may exacerbate other types of risks,negatively impacting the value of the Fund.

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Allocation of Premium

We will allocate the premiums among the Subaccount(s)and/or the Fixed Account according to the instructionsyou provided in your application for the Contract orsubsequently. We reserve the right to limit the numberof allocations to subaccounts.

The allocation percentages which you select must be inwhole numbers and their sum must be 100%. Wereserve the right to adjust allocation percentages toeliminate fractional percentages. Premiums which youpay are allocated at the end of the Valuation Period inwhich we receive them using the allocation percentagesyou have specified. You may change the allocationpercentages for future premiums without charge and atany time by giving us Written Notice or over thetelephone if we receive proper authorization from you.Any change will apply to all future premiums unless yourequest another change.

The values in the Subaccounts of the Variable Accountwill vary with the investment experience of thecorresponding Portfolios. You bear the entireinvestment risk of the amounts allocated toSubaccounts of the Variable Account. You shouldperiodically review your allocations of premiums inlight of market conditions and your overall financialobjectives.

Accumulated Value of Your Contract

On or before the Annuity Commencement Date, yourContract’s value is expressed as its Accumulated Value.Your Contract’s Accumulated Value is the sum of theaccumulated values in Subaccounts and the FixedAccount.

Your Contract’s Accumulated Value will reflect theinvestment experience of the chosen Subaccounts, anyamount of value in the Fixed Account, any premiumsthat you pay, any surrenders you make, and any chargeswe assess in connection with the Contract. There is noguaranteed minimum Accumulated Value, and, becausea Contract’s Accumulated Value on any future datedepends upon a number of variables, it cannot bepredetermined.

Subaccount Valuation

On any Valuation Day, the Accumulated Value of yourinvestment in a Subaccount is equal to the number ofAccumulation Units attributable to that Subaccountmultiplied by the Accumulation Unit Value for thatSubaccount. On any day that is not a Valuation Day, theAccumulated Value for a Subaccount will be determinedon the next Valuation Day.

Accumulation Units. Transactions in and out of aSubaccount are made by crediting or reducing theAccumulation Units of the Subaccount.

We credit your Contract with Accumulation Units in aSubaccount when:

� You allocate premiums to that Subaccount;

� You transfer Accumulated Value into thatSubaccount from another Subaccount or the FixedAccount.

We reduce the Accumulation Units in a Subaccountwhen:

� You transfer Accumulated Value out of thatSubaccount into another Subaccount or the FixedAccount;

� You make a surrender from that Subaccount; or

� We deduct all or part of the administrative chargefrom that Subaccount.

Accumulation Unit Value. A Subaccount’sAccumulation Unit Value is the unit price that is usedwhenever we credit or reduce Accumulation Units of theSubaccount. We re-determine the Accumulation UnitValue for each Subaccount at the end of each ValuationPeriod. At the end of each Valuation Period, theAccumulation Unit Value for a Subaccount is equal to(a) multiplied by (b) where:

(a) Is the Accumulation Unit Value for thatSubaccount at the end of the prior ValuationPeriod.

(b) Is the Net Investment Factor for thatSubaccount for that period.

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Net Investment Factor

The Net Investment Factor for a Subaccount measuresinvestment performance of that Subaccount. The NetInvestment Factor for a Subaccount for a ValuationPeriod is determined by dividing (a) by (b) and thensubtracting (c) where:

(a) Is the sum of:

(i) The net asset value per share of thecorresponding Portfolio of the Subaccountat the end of the Valuation Period; plus

(ii) The per share amount of any dividend orcapital gain distribution made by thePortfolio if the “ex-dividend” date occursduring the Valuation Period; plus or minus.

(iii) A per share charge or credit for any taxesreserved for that we determine to be aresult of the investment operation of thePortfolio.

(b) Is the net asset value per share of thecorresponding Portfolio of the Subaccount atthe end of the prior Valuation Period.

(c) Is the mortality and expense risk charge wededuct for each day in the Valuation Period andis based upon the total Accumulated Value inthe Subaccount. The mortality and expense riskcharge is currently 1.10% and guaranteed neverto exceed 1.25%.

Minimum Accumulated Value

We require your Contract to maintain a minimumAccumulated Value. The amount which must bemaintained depends on your premium paying history asfollows:

(1) At the end of any 24-month period in whichyou pay no premiums, your Accumulated Valuemust be at least $1,000 after all Contractcharges have been applied.

(2) If you pay at least one premium every24-months, we require only that theAccumulated Value always be sufficient tocover the Contract’s administrative charge.

If we know that your Contract will not meet theserequirements on an upcoming Contract Anniversary, wewill notify you 60 days before that anniversary andinform you of the minimum dollar amount which youmust pay to keep the Contract in force. If you fail to payat least that amount, we will terminate your Contracton the Contract Anniversary. If we do so because yourContract failed to meet Requirement (1) above, we willpay you the remaining Accumulated Value. If yourContract fails to meet Requirement (2) above, yourContract terminates without value.

Death Benefit Before the AnnuityCommencement Date

If the Annuitant dies before the AnnuityCommencement Date, the beneficiary will be entitled toreceive the Contract’s death benefit.

The amount of the death benefit will be the greatest of:

� The Accumulated Value on the date we calculatethe death benefit;

� The sum of all premiums we received for theContract, less the amount of all partial surrenders(including any applicable charges) which youmade; and

� The Accumulated Value on the precedingMinimum Death Benefit Date plus the sum of thepremiums we received for the Contract after thatdate, less the amount of any partial surrenders(including any applicable charges) which you madeafter that date.

The Minimum Death Benefit Dates occur every six yearson the Contract Anniversary.

We calculate the death benefit at the end of theValuation Period during which we receive at our ServiceCenter satisfactory proof of the death of an Annuitant.Any amount of the death benefit in excess of theAccumulated Value will be allocated to the Subaccountsand the Fixed Account according to the ratio of theAccumulated Value in each to the Accumulated Value inthe Contract. Once calculated, death proceeds maycontinue to be subject to the investment experience ofthe Variable Account. When based on the investmentexperience of the Variable Account, death proceeds may

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increase or decrease daily and are not guaranteed for aminimum dollar amount. Surrender charges do notapply to death proceeds.

If the beneficiary requests a single sum payment, we willpay the death proceeds within seven days after the datewe calculate them. If the beneficiary requests asettlement option, it must be an option that you couldhave selected before the Annuity Commencement Date,and the option must provide that either:

(1) The principal and interest are completelydistributed within five years after the date ofdeath; or

(2) If the beneficiary is a natural person,distribution of the principal and interest ismade by means of a periodic payment whichbegins within one year after the date of deathand is not guaranteed for a period whichextends beyond the life expectancy of thebeneficiary.

Any proceeds not subsequently withdrawn will be paidin a lump sum on the date five years after the date ofdeath.

If an Annuitant dies before annuity payments begin andthat Annuitant’s Spouse is the sole primary beneficiary,he or she may, to the extent permitted by law and theContract, elect to continue the Contract in force, inwhich case the surviving Spouse will become and betreated as the Annuitant and owner effective on thedate that the death proceeds are calculated (“ExchangeDate”). Any amount of death proceeds in excess of theAccumulated Value of the Contract will be allocated tothe Subaccounts and the Fixed Account according to theratio of the Accumulated Value in each to theAccumulated Value of the Contract. Where allowed bythe Contract, the Spouse will have 60 days from thedate we receive proof of your death in which to elect toreceive proceeds or to continue the Contract. If anelection to receive death proceeds or to continue theContract is not made within 60 days, the survivingSpouse will be deemed to have elected to continue theContract effective on the Exchange Date. If thesurviving Spouse elects to continue the Contract, thedeath benefit will be determined according to yourContract based on the Accumulated Value on theExchange Date.

If your Contract was issued in connection with aQualified Plan, additional restrictions on the manner ofpayment of the death benefit may apply. Any suchrestrictions will be stated in the Contract or the plandocuments. Purchasers acquiring contracts pursuant toQualified Plans should consult qualified pension or taxadvisers.

Death Benefit After the AnnuityCommencement Date

If the Annuitant dies while we are paying you anannuity income under a settlement option, any deathbenefit payable will depend on the terms of thesettlement option. If a death benefit is payable, thebeneficiary may elect to receive the proceeds in theform of a settlement option, but only if the paymentsare paid at least as rapidly as payments were being paidunder the settlement option in effect on the date ofdeath. If your Contract was issued in connection with aQualified Plan, additional restrictions on the manner ofpayment of the death benefit may apply.

Surrender

On or before the Annuity Commencement Date, youmay surrender all or part of your Contract’sAccumulated Value. The surrender or partial surrenderwill not be processed until we receive your surrenderrequest at our Service Center, in good order. Anysurrender which you request will be made at the end ofthe Valuation Period during which the requirements forsurrender are completed. We will pay you the proceedsfrom a surrender within seven days after the surrender ismade. The proceeds will be the amount surrendered lessany surrender charge. See Charges and Deductions—Surrender Charge (Contingent Deferred Sales Charges).

A surrender reduces your Accumulated Value by theamount surrendered. For amounts surrendered from aSubaccount, this is done by selling Accumulation Unitsof the Subaccount. For partial surrenders, we allocatethe surrender among the Subaccounts and the FixedAccount so that all accounts are reduced in value by thesame percentage. With our approval, you may specify adifferent allocation for a partial surrender. If you haveless than the amount of the allocation, we will allocate

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the partial surrender among the Subaccounts and theFixed Account so that all accounts are reduced in valueby the same percentage.

A partial surrender must be at least $200, unless it isbeing used to pay a premium or loan on anotherThrivent product, and must not reduce the remainingAccumulated Value to less than $1,000. (If the amountyou request as a partial surrender would reduce theremaining Accumulated Value to less than $1,000, wemay contact you to determine whether you would like apartial surrender of an amount that would result inremaining Accumulated Value of at least $1,000 orwhether instead you would like to make a full surrenderof your Contract. If we are unable to contact you withinseven days, we reserve the right to treat your request asa request for a full surrender.) When you request apartial surrender, you specify the amount which youwant to receive as a result of the surrender. If there areno surrender charges, or tax withholding associatedwith the surrender, the amount surrendered will be theamount which you request. Otherwise, the amountsurrendered will be the amount necessary to provide theamount requested after we apply the surrender chargeand any withholding. You may make partial surrendersby telephone. (Contracts used in a tax-sheltered annuityunder Section 403(b) of the Internal Revenue Code willbe subject to certain restrictions regarding surrenders.See Federal Tax Status—Qualified Plans.) Any surrenderwhich you request will be made at the end of theValuation Period during which the requirements forsurrender are completed. We will pay you the proceedsfrom a surrender within seven days after the surrender ismade.

After the Annuity Commencement Date, your Contractdoes not have an Accumulated Value which can besurrendered. However, if you are receiving annuitypayments under certain settlement options, surrendermay be allowed. Surrender is not allowed if you agreednot to revoke or change the option once annuitypayments begin. For other settlement options, theamount available for surrender will be the commutedvalue of any unpaid annuity payments computed onthe basis of the assumed interest rate incorporated inthe annuity payments.

You must have a Medallion Signature Guarantee if youwant to surrender or withdraw a value of $500,000 ormore. Certain surrender requests of less than $500,000require either a Medallion Signature Guarantee, anotarized signature, or an attestation of your signatureby a financial professional. These authenticationprocedures are designed to protect against fraud. Suchan authentication procedure may be required for:

� Surrender of a value of $100,000 or more;

� Request to withdraw or surrender if there has beena change of address on the account within thepreceding 15 days; and

� Certain other transactions as determined by us.

A Medallion Signature Guarantee is a stamp provided bya financial institution that guarantees your signature.You sign the Thrivent approved form and have thesignature(s) guaranteed by an eligible guarantorinstitution such as a commercial bank, trust company,brokerage firm, credit union, or a savings bankparticipating in the Medallion Signature GuaranteeProgram. We may waive the Medallion SignatureGuarantee in limited circumstances. A Notary Public isan individual who is authorized to authenticatesignatures and can be found in law firms or many of thesame places that an individual who provides MedallionSignature Guarantees can be found. Attestation by afinancial professional requires the verification andwitness of your signature by a financial professional.

A partial surrender or surrender may result in adversetax consequences, including the imposition of a 10%federal premature distribution penalty. For allsurrenders, you should consider the tax implications ofa surrender before you make a surrender request. SeeFederal Tax Status.

For more complete instructions pertaining to yourindividual circumstances, please contact our ServiceCenter at (800) 847-4836.

Transfers

On or before the Annuity Commencement Date, youmay request the transfer of all or a part of yourContract’s Accumulated Value among the Subaccountsof the Variable Account and the Fixed Account.

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You can request a transfer in two ways:

(1) By giving us Written Notice; or

(2) By telephone.

We will make the transfer without charge at the end ofthe Valuation period during which we receive yourrequest. For transfers from the Fixed Account to aSubaccount of the Variable Account, the amount takenfrom the Fixed Account is used to buy AccumulationUnits of the chosen Subaccount. For transfers from aSubaccount, Accumulation Units of the Subaccount aresold and the resulting dollar amount is, depending onyour request, either transferred to the Fixed Account orused to buy Accumulation Units of another Subaccount.

Transfers are subject to the following conditions:

� The total amount transferred must be at least $200.However, if the total value in a Subaccount or theFixed Account is less than $200, the entire amountmay be transferred.

� We reserve the right to limit the number oftransfers in each Contract Year. However, we willalways allow at least 12 transfers per Contract Year.We consider all amounts transferred in the sameValuation Period to be one transfer. It is notdependent upon the number of originating ordestination Subaccounts.

� In any Contract Year, only one of your allowedtransfers may be from the Fixed Account. Anytransfer from the Fixed Account must be made onor within 45 days after a Contract Anniversary.

Transfers will also be subject to any conditions that maybe imposed by the Portfolio whose shares are involved.

After the Annuity Commencement Date, you maychange the percentage allocation of variable annuitypayments among the available Subaccounts;

(1) By giving us Written Notice; or

(2) By telephone if we receive properauthorization from you.

Frequent Trading Policies

Because short-term or frequent transfers, purchases andredemptions of Contract value among Subaccounts poserisks to Contract Owners, we place limits on frequenttrading practices. Such risks include potentiallyimpaired investment performance due to disruption ofportfolio management strategies, increased transactionscosts, and dilution of fund shares (and therefore unitvalues) thereby negatively impacting the performance ofthe corresponding Subaccount.

We have policies and procedures to discourage frequenttransfers of value among Subaccounts. We usereasonable efforts to apply the policies and proceduresuniformly. Several different tactics are used to detectand prevent excessive trading within the Subaccounts.

As described in other sections, we impose a fee if thetransfers made within a given time period exceed amaximum contractual number. See Fee Tables

We also use a combination of monitoring ContractOwner activity and further restricting certain ContractOwner transfers based on a history of frequent transfersamong Subaccounts. When monitoring Contract Owneractivity, we may consider several factors to evaluatetransfer activity including, but not limited to, theamount and frequency of transfers, the amount of timebetween transfers and trading patterns. In making thisevaluation, we may consider trading in multipleContracts under common ownership or control.

Exceptions may apply to Dollar Cost Averaging,automatic investment plans, systematic withdrawalplans or non-abusive re-balancing. We reserve the right,in our sole discretion, to identify other trading practicesas abusive.

If we determine that you are engaging in excessivetrading activity, we will request that you cease suchactivity immediately. If we determine that you arecontinuing to engage in excessive trading, we willrestrict your Contract so that you can make transfers ononly one business day each calendar month and anysuch transfers must be separated by at least 20 calendardays. We reserve the right to reject or restrict anytransfer request, without notice for any reason.

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In addition, the underlying Portfolios may have adoptedrestrictions designed to discourage frequent tradingpractices, and we reserve the right to enforce thesepolicies and procedures.

Although we seek to deter and prevent frequent tradingpractices, there are no guarantees that all activity can bedetected or prevented. Contract Owners engaging insuch trading practices use an evolving variety ofstrategies to avoid detection and it may not be possiblefor operational and technological systems to reasonablyidentify all frequent trading activity. Contract Ownersstill may be subject to their harmful effects if Thrivent isunable to detect and deter abusive trading practices.

Dollar Cost Averaging

You may establish a dollar cost averaging program tomake periodic transfers of at least the minimum amountrequired from the Thrivent Money Market Subaccountto the other Subaccounts except the Fixed Account. Ifthe remaining amount to be transferred drops below theamount you established, the entire remaining balancewill be transferred on the next transfer date and thedollar cost averaging program will terminate. Transferswill be made automatically on the date you choose(except the 29th, 30th, or 31st of a month). Transferswill continue until the entire amount in the ThriventMoney Market Subaccount has been depleted or untilyou notify us to discontinue the program. In order tobegin, terminate or resume the program, we mustreceive Written Notice or notice by telephone (if youhave such authorization).

Asset Rebalancing

On or before the Annuity Date, you may participate inan optional asset rebalancing program that allows youto elect a specific asset allocation to maintain over time.The sum of the rebalancing percentages must be 100%and each rebalancing allocation percentage must be awhole number not greater than 100%. You may selectany date (except the 29th, 30th, or 31st of a month) tobegin the asset rebalancing program and whether tohave your Subaccounts reallocated semiannually orannually. The rebalancing will be done after all othertransfers and allocations to or from the Subaccounts forthe Valuation Day. The asset rebalancing program doesnot allow you to include the Fixed Account Allocation

in the rebalancing program. To participate in the assetrebalancing program, complete the Asset RebalancingForm at the time of your application or call1-800-847-4836 to request an Asset Rebalancing Form.

Telephone and Online Transactions

You may perform certain transactions online or over thetelephone.

We have adopted reasonable security procedures toensure the authenticity of instructions, includingrequiring identifying information, recording telephoneconversations and providing written confirmations oftransactions. Nevertheless, we honor telephoneinstructions from any person who provides the correctidentifying information. Be aware that there is a risk ofpossible loss to the Contract Owner if an unauthorizedperson uses this service in the Contract Owner’s name.We disclaim any liability for losses resulting from suchtransactions by not having been properly authorized.However, if we do not take reasonable steps to helpensure that such authorizations are valid, we may beliable for such losses. Certain circumstances mayprevent you from conducting transactions including butnot limited to the event of a disaster, equipmentmalfunction, or overload of telephone system circuits.Should circumstances prevent you from conducting atelephone or online transaction, we recommend youprovide us with a written request. If due to malfunctionor other circumstances, the recording of the ContractOwner’s telephone request is incomplete or not fullycomprehensible, we will not process the transaction. Wereserve the right to suspend or limit telephone andonline transactions.

Contract Owners can go online at www.thrivent.comto conduct online transactions or call the Service Centerat (800) 847-4836 for telephone transactions.

Timely Processing

We will process all requests in a timely fashion. Requestsreceived in good order prior to 4:00 p.m. Eastern Time(or sooner if the NYSE closes prior to 4:00 p.m. EasternTime) on a Valuation Day will use the AccumulationUnit Value as of the close of regular trading on the NYSEon that Valuation Day. We will process requests receivedafter that time using the Accumulation Unit Value as of

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the close of regular trading on the NYSE of thefollowing Valuation Day. An online transactionpayment will be applied on the effective date you select.This date can be the same day you perform thetransaction as long as the request is received prior to4:00 p.m. Eastern Time. The effective date cannot be adate prior to the date of the online transaction.

Once we issue your Contract, we will process paymentof any amount due from any Subaccount within sevencalendar days after we receive Notice. Payment may bepostponed if the NYSE is closed. Postponement mayalso result for such other periods as the SEC may permit.Payment from the Fixed Account may be deferred up tosix months.

Assignments

Assignment is the transfer of Contract ownership fromone party to another. If a Contract is used in a QualifiedPlan and the Contract Owner is a trust, custodian oremployer, then the Contract Owner may transferownership to the Annuitant. Otherwise, the Contractmay not be sold, assigned, discounted or pledged ascollateral for a loan or as security for performance of anobligation or for any other purpose to any person otherthan us.

If the Contract is not used in a Qualified Plan, thenownership may be transferred, but not to a naturalperson, and the Contract may be assigned as collateral.

We are not bound by an assignment unless it is inwriting and filed at our Service Center. We are notresponsible for the validity or effect of any assignment.

You should consider the tax implications of anassignment. See Federal Tax Status.

Contract Owner, Beneficiaries and Annuitants

Unless another owner is named in the application, theAnnuitant is the owner of the Contract and mayexercise all of the owner’s rights under the Contract.

The Contract Owner may name a beneficiary to receivethe death benefit payable under the Contract. If thebeneficiary is not living on the date payment is due or ifno beneficiary has been named, the death benefit willbe paid to the estate of the Annuitant.

The owner may change the beneficiary by giving usWritten Notice of the change. The change will not beeffective until we receive your Written Notice at ourService Center. Once we receive it, the change will beeffective as of the date on which you signed the notice.However, the change will not affect any payments madeor actions taken by us before we received your notice,and we will not be responsible for the validity of anychange.

CHARGES AND DEDUCTIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Surrender Charge (Contingent Deferred SalesCharge)

We do not deduct a charge for sales expenses frompremiums at the time premiums are paid. Instead, wededuct a charge at the time you surrender all or part ofyour Accumulated Value. This surrender charge appliesonly during the first six Contract Years. During thoseyears, we calculate the surrender charge as a percentageof the amount which you surrender, subject to certainexceptions noted below.

Surrender Charges

Contract Year Percent Applied

1 6%2 5%3 4%4 3%5 2%6 1%

After Contract Year six there is no charge for makingsurrenders. In addition, during the first six ContractYears we will limit or waive surrender charges as follows:

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� Cumulative Percent-of-Premium Limit. Forall surrenders, we will limit the surrender charge sothat on any date, the sum of all surrender chargesapplied to that date will not exceed 6.5% of thetotal of premiums you have paid to that date.

� Surrenders Paid Under Certain SettlementOptions. For surrenders which you make afterContract Year three, there is no surrender chargeapplied to amounts which you elect to have paidunder:

(1) A settlement option for a fixed amount or afixed period (including Option 3V describedunder Annuity Provisions—Settlement Options) ifthe payment period and the accumulationperiod will equal or exceed the surrender chargeperiod and you agree at the time of settlementthat after the first payment is made, you maynot revoke or change the settlement option.

(2) Options which involve a life income,including Option 4V described under AnnuityProvisions—Settlement Options.

� Ten Percent Free Each Contract Year. In eachContract Year, you may surrender without asurrender charge up to 10% of the AccumulatedValue existing at the time of your first surrendermade in that Contract Year. This “Ten Percent Free”is not cumulative. For example, if you make nosurrenders during the first three Contract Years, thepercentage of Accumulated Value which you maysurrender without charge in the fourth ContractYear is 10%, not 40%.

� Total Disability of the Annuitant. There is nosurrender charge if the Annuitant is totally disabled(as defined in your Contract) on the date of asurrender.

� Series of Substantially Equal PeriodicPayments for Life. There is no surrender chargeif you receive payments made as one of a series ofsubstantially equal periodic payments for your lifeor your life expectancy or the joint lifeexpectancies of you and your beneficiary made notless frequently than annually.

Certain surrenders are subject to a 10% Federal taxpenalty on the amount of income withdrawn. SeeFederal Tax Status.

If surrender charges are not sufficient to cover our salesexpenses, we will bear the loss; conversely, if theamount of such charges proves more than enough, wewill retain the excess. See Sufficiency of Charges below.We do not currently believe that the surrender chargeswe impose will cover our expected costs of distributingthe Contracts.

Administrative Charge

Your Contract includes an annual administrative chargeof $30 (or less, if required by the state where yourContract is issued) to help us cover the expenses weincur in administrating your Contract, the VariableAccount and the Subaccounts. On each ContractAnniversary prior to and including the AnnuityCommencement Date, we will determine if this chargewill be applied to your Contract. We apply the chargeonly on Contract Anniversaries on which the sum ofpremiums you have paid less the amount of any partialsurrenders you have made is less than $5,000 and theAccumulated Value is less than $5,000. We deduct thecharge from your Accumulated Value, allocating thededuction among the Subaccounts and the FixedAccount so that all accounts are reduced in value by thesame percentage. Any such deduction from aSubaccount is made by selling Accumulation Units ofthe Subaccount. With our approval, you may specify adifferent allocation for the administrative charge.

Mortality and Expense Risk Charge

We assume certain financial risks associated with theContracts. Those risks are of two basic types:

� Mortality Risk. This includes our risk that (1)death benefits paid before the AnnuityCommencement Date will be greater than theAccumulated Value available to pay those benefits,and (2) Annuitant payments involving life incomeswill continue longer than we expected due to lowerthan expected death rates of the persons receivingthem.

� Expense Risk. This is the risk that the expenses,with respect to the Contracts, will exceed Contractcharges.


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As compensation for assuming these risks, we deduct adaily mortality and expense risk charge from theaverage daily net assets in the Variable Account. Thecurrent charge (0.003014% per day) is equal to anannual rate of 1.10% of the average daily net assets ofeach Subaccount in the Variable Account during theaccumulation period. Contracts pending payout due toa death claim are charged at an annual rate of 0.95%.We may change this charge in the future, but weguarantee that it will never exceed an annual rate of1.25% (0.003425% per day).

If the mortality and expense risk charge is insufficient tocover the actual cost of the mortality and expense riskassumed by us, we will bear the loss. We will not reduceannuity payments or increase the administrative chargeto compensate for the insufficiency. If the mortality andexpense risk charge proves more than sufficient, theexcess will be profit available to us for any appropriatecorporate purpose including, among other things,payment of sales expenses. See Sufficiency of Chargesbelow.

Notwithstanding this charge, Contract Owners may beasked to add money under the Maintenance of Solvencyprovision described in the General Provisions –Maintenance of Solvency section.

Expenses of the Fund

Because the Variable Account purchases shares of theFund, the net assets of the Variable Account will reflectthe investment advisory fees or other expenses incurredby the Fund. See Fee and Expense Tables and theaccompanying current prospectus of the Fund.

Other Taxes

Currently, no charge will be made against the VariableAccount for Federal income taxes. We may, however,make such a charge in the future if income or gainswithin the Variable Account will result in any Federalincome tax liability to us. Charges for other taxes, ifany, attributable to the Variable Account may also bemade. See Federal Tax Status.

Sufficiency of Charges

If the amount of all charges assessed in connection withthe Contracts as described above is not enough to coverall expenses incurred in connection therewith, we willbear the loss. Any such expenses borne by us will bepaid out of our general account which may include,among other things, proceeds derived from mortalityand expense risk charges deducted from the VariableAccount. Conversely, if the amount of such chargesproves more than enough, we will retain the excess.

If our reserves become impaired, Contract Owners maybe asked to add money under the Maintenance ofSolvency provision described in General Provisions –Maintenance of Solvency section.


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ANNUITY PROVISIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Annuity Commencement Date

The Annuity Commencement Date is the date on whichwe begin paying you your Contract’s annuity income.This date is based on the maturity age which you specifyin your application. You may change the AnnuityCommencement Date by giving us notice in writing orby telephone before both the Annuity CommencementDate currently in effect and the new AnnuityCommencement Date. The new date selected mustsatisfy our requirements for an AnnuityCommencement Date and any requirements that maybe imposed by the state in which your Contract wasissued. At the Annuity Commencement Date stated inyour Contract, we may, at our discretion, allow you toextend the Annuity Commencement Date.

Your Contract provides for a death benefit if theAnnuitant dies before the Annuity CommencementDate. After the Annuity Commencement Date, amountspayable, if any, depend upon the terms of thesettlement option

Annuity Proceeds

The proceeds available on the Annuity CommencementDate will be the amount provided by surrendering yourContract’s Accumulated Value on that date. If theAnnuity Commencement Date occurs within the firstsix Contract Years, surrender charges will be deductedfrom the Accumulated Value if they apply.

We will pay you the proceeds at maturity according tothe annuity settlement option which you select.However, we will pay the proceeds in a single sum if theAccumulated Value on the Annuity CommencementDate is less than $2,000 or if you elect to receive theproceeds in a single sum. If we pay you proceeds in asingle sum, your Contract will terminate on the AnnuityCommencement Date.

If you have not selected either a settlement option or asingle sum payment by the Annuity CommencementDate, we will pay proceeds of $2,000 or more using afixed annuity, life income with 10-year guaranteeperiod.

Settlement Options

You may elect to have proceeds paid to you under anannuity settlement option or a combination of options.Under each option, you may choose whether annuitypayments are to be made on a fixed or variable basis.

We reserve the right to limit the number of allocationsto subaccounts.

The fixed annuity settlement options available to youare described in your Contract but are not summarizedhere. The variable annuity settlement options whichyour Contract offers are as follows:

� Option 3V—Income for a Fixed Period. Underthis option, we pay an annuity income for a fixednumber of years, not to exceed 30.

� Option 4V—Life Income with GuaranteedPeriod. Under this option, we pay an annuityincome for the lifetime of the payee. If the payeedies during the guaranteed period, payments willbe continued to the end of that period and will bepaid to the beneficiary. You may select a guaranteedperiod of 10 or 20 years or other guaranteed periodagreed to by us.

In addition to these options, proceeds may be paidunder any other settlement option agreeable to us.

Partial Annuitization

Federal tax law permits taxpayers to annuitize a portionof their annuity while leaving the remaining balance taxdeferred. You may elect to have a portion of yourproceeds ($2,000 or more) paid to you under an annuitysettlement option or a combination of options. Thesettlement option(s) must be for a fixed amount or fixedperiod payable for at least ten years, or a single or jointlife income with or without a guaranteed period, or anyother option agreeable to us. If this requirement is met,the settlement option and the tax-deferred balance willgenerally be treated as two separate contracts for incometax purposes only. Your after-tax premiums in yourcontract will be allocated pro-rata between thesettlement option and the portion that remainsdeferred.

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Frequency of Annuity Payments

Annuity payments under a settlement option will bepaid at monthly intervals unless you and we agree to adifferent payment schedule. If annuity payments wouldbe or become less than $25 ($20 for Contracts issued inthe state of Texas) if a single settlement option ischosen, or $25 ($20 for Contracts issued in the state ofTexas) on each basis if a combination of variable andfixed options is chosen, we may change the frequencyof payments to intervals that will result in payments ofat least $25 ($20 for Contracts issued in the state ofTexas) each from each option chosen.

Amount of Variable Annuity Payments

The amount of the first variable annuity payment isdetermined by applying the proceeds to be paid under aparticular settlement option to the annuity table in theContract for that option. The table shows the amount ofthe initial annuity payment for each $1,000 applied.

Subsequent variable annuity payments vary in amountaccording to the investment experience of the selectedSubaccount(s). Assuming annuity payments are basedon the unit values of a single Subaccount, the dollaramount of the first annuity payment (as determinedabove) is divided by the Annuity Unit Value as of theAnnuity Commencement Date to establish the numberof Annuity Units representing each annuity payment.This number of Annuity Units remains fixed during theannuity payment period. The dollar amount of thesecond and subsequent variable annuity payments isnot predetermined and may change from payment topayment. The dollar amount of the second and eachsubsequent variable annuity payment is determined bymultiplying the fixed number of Annuity Units by theAnnuity Unit Value with respect to such Subaccount atthe end of the last Valuation Date of the period withrespect to which the payment is due. See SubaccountAnnuity Unit Value below. If the payment is based uponthe Annuity Unit Values of more than one Subaccount,

the procedure described here is repeated for eachapplicable Subaccount and the sum of the paymentsbased on each Subaccount is the amount of the annuitypayment.

The annuity tables in the Contracts are based on themortality table specified in the Contract. Under thesetables, the longer the life expectancy of the Annuitantunder any life annuity option or the duration of anyperiod for which payments are guaranteed under theoption, the smaller will be the amount of the firstmonthly variable annuity payment. We guarantee thatthe dollar amount of each variable annuity paymentafter the first payment will not be affected by variationsin expenses or in mortality experience from themortality assumptions used to determine the firstpayment.

Subaccount Annuity Unit Value

A Subaccount’s Annuity Unit Value is used to determinethe dollar value of annuity payments based on AnnuityUnits of the Subaccount. Annuity Unit Values mayincrease or decrease during each Valuation Period. Were-determine the Annuity Unit Value for eachSubaccount at the end of each Valuation Period. Theinitial Annuity Unit Value for a Subaccount was equal tothe initial Accumulation Unit Value for thatSubaccount. At the end of any subsequent ValuationPeriod, each Subaccount’s Annuity Unit Value is equalto (a) x (b) x (c) where:

(a) Is that Subaccount’s Annuity Unit Value at theend of the immediately preceding ValuationPeriod.

(b) Is that Subaccount’s Net Investment Factor forthe current Valuation Period. See The Contract—Subaccount Valuation—Net Investment Factordescribed earlier in this Prospectus.

(c) Is a discount factor equivalent to an assumedinvestment earnings rate of 3.5% per year.

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Entire Contract

Your entire insurance Contract is comprised of:

� the Contract including any attached riders,endorsements or amendments;

� the application attached to the Contract.

Postponement of Payments

We may defer payment of any surrender, death benefitor annuity payment amounts that are in the VariableAccount if:

(1) The New York Stock Exchange is closed otherthan customary weekend and holiday closings,or trading on the New York Stock Exchange isrestricted as determined by the SEC, or

(2) An emergency exists, as determined by theSEC, as a result of which disposal of securities isnot reasonably practicable or it is notreasonably practicable to determine the valueof the Variable Account’s net assets.

Transfers and allocations of Accumulated Value to andfrom the Subaccounts of the Variable Account may alsobe postponed under these circumstances.

If you pay a premium by check, we require a reasonabletime for that check to clear your bank before such fundswould be available to you. This period of time will notexceed 15 days.

Purchase Payments

Your payment must be in U.S. dollars drawn on aU.S. Bank. Thrivent does not accept cash, starter checks(checks without pre-printed registration), traveler’schecks, credit card, courtesy checks or most third-partychecks. If you pay a premium by check, we require areasonable time for that check to clear your bank beforesuch funds would be available to you. This period oftime will not exceed 15 days.

Date of Receipt

Except as otherwise stated herein, the date of our receiptof any Written Notice, premium payment, telephonicinstructions or other communication is the actual dateit is received at our Service Center in good order unless

received (1) after the close of the New York StockExchange (generally 4:00 p.m. Eastern Time), or (2) on adate which is not a Valuation Day. In either of these twocases, the date of receipt will be deemed to be the nextValuation Day.

Anti-Money Laundering

In order to protect against the possible misuse of ourproducts in money laundering or terrorist financing, wehave adopted an anti-money laundering programsatisfying the requirements of federal law. Among otherthings, this program requires us, our financialprofessionals and customers to comply with certainprocedures and standards that serve to ensure that ourcustomers’ identities are properly verified and thatpremiums are not derived from improper sources. Wereserve the right to verify any information received byaccessing information maintained in databasesinternally or externally.

Applicable laws designed to prevent terrorist financingand money laundering might in certain circumstances,require us to block certain transactions until we receiveauthorization from the appropriate regulator.

Our anti-money laundering program is subject tochange without notice to account for changes inapplicable laws or regulations. We may also makechanges as a result of our ongoing assessment ofexposure to illegal activity.

Maintenance of Solvency

The maintenance of solvency provision is a legalrequirement of a fraternal benefit society. The provisionis only invoked in the event the reserves of a fraternalbenefit society become impaired.

This provision applies only to values in the FixedAccount.

If our reserves become impaired, you may be required tomake an extra payment. Our Board of Directors willdetermine the amount of any extra payment based oneach member’s fair share of the deficiency. If thepayment is not made within 60 days of the date wenotify you, it will be charged as a debt against the

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Contract with interest compounded at the rate of 5%per year. You may choose an equivalent reduction inbenefits instead of or in combination with the debt.

Reports to Contract Owners

At least once each year we will send you a reportshowing the value of your Contract. The report willinclude the Accumulated Value and any additionalinformation required by law. Values shown will be for adate no more than two months prior to the date wemail the report. We will mail your report to your lastknown address unless prior mailings have been returnedundeliverable to us. We will make a reasonable effort inthese situations to locate you in order to continuemailing your report and other related documents. Pleasenotify the Service Center if your address has changed.

State Variations

Any state variations in the Contracts are covered in aspecial policy form for use in that state. This Prospectusprovides a general description of the Contracts. Youractual Contract (including the application) and anyendorsements, along with our Bylaws, are thecontrolling documents.

Gender Neutral Benefits

In 1983, the U.S. Supreme Court held in ArizonaGoverning Committee v. Norris that the application ofsex-distinct actuarial tables to employees based upontheir gender in calculating the amount of retirementbenefits violates Title VII of the Civil Rights Act of 1963.Because of this decision, employer-sponsored retirementplans may not use sex-distinct actuarial annuity rates indetermining benefits.

Generally, annuity payments described in thisProspectus are determined using sex-distinct actuarialtables based on the Annuitant’s gender. However,annuity payments will be based on a gender neutralbasis for the following:

� Contracts used in an employer sponsoredretirement plan;

� Contracts issued in Massachusetts (beginningJanuary 1, 2009); and

� Contracts issued in Montana (beginning October 1,1985).

HOW TO CONTACT US••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Fax:

1-800-225-2264

Additional Premiums (variable products):

ThriventP.O. Box 8061Appleton, WI 54912-8061

Transfers, Surrenders, or Withdrawals:

ThriventP.O. Box 8075Appleton, WI 54912-8075

Express Mail:

Thrivent4321 N. Ballard RoadAppleton, WI 54919-3400

For Wire Transfer Instructions,Please contact 1-800-847-4836

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FEDERAL TAX STATUS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

General

The following discussion of the federal income taxtreatment of the Contract is not exhaustive, does notpurport to cover all situations, and is not intended astax advice. The federal income tax treatment of theContract is unclear in certain circumstances, and aqualified tax advisor should always be consulted withregard to the application of law to individualcircumstances. This discussion is based on the InternalRevenue Code of 1986, as amended (the “Code”),Treasury Department regulations, and interpretationsexisting on the date of this Prospectus. Theseauthorities, however, are subject to change by Congress,the Treasury Department, and judicial decisions.

This discussion does not address any federal estate orgift tax consequences, or any state or local taxconsequences, associated with the Contract. In addition,we make no guarantee regarding any tax treatment—federal, state, or local—of any Contract or anytransaction involving a Contract.

Tax Status of the Variable Account

The Variable Account is not separately taxed as a“regulated investment company” under the Code, butrather is treated as our separate account. Under currentlaw, both the investment income and realized capitalgains of the Variable Account (i.e., the income andcapital gains distributed to the Variable Account by theFund) are reinvested without taxation to us. However,we reserve the right in the future to make a chargeagainst the Variable Account or the Accumulated Valueof a Contract for any federal, state, or local income taxesthat we incur and determine to be attributable to theVariable Account or the Contract.

Taxation of Annuities in General

The following discussion assumes that the Contract isnot used in connection with a Qualified Plan.

Tax Deferral During Accumulation Period

In general, under current law, an increase in a Contract’sAccumulated Value is not taxable to the ContractOwner until received, either in the form of annuityincome payments as contemplated by the Contract orin some other form of distribution. However, this rule

applies only if: (1) the investments of the VariableAccount are “adequately diversified” in accordance withTreasury Department regulations; (2) the Company,rather than the Contract Owner, is considered theowner of the assets of the Variable Account for federalincome tax purposes; (3) the Contract Owner is anindividual (or an individual is treated as the ContractOwner for tax purposes); and (4) the Contract’s AnnuityDate is not unduly delayed.

Diversification Requirements. The Code andTreasury Department regulations prescribe the mannerin which the investments of a segregated asset account,such as the Variable Account, are to be “adequatelydiversified.” If the Variable Account fails to comply withthese rules, the Contract will not be treated as anannuity Contract for federal income tax purposes, andso the interest or earnings credited to the Contract’sAccumulated Value in any year will be includible in theContract Owner’s income that year for federal taxpurposes. We expect that the Variable Account, throughthe Fund, will comply with these rules.

Ownership Treatment. In certain circumstances,variable annuity Contract Owners may be consideredthe owners, for federal income tax purposes, of theassets of a segregated asset account used to support theirContracts. In those circumstances, the account’s incomeand gains would be currently includible in the ContractOwners’ gross income. The Internal Revenue Service(the “IRS”) has stated in published rulings that avariable Contract Owner will be considered the ownerof the assets of a segregated asset account if the ownerpossesses incidents of ownership in those assets, such asthe ability to exercise investment control over theassets.

The ownership rights under the Contract are similar to,but different in certain respects from, the ownershiprights described in IRS rulings in which the ContractOwners were determined not to be the owners of theassets of a segregated asset account. For example, theContract Owner has the choice of more investmentoptions to which to allocate premium payments andthe Accumulated Value than were addressed in thoserulings. These differences could result in the ContractOwner being treated as the owner of all or a portion ofthe assets of the Variable Account and thus subject to

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current taxation on the income and gains from thoseassets. In addition, we do not know what standards willbe set forth in any further regulations or rulings whichthe Treasury Department or the IRS may issue. Wetherefore reserve the right to modify the Contract asnecessary to attempt to prevent Contract Owners frombeing considered the owners of the assets of the VariableAccount. However, there is no assurance that suchefforts would be successful.

Contracts Not Owned by Individuals. As a generalrule, Contracts held by “nonnatural persons” such as acorporation, trust, or other similar entity are not treatedas annuity Contracts for federal tax purposes. Theincome on such Contracts (as defined in the tax law) istaxed as ordinary income that is received or accrued bythe Contract Owner during the taxable year. However,this rule generally will not apply to a Contract held by atrust or other entity which holds the Contract as anagent for a natural person. In addition, this rule will notapply to: (1) a Contract acquired by the estate of adecedent by reason of the death of the decedent; (2)Contracts used in connection with certain QualifiedPlans; (3) Contracts purchased by employers upon thetermination of certain Qualified Plans; (4) certainContracts used in connection with structured settlementagreements; and (5) a Contract purchased with a singlepremium payment when the annuity starting date is nolater than one year from the purchase of the Contractand substantially equal periodic payments are made,not less frequently than annually, during the annuityincome period.

The remainder of this discussion assumes that theContract will be treated as an annuity contract forfederal income tax purposes.

Taxation of Partial and Full Surrenders

In the case of a partial surrender, the amount received isgenerally includible in income for federal tax purposesto the extent that the Accumulated Value of theContract, before the partial surrender, exceeds the“investment in the Contract.” In the case of a fullsurrender, the amount received is includible in incometo the extent that it exceeds the investment in theContract. For these purposes, the investment in theContract at any time equals the total of the premiumpayments made under the Contract up to that time less

any amounts previously received from the Contractwhich were excludable from income. All amountsincludible in income with respect to the Contract aretaxed as ordinary income; no amounts are taxed at thelower rates currently applicable to long-term capitalgains and corporate dividends.

Taxation of Annuity Income Payments

Normally, the portion of each annuity income paymentincludible in income for federal tax purposes is theexcess of the payment over an exclusion amount. In thecase of variable income payments, this exclusionamount is the investment in the Contract (definedabove) allocated to the Variable Account whenpayments begin, adjusted for any period certain orrefund feature, divided by the number of paymentsexpected. In the case of fixed income payments, theexclusion amount is determined by multiplying (1) thepayment, by (2) the ratio of the investment in theContract allocated to our Fixed Account, adjusted forany period certain or refund feature, to the totalexpected amount of annuity income payments. For thispurpose, the expected number or amount of annuityincome payments is determined by TreasuryDepartment regulations which take into account theAnnuitant’s life expectancy and the form of annuitybenefit selected.

Once the total amount of the investment in theContract is excluded using the above formulas, annuityincome payments will be fully taxable. If annuityincome payments cease because of the death of theAnnuitant and before the total amount of theinvestment in the Contract is recovered, theunrecovered amount generally will be allowed as adeduction.

Income from annuities will be subject to the MedicareTax on Investment Income. This tax will be imposed onindividuals with a modified adjusted gross income(MAGI) of more than $200,000 and joint filers with anMAGI of more than $250,000. Generally, the tax ratewill be 3.8% of the lesser of the net investment incomeor the amount the MAGI exceeds the threshold amount.


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There may be special income tax issues present insituations where the Contract Owner and the Annuitantare not the same person and are not married to oneanother. In such situations a tax advisor should beconsulted.

Tax Treatment of Death Benefit

Prior to the Annuity Date, we may distribute amountsfrom a Contract because of the death of a ContractOwner or, in certain circumstances, the death of theAnnuitant. If distributed in a lump sum, such deathbenefit proceeds are includible in income in the samemanner as a full surrender, or if distributed under anannuity income option, such proceeds are includible inthe same manner as annuity income payments.

After the Annuity Date, where a guaranteed periodexists under a life income option and the Annuitantdies before the end of that period, payments made tothe beneficiary for the remainder of that period areincludible in income as follows: (1) if received in a lumpsum, the payment is includible to the extent that itexceeds the unrecovered investment in the Contract; or(2) if distributed in accordance with the existingannuity income option, they are fully excluded fromincome until the remaining investment in the Contractis deemed to be recovered, and all payments thereafterare fully includible in income.

Assignments, Pledges, and Gratuitous Transfers

Any assignment or pledge of (or agreement to assign orpledge) any portion of the Accumulated Value of theContract is treated for federal income tax purposes as asurrender of such amount or portion. The investment inthe Contract is increased by the amount includible inincome with respect to such an assignment or pledge. Ifa Contract Owner transfers a Contract without adequateconsideration to a person other than the ContractOwner’s Spouse (or a former Spouse incident to divorce),the Contract Owner must include in income thedifference between the Contract’s Accumulated Valueand the investment in the Contract at the time of thetransfer. In such a case, the transferee’s investment inthe Contract is increased to reflect the amountincludible in the transferor’s income.

Penalty Tax on Premature Distributions

Technically, the amount of any payment from theContract that is includible in income is subject to a 10%penalty tax. However, this penalty tax does not apply toany payment: (1) received on or after the ContractOwner attains age 591⁄2; (2) attributable to the ContractOwner becoming disabled (as defined in the tax law);(3) made on or after the death of the Contract Owneror, if the Contract Owner is not an individual, on orafter the death of the primary annuitant (as defined inthe tax law); (4) that is part of a series of substantiallyequal periodic payments, not less frequently thanannually, for the life or life expectancy of the ContractOwner or the joint lives or joint life expectancies of theContract Owner and a designated beneficiary (asdefined in the tax law).; or, (5) made under a Contractpurchased with a single premium payment when theannuity starting date is no later than one year from thepurchase of the Contract and substantially equalperiodic payments are made, not less frequently thanannually, during the annuity period. For the purposes ofsubstantially equal periodic payments, if there is asignificant modification of the payment schedule beforethe later of the taxpayer reaching age 591⁄2 or theexpiration of five years from the time the paymentstarts, the taxpayer’s income shall be increased by theamount of tax and deferred interest that otherwisewould have been incurred.

Aggregation of Contracts

In certain circumstances, the IRS may determine theamount of any distribution from the Contract that isincludible in income by combining some or all of theannuity contracts a person owns. For example, if aperson purchases a contract and also purchases atapproximately the same time another deferred annuityissued by us, the IRS may treat the two contracts as onecontract. Similarly, if a person transfers part of his or herinterest in one annuity contract to purchase anotherannuity contract, the IRS might treat the two contractsas one contract. In addition, if a person purchases twoor more contracts from us (or an affiliate) during anycalendar year, all such contracts will be treated as onecontract for purposes of determining the amount of anyfull or partial surrender that is includible in income. Theeffects of such aggregation are not always clear;however, such aggregation could affect the amount of a


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surrender or an annuity payment that is taxable and theamount which might be subject to the 10% penalty taxdescribed above.

Exchanges of Annuity Contracts

We may issue the Contract in exchange for all or part ofanother annuity contract. Such an exchange will beincome tax free if certain requirements are satisfied (a1035 Exchange). If the exchange is tax free, theinvestment in the Contract immediately after theexchange will generally be the same as that of theannuity contract exchanged, increased by anyadditional premium payment made as part of theexchange. If part of an existing contract is exchangedfor the Contract, the IRS might treat the two contractsas one annuity contract in certain circumstances. (See“Aggregation of Contracts.”) You should consult your taxadvisor in connection with an exchange of all or part ofan annuity contract for the Contract.

Qualified Plans

The Contracts also are designed for use with severaltypes of Qualified Plans. When used in Qualified Plans,deferred annuities like the Contracts do not offeradditional tax-deferral benefits, but annuities offer otherproduct benefits to investors in Qualified Plans.Participants under such Qualified Plans as well asContract Owners, Annuitants, and beneficiaries arecautioned that the rights of any person to any benefitsunder such Qualified Plans may be subject to the termsand conditions of the plans themselves regardless of theterms and conditions of the Contracts issued inconnection with them. Those who intend to use theContract in connection with Qualified Plans shouldseek competent advice.

The tax rules applicable to Qualified Plans, and to aContract when used in connection with a QualifiedPlan, vary according to the type of plan and the termsand conditions of the plan itself, and they takeprecedence over the general annuity tax rules describedabove. For example, for full surrenders, partialsurrenders, and annuity income payments underContracts used in Qualified Plans, there may be no“investment in the contract,” with the result that thetotal amount received may be includible in income. Theincludible amount is taxed at ordinary income tax rates,

and a 10% penalty tax also may apply. Exceptions tothis penalty tax vary depending on the type of QualifiedPlan involved; in the case of an Individual RetirementAnnuity (discussed below), exceptions comparable tothose described above are available.

The following briefly describes certain types of QualifiedPlans in connection with which we may issue aContract.

Traditional IRAs. Section 408 of the Code permitseligible individuals to contribute to an IndividualRetirement Account or an Individual RetirementAnnuity (collectively known as an “IRA”). IRAs aresubject to limits on the amounts that may becontributed and deducted, on the persons who may beeligible to do so, and on the time when distributionsmay commence. Also, subject to certain requirementsdiscussed below, you may “roll over” distributions fromcertain Qualified Plans on a tax-deferred basis into anIRA.

Roth IRAs. Section 408A of the Code permits eligibleindividuals to contribute to a type of IRA known as a“Roth IRA.” Roth IRAs are generally subject to the samerules as non-Roth IRAs, but differ in several respects.Among the differences is that, although contributionsto a Roth IRA are not deductible, “qualifieddistributions” (those that satisfy certain waiting and userequirements) from a Roth IRA will be excludable fromincome. Subject to certain restrictions, a distributionfrom an eligible employer-sponsored qualified plan maybe directly moved to a Roth IRA. This movement iscalled a “qualified rollover contribution.”

Section 403(b) Plans. Section 403(b) of the Codepermits public school employees and employees ofcertain types of charitable, educational, and scientificorganizations to have their employers purchase annuityContracts for them and, subject to certain limitations,to exclude the amount of premium payments fromincome for federal tax purposes. Subject to planprovisions, distributions from a Contract purchasedunder section 403(b) may be paid only when theemployee reaches age 591⁄2, separates from service, dies,or becomes disabled, the 403(b) plan terminates, or inthe case of financial hardship. As a result, the ContractOwner will not be entitled to exercise the surrender


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rights described under the heading “The Contract—Surrender” unless one of the above conditions issatisfied. For contracts maintained pursuant to anemployer sponsored 403(b) plan, we may require theemployer’s signature to process any requests forwithdrawal, surrender, rollover or transfers to anothercontract.

Direct Rollovers

If your Contract is purchased under section 403(b) ofthe Code or is used in connection with certain otherQualified Plans, any “eligible rollover distribution” fromthe Contract will be subject to direct rollover andmandatory withholding requirements. An eligiblerollover distribution generally is any taxabledistribution from certain Qualified Plans (includingfrom a Contract purchased under section 403(b))excluding amounts such as minimum distributionsrequired under the Code. Under these requirements,federal income tax equal to 20% of the eligible rolloverdistribution will be withheld from the amount of thedistribution. Unlike withholding on certain otheramounts distributed from the Contract, discussed below,the Contract Contract Owner cannot elect out ofwithholding with respect to an eligible rollover

distribution. However, this 20% withholding will notapply if the distribution is directly rolled over to an IRAor to another eligible retirement plan.

Federal Income Tax Withholding

We will withhold and remit to the federal government apart of the taxable portion of each distribution madeunder a Contract unless the payee notifies us at orbefore the time of the distribution that he or she electsnot to have any amounts withheld. In certaincircumstances, we may be required to withhold tax. Thewithholding rates applicable to the taxable portion ofannuity income payments (other than eligible rolloverdistributions made in connection with Qualified Plans)are the same as the withholding rates generallyapplicable to payments of wages. Further, a 10%withholding rate applies to the taxable portion ofnon-periodic payments (including partial and fullsurrenders), and as discussed above, the withholdingrate applicable to eligible rollover distributions is 20%.Whether or not federal income tax is withheld, theContract Owner (or other applicable taxpayer) remainsliable for payment of federal income tax on Contractdistributions.


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DISTRIBUTION OF THE CONTRACTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

For financial professionals who are registeredrepresentatives of Thrivent InvestmentManagement Inc., the following applies:

Thrivent Investment Management Inc., 625 FourthAvenue South, Minneapolis, Minnesota 55415, anindirect subsidiary of Thrivent, is a registeredbroker-dealer and acts as principal underwriter anddistributor of the Contracts pursuant to a distributionagreement with us. Thrivent InvestmentManagement Inc. also acts as the distributor of anumber of other variable annuity and variable lifeinsurance contracts we offer.

The financial professional in this transaction is a dulylicensed registered representative of ThriventInvestment Management Inc. and is also an appointedinsurance producer of Thrivent.

Our financial professionals predominately sell insuranceand annuity products of ours. It is more profitable for usand our affiliates if you purchase products issued by usinstead of those issued by other insurance companies.As a result, we have a financial interest in the sale of theContract, and an incentive to recommend that youpurchase a contract issued by Thrivent instead of acontract issued by another company. Sales of Thriventinsurance products, which include variable annuity andvariable life insurance contracts, help support ourmission of service to congregations and communities.This gives both the organization and our members anopportunity to promote volunteerism, aid those inneed, strengthen non-profit organizations and addresscritical community needs.

In addition, your financial professional may be paiddifferently depending on the product or service he orshe recommends. As a result, your financial professionalin this transaction may have a financial incentive torecommend that you purchase one product instead ofanother.

From time to time and in accordance with applicablelaws and regulations, financial professions are eligiblefor various incentives. These include cash incentivessuch as bonuses and sales incentives, or other economicbenefits. In addition to the commissions or othercompensation paid when you purchase or invest in a

product or account, your financial professional may alsobe paid additional compensation based on factorsincluding the total volume of product sales, length oftime that you continue to pay premiums or keep assetsinvested in the products sold, and the profitability ofthe products.

Compensation consists of commissions, bonuses andpromotional incentives. Commissions pay at a range of0% to 1.5% of premiums paid into the contract.Commission rates are based on the source of funds usedto pay the premium and the type of contract.

Your financial professional may receive asset-basedcompensation pay at a range of 0.02% to 0.07% of theaccount value if eligible. If you elect a settlementoption, we pay commissions to the financialprofessional ranging from 0.25% to 0.99% of thepremium applied to the settlement option, if eligible.

Financial professionals are eligible to be paid back aportion of what they spent on marketing their financialservices to the public.

For financial professionals who are registeredrepresentatives of Selling Firms, the followingapplies:

We and the principal underwriter of the Contracts haveentered, and may enter, into selling agreements withbroker-dealers that are unaffiliated with us (“SellingFirms”). The financial professional in a transactionthrough a Selling Firm is a registered representative ofthe Selling Firm, and an appointed insurance producerof Thrivent Financial. The following paragraphs describehow payments are made by us to unaffiliated SellingFirms.

The terms of any agreement governing compensationmay vary among Selling Firms. The prospect ofreceiving, or the receipt of, compensation may provideSelling Firms and/or their registered representatives withan incentive to favor sales of the Contracts over othervariable contracts (or other investments) with respect towhich the Selling Firms do not receive compensation orreceive lower compensation. You should take such

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payment arrangements into account when consideringand evaluating any recommendation relating to theContracts.

The maximum commission we pay to Selling Firms is1.5% of premiums, plus up to 0.05% of a Contract’sAccumulated Value annually. Commissions also may bepaid on Accumulated Value moved into an annuitysettlement option. The registered representative

typically receives a portion of the compensation we payto the Selling Firm, based on the agreement between theSelling Firm and its registered representative. You mayask registered representatives how they will bepersonally compensated. The compensation describedabove is not charged directly to you or your Contract.

The compensation is paid from our resources, whichinclude fees and charges imposed on your Contract.

LEGAL PROCEEDINGS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

There are no legal proceedings to which the VariableAccount is a party or to which the assets of the VariableAccount are subject. Neither Thrivent nor ThriventInvestment Management Inc. is involved in anylitigation that is of material importance in relation totheir financial condition or that relates to the VariableAccount.

FINANCIAL STATEMENTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The financial statements of Thrivent and the VariableAccount are contained in the Statement of AdditionalInformation.

DISTRIBUTION OF THE CONTRACTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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STATEMENT OF ADDITIONAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

TABLE OF CONTENTS

� Introduction� Administration of the Contracts� Principal Underwriter� Standard and Poor’s Disclaimer� Independent Registered Public Accounting Firm and Financial Statements

You may obtain a copy of the SAI and all other documents required to be filed with the SEC without charge bycalling us at 1-800-THRIVENT (1-800-847-4836), going online at thrivent.com, or by writing us at Thrivent, 4321North Ballard Road, Appleton, Wisconsin, 54919-0001.

You may obtain copies of the prospectus, SAI, annual report and all other documents required to be filed with theSecurities and Exchange Commission at the Commission’s Public Reference Room in Washington, DC. Informationon the operation of the public reference room may be obtained by calling (202) 551-8090. Reports and otherinformation about Thrivent Variable Annuity Account C are available on the Commission’s web site at www.sec.gov.Copies of this information may be obtained, upon payment of a duplicating fee, by writing to the Public ReferenceSection of the Commission, U.S. Securities & Exchange Commission, 100 F Street, N.E., Washington, DC 20549.

THRIVENT VARIABLE ANNUITY ACCOUNT C1933 Act Registration No. 333-2324641940 Act Registration No. 811-05242

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Please send me the Statement of Additional Information (SAI) for the:

Flexible Premium Deferred Variable Annuity ContractThrivent Variable Annuity Account C


(Name) (Date)

(Street Address)

(City) (State) (Zip Code)

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APPENDIX A—CONDENSED FINANCIAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The following tables show the historical performance of Accumulation Unit Values for each of the previous yearsending December 31, for which the relevant Subaccount has been in existence. The date on which each operationscommenced in each price level is noted in parentheses. This information is derived from the financial statementsof the Variable Account and should be read in conjunction with the financial statements, related notes and otherfinancial information of the Variable Account included in the Statement of Additional Information (SAI). You mayobtain a copy of the SAI without charge by contacting us at 1-800-847-4836 or visiting our website atwww.thrivent.com.

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Thrivent Aggressive Allocation Subaccount (April 29, 2005)Accumulation Unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $21.36 $23.09 $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89 $11.09value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26.48 $21.36 $23.09 $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89number outstanding at end of period (000 omitted) . . . . 1,585 1,735 1,916 2,042 2,271 2,412 2,542 2,637 3,008 3,286

Thrivent All Cap Subaccount (November 30, 2001)1

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $19.81 $22.23 $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33 $9.85value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25.52 $19.81 $22.23 $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33number outstanding at end of period (000 omitted) . . . . 293 322 340 365 419 407 458 509 604 721

Thrivent Balanced Income Plus Subaccount (April 30, 2002)2


Thrivent Diversified Income Plus Subaccount (April 30, 2002)3


Thrivent Global Stock Subaccount (April 30, 2002)4

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $18.09 $19.95 $16.65 $15.97 $15.66 $15.04 $11.73 $10.32 $10.94 $9.98value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22.00 $18.09 $19.95 $16.65 $15.97 $15.66 $15.04 $11.73 $10.32 $10.94number outstanding at end of period (000 omitted) . . . . 490 553 623 682 785 797 869 857 1,051 1,332

Thrivent Government Bond Subaccount (April 30, 2002)5


Thrivent High Yield Subaccount (March 8, 1988)Accumulation unit:


1 Formerly known as Thrivent Partner All Cap Subaccount.2 Formerly known as Thrivent Balanced Subaccount.3 Formerly known as Thrivent High Yield Subaccount II.4 Formerly known as Thrivent Large Cap Stock Subaccount.5 Formerly known as Thrivent Bond Index Subaccount.

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Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Thrivent Income Subaccount (March 8, 1988)Accumulation unit:


Thrivent International Allocation Subaccount (April 30, 2008)1

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $9.98 $11.92 $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83 $7.87value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.89 $9.98 $11.92 $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83number outstanding at end of period (000 omitted) . . . . 2,342 2,617 2,834 2,993 3,339 3,654 4,019 4,444 525 626

Thrivent Large Cap Growth Subaccount (March 8, 1988)Accumulation unit:


Thrivent Large Cap Index Subaccount (April 30, 2002)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $25.89 $27.44 $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32 $10.86value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33.58 $25.89 $27.44 $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32number outstanding at end of period (000 omitted) . . . . 605 676 702 714 709 673 676 716 776 943

Thrivent Large Cap Value Subaccount (November 30, 2001)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $22.33 $24.73 $21.25 $18.30 $19.18 $17.78 $13.64 $11.73 $12.24 $10.99value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27.47 $22.33 $24.73 $21.25 $18.30 $19.18 $17.78 $13.64 $11.73 $12.24number outstanding at end of period (000 omitted) . . . . 936 1,022 1,097 1,196 1,306 1,478 1,645 1,773 2,178 2,685

Thrivent Limited Maturity Bond Subaccount (November 30, 2001)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $13.33 $13.34 $13.14 $12.92 $12.97 $12.90 $12.98 $12.58 $12.61 $12.11value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.81 $13.33 $13.34 $13.14 $12.92 $12.97 $12.90 $12.98 $12.58 $12.61number outstanding at end of period (000 omitted) . . . . 448 520 589 682 738 861 1,011 1,188 1,355 1,659

Thrivent Low Volatility Equity Subaccount (April 28, 2017)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $10.50 $10.93 $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.78 $10.50 $10.93number outstanding at end of period (000 omitted) . . . . 32 34 14

Thrivent Mid Cap Index Subaccount (April 30, 2002)Accumulation unit:


Thrivent Mid Cap Stock Subaccount (April 30, 2002)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $33.62 $38.19 $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56 $13.33value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41.96 $33.62 $38.19 $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56number outstanding at end of period (000 omitted) . . . . 2,130 2,329 2,507 2,766 3,053 351 386 417 501 644

Thrivent Moderate Allocation Subaccount (April 29, 2005)Accumulation Unit:


1 Formerly known as Thrivent Partner Worldwide Allocation Subaccount.


41••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Thrivent Moderately Aggressive Allocation Subaccount (April 29, 2005)Accumulation Unit:


Thrivent Moderately Conservative Allocation Subaccount (April 29, 2005)Accumulation Unit:


Thrivent Money Market Subaccount (February 18, 1988)Accumulation unit:


Thrivent Multidimensional Income Subaccount (April 28, 2017)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $9.62 $10.27 $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.95 $9.62 $10.27number outstanding at end of period (000 omitted) . . . . 17 16 16

Thrivent Opportunity Income Plus Subaccount (April 30, 2003)1


Thrivent Partner Emerging Markets Equity Subaccount (April 30, 2008)2


Thrivent Partner Growth Stock Subaccount (November 30, 2001)Accumulation unit:


Thrivent Partner Healthcare Subaccount (April 30, 2008)Accumulation unit:


Thrivent Real Estate Securities Subaccount (April 30, 2003)Accumulation unit:


Thrivent Small Cap Growth Subaccount (April 27, 2018)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $9.04 $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.49 $9.04number outstanding at end of period (000 omitted) . . . . 31 29

1 Formerly known as Thrivent Mortgage Securities Subaccount.2 Formerly known as Thrivent Partner Emerging Markets Subaccount.


42 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Thrivent Small Cap Index Subaccount (April 30, 2002)Accumulation unit:


Thrivent Small Cap Stock Subaccount (April 30, 2002)Accumulation unit:



43••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

[THIS PAGE INTENTIONALLY LEFT BLANK]

This Summary Prospectus is designed to provide investors with key information about the Portfolio in a clear andconcise format. Before you invest, you may want to review the Portfolio’s complete prospectus, which contains moreinformation about the Portfolio and its risks.

• If you purchased shares of Thrivent Variable Portfolios through Thrivent Financial:You can find the Portfolio’s prospectus, reports to shareholders, and other information about the Portfolioonline at ThriventPortfolios.com. You can also get this information at no cost by calling 800-847-4839 or bysending an email request to [email protected]

• If you purchased shares of Thrivent Variable Portfolios from a firm other than Thrivent Financial:You can find the Portfolio’s prospectus, reports to shareholders, and other information about the Portfolioonline at ThriventPortfolios.com. You can also get this information by calling or emailing your financial advisor.

The Portfolio’s prospectus and statement of additional information, both dated April 30, 2020, are incorporated byreference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number oremail address noted above.

Shares of the Portfolio are sold only to insurance company separate accounts or to other investment companiesfunded by insurance company separate accounts. This Summary Prospectus is not intended for use by otherinvestors.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copiesof the Portfolios’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically requestpaper copies of the reports. Instead, the reports will be made available on the Portfolios’ website (ThriventPortfolios.com), andyou will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need totake any action. You may elect to receive shareholder reports and other communications by enrolling atThrivent.com/gopaperless.

You may elect to receive all future shareholder reports in paper free of charge. You can call 800-847-4836 to let us know you wishto continue receiving paper copies of your shareholder reports. Your election to receive shareholder reports in paper will apply toall Portfolios held in your insurance company separate account.

THRIVENT AGGRESSIVE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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Thrivent Aggressive Allocation PortfolioInvestment ObjectiveThrivent Aggressive Allocation Portfolio (the �Portfolio�)seeks long-term capital growth.

Fees and ExpensesThis table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. If youown a variable annuity contract or variable lifeinsurance contract, you will have additional expensesincluding mortality and expense risk charges. Pleaserefer to the prospectus for your variable contract foradditional information about charges for thosecontracts.

SHAREHOLDER FEES(fees paid directly from your investment)

Maximum Sales Charge (load) Imposed OnPurchases (as a % of offering price) N/A

Maximum Deferred Sales Charge (load) (as apercentage of the lower of the original purchaseprice or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES(expenses that you pay each year as a percentage ofthe value of your investment)

Management Fees 0.70%

Other Expenses 0.04%

Acquired Fund Fees and Expenses 0.19%

Total Annual Portfolio Operating Expenses 0.93%

Less Fee Waivers and/or ExpenseReimbursements1 0.17%

Total Annual Portfolio Operating Expenses AfterFee Waivers and/or Expense Reimbursements 0.76%

1 The Adviser has contractually agreed, for as long as the current feestructure is in place and through at least April 30, 2021, to waive anamount equal to any management fees indirectly incurred by thePortfolio as a result of its investment in any other mutual fund forwhich the Adviser or an affiliate serves as investment adviser, otherthan Thrivent Cash Management Trust. This contractual provisionmay be terminated upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expense

reimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:

1 Year 3 Years 5 Years 10 Years

Thrivent AggressiveAllocation Portfolio $78 $279 $498 $1,127

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 60% ofthe average value of its portfolio.

Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek greaterlong-term capital growth and are comfortable withhigher levels of risk and volatility. The Portfolio uses aprescribed asset allocation strategy involving a two-stepprocess that is designed to achieve its desired risktolerance. The first step is the construction of a modelfor the allocation of the Portfolio’s assets across broadasset categories (namely, equity securities and debtsecurities). The second step involves the determinationof sub-classes within the broad asset categories andtarget weightings (i.e., what the Adviser determines isthe strategic allocation) for these sub-classes. Sub-classesfor equity securities may be based on marketcapitalization, investment style (such as growth orvalue), or economic sector. Sub-classes for debt securitiesmay be based on maturity, duration, security type orcredit rating (high yield—commonly known as “junkbonds”—or investment grade).

The use of target weightings for various sub-classeswithin broad asset categories is intended as a multi-styleapproach to reduce the risk of investing in securitieshaving common characteristics. The Portfolio may buyand sell futures contracts to either hedge its exposure orobtain exposure to certain investments.

The Portfolio may invest in foreign securities, includingthose of issuers in emerging markets. An “emergingmarket” country is any country determined by the

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Adviser to have an emerging market economy,considering factors such as the country’s credit rating,its political and economic stability and the developmentof its financial and capital markets.

Under normal circumstances, the Portfolio invests inthe following broad asset classes within the rangesgiven:

Broad Asset CategoryTarget

AllocationAllocation

Range

Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 95% 75-100%Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 5% 0-25%

The Portfolio’s actual holdings in each broad assetcategory may be outside the applicable allocation rangefrom time to time due to differing investmentperformance among asset categories. The Adviser willrebalance the Portfolio at least annually so that itsholdings are within the ranges for the broad assetcategories.

The Portfolio pursues its investment strategy byinvesting primarily in other mutual funds managed bythe Adviser or an affiliate. The names of the fundsmanaged by the Adviser or an affiliate which arecurrently available for investment by the Portfolio areshown in the list below. The list is provided forinformation purposes only. The Adviser may change theavailability of the funds managed by the Adviser or anaffiliate for investment by the Portfolio withoutshareholder approval or advance notice to shareholders.

Equity SecuritiesSmall Cap

Thrivent Small Cap Stock PortfolioMid Cap

Thrivent Mid Cap Stock PortfolioLarge Cap

Thrivent Global Stock PortfolioThrivent Large Cap Growth PortfolioThrivent Large Cap Value Portfolio

OtherThrivent International Allocation PortfolioThrivent Core International Equity FundThrivent Core Low Volatility Equity Fund

Debt SecuritiesHigh Yield Bonds

Thrivent High Yield PortfolioIntermediate/Long-Term Bonds

Thrivent Income PortfolioShort-Term/Intermediate Bonds

Thrivent Limited Maturity Bond PortfolioOther

Thrivent Core Emerging Markets Debt Fund

Short-Term Debt SecuritiesMoney Market

Thrivent Cash Management TrustOther

Thrivent Core Short-Term Reserve Fund

Principal RisksThe Portfolio is subject to the following principalinvestment risks, which you should review carefully andin entirety. The Portfolio may not achieve itsinvestment objective and you could lose money byinvesting in the Portfolio.

Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. Therefore, a principal risk of investing in thePortfolio is that the allocation strategies used and theallocation decisions made will not produce the desiredresults.

Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimesrapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets incompanies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable toadverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.

Large Cap Risk. Large-sized companies may be unableto respond quickly to new competitive challenges suchas changes in technology. They may also not be able toattain the high growth rate of successful smallercompanies, especially during extended periods ofeconomic expansion.

Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have smallrevenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.

Mid Cap Risk. Medium-sized companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more-established companies. Thesecompanies tend to have smaller revenues, narrowerproduct lines, less management depth and experience,smaller shares of their product or service markets, fewerfinancial resources, and less competitive strength thanlarger companies.

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Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.

Other Funds Risk. Because the Portfolio invests inother funds managed by the Adviser or an affiliate(“Other Funds”), the performance of the Portfolio isdependent, in part, upon the performance of OtherFunds in which the Portfolio may invest. As a result, thePortfolio is subject to the same risks as those faced bythe Other Funds. In addition, Other Funds may besubject to additional fees and expenses that will beborne by the Portfolio.

Growth Investing Risk. Growth style investingincludes the risk of investing in securities whose priceshistorically have been more volatile than othersecurities, especially over the short term. Growth stockprices reflect projections of future earnings or revenuesand, if a company’s earnings or revenues fall short ofexpectations, its stock price may fall dramatically.

Value Investing Risk. Value style investing includesthe risk that stocks of undervalued companies may notrise as quickly as anticipated if the market doesn’trecognize their intrinsic value or if value stocks are outof favor.

Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.

Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.

Foreign Currency Risk. The value of a foreigncurrency may decline against the U.S. dollar, whichwould reduce the dollar value of securities denominatedin that currency. The overall impact of such a decline offoreign currency can be significant, unpredictable, andlong lasting, depending on the currencies represented,how each one appreciates or depreciates in relation tothe U.S. dollar, and whether currency positions arehedged. Under normal conditions, the Portfolio doesnot engage in extensive foreign currency hedgingprograms. Further, exchange rate movements arevolatile, and it is not possible to effectively hedge thecurrency risks of many developing countries.

Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets. There is also no guarantee thatthe Adviser will be able to effectively implement thePortfolio’s investment objective.

Conflicts of Interest Risk. An investment in thePortfolio will be subject to a number of actual orpotential conflicts of interest.For example, the Adviseror its affiliates may provide services to the Portfolio forwhich the Portfolio would compensate the Adviserand/or such affiliates. The Portfolio may invest in otherpooled investment vehicles sponsored, managed, orotherwise affiliated with the Adviser, including otherPortfolios. The Adviser may have an incentive (financialor otherwise) to enter into transactions or arrangementson behalf of the Portfolio with itself or its affiliates in

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circumstances where it might not have done sootherwise.

The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation ofinvestments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.

Issuer Risk. Issuer risk is the possibility that factorsspecific to an issuer to which the Portfolio is exposedwill affect the market prices of the issuer’s securities andtherefore the value of the Portfolio.

Quantitative Investing Risk. Quantitative InvestingRisk is the risk that securities selected according to aquantitative analysis methodology can performdifferently from the market as a whole based on themodel and the factors used in the analysis, the weightplaced on each factor and changes in the factor’shistorical trends. Such models are based on assumptionsof these and other market factors, and the models maynot take into account certain factors, or perform asintended, and may result in a decline in the value of thePortfolio’s portfolio.

Derivatives Risk. The use of derivatives (such asfutures) involves additional risks and transaction costswhich could leave the Portfolio in a worse position thanif it had not used these instruments. The Portfolioutilizes equity futures in order to increase or decrease itsexposure to various asset classes at a lower cost thantrading stocks directly. The use of derivatives can lead tolosses because of adverse movements in the price orvalue of the underlying asset, index or rate, which maybe magnified by certain features of the contract.Changes in the value of the derivative may not correlateas intended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is the riskthat the other party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and may

exacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.

The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.

How a Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

YEAR-BY-YEAR TOTAL RETURN

17.53%

(3.93)%

12.25%

27.05%

6.02%

(0.45)%

10.11%

21.51%

(6.46)%

25.34%

-10

-5

0

5

10

15

20

25

30

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

An

nu

al R

etu

rn (

%)

Best Quarter: Q1 ’19 +12.83%

Worst Quarter: Q3 ’11 (17.16)%

4

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AVERAGE ANNUAL TOTAL RETURNS(PERIODS ENDING DECEMBER 31, 2019)

1 Year 5 Years 10 Years

Thrivent Aggressive AllocationPortfolio 25.34% 9.33% 10.30%

S&P 500® Index(reflects no deduction for fees,expenses or taxes) 31.49% 11.70% 13.56%

Bloomberg BarclaysU.S. Aggregate Bond Index(reflects no deduction for fees,expenses or taxes) 8.72% 3.05% 3.75%

MSCI All Country World Indexex-USA - USD Net Returns(reflects no deduction for fees,expenses or taxes) 21.51% 5.51% 4.97%

Management

Investment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”).

Portfolio Manager(s)Mark L. Simenstad, CFA, Darren M. Bagwell,CFA, Stephen D. Lowe, CFA, David S. Royal andDavid R. Spangler, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Simenstad has served as a portfoliomanager of the Portfolio since April 2005. Mr. Bagwelland Mr. Lowe have served as portfolio managers of thePortfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Spangler has served as a portfolio manager of thePortfolio since February 2019. Mr. Simenstad is ChiefInvestment Strategist and has been with ThriventFinancial since 1999. Mr. Bagwell is Vice President,Chief Equity Strategist and has been with ThriventFinancial in an investment management capacity since2002. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been withThrivent Financial since 1997. He has served as aportfolio manager since 2009. Mr. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006. Mr. Spangler has been withThrivent Financial since 2002, in an investmentmanagement capacity since 2006 and currently is aSenior Portfolio Manager.

Purchase and Sale of SharesShares of each series of Thrivent Series Fund, Inc. (the“Fund”) may be sold, without any minimum initial orsubsequent investment requirements, only to:

• Separate accounts of Thrivent Financial;• Separate accounts of other insurance companies not

affiliated with Thrivent Financial; and• Other Portfolios of the Fund.

Tax InformationFor information about certain tax-related aspects ofinvesting in the Portfolio through a variable contract,please see the variable product prospectus.

Payments to Broker-Dealers and OtherFinancial IntermediariesIf you purchase the Portfolio through a broker-dealer orother financial intermediary (such as an insurancecompany), the Portfolio and its related companies maypay the intermediary for the sale of Portfolio shares andrelated services. These payments may create a conflict ofinterest by influencing the broker-dealer or otherintermediary and your salesperson to recommend thePortfolio over another investment. Ask your salespersonor visit your financial intermediary’s website for moreinformation.

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THRIVENT ALL CAP PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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Thrivent All Cap PortfolioInvestment ObjectiveThe investment objective of Thrivent Partner All CapPortfolio (the �Portfolio�) is to seek long-term growth ofcapital.









EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods.The example also assumes that your investment has a5% return each year, and that the Portfolio’s operatingexpenses remain the same. Although your actual costmay be higher or lower, based on the foregoingassumptions, your cost would be:


Thrivent All CapPortfolio $73 $227 $395 $883


Principal StrategiesThe Portfolio’s principal strategy for achieving itsobjective is normally to invest the Portfolio’s assetsprimarily in common stocks of companies of anymarket capitalization.

The Portfolio’s Adviser is not constrained by anyparticular investment style. At any given time, theAdviser may tend to buy “growth” stocks or “value”stocks, or a combination of both types.

The Portfolio seeks to achieve its objective by investingin common stocks. The Adviser uses fundamental,quantitative, and technical investment researchtechniques and includes stocks of companies that itbelieves have demonstrated and will sustain aboveaverage earnings growth in the future when comparedto the economy and the stock market as a whole. Inaddition, the Portfolio may invest in companies that itbelieves are undervalued in relation to their longtermearnings power or asset value.

Issuers of potential investments are analyzed usingfundamental factors such as growth potential, earningsestimates, and financial condition. The Portfolio maysell securities for a variety of reasons, such as to securegains, limit losses, or reposition assets into morepromising opportunities.


Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimesrapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets in

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companies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable toadverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.






Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser orsubadviser in assessing the potential of the investmentsin which the Portfolio invests. This assessment ofinvestments may prove incorrect, resulting in losses orpoor performance, even in rising markets. There is alsono guarantee that the Adviser will be able to effectivelyimplement the Portfolio’s investment objective.



Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 3000 Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.



2

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16.34%

(4.82)%

14.74%

32.85%

12.26%

2.26%5.77%

20.24%

(9.89)%

30.27%

-20

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Thrivent All Cap Portfolio 30.27% 8.83% 11.21%

Russell 3000 Index(reflects no deduction for fees,expenses or taxes) 31.02% 11.24% 13.42%

S&P Composite 1500 Index®(reflects no deduction for fees,expenses or taxes) 30.90% 11.46% 13.52%

Management


Portfolio Manager(s)Matthew D. Finn, CFA and John T. Groton, Jr.,CFA are jointly and primarily responsible for theday-to-day management of the Portfolio. Mr. Finn andMr. Groton have served as portfolio managers of thePortfolio since February 2019. Mr. Finn is Vice President,Head of Equity Funds and has been with ThriventFinancial in an investment management capacity sinceApril 2004. Mr. Groton is the Director of EquityResearch and has been with Thrivent Financial in aninvestment management capacity since July 2007.






3

32065T R4-20

TSF-10









THRIVENT BALANCED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-11

Thrivent Balanced Income Plus PortfolioInvestment ObjectiveThrivent Balanced Income Plus Portfolio (the�Portfolio�) seeks long-term total return through abalance between income and the potential forlong-term capital growth.

Fees and ExpensesThis table describes the fees and expenses that you maypay if you buy and hold shares of Thrivent BalancedIncome Plus Portfolio. If you own a variable annuitycontract or variable life insurance contract, you willhave additional expenses including mortality andexpense risk charges. Please refer to the prospectus foryour variable contract for additional information aboutcharges for those contracts.











Thrivent BalancedIncome Plus Portfolio $67 $211 $368 $822


Principal StrategiesUnder normal circumstances, the Portfolio invests in acombination of equity securities and debt securitieswithin the ranges shown in the following table:



Range


The equity securities in which the Portfolio invests mayinclude common stock, preferred stock, securitiesconvertible into common stock, or securities or otherinstruments the price of which is linked to the value ofcommon stock.

The debt securities in which the Portfolio invests maybe of any maturity or credit quality, including highyield, high risk bonds, notes, debentures and other debtobligations commonly known as “junk bonds.” At thetime of purchase, these high-yield securities are ratedwithin or below the “BB” major rating category by S&Por the “Ba” major rating category by Moody’s or areunrated but considered to be of comparable quality bythe Adviser. The Portfolio may also invest in leveragedloans, which are senior secured loans that are made bybanks or other lending institutions to companies thatare rated below investment grade. In addition, thePortfolio may invest in investment-grade corporatebonds, asset-backed securities, mortgage-backedsecurities (including commercially backed ones),convertible bonds, and sovereign and emerging marketdebt (both U.S. dollar and non-U.S. dollardenominated).

The Portfolio may invest in foreign securities, includingthose of issuers in emerging markets. An “emergingmarket” country is any country determined by theAdviser to have an emerging market economy,considering factors such as the country’s credit rating,its political and economic stability and the developmentof its financial and capital markets.

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The Portfolio utilizes derivatives primarily in the formof U.S. Treasury futures contracts in order to manage thePortfolio’s duration, or interest rate risk. The Portfoliomay enter into derivatives contracts traded onexchanges or in the over the counter market.

The Portfolio may also pursue its investment strategy byinvesting in other mutual funds managed by theAdviser or an affiliate.

The Adviser uses fundamental, quantitative andtechnical investment research techniques to determinewhat to buy and sell. Fundamental techniques assess asecurity’s value based on an issuer’s financial profile,management, and business prospects while quantitativeand technical techniques involve a more data-orientedanalysis of financial information, market trends andprice movements.



Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. Changes by the Federal Reserve tomonetary policies could affect interest rates and thevalue of some securities. In addition, the phase out ofLIBOR (the offered rate for short-term Eurodollardeposits between major international banks) by the endof 2021 could lead to increased volatility and illiquidityin certain markets that currently rely on LIBOR todetermine interest rates.

Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may no

longer be able or willing to pay its debt. As a result ofsuch an event, the debt security may decline in priceand affect the value of the Portfolio.




Leveraged Loan Risk. Leveraged loans (also known asbank loans) are subject to the risks typically associatedwith debt securities. In addition, leveraged loans, whichtypically hold a senior position in the capital structureof a borrower, are subject to the risk that a court couldsubordinate such loans to presently existing or futureindebtedness or take other action detrimental to theholders of leveraged loans. Leveraged loans are alsosubject to the risk that the value of the collateral, if any,securing a loan may decline, be insufficient to meet theobligations of the borrower, or be difficult to liquidate.Some leveraged loans are not as easily purchased or soldas publicly-traded securities and others are illiquid,which may make it more difficult for the Portfolio tovalue them or dispose of them at an acceptable price.Below investment-grade leveraged loans are typicallymore credit sensitive. In the event of fraud ormisrepresentation, the Portfolio may not be protectedunder federal securities laws with respect to leveragedloans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be morethan seven days.

Prepayment Risk. When interest rates fall, certainobligations will be paid off by the obligor more quicklythan originally anticipated, and a Portfolio may have toinvest the proceeds in securities with lower yields. In

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TSF-13

periods of falling interest rates, the rate of prepaymentstends to increase (as does price fluctuation) as borrowersare motivated to pay off debt and refinance at newlower rates. During such periods, reinvestment of theprepayment proceeds by the management team willgenerally be at lower rates of return than the return onthe assets that were prepaid. Prepayment generallyreduces the yield to maturity and the average life of thesecurity.




Mortgage-Backed and Other Asset-BackedSecurities Risk. The value of mortgage-backed andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid. In addition, bothmortgage-backed and asset-backed securities aresensitive to changes in the repayment patterns of theunderlying security. If the principal payment on theunderlying asset is repaid faster or slower than theholder of the asset-backed or mortgage-backed securityanticipates, the price of the security may fall,particularly if the holder must reinvest the repaidprincipal at lower rates or must continue to hold thesecurity when interest rates rise. This effect may causethe value of the Portfolio to decline and reduce theoverall return of the Portfolio.

High Yield Risk. High yield securities – commonlyknown as “junk bonds” – to which the Portfolio isexposed are considered predominantly speculative withrespect to the issuer’s continuing ability to makeprincipal and interest payments. If the issuer of thesecurity is in default with respect to interest or principalpayments, the value of the Portfolio may be negativelyaffected. High yield securities generally have a lessliquid resale market.

Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the InternationalMonetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legal

3

TSF-14

process for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.



Conflicts of Interest Risk. An investment in thePortfolio will be subject to a number of actual orpotential conflicts of interest.For example, the Adviseror its affiliates may provide services to the Portfolio forwhich the Portfolio would compensate the Adviserand/or such affiliates. The Portfolio may invest in otherpooled investment vehicles sponsored, managed, orotherwise affiliated with the Adviser, including otherPortfolios. The Adviser may have an incentive (financialor otherwise) to enter into transactions or arrangementson behalf of the Portfolio with itself or its affiliates incircumstances where it might not have done sootherwise.




Derivatives Risk. The use of derivatives (such asfutures) involves additional risks and transaction costswhich could leave the Portfolio in a worse position thanif it had not used these instruments. The Portfolioutilizes futures on U.S. Treasuries in order to manageduration. The use of derivatives can lead to lossesbecause of adverse movements in the price or value ofthe underlying asset, index or rate, which may bemagnified by certain features of the contract. Changesin the value of the derivative may not correlate asintended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is the riskthat the other party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Dealer inventories ofbonds are at or near historic lows in relation to marketsize, which has the potential to decrease liquidity andincrease price volatility in the fixed income markets,particularly during periods of economic or market stress.As a result of this decreased liquidity, the Portfolio mayhave to accept a lower price to sell a security, sell othersecurities to raise cash, or give up an investmentopportunity, any of which could have a negative effecton performance.

Portfolio Turnover Rate Risk. The Portfolio mayengage in active and frequent trading of portfoliosecurities in implementing its principal investmentstrategies. A high rate of portfolio turnover (100% ormore) involves correspondingly greater expenses whichare borne by the Portfolio and its shareholders and mayalso result in short-term capital gains taxable toshareholders.


4

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Effective August 16, 2013, based on approval of thePortfolio’s Board of Directors and notice to Portfolioshareholders, the Portfolio’s principal strategies werechanged, which had the effect of converting thePortfolio from one which incorporated the strategies ofThrivent Large Cap Index Portfolio and Thrivent BondIndex Portfolio (now known as Thrivent GovernmentBond Portfolio) to one which invests in a combinationequity securities and debt securities. At the same time,the Portfolio’s name changed from Thrivent BalancedPortfolio to Thrivent Balanced Income Plus Portfolio. Asa result, performance information presented below withrespect to periods prior to August 16, 2013, reflects theperformance of an investment portfolio that wasmaterially different from the investment portfolio ofThrivent Balanced Income Plus Portfolio.



13.29%

4.18%

12.42%

17.95%

6.07%

(0.14)%

7.06%

11.67%

(4.87)%

17.11%

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Thrivent Balanced Income PlusPortfolio 17.11% 5.87% 8.24%

MSCI World Index - USD NetReturns(reflects no deduction for fees,expenses or taxes) 27.67% 8.74% 9.47%

Bloomberg BarclaysU.S. Mortgage-Backed SecuritiesIndex(reflects no deduction for fees,expenses or taxes) 6.35% 2.58% 3.15%

Bloomberg Barclays U.S. HighYield Ba/B 2% Issuer CappedIndex(reflects no deduction for fees,expenses or taxes) 15.18% 6.05% 7.43%

S&P/LSTA Leveraged LoanIndex(reflects no deduction for fees,expenses or taxes) 8.64% 4.45% 5.01%

Management


Portfolio Manager(s)Stephen D. Lowe, CFA, Mark L. Simenstad, CFA,Noah J. Monsen, CFA, Darren M. Bagwell, CFAand David R. Spangler, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Lowe has served as a portfolio manager ofthe Portfolio since August 2013. Mr. Simenstad and Mr.Monsen have served as portfolio managers of thePortfolio since April 2015. Mr. Bagwell and Mr. Spanglerhave served as portfolio managers of the Portfolio sinceFebruary 2019. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Simenstad isChief Investment Strategist and has been with ThriventFinancial since 1999. Mr. Monsen has been withThrivent Financial since 2000 and has served in aninvestment management capacity since 2008. Mr.Bagwell is Vice President, Chief Equity Strategist and hasbeen with Thrivent Financial in an investmentmanagement capacity since 2002. Mr. Spangler has beenwith Thrivent Financial since 2002, in an investmentmanagement capacity since 2006 and currently is aSenior Portfolio Manager.

5

TSF-16






6

32065B R4-20

TSF-17









THRIVENT DIVERSIFIED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-18

Thrivent Diversified Income Plus PortfolioInvestment ObjectiveThrivent Diversified Income Plus Portfolio (the�Portfolio�) seeks to maximize income whilemaintaining prospects for capital appreciation.












Thrivent DiversifiedIncome Plus Portfolio $51 $160 $280 $628


Principal StrategiesUnder normal circumstances, the Portfolio invests in acombination of equity securities and debt securitieswithin the ranges shown in the following table:



Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 75% 55-95%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 25% 5-45%

The equity securities in which the Portfolio invests mayinclude common stock, preferred stock, securitiesconvertible into common stock, or securities or otherinstruments the price of which is linked to the value ofcommon stock.

The debt securities in which the Portfolio invests maybe of any maturity or credit quality, including highyield, high risk bonds, notes, debentures and other debtobligations commonly known as “junk bonds.” At thetime of purchase, these high-yield securities are ratedwithin or below the “BB” major rating category by S&Por the “Ba” major rating category by Moody’s or areunrated but considered to be of comparable quality bythe Adviser. The Portfolio may also invest in leveragedloans, which are senior secured loans that are made bybanks or other lending institutions to companies thatare rated below investment grade. In addition, thePortfolio may invest in investment-grade corporatebonds, asset-backed securities, mortgage-backedsecurities (including commercially backed ones),convertible bonds, and sovereign and emerging marketdebt (both U.S. dollar and non-U.S. dollardenominated).


1

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Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may no

longer be able or willing to pay its debt. As a result ofsuch an event, the debt security may decline in priceand affect the value of the Portfolio.





Leveraged Loan Risk. Leveraged loans (also known asbank loans) are subject to the risks typically associated

2

TSF-20

with debt securities. In addition, leveraged loans, whichtypically hold a senior position in the capital structureof a borrower, are subject to the risk that a court couldsubordinate such loans to presently existing or futureindebtedness or take other action detrimental to theholders of leveraged loans. Leveraged loans are alsosubject to the risk that the value of the collateral, if any,securing a loan may decline, be insufficient to meet theobligations of the borrower, or be difficult to liquidate.Some leveraged loans are not as easily purchased or soldas publicly-traded securities and others are illiquid,which may make it more difficult for the Portfolio tovalue them or dispose of them at an acceptable price.Below investment-grade leveraged loans are typicallymore credit sensitive. In the event of fraud ormisrepresentation, the Portfolio may not be protectedunder federal securities laws with respect to leveragedloans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be morethan seven days.

Prepayment Risk. When interest rates fall, certainobligations will be paid off by the obligor more quicklythan originally anticipated, and a Portfolio may have toinvest the proceeds in securities with lower yields. Inperiods of falling interest rates, the rate of prepaymentstends to increase (as does price fluctuation) as borrowersare motivated to pay off debt and refinance at newlower rates. During such periods, reinvestment of theprepayment proceeds by the management team willgenerally be at lower rates of return than the return onthe assets that were prepaid. Prepayment generallyreduces the yield to maturity and the average life of thesecurity.


Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult to

resell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.



Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as common

3

TSF-21

stocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferreddividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.






Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflects

the actual value of the security. Dealer inventories ofbonds are at or near historic lows in relation to marketsize, which has the potential to decrease liquidity andincrease price volatility in the fixed income markets,particularly during periods of economic or market stress.As a result of this decreased liquidity, the Portfolio mayhave to accept a lower price to sell a security, sell othersecurities to raise cash, or give up an investmentopportunity, any of which could have a negative effecton performance.




Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the global

4

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economy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.





15.85%

2.31%

14.48%

11.17%

4.27%

0.08%

7.08%

9.35%

(2.70)%

13.73%

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Thrivent Diversified IncomePlus Portfolio 13.73% 5.34% 7.39%



MSCI World Index - USD NetReturns(reflects no deduction for fees,expenses or taxes) 27.67% 8.74% 9.47%


Management


Portfolio Manager(s)Mark L. Simenstad, CFA, Stephen D. Lowe, CFA,Noah J. Monsen, CFA, Gregory R. Anderson, CFAand Darren M. Bagwell, CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Simenstad has served as a portfoliomanager of the Portfolio since March 2006. Mr. Loweand Mr. Monsen have served as portfolio managers ofthe Portfolio since April 2015. Mr. Anderson has servedas a portfolio manager of the Portfolio since October2018. Mr. Bagwell has served as a portfolio manager ofthe Portfolio since February 2019. Mr. Simenstad isChief Investment Strategist and has been with ThriventFinancial since 1999. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Monsen has beenwith Thrivent Financial since 2000 and has served in aninvestment management capacity since 2008. Mr.Anderson is Vice President, Fixed Income GeneralAccounts. He has been with Thrivent Financial since1997 and has served as a portfolio manager since 2000.Mr. Bagwell is Vice President, Chief Equity Strategist andhas been with Thrivent Financial in an investmentmanagement capacity since 2002.

5

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32065G R4-20

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THRIVENT ESG INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-25

Thrivent ESG Index PortfolioInvestment ObjectiveThrivent ESG Index Portfolio (the �Portfolio�) seeks totrack the investment results of an index composed ofcompanies selected by the index provider based onenvironmental, social and governance characteristics.The Portfolio’s investment objective may be changedwithout shareholder approval.







Other Expenses1 2.78%




1 These expenses are based on estimated amounts for the currentfiscal year.

2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent ESG Index Portfolio inorder to limit the Total Annual Portfolio Operating Expenses AfterFee Waivers and/or Expense Reimbursements to an annual rate of0.38% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in the

Portfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:

1 Year 3 Years

Thrivent ESG Index Portfolio $39 $675

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. Because the Portfolio had notyet commenced operations prior to the date of thisprospectus, the Portfolio’s portfolio turnover rate for themost recent fiscal year end is not yet available.

Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in the common stocks ofcompanies included in the MSCI KLD 400 Social Index(the “Index”) in the proportions in which they arerepresented in the Index. This is a passively managedPortfolio, which means that the Adviser does notactively choose the securities that should make up thePortfolio. The Index is a float-adjusted marketcapitalization weighted index designed to provideexposure to U.S. companies with outstandingenvironmental, social and governance (“ESG”) ratingsand excluding exposure to companies with negativesocial or environmental impacts, all as identified byMSCI Inc. (the “Index Provider” or “MSCI”). As ofMarch 31, 2020, the Index consisted of 404 companiesidentified by the Index Provider from the universe ofcompanies included in the MSCI USA IMI Index, whichtargets 99% of the market coverage of stocks that arelisted for trading on major exchanges in the U.S., asdetermined by the Index Provider. MSCI constructs theIndex based on considerations of ESG performance,sector alignment and size representation of each eligiblecompany, as described in more detail below. Themethodology MSCI uses to construct the Index is as ofthe date of this prospectus and is subject to change as

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TSF-26

determined from time to time by MSCI. The Indexexcludes companies whose products have negativesocial or environmental impacts. Companies that MSCIdetermines have significant involvement in thefollowing businesses are not eligible for theIndex: alcohol, gambling, tobacco, military weapons,civilian firearms, nuclear power, adult entertainmentand genetically modified organisms.

In evaluating ESG performance of eligible companies,MSCI uses proprietary ratings and research covering ESGcriteria. MSCI identifies companies that demonstrate anability to manage their ESG risks and opportunities.MSCI identifies key ESG issues that hold the greatestpotential risk or opportunity for each industry sector,which may include the following: climate change,natural resources, pollution and waste, environmentalopportunities, human capital, product liability,stakeholder opposition, social opportunities, corporategovernance, and corporate behavior. MSCI calculates acompany’s exposure relating to a key issue based on ananalysis of a company’s business and takes into accounta company’s management process of that issue. MSCI’sESG criteria also includes, but is not limited to, ananalysis of companies involved in very seriouscontroversies, which may result in those companies’exclusion from the Index.

The Index is reviewed quarterly for adjustments, andwhen changes to the Index occur, the Adviser willattempt to replicate these changes within the Portfolio.However, any such changes may result in slightvariations from time to time. The Index may includelarge, mid or small cap companies. The components ofthe Index, and the degree to which these componentsrepresent certain industry sectors, are likely to changeover time. The Portfolio may buy and sell equity indexfutures and exchange traded funds (“ETF”) forinvestment exposure. For liquidity reasons, the Portfoliomay invest to some degree in money marketinstruments.

Principal RisksThe Portfolio is subject to the following principalinvestment risks, which you should review carefully andin entirety. The Portfolio may not achieve itsinvestment objective and you could lose money byinvesting in the Portfolio.ESG (Environmental, Social & Governance)Investment Strategy Risk. The Portfolio’s ESGinvestment strategy limits the types and number ofinvestment opportunities available to the Portfolio and,as a result, the Portfolio may underperform other fundsthat do not have an ESG focus. The Portfolio’s ESGinvestment strategy may result in the Portfolio investingin securities or industry sectors that underperform themarket as a whole or underperform other fundsscreened for ESG standards. In addition, the IndexProvider may be unsuccessful in creating an index

composed of companies that exhibit positive ESGcharacteristics.Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimesrapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets incompanies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable toadverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.ETF Risk. An ETF is subject to the risks of theunderlying investments that it holds. In addition, forindex-based ETFs, the performance of an ETF maydiverge from the performance of such index (commonlyknown as tracking error). ETFs are subject to fees andexpenses (like management fees and operatingexpenses) that do not apply to an index, and thePortfolio will indirectly bear its proportionate share ofany such fees and expenses paid by the ETFs in which itinvests. Because ETFs trade on an exchange, there is arisk that an ETF will trade at a discount to net assetvalue or that investors will fail to bring the trading pricein line with the underlying shares (known as thearbitrage mechanism).Futures Contract Risk. The value of a futurescontract tends to increase and decrease in tandem withthe value of the underlying instrument. The price offutures can be highly volatile; using them could lowertotal return, and the potential loss from futures canexceed the Portfolio’s initial investment in suchcontracts. In addition, the value of the futures contractmay not accurately track the value of the underlyinginstrument.Issuer Risk. Issuer risk is the possibility that factorsspecific to an issuer to which the Portfolio is exposedwill affect the market prices of the issuer’s securities andtherefore the value of the Portfolio.Large Cap Risk. Large-sized companies may be unableto respond quickly to new competitive challenges suchas changes in technology. They may also not be able toattain the high growth rate of successful smallercompanies, especially during extended periods ofeconomic expansion.Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.Mid Cap Risk. Medium-sized companies often havegreater price volatility, lower trading volume, and less

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liquidity than larger, more-established companies. Thesecompanies tend to have smaller revenues, narrowerproduct lines, less management depth and experience,smaller shares of their product or service markets, fewerfinancial resources, and less competitive strength thanlarger companies.Sector Risk. Companies with similar characteristicsmay be grouped together in broad categories calledsectors. From time to time, the Portfolio may havesignificant positions in one or more sectors of themarket. To the extent the Portfolio invests more heavilyin particular sectors than others, its performance may bemore susceptible to developments that significantlyaffect those sectors. Individual sectors may be morevolatile, and may perform differently, than the broadermarket. The industries that constitute a sector may allreact in the same way to economic, political orregulatory events.Indexing Strategy/Index Tracking Risk. ThePortfolio is managed with an indexing investmentstrategy, attempting to track the performance of anunmanaged index of securities, regardless of the currentor projected performance of the Index or of the actualsecurities comprising the Index. The structure andcomposition of the Index will affect the performance,volatility, and risk of the Index and, consequently, theperformance, volatility, and risk of the Portfolio. Whilethe Adviser seeks to track the performance of the Index(i.e., achieve a high degree of correlation with theIndex), the Portfolio’s return may not match the returnof the Index. The Portfolio incurs a number of operatingexpenses not applicable to the Index, and incurs costs inbuying and selling securities. In addition, the Portfoliomay not be fully invested at times, generally as a resultof cash flows into or out of the Portfolio or reserves ofcash held by the Portfolio to meet redemptions. TheAdviser may attempt to replicate the Index return byinvesting in fewer than all of the securities in the Index,or in some securities not included in the Index,potentially increasing the risk of divergence between thePortfolio’s return and that of the Index.Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceNo performance information for the Portfolio isprovided because it had not commenced operationsprior to the date of this prospectus and does not yethave a full calendar year of performance history. Theindex description appears in the �Index Descriptions�section of the prospectus. Call 800-847-4836 or visit

Thrivent.com for performance results current to themost recent month-end that takes place after April 30,2020.How the Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

ManagementInvestment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”).

Portfolio Manager(s)Brian W. Bomgren, CQF and Sharon Wang, CFA,FRM are jointly and primarily responsible for theday-to-day management of the Portfolio. Mr. Bomgrenand Ms. Wang have served as portfolio managers of thePortfolio since April 2020. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a SeniorPortfolio Manager. Ms. Wang has been with ThriventFinancial since 2017 and is currently a Senior PortfolioManager. Prior to joining Thrivent Financial, Ms. Wangworked at Bryn Mawr Capital Management as aportfolio manager from 2009 to 2016.

Purchase and Sale of SharesShares of each series of Thrivent Series Fund, Inc. (the“Fund”) may be sold, without any minimum initial orsubsequent investment requirements, only to:• Separate accounts of Thrivent Financial;• Separate accounts of other insurance companies not




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THRIVENT GLOBAL STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-29

Thrivent Global Stock PortfolioInvestment ObjectiveThrivent Global Stock Portfolio (the �Portfolio�) seekslong-term capital growth.











Thrivent Global StockPortfolio $65 $205 $357 $798

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turns

over” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 76% ofthe average value of its portfolio.

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets in equity securities and investsat least 40% of its net assets in foreign securities (undernormal market conditions). The Adviser focuses mainlyon the equity securities of domestic and internationalcompanies. Should the Adviser change the investmentsused for purposes of this 80% threshold, we will notifyyou at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in domestic and foreign commonstocks. The Portfolio may buy and sell futures contractsto either hedge its exposure or obtain exposure tocertain investments. The Adviser uses fundamental,quantitative, and technical investment researchtechniques to determine what stocks to buy and sell.Fundamental techniques assess a security’s value basedon an issuer’s financial profile, management, andbusiness prospects while quantitative and technicaltechniques involve a more data-oriented analysis offinancial information, market trends and pricemovements. The Portfolio may sell securities for avariety of reasons, such as to secure gains, limit losses,or reposition assets into more promising opportunities.



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Quantitative Investing Risk. Quantitative InvestingRisk is the risk that securities selected according to a

quantitative analysis methodology can performdifferently from the market as a whole based on themodel and the factors used in the analysis, the weightplaced on each factor and changes in the factor’shistorical trends. Such models are based on assumptionsof these and other market factors, and the models maynot take into account certain factors, or perform asintended, and may result in a decline in the value of thePortfolio’s portfolio.




Futures Contract Risk. The value of a futurescontract tends to increase and decrease in tandem withthe value of the underlying instrument. The price offutures can be highly volatile; using them could lowertotal return, and the potential loss from futures canexceed the Portfolio’s initial investment in suchcontracts. In addition, the value of the futures contract

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may not accurately track the value of the underlyinginstrument.





PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visit

Thrivent.com for performance results current to themost recent month-end.



10.82%

(4.57)%

14.90%

29.60%

5.29%3.11%

5.42%

21.15%

(8.33)%

22.95%

-10

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20

25

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Thrivent Global Stock Portfolio 22.95% 8.22% 9.43%

MSCI All Country World Index- USD Net Returns(reflects no deduction for fees,expenses or taxes) 26.60% 8.41% 8.79%

Management


Portfolio Manager(s)Kurt J. Lauber, CFA, Noah J. Monsen, CFA, LauriBrunner, Darren M. Bagwell, CFA and David R.Spangler, CFA are jointly and primarily responsible forthe day-to-day management of the Portfolio. Mr. Lauberhas served as a portfolio manager of the Portfolio since

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March 2013. Mr. Monsen has served as a portfoliomanager of the Portfolio since April 2018. Ms. Brunnerhas served as a portfolio manager of the Portfolio sinceSeptember 2018. Mr. Bagwell and Mr. Spangler haveserved as portfolio managers of the Portfolio sinceFebruary 2019. Mr. Lauber has been with ThriventFinancial since 2004 and previously served as anassociate portfolio manager. Mr. Monsen has been withThrivent Financial since 2000 and has served in aninvestment management capacity since 2008. Ms.Brunner has been with Thrivent Financial since 2007and currently is a Senior Portfolio Manager. Mr. Bagwellis Vice President, Chief Equity Strategist and has beenwith Thrivent Financial in an investment managementcapacity since 2002. Mr. Spangler has been withThrivent Financial since 2002, in an investmentmanagement capacity since 2006 and currently is aSenior Portfolio Manager.






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THRIVENT GOVERNMENT BOND PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-34

Thrivent Government Bond PortfolioInvestment ObjectiveThrivent Government Bond Portfolio (the �Portfolio�)seeks total return, consistent with preservation ofcapital. The Portfolio’s investment objective may bechanged without shareholder approval.











Thrivent GovernmentBond Portfolio $47 $148 $258 $579


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount ofborrowings for investment purposes) in U.S.government bonds. For purposes of this disclosure, “U.S.government bonds” are debt instruments issued orguaranteed by the U.S. government or its agencies andinstrumentalities, including U.S. Treasuries, TreasuryInflation Protected Securities (TIPS), U.S. GovernmentAgency debt, and mortgage-backed securities issued orguaranteed by the Government National MortgageAssociation (GNMA or Ginnie Mae), the FederalNational Mortgage Association (FNMA or Fannie Mae)or the Federal Home Loan Mortgage Corporation(FHLMC or Freddie Mac). Should the Adviser change theinvestments used for purposes of this 80% threshold,you will be notified at least 60 days prior to the change.

The Portfolio’s portfolio securities may be of anymaturity. The Adviser uses fundamental, quantitativeand technical investment research techniques todetermine what debt obligations to buy and sell.Fundamental techniques assess a security’s value basedon an issuer’s financial profile, management, andbusiness prospects while quantitative and technicaltechniques involve a more data-oriented analysis offinancial information, market trends and pricemovements. The “total return” sought by the Portfolioconsists of income earned on the Portfolio’s investmentsplus capital appreciation, if any. The Portfolio mayinvest in U.S. dollar denominated sovereign debt offoreign governments.


Principal RisksThe Portfolio is subject to the following principalinvestment risks, which you should review carefully andin entirety. The Portfolio may not achieve its

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investment objective and you could lose money byinvesting in the Portfolio.

Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as FederalHome Loan Bank, Ginnie Mae, Fannie Mae or FreddieMac securities). Securities issued or guaranteed byFederal Home Loan Banks, Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S.corporation that is authorized to guarantee, with thefull faith and credit of the U.S. government, the timelypayment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S.government-related organizations such as Federal HomeLoan Banks, Fannie Mae and Freddie Mac are notbacked by the full faith and credit of the U.S.government. No assurance can be given that the U.S.government would provide financial support to itsagencies and instrumentalities if not required to do soby law. In addition, the value of U.S. governmentsecurities may be affected by changes in the credit ratingof the U.S. government.


Inflation-Linked Security Risk. Inflation-linked debtsecurities, such as TIPS, are subject to the effects ofchanges in market interest rates caused by factors otherthan inflation (real interest rates). In general, the priceof an inflation-linked security tends to decrease whenreal interest rates increase and can increase when realinterest rates decrease. Interest payments oninflation-linked securities are unpredictable and willfluctuate as the principal and interest are adjusted forinflation. Any increase in the principal amount of aninflation-linked debt security will be considered taxable

ordinary income, even though the Portfolio will notreceive the principal until maturity.

There can also be no assurance that the inflation indexused will accurately measure the real rate of inflation inthe prices of goods and services. The Portfolio’sinvestments in inflation-linked securities may lose valuein the event that the actual rate of inflation is differentthan the rate of the inflation index. In addition,inflation-linked securities are subject to the risk that theConsumer Price Index for All Urban Consumers (CPI-U)or other relevant pricing index may be discontinued,fundamentally altered in a manner materially adverse tothe interests of an investor in the securities, altered bylegislation or Executive Order in a materially adversemanner to the interests of an investor in the securitiesor substituted with an alternative index.



Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the InternationalMonetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legal

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process for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.





Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreak

are uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.


Effective August 28, 2017, based on approval of thePortfolio’s Board of Directors and shareholders, theportfolio’s investment objective and principal strategieswere changed, which had the effect of converting thePortfolio from one whose securities were selected basedon which securities were in an index to one that isactively managed and invests primarily in U.S.government securities. At the same time, the Portfolio’sname changed from Thrivent Bond Index Portfolio toThrivent Government Bond Portfolio. As a result,performance information presented below with respectto periods prior to August 28, 2017, reflects theperformance of an investment portfolio that wasmaterially different from the investment portfolio ofThrivent Government Bond Portfolio.

The bar chart and the table include the effects ofPortfolio expenses, but not charges or deductionsagainst your variable contract, and assume that you soldyour shares at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.

How the Portfolio has performed in the past (before andafter taxes) is not necessarily an indication of how it willperform in the future. Performance informationprovides some indication of the risks of investing in thePortfolio by showing changes in the Portfolio’sperformance over time.

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9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

0.18%

5.86%

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Thrivent Government BondPortfolio 5.86% 2.24% 3.71%

Bloomberg BarclaysU.S. Treasury Index(reflects no deduction for fees,expenses or taxes) 6.86% 2.36% 3.13%

Bloomberg BarclaysU.S. Agency Index(reflects no deduction for fees,expenses or taxes) 5.89% 2.32% 2.50%

Management


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive) andGregory R. Anderson, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Landreville has served as portfoliomanager of the Portfolio since December 2005. Mr.Anderson has served as a portfolio manager of thePortfolio since August 2017. Mr. Landreville has beenwith Thrivent Financial since 1983 and has served as aportfolio manager since 1998. Mr. Anderson is VicePresident, Fixed Income General Accounts. He has beenwith Thrivent Financial since 1997 and has served as aportfolio manager since 2000.






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THRIVENT HIGH YIELD PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-39

Thrivent High Yield PortfolioInvestment ObjectivesThrivent High Yield Portfolio (the �Portfolio�) seeks toachieve a higher level of income. The Portfolio will alsoconsider growth of capital as a secondary objective.











Thrivent High YieldPortfolio $45 $141 $246 $555


Principal StrategiesUnder normal market conditions, the Portfolio investsat least 80% of its net assets (plus the amount of anyborrowing for investment purposes) in high yield, highrisk bonds, notes, debentures and other debt obligations(including leveraged loans, mortgage-backed securities,convertible bonds, and convertible stock), or preferredstocks. These securities are commonly known as “junkbonds.” At the time of purchase these securities arerated within or below the “BB” major rating category byStandard & Poor’s Corporation or the “Ba” major ratingcategory by Moody’s Investor Services, Inc. or areunrated but considered to be of comparable quality bythe Adviser. The Portfolio invests in securities regardlessof the securities’ maturity average and may also investin foreign securities. Should the Adviser change theinvestments used for purposes of this 80% threshold,you will be notified at least 60 days prior to the change.

The Adviser uses fundamental, quantitative, andtechnical investment research techniques to determinewhat securities to buy and sell. Fundamental techniquesassess a security’s value based on an issuer’s financialprofile, management, and business prospects whilequantitative and technical techniques involve a moredata-oriented analysis of financial information, markettrends and price movements. The Adviser focuses onU.S. companies which it believes have or are expected toachieve adequate cash flows or access to capital marketsfor the payment of principal and interest obligations.


Principal RisksThe Portfolio is subject to the following principalinvestment risks, which you should review carefully andin entirety. The Portfolio may not achieve itsinvestment objectives and you could lose money byinvesting in the Portfolio.

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Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may nolonger be able or willing to pay its debt. As a result ofsuch an event, the debt security may decline in priceand affect the value of the Portfolio.

Convertible Securities Risk. Convertible securities aresubject to the usual risks associated with debt securities,such as interest rate risk and credit risk. Convertiblesecurities also react to changes in the value of thecommon stock into which they convert, and are thussubject to market risk. The Portfolio may also be forcedto convert a convertible security at an inopportunetime, which may decrease the Portfolio’s return.

Leveraged Loan Risk. Leveraged loans (also known asbank loans) are subject to the risks typically associatedwith debt securities. In addition, leveraged loans, whichtypically hold a senior position in the capital structureof a borrower, are subject to the risk that a court couldsubordinate such loans to presently existing or futureindebtedness or take other action detrimental to theholders of leveraged loans. Leveraged loans are alsosubject to the risk that the value of the collateral, if any,securing a loan may decline, be insufficient to meet theobligations of the borrower, or be difficult to liquidate.Some leveraged loans are not as easily purchased or soldas publicly-traded securities and others are illiquid,which may make it more difficult for the Portfolio tovalue them or dispose of them at an acceptable price.Below investment-grade leveraged loans are typicallymore credit sensitive. In the event of fraud or

misrepresentation, the Portfolio may not be protectedunder federal securities laws with respect to leveragedloans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be morethan seven days.




Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Dealer inventories of

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bonds are at or near historic lows in relation to marketsize, which has the potential to decrease liquidity andincrease price volatility in the fixed income markets,particularly during periods of economic or market stress.As a result of this decreased liquidity, the Portfolio mayhave to accept a lower price to sell a security, sell othersecurities to raise cash, or give up an investmentopportunity, any of which could have a negative effecton performance.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index

description appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



14.57%

4.70%

16.28%

6.91%

1.96%

(2.69)%

12.78%

7.55%

(3.39)%

14.34%

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Thrivent High Yield Portfolio 14.34% 5.45% 7.08%

Bloomberg BarclaysU.S. Corporate High Yield BondIndex(reflects no deduction for fees,expenses or taxes) 14.32% 6.13% 7.57%

Management


Portfolio Manager(s)Paul J. Ocenasek, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr. Ocenasek

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has served as portfolio manager of the Portfolio sinceDecember 1997. He has been with Thrivent Financialsince 1987 and, since 1997, has served as portfoliomanager to other Thrivent mutual funds.






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THRIVENT INCOME PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-44

Thrivent Income PortfolioInvestment ObjectiveThrivent Income Portfolio (the �Portfolio�) seeks toachieve a high level of income over the longer termwhile providing reasonable safety of capital.











Thrivent IncomePortfolio $45 $141 $246 $555


Principal StrategiesThe principal strategies of the Portfolio are to invest ininvestment-grade corporate bonds, government bonds,asset-backed securities, mortgage-backed securities, andother types of debt securities. Asset-backed securities aresecurities backed by notes or receivables originated bybanks, credit card companies or other providers ofcredit.


Under normal conditions, at least 65% of the Portfolio’sassets will be invested in debt securities or preferredstock that is rated investment grade (Baa3/BBB-/BBB- orhigher) using the middle rating of Moody’s, S&P andFitch; when a rating from only two agencies is available,the lower is used; when only one agency rates a bond,that rating is used. In cases where explicit bond levelratings may not be available, the Adviser may use othersources to classify securities by credit quality.

The Portfolio may also invest in high yield, high riskbonds, notes, debentures and other debt obligations orpreferred stock commonly known as “junk bonds.” Atthe time of purchase these securities are rated within orbelow the “BB” major rating category by S&P or the“Ba” major rating category by Moody’s or are unratedbut considered to be of comparable quality by theAdviser.

The Adviser uses fundamental, quantitative, andtechnical investment research techniques to determinewhat debt obligations to buy and sell. Fundamentaltechniques assess a security’s value based on an issuer’sfinancial profile, management, and business prospectswhile quantitative and technical techniques involve amore data-oriented analysis of financial information,market trends and price movements. The Adviser may

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purchase bonds of any maturity and generally focuseson U.S. companies that it believes are financially soundand have strong cash flow, asset values and interest ordividend earnings. The Adviser purchases bonds offoreign issuers as well.


The Portfolio may invest in securities of any marketsector and may hold a significant amount of securitiesof companies, from time to time, within a single sectorsuch as financials.





Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as Federal

Home Loan Bank, Ginnie Mae, Fannie Mae or FreddieMac securities). Securities issued or guaranteed byFederal Home Loan Banks, Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S.corporation that is authorized to guarantee, with thefull faith and credit of the U.S. government, the timelypayment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S.government-related organizations such as Federal HomeLoan Banks, Fannie Mae and Freddie Mac are notbacked by the full faith and credit of the U.S.government. No assurance can be given that the U.S.government would provide financial support to itsagencies and instrumentalities if not required to do soby law. In addition, the value of U.S. governmentsecurities may be affected by changes in the credit ratingof the U.S. government.




Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential for

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higher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.


Financial Sector Risk. To the extent that thefinancials sector continues to represent a significantportion of the Portfolio, the Portfolio will be sensitive tochanges in, and its performance may depend to agreater extent on, factors impacting this sector.Performance of companies in the financials sector maybe adversely impacted by many factors, including,among others, government regulations, economicconditions, credit rating downgrades, changes ininterest rates, and decreased liquidity in credit markets.The impact of more stringent capital requirements,recent or future regulation of any individual financialcompany or recent or future regulation of the financialssector as a whole cannot be predicted. In recent years,cyber attacks and technology malfunctions and failureshave become increasingly frequent in this sector andhave caused significant losses.

Derivatives Risk. The use of derivatives (such asfutures) involves additional risks and transaction costswhich could leave the Portfolio in a worse position thanif it had not used these instruments. The Portfolioutilizes futures on U.S. Treasuries in order to manageduration. The use of derivatives can lead to lossesbecause of adverse movements in the price or value ofthe underlying asset, index or rate, which may be

magnified by certain features of the contract. Changesin the value of the derivative may not correlate asintended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is the riskthat the other party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.




Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreak

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are uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Bloomberg Barclays US Corporate BondIndex because the Portfolio believes it more accuratelyrepresents the Portfolio’s investment objective andprincipal strategies. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



11.55%

5.94%

10.98%

(0.07)%

6.68%

(0.68)%

6.09% 6.29%

(2.33)%

13.60%

-4

-2

0

2

4

6

8

10

12

14

16

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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Thrivent Income Portfolio 13.60% 4.44% 5.68%

Bloomberg BarclaysU.S. Corporate Bond Index(reflects no deduction for fees,expenses or taxes) 14.54% 4.60% 5.54%


Management


Portfolio Manager(s)Kent L. White, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr. White hasserved as a portfolio manager of the Portfolio since June2017. Mr. White is the Director of Investment GradeResearch, and he has been with Thrivent Financial since1999.






4

32065S R4-20

TSF-48









THRIVENT INTERNATIONAL ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-49

Thrivent International Allocation PortfolioInvestment ObjectiveThrivent International Allocation Portfolio (the�Portfolio�) seeks long-term capital growth.











Thrivent InternationalAllocation Portfolio $74 $230 $401 $894

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 106% ofthe average value of its portfolio.

Principal StrategiesThe Portfolio seeks to achieve its objective by investingprimarily in equity securities of issuers throughout theworld. The Portfolio seeks to diversify its portfoliobroadly among developed and emerging countries andamong multiple asset classes. Under normal marketconditions, the Portfolio invests at least 40% of its netassets in foreign assets. If market conditions are notdeemed favorable by the Adviser, the Portfolio couldinvest a lower percentage, but at least 30% of its netassets in foreign assets. A foreign asset could be aninvestment in an issuer that is organized under the lawsof a foreign jurisdiction; that is traded principally in aforeign country; that derives at least 50% of its revenuesor profits from goods produced or sold, investmentsmade, or services performed in a foreign country or hasat least 50% of its assets in a foreign country; or thatotherwise exposes the Portfolio’s portfolio to theeconomic fortunes and risks of a foreign country. ThePortfolio may also pursue its investment strategy byinvesting in equity derivatives such as futures contractsto either hedge its exposure or gain exposure to certaininvestments.

The Adviser will make asset allocation decisions amongthe various asset classes and has engaged GoldmanSachs Asset Management, L.P. (“GSAM”) to manage thePortfolio’s international small- and midcap equityassets. The Adviser will directly manage the remainingassets in the Portfolio.

The Portfolio will generally make the followingallocations among the broad asset classes listed below:

International large-cap growth. . . . . . . . . . . . . . . . . . . . . . . . . . 0-50%International large-cap value. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-50%International small- and mid-cap equities . . . . . . . . . . . . . . 0-30%Emerging markets equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-25%U.S. securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-10%

The Portfolio’s actual holdings in each broad assetcategory may be outside the applicable allocation rangefrom time to time due to differing investmentperformances among asset classes. These allocationsmay change without shareholder approval or advancenotice to shareholders to the extent consistent withapplicable law.

In buying and selling securities for the Portfolio, theAdviser uses an active strategy. This strategy consists of a

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TSF-50

disciplined approach that involves computer-aided,quantitative analysis of fundamental, technical andrisk-related factors. The Adviser’s factor model (amethod of analyzing and combining multiple datasources) systematically reviews thousands of stocks,using data such as historical earnings growth andexpected future growth, valuation, price momentum,and other quantitative factors to forecast returnpotential. Then, risk characteristics of potentialinvestments and covariation among securities areanalyzed along with the return forecasts in determiningthe Portfolio’s holdings.

GSAM uses a quantitative style of management, incombination with a qualitative overlay, that emphasizesfundamentally-based stock selection, careful portfolioconstruction and efficient implementation. ThePortfolio’s investments are selected using fundamentalresearch and a variety of quantitative techniques basedon certain investment themes. The Portfolio may makeinvestment decisions that deviate from those generatedby GSAM’s proprietary models, at the discretion ofGSAM. In addition, GSAM may, in its discretion, makechanges to its quantitative techniques, or use otherquantitative techniques that are based on GSAM’sproprietary research.









Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,

2

TSF-51

in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.




Mid Cap Risk. Medium-sized companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more-established companies. These

companies tend to have smaller revenues, narrowerproduct lines, less management depth and experience,smaller shares of their product or service markets, fewerfinancial resources, and less competitive strength thanlarger companies.



Multi-Manager Risk. The investment style employedby the subadviser may not be complementary to that ofthe Adviser. The interplay of the strategy employed bythe subadviser and the Adviser may result in thePortfolio indirectly holding positions in certain types ofsecurities, industries or sectors. These positions may bedetrimental to a Portfolio’s performance dependingupon the performance of those securities and the overalleconomic environment. The multi-manager approachcould result in a high level of portfolio turnover,resulting in higher brokerage expenses and increased taxliability from a Portfolio’s realization of capital gains.


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assume that you sold your investment at

3

TSF-52

the end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.How a portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.


13.43%

(12.12)%

18.67%16.31%

(5.35)% (0.78)%

3.35%

23.84%

(15.39)%

20.48%

-20

-10

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Thrivent InternationalAllocation Portfolio 20.48% 5.30% 5.36%


ManagementInvestment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged Goldman Sachs Asset Management,L.P. (“GSAM”) to subadvise a portion of the Portfolio’sassets.

Portfolio Manager(s)GSAM manages the international small- and mid-capequities assets of the Portfolio. GSAM’s QuantitativeInvestment Strategies team (the “QIS” team) managesthe international small- and mid-cap equities of thePortfolio with the following team members beingjointly and primarily responsible for day-to-daymanagement. Len Ioffe, Managing Director, joinedGSAM as an associate in 1994 and has been a portfolio

manager since 1996. Mr. Ioffe has managed the Portfoliosince September 2013. Osman Ali, Managing Director,joined GSAM in 2003 and has been a member of theresearch and portfolio management team within QISsince 2005. Mr. Ali has managed the Portfolio sinceSeptember 2013. Takashi Suwabe is a ManagingDirector and is co-head of active equity research in theQIS team. Mr. Suwabe joined GSAM in 2004 and hasbeen a member of the QIS team since 2009. Previously,Mr. Suwabe worked at Nomura Securities and NomuraResearch Institute. Mr. Suwabe has managed thePortfolio since September 2013.The Adviser manages the Portfolio’s internationallarge-cap, emerging markets equity and U.S. securitiesassets. Noah J. Monsen, CFA, Brian W. Bomgren,CQF, Darren M. Bagwell, CFA and David R.Spangler, CFA are jointly and primarily responsible forday-to-day management of the Portfolio’s internationallarge-cap, emerging markets equity and U.S. securitiesassets. Mr. Monsen and Mr. Bomgren have served asportfolio managers of the Portfolio since March 2016.Mr. Bagwell and Mr. Spangler have served as portfoliomanagers of the Portfolio since February 2019. Mr.Monsen has been with Thrivent Financial since 2000and has served in an investment management capacitysince 2008. Mr. Bomgren has been with ThriventFinancial since 2006 and is currently a Senior PortfolioManager. Mr. Bagwell is Vice President, Chief EquityStrategist and has been with Thrivent Financial in aninvestment management capacity since 2002. Mr.Spangler is a Senior Portfolio Manager and has beenwith Thrivent Financial since 2002. He has served in aninvestment management capacity since 2006.





4

32065AL R4-20

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THRIVENT INTERNATIONAL INDEXPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-54

Thrivent International Index PortfolioInvestment ObjectiveThrivent International Index Portfolio (the �Portfolio�)seeks total returns that track the performance of theMSCI EAFE Index. The Portfolio’s investment objectivemay be changed without shareholder approval.












2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent International IndexPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 0.46% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. In

addition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:

1 Year 3 Years

Thrivent International IndexPortfolio $47 $327


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in equity securities included inthe MSCI EAFE Index in the proportions in which theyare represented in the index. This is a passivelymanaged Portfolio, which means that the Adviser doesnot actively choose the securities that should make upthe Portfolio, and instead seeks to replicate the MSCIEAFE Index and provide investment results that, beforeexpenses, correspond generally to the total return of theindex. The MSCI EAFE Index captures large- andmid-cap equity securities in developed marketscountries, excluding the U.S. and Canada. As ofMarch 31, 2020, the MSCI EAFE Index consisted of 918constituents in the following 21 developed marketcountry indices: Australia, Austria, Belgium, Denmark,Finland, France, Germany, Hong Kong, Ireland, Israel,Italy, Japan, the Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland, andthe United Kingdom. If the securities represented in theMSCI EAFE Index were to become concentrated in anyparticular industry, the Portfolio’s investments wouldlikewise be concentrated in securities of issuers in thatindustry; the MSCI EAFE Index is not currentlyconcentrated in any single industry. The MSCI EAFEIndex is a free float-adjusted market capitalization indexthat is designed to provide coverage of the relevant

1

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investment opportunity set with an emphasis on indexliquidity, investability and replicability. The MSCI EAFEIndex is adjusted quarterly, and when changes to theindex occur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from time totime. The Portfolio may buy and sell equity indexfutures for investment exposure. For liquidity reasons,the Portfolio may invest to some degree in moneymarket instruments.








Futures Contract Risk. The value of a futurescontract tends to increase and decrease in tandem withthe value of the underlying instrument. The price offutures can be highly volatile; using them could lowertotal return, and the potential loss from futures canexceed the Portfolio’s initial investment in suchcontracts. In addition, the value of the futures contractmay not accurately track the value of the underlyinginstrument.


Global Indexing Strategy/Index Tracking Risk. ThePortfolio is managed with an indexing investmentstrategy, attempting to track the performance of anunmanaged index of securities, regardless of the currentor projected performance of the Index or of the actual

2

TSF-56

securities comprising the Index. The structure andcomposition of the Index will affect the performance,volatility, and risk of the Index and, consequently, theperformance, volatility, and risk of the Portfolio. Thesecurities of foreign issuers, securities of companies withsignificant foreign exposure, and foreign currencies caninvolve additional risks relating to market, economic,industry, political, regulatory, geopolitical, and otherconditions. Less stringent regulatory, accounting,auditing, and disclosure requirements for issuers andmarkets are more common in certain foreign countriesand may make the data upon which the Index is basedunreliable or stale. Enforcing legal rights can be difficult,costly, and slow in certain foreign countries, and can beparticularly difficult against foreign governments. Whilethe Adviser seeks to track the performance of the Index(i.e., achieve a high degree of correlation with theIndex), the Portfolio’s return may not match the returnof the Index. The Portfolio incurs a number of operatingexpenses not applicable to the Index, and incurs costs inbuying and selling securities. In addition, the Portfoliomay not be fully invested at times, generally as a resultof cash flows into or out of the Portfolio or reserves ofcash held by the Portfolio to meet redemptions. TheAdviser may attempt to replicate the Index return byinvesting in fewer than all of the securities in the Index,or in some securities not included in the Index,potentially increasing the risk of divergence between thePortfolio’s return and that of the Index.


PerformanceNo performance information for the Portfolio isprovided because it had not commenced operationsprior to the date of this prospectus and does not yethave a full calendar year of performance history. Theindex description appears in the �Index Descriptions�section of the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end that takes place after April 30,2020.

How the Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides some

indication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

Management


Portfolio Manager(s)Brian W. Bomgren, CQF and Sharon Wang, CFA,FRM are jointly and primarily responsible for theday-to-day management of the Portfolio. Mr. Bomgrenand Ms. Wang have served as portfolio managers of thePortfolio since April 2020. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a SeniorPortfolio Manager. Ms. Wang has been with ThriventFinancial since 2017 and is currently a Senior PortfolioManager. Prior to joining Thrivent Financial, Ms. Wangworked at Bryn Mawr Capital Management as aportfolio manager from 2009 to 2016.






3

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TSF-57









THRIVENT LARGE CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-58

Thrivent Large Cap Growth PortfolioInvestment ObjectiveThe investment objective of Thrivent Large Cap GrowthPortfolio (the �Portfolio�) is to achieve long-term growthof capital.











Thrivent Large CapGrowth Portfolio $45 $141 $246 $555


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof large companies. The Adviser focuses mainly on theequity securities of large domestic and internationalcompanies which have market capitalizationsequivalent to those included in widely known indicessuch as the Russell 1000 Growth Index, S&P 500 Index,or the large company market capitalizationclassifications published by Lipper, Inc. Thesecompanies typically have a market capitalization ofapproximately $8 billion or more. Should the Adviserchange the investments used for purposes of this 80%threshold, you will be notified at least 60 days prior tothe change.

The Portfolio seeks to achieve its investment objectiveby investing in common stocks. The Adviser usesfundamental, quantitative, and technical investmentresearch techniques and focuses on stocks of companiesthat it believes have demonstrated and will sustainabove-average earnings growth over time, or which areexpected to develop rapid sales and earnings growth inthe future when compared to the economy and stockmarket as a whole. Many such companies are in thetechnology sector and the Portfolio may at times have ahigher concentration in this industry.

The Portfolio may sell securities for a variety of reasons,such as to secure gains, limit losses, or reposition assetsinto more promising opportunities.


Large Cap Risk. Large-sized companies may be unableto respond quickly to new competitive challenges suchas changes in technology. They may also not be able to

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attain the high growth rate of successful smallercompanies, especially during extended periods ofeconomic expansion.




Technology-Oriented Companies Risk. Commonstocks of companies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move intandem with the overall stock market. Technology,science and communications are rapidly changingfields, and stocks of these companies, especially ofsmaller or unseasoned companies, may be subject tomore abrupt or erratic market movements than thestock market in general. There are significantcompetitive pressures among technology-orientedcompanies and the products or operations of suchcompanies may become obsolete quickly. In addition,these companies may have limited product lines,markets or financial resources and the management ofsuch companies may be more dependent upon one or afew key people.




Non-Diversified Risk. The Portfolio is not“diversified” within the meaning of the 1940 Act. Thatmeans the Portfolio may invest a greater percentage ofits assets in the securities of any single issuer comparedto other funds. A non-diversified portfolio is generallymore susceptible than a diversified portfolio to the riskthat events or developments affecting a particular issueror industry will significantly affect the Portfolio’sperformance.


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PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 1000 Growth Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




10.73%

(5.27)%

19.18%

36.14%

10.99% 10.48%

(1.48)%

28.93%

2.51%

32.90%

-10

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Thrivent Large Cap GrowthPortfolio 32.90% 13.84% 13.70%

Russell 1000 Growth Index(reflects no deduction for fees,expenses or taxes) 36.39% 14.63% 15.22%

S&P 500® Growth Index(reflects no deduction for fees,expenses or taxes) 31.13% 13.52% 14.78%

Management


Portfolio Manager(s)Lauri Brunner is primarily responsible for theday-to-day management of the Portfolio, and she hasserved as portfolio manager of the Portfolio sinceSeptember 2018. Ms. Brunner has been with ThriventFinancial since 2007 and currently is a Senior PortfolioManager.






3

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THRIVENT LARGE CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-62

Thrivent Large Cap Index PortfolioInvestment ObjectiveThrivent Large Cap Index Portfolio (the �Portfolio�)seeks total returns that track the performance of the S&P500 Index.











Thrivent Large CapIndex Portfolio $25 $77 $135 $306


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in the large company commonstocks included in the S&P 500 Index in the proportionsin which they are represented in the index. This is apassively managed Portfolio, which means that theAdviser does not actively choose the securities thatshould make up the Portfolio. The S&P 500 Index iscomprised of 500 domestic large company stocks.Accordingly, the Portfolio invests in stocks of largercompanies from a broad range of industries. The S&P500 Index is adjusted quarterly, and when changes tothe index occur, the Adviser will attempt to replicatethese changes within the Portfolio. However, any suchchanges may result in slight variations from time totime. The Portfolio may buy and sell equity indexfutures for investment exposure. For liquidity reasons,the Portfolio may invest to some degree in moneymarket instruments.



Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities markets

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may also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.




Indexing Strategy/Index Tracking Risk. ThePortfolio is managed with an indexing investmentstrategy, attempting to track the performance of anunmanaged index of securities, regardless of the currentor projected performance of the Index or of the actualsecurities comprising the Index. The structure andcomposition of the Index will affect the performance,volatility, and risk of the Index and, consequently, theperformance, volatility, and risk of the Portfolio. Whilethe Adviser seeks to track the performance of the Index(i.e., achieve a high degree of correlation with theIndex), the Portfolio’s return may not match the returnof the Index. The Portfolio incurs a number of operatingexpenses not applicable to the Index, and incurs costs inbuying and selling securities. In addition, the Portfoliomay not be fully invested at times, generally as a resultof cash flows into or out of the Portfolio or reserves ofcash held by the Portfolio to meet redemptions. TheAdviser may attempt to replicate the Index return byinvesting in fewer than all of the securities in the Index,or in some securities not included in the Index,potentially increasing the risk of divergence between thePortfolio’s return and that of the Index.

Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global business

disruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



14.63%

1.71%

15.54%

31.81%

13.25%

1.12%

11.68%

21.46%

(4.61)%

31.15%

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Thrivent Large Cap IndexPortfolio 31.15% 11.41% 13.19%


Management


Portfolio Manager(s)Brian W. Bomgren, CQF and Sharon Wang, CFA,FRM are jointly and primarily responsible for theday-to-day management of the Portfolio. Mr. Bomgrenand Ms. Wang have served as portfolio managers of thePortfolio since January 2018. Mr. Bomgren has beenwith Thrivent Financial since 2006 and is currently aSenior Portfolio Manager. Ms. Wang has been withThrivent Financial since 2017 and is currently a SeniorPortfolio Manager. Prior to joining Thrivent Financial,Ms. Wang worked at Bryn Mawr Capital Management asa portfolio manager from 2009 to 2016.






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THRIVENT LARGE CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-66

Thrivent Large Cap Value PortfolioInvestment ObjectiveThe investment objective of Thrivent Large Cap ValuePortfolio (the �Portfolio�) is to achieve long-term growthof capital.











Thrivent Large CapValue Portfolio $64 $202 $351 $786

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 18% ofthe average value of its portfolio.

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof large companies. The Adviser focuses mainly on theequity securities of large domestic and internationalcompanies which have market capitalizationsequivalent to those included in widely known indicessuch as the Russell 1000 Value Index, S&P 500 Index, orthe large company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $8 billionor more. Should the Adviser change the investmentsused for purposes of this 80% threshold, we will notifyyou at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes are undervalued in relation totheir long-term earnings power or asset value. Thesestocks typically, but not always, have below averageprice-to-earnings and price-to-book value ratios. ThePortfolio may sell securities for a variety of reasons, suchas to secure gains, limit losses, or reposition assets intomore promising opportunities.




Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimes

1

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rapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets incompanies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable toadverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 1000 Value Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




12.61%

(3.08)%

17.57%

31.82%

9.03%

(3.53)%

17.44% 17.65%

(8.69)%

24.39%

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15

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30

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Thrivent Large Cap ValuePortfolio 24.39% 8.64% 10.81%

Russell 1000 Value Index(reflects no deduction for fees,expenses or taxes) 26.54% 8.29% 11.80%

S&P 500® Value Index(reflects no deduction for fees,expenses or taxes) 31.93% 9.52% 12.16%

Management


Portfolio Manager(s)Kurt J. Lauber, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr.Lauber hasserved as portfolio manager of the Portfolio since April2013. Mr. Lauber has been with Thrivent Financial since2004 and previously served as an associate portfoliomanager.






3

32065N R4-20

TSF-69









THRIVENT LIMITED MATURITY BONDPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-70

Thrivent Limited Maturity Bond PortfolioInvestment ObjectiveThrivent Limited Maturity Bond Portfolio (the�Portfolio�) seeks a high level of current incomeconsistent with stability of principal.











Thrivent LimitedMaturity BondPortfolio $45 $141 $246 $555



Principal StrategiesThe principal strategies of the Portfolio are to invest ininvestment-grade corporate bonds, government bonds,municipal bonds, mortgage-backed securities (includingcommercially backed ones), asset-backed securities, andcollateralized debt obligations (including collateralizedloan obligations). Asset-backed securities are securitiesbacked by notes or receivables originated by banks,credit card companies, or other providers of credit;collateralized debt obligations are types of asset-backedsecurities. Under normal market conditions, thePortfolio invests at least 80% of its net assets (plus theamount of any borrowing for investment purposes) indebt securities or preferred stock in at least the “Baa”major rating category by Moody’s or at least in the“BBB” major rating category by S&P or unratedsecurities considered to be of comparable quality by thePortfolio’s Adviser, with the dollar-weighted averageeffective maturity for the Portfolio expected to bebetween one and five years. Should the Adviser changethe investments used for purposes of this 80%threshold, you will be notified at least 60 days prior tothe change.

The Portfolio may also invest in high yield, high riskbonds, notes, debentures and other debt obligations orpreferred stock commonly known as “junk bonds.” Atthe time of purchase, these securities are rated within orbelow the “BB” major rating category by S&P or the“Ba” major rating category by Moody’s or are unratedbut considered to be of comparable quality by theAdviser.

The Adviser uses fundamental, quantitative, andtechnical investment research techniques to determinewhat debt obligations to buy and sell. Fundamentaltechniques assess a security’s value based on an issuer’sfinancial profile, management, and business prospectswhile quantitative and technical techniques involve amore data-oriented analysis of financial information,market trends and price movements. The Adviserfocuses on companies that it believes are financiallysound and have strong cash flow, asset values andinterest or dividend earnings, and may invest in U.S.dollar-denominated debt of foreign companies.

The Portfolio utilizes derivatives primarily in the formof U.S. Treasury futures contracts in order to manage thePortfolio’s duration, or interest rate risk. The Portfolio

1

TSF-71

may enter into derivatives contracts traded onexchanges or in the over the counter market.




Collateralized Debt Obligations Risk. The risks ofan investment in a collateralized debt obligation(“CDO”) depend largely on the quality and type of thecollateral and the tranche of the CDO in which thePortfolio invests. In addition to the typical risksassociated with fixed income securities and asset-backedsecurities, CDOs carry additional risks including, but

not limited to: (i) the possibility that distributions fromcollateral securities will not be adequate to makeinterest or other payments; (ii) the risk that thecollateral may default, decline in value, and/or bedowngraded; (iii) the Portfolio may invest in tranches ofCDOs that are subordinate to other tranches; (iv) thestructure and complexity of the transaction and thelegal documents could lead to disputes among investorsregarding the characterization of proceeds; (v) theinvestment return achieved by the Portfolio could besignificantly different than those predicted by financialmodels; (vi) the lack of a readily available secondarymarket for CDOs; (vii) risk of forced “fire sale”liquidation due to technical defaults such as coveragetest failures; and (viii) the CDO’s manager may performpoorly.





2

TSF-72






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visit

Thrivent.com for performance results current to themost recent month-end.



5.25%

0.90%

4.32%

0.45%

1.68%

0.73%

2.84%2.62%

1.02%

4.75%

0

1

2

3

4

5

6

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

An

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rn (

%)





Thrivent Limited MaturityBond Portfolio 4.75% 2.38% 2.44%

Bloomberg BarclaysGovernment/Credit 1-3 YearBond Index(reflects no deduction for fees,expenses or taxes) 4.03% 1.67% 1.54%


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive),Gregory R. Anderson, CFA, and Cortney L.Swensen, CFA are jointly and primarily responsible forthe day-to-day management of the Portfolio. Mr.Landreville has served as a portfolio manager of the

3

TSF-73

Portfolio since November 2001, Mr. Anderson hasserved as a portfolio manager of the Portfolio sinceFebruary 2005, and Ms. Swensen has served as aportfolio manager of the Portfolio since April 2020. Mr.Landreville has been with Thrivent Financial since 1983and has served as a portfolio manager since 1998. Mr.Anderson is Vice President, Fixed Income GeneralAccounts. He has been with Thrivent Financial since1997 and has served as a portfolio manager since 2000.Ms. Swensen has been with Thrivent Financial since2011 and is currently a Senior Portfolio Manager.






4

32065V R4-20

TSF-74









THRIVENT LOW VOLATILITY EQUITYPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-75

Thrivent Low Volatility Equity PortfolioInvestment ObjectiveThrivent Low Volatility Equity Portfolio (the �Portfolio�)seeks long-term capital appreciation with lowervolatility relative to the global equity markets. ThePortfolio’s investment objective may be changedwithout shareholder approval.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Low Volatility Equity Portfolio in orderto limit the Total Annual Portfolio Operating Expenses After FeeWaivers and/or Expense Reimbursements to an annual rate of0.80% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.




Thrivent LowVolatility EquityPortfolio $82 $333 $604 $1,377


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securities.The Portfolio’s investments are diversified globally. ThePortfolio may invest in securities denominated in U.S.dollars and the currencies of the foreign countries inwhich it may invest. The Portfolio typically has fullcurrency exposure to those markets in which it invests.The Portfolio may buy or sell equity index futures forinvestment exposure or hedging purposes. The Portfoliomay invest in securities of any market capitalization,including small- and mid-cap securities.

In seeking to achieve the Portfolio’s investmentobjective, the Adviser employs investment managementtechniques to identify securities that exhibit lowvolatility returns. Volatility refers to the variation insecurity and market prices over time. Over a full marketcycle, the Portfolio seeks to produce returns similar tothe MSCI World Minimum Volatility Index – USD NetReturns. It is expected that the Portfolio will generallyunderperform the global equity markets during periodsof strong market performance.

In buying and selling securities for the Portfolio, theAdviser uses an active strategy. This strategy consists of adisciplined approach that involves computer-aided,quantitative analysis of fundamental, technical andrisk-related factors. The Adviser’s factor model (a

1

TSF-76

method of analyzing and combining multiple datasources) systematically reviews thousands of stocks,using data such as historical earnings growth andexpected future growth, valuation, price momentum,and other quantitative factors to forecast returnpotential. Then, risk characteristics of potentialinvestments and covariation among securities areanalyzed along with the return forecasts in determiningthe Portfolio’s holdings to produce a portfolio withreduced volatility.





Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,

natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.





2

TSF-77





PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for the one-year period and since inceptioncompared to a broad-based securities market index. Theindex description appears in the �Index Descriptions�section of the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.

The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assumes that you sold your investment atthe end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



(2.90)%

23.13%

-5

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10

15

20

25

‘18 ‘19

An

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1 Year

SinceInception(4/28/17)

Thrivent Low Volatility EquityPortfolio 23.13% 10.82%

MSCI World Minimum Volatility Index- USD Net Returns(reflects no deduction for fees,expenses or taxes) 23.17% 11.74%


Portfolio Manager(s)Noah J. Monsen, CFA and Brian W. Bomgren, CQFare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Monsen and Mr.Bomgren have served as portfolio managers of the

3

TSF-78

Portfolio since April 2017 and April 2018, respectively.Mr. Monsen has been with Thrivent Financial since2000 and has served in an investment managementcapacity since 2008. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a SeniorPortfolio Manager.






4

32065P R4-20

TSF-79









THRIVENT MID CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-80

Thrivent Mid Cap Growth PortfolioInvestment ObjectiveThrivent Mid Cap Growth Portfolio (the �Portfolio�)seeks long-term capital growth. The Portfolio’sinvestment objective may be changed withoutshareholder approval.












2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Mid Cap GrowthPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 0.85% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.



1 Year 3 Years

Thrivent Mid Cap GrowthPortfolio $87 $908


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof mid-sized companies. The Adviser focuses mainly onthe equity securities of mid-sized U.S. companies whichhave market capitalizations equivalent to thoseincluded in widely known indices such as the RussellMidcap Growth Index, S&P MidCap 400 Index, or themid-sized company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $2 billionto $25 billion. Should the Adviser change theinvestments used for purposes of this 80% threshold,you will be notified at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes have demonstrated andbelieves will sustain above average revenue and earningsgrowth over time, or which are expected to developrapid sales and earnings growth in the future whencompared to the economy and stock market as a whole.Many such companies are in the technology sector andthe Portfolio may at times have a higher concentrationin this industry.

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TSF-81

The Adviser may sell securities for a variety of reasons,such as to secure gains, limit losses, or reposition assetsto more promising opportunities.






Technology-Oriented Companies Risk. Commonstocks of companies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move intandem with the overall stock market. Technology,science and communications are rapidly changing

fields, and stocks of these companies, especially ofsmaller or unseasoned companies, may be subject tomore abrupt or erratic market movements than thestock market in general. There are significantcompetitive pressures among technology-orientedcompanies and the products or operations of suchcompanies may become obsolete quickly. In addition,these companies may have limited product lines,markets or financial resources and the management ofsuch companies may be more dependent upon one or afew key people.





How the Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

2

TSF-82

Management


Portfolio Manager(s)David J. Lettenberger, CFA is primarily responsiblefor the day-to-day management of the Portfolio. Mr.Lettenberger has served as portfolio manager of thePortfolio since April 2020. Mr. Lettenberger has been aportfolio manager at Thrivent Financial since 2013,when he joined the firm.






3

32065AN N4-20

TSF-83









THRIVENT MID CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-84

Thrivent Mid Cap Index PortfolioInvestment ObjectiveThrivent Mid Cap Index Portfolio (the �Portfolio�) seekstotal returns that track the performance of the S&PMidCap 400 Index.











Thrivent Mid CapIndex Portfolio $27 $84 $146 $331


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in mid-sized company stocksincluded in the S&P MidCap 400 Index in theproportions in which they are represented in the Index.This is a passively managed Portfolio, which means thatthe Adviser does not actively choose the securities thatshould make up the Portfolio. The S&P MidCap 400Index is a capitalization weighted index of 400 mediumcapitalization stocks chosen for market size, liquidity,and industry representation. Accordingly, the Portfolioinvests in stocks of medium-sized companies from abroad range of industries. The S&P MidCap 400 Index isadjusted quarterly and when changes to the indexoccur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from the index.The Portfolio may buy and sell equity index futures forinvestment exposure. For liquidity reasons, the Portfoliomay invest, to some degree, in money marketinstruments.



Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. The

1

TSF-85

value of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.










25.91%

(2.23)%

17.38%

32.92%

9.28%

(2.52)%

20.43%

15.98%

(11.28)%

25.86%

-20

-10

0

10

20

30

40

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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%)

2

TSF-86





Thrivent Mid Cap IndexPortfolio 25.86% 8.74% 12.30%

S&P MidCap 400® Index(reflects no deduction for fees,expenses or taxes) 26.20% 9.03% 12.72%

Management








3

32065AD R4-20

TSF-87









THRIVENT MID CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-88

Thrivent Mid Cap Stock PortfolioInvestment ObjectiveThrivent Mid Cap Stock Portfolio (the �Portfolio�) seekslong-term capital growth.











Thrivent Mid CapStock Portfolio $67 $211 $368 $822



Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof mid-sized companies. The Adviser focuses mainly onthe equity securities of mid-sized U.S. companies whichhave market capitalizations equivalent to thoseincluded in widely known indices such as the RussellMidcap Index, S&P MidCap 400 Index, or the mid-sizedcompany market capitalization classifications publishedby Lipper, Inc. These companies typically have a marketcapitalization of approximately $2 billion to $25 billion.Should the Adviser change the investments used forpurposes of this 80% threshold, you will be notified atleast 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing in common stocks. The Adviser usesfundamental, quantitative, and technical investmentresearch techniques to determine what securities to buyand sell. Fundamental techniques assess a security’svalue based on an issuer’s financial profile,management, and business prospects while quantitativeand technical techniques involve a more data-orientedanalysis of financial information, market trends andprice movements. The Adviser generally looks formid-sized companies that, in its opinion:

• have prospects for growth in their sales andearnings;

• are in an industry with a good economic outlook;• have high-quality management; and/or• have a strong financial position.



Mid Cap Risk. Medium-sized companies often havegreater price volatility, lower trading volume, and less

1

TSF-89

liquidity than larger, more-established companies. Thesecompanies tend to have smaller revenues, narrowerproduct lines, less management depth and experience,smaller shares of their product or service markets, fewerfinancial resources, and less competitive strength thanlarger companies.






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell Midcap Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




25.59%

(6.28)%

14.29%

35.50%

11.93%

0.08%

28.71%

18.99%

(10.96)%

26.16%

-20

-10

0

10

20

30

40

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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2

TSF-90



Thrivent Mid Cap StockPortfolio 26.16% 11.48% 13.39%

Russell Midcap Index(reflects no deduction for fees,expenses or taxes) 30.54% 9.33% 13.19%

S&P MidCap 400® Index(reflects no deduction for fees,expenses or taxes) 26.20% 9.03% 12.72%

Management


Portfolio Manager(s)Brian J. Flanagan, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr.Flanagan has been a portfolio manager of the Portfoliosince December 2004. He has been with ThriventFinancial since 1994 and a portfolio manager since2000.






3

32065K R4-20

TSF-91









THRIVENT MID CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-92

Thrivent Mid Cap Value PortfolioInvestment ObjectiveThrivent Mid Cap Value Portfolio (the �Portfolio�) seekslong-term capital growth. The Portfolio’s investmentobjective may be changed without shareholderapproval.












2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Mid Cap Value Portfolioin order to limit the Total Annual Portfolio Operating ExpensesAfter Fee Waivers and/or Expense Reimbursements to an annualrate of 0.90% of the average daily net assets of the shares. Thiscontractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.



1 Year 3 Years

Thrivent Mid Cap Value Portfolio $92 $909


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof mid-sized companies. The Adviser focuses mainly onthe equity securities of mid-sized U.S. companies whichhave market capitalizations equivalent to thoseincluded in widely known indices such as the RussellMidcap Value Index, S&P MidCap 400 Index, or themid-sized company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $2 billionto $25 billion. Should the Adviser change theinvestments used for purposes of this 80% threshold,you will be notified at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes are undervalued in relation totheir long-term earnings power or asset value. Thesestocks typically, but not always, have below averageprice-to-earnings and price-to-book value ratios. TheAdviser may sell securities for a variety of reasons, suchas to secure gains, limit losses, or reposition assets tomore promising opportunities.

1

TSF-93







Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets. There is also no guarantee that

the Adviser will be able to effectively implement thePortfolio’s investment objective.



How the Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

Management


Portfolio Manager(s)Graham Wong, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr. Wong hasserved as portfolio manager of the Portfolio since April2020. Mr. Wong has been a portfolio manager atThrivent Financial since 2013, when he joined the firm.




2

TSF-94



3

32065AP N4-20

TSF-95









THRIVENT MODERATE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-96

Thrivent Moderate Allocation PortfolioInvestment ObjectiveThrivent Moderate Allocation Portfolio (the �Portfolio�)seeks long-term capital growth while providingreasonable stability of principal.













EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects the

effect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


Thrivent ModerateAllocation Portfolio $65 $242 $433 $986


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek moderatelong-term capital growth with reasonable stability ofprincipal and are comfortable with moderate levels ofrisk and volatility. The Portfolio uses a prescribed assetallocation strategy involving a two-step process that isdesigned to achieve its desired risk tolerance. The firststep is the construction of a model for the allocation ofthe Portfolio’s assets across broad asset categories(namely, equity securities and debt securities). Thesecond step involves the determination of sub-classeswithin the broad asset categories and target weightings(i.e., what the Adviser determines is the strategicallocation) for these sub-classes. Sub-classes for equitysecurities may be based on market capitalization,investment style (such as growth or value), or economicsector. Sub-classes for debt securities may be based onmaturity, duration, security type or credit rating (highyield—commonly known as “junk bonds”—orinvestment grade).


1

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Range











Thrivent Income Portfolio

Short-Term/Intermediate BondsThrivent Limited Maturity Bond Portfolio

OtherThrivent Core Emerging Markets Debt Fund








2

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Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,

including interruptions in the global supply chain,natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.



Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have small

3

TSF-99

revenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.











PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annual

4

TSF-100

returns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




13.68%

(1.02)%

11.72%

15.12%

5.88%

(0.56)%

8.89%

12.95%

(4.44)%

18.75%

-5

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Thrivent Moderate AllocationPortfolio 18.75% 6.78% 7.84%











5

32065C R4-20

TSF-101









THRIVENT MODERATELY AGGRESSIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-102

Thrivent Moderately Aggressive Allocation PortfolioInvestment ObjectiveThrivent Moderately Aggressive Allocation Portfolio (the�Portfolio�) seeks long-term capital growth.
















Thrivent ModeratelyAggressive AllocationPortfolio $72 $269 $483 $1,100


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek moderatelygreater long-term capital growth and are comfortablewith moderately higher levels of risk and volatility. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieveits desired risk tolerance. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,equity securities and debt securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes for equity securities may bebased on market capitalization, investment style (suchas growth or value), or economic sector. Sub-classes fordebt securities may be based on maturity, duration,security type or credit rating (high yield—commonlyknown as “junk bonds”—or investment grade).


The Portfolio may invest in foreign securities, includingthose of issuers in emerging markets. An “emerging

1

TSF-103

market” country is any country determined by theAdviser to have an emerging market economy,considering factors such as the country’s credit rating,its political and economic stability and the developmentof its financial and capital markets.




Range























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TSF-104







Foreign Currency Risk. The value of a foreigncurrency may decline against the U.S. dollar, whichwould reduce the dollar value of securities denominatedin that currency. The overall impact of such a decline offoreign currency can be significant, unpredictable, andlong lasting, depending on the currencies represented,how each one appreciates or depreciates in relation tothe U.S. dollar, and whether currency positions arehedged. Under normal conditions, the Portfolio doesnot engage in extensive foreign currency hedgingprograms. Further, exchange rate movements arevolatile, and it is not possible to effectively hedge thecurrency risks of many developing countries.Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. Changes by the Federal Reserve tomonetary policies could affect interest rates and thevalue of some securities. In addition, the phase out ofLIBOR (the offered rate for short-term Eurodollardeposits between major international banks) by the endof 2021 could lead to increased volatility and illiquidityin certain markets that currently rely on LIBOR todetermine interest rates.Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may nolonger be able or willing to pay its debt. As a result ofsuch an event, the debt security may decline in priceand affect the value of the Portfolio.Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategy

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depends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets. There is also no guarantee thatthe Adviser will be able to effectively implement thePortfolio’s investment objective.Conflicts of Interest Risk. An investment in thePortfolio will be subject to a number of actual orpotential conflicts of interest.For example, the Adviseror its affiliates may provide services to the Portfolio forwhich the Portfolio would compensate the Adviserand/or such affiliates. The Portfolio may invest in otherpooled investment vehicles sponsored, managed, orotherwise affiliated with the Adviser, including otherPortfolios. The Adviser may have an incentive (financialor otherwise) to enter into transactions or arrangementson behalf of the Portfolio with itself or its affiliates incircumstances where it might not have done sootherwise.The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation ofinvestments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.Issuer Risk. Issuer risk is the possibility that factorsspecific to an issuer to which the Portfolio is exposedwill affect the market prices of the issuer’s securities andtherefore the value of the Portfolio.Quantitative Investing Risk. Quantitative InvestingRisk is the risk that securities selected according to aquantitative analysis methodology can performdifferently from the market as a whole based on themodel and the factors used in the analysis, the weightplaced on each factor and changes in the factor’shistorical trends. Such models are based on assumptionsof these and other market factors, and the models maynot take into account certain factors, or perform asintended, and may result in a decline in the value of thePortfolio’s portfolio.Derivatives Risk. The use of derivatives (such asfutures) involves additional risks and transaction costswhich could leave the Portfolio in a worse position thanif it had not used these instruments. The Portfolioutilizes equity futures in order to increase or decrease itsexposure to various asset classes at a lower cost thantrading stocks directly. The use of derivatives can lead tolosses because of adverse movements in the price orvalue of the underlying asset, index or rate, which maybe magnified by certain features of the contract.Changes in the value of the derivative may not correlateas intended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is the risk

that the other party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.How a Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.


15.43%

(2.86)%

12.87%

21.30%

6.05%

(0.75)%

10.23%

16.79%

(5.90)%

22.11%

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-5

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15

20

25

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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TSF-106





Thrivent Moderately AggressiveAllocation Portfolio 22.11% 7.99% 9.11%




Management








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THRIVENT MODERATELY CONSERVATIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-108

Thrivent Moderately Conservative Allocation PortfolioInvestment ObjectiveThrivent Moderately Conservative Allocation Portfolio(the �Portfolio�) seeks long-term capital growth whileproviding reasonable stability of principal.
















Thrivent ModeratelyConservativeAllocation Portfolio $61 $220 $393 $894


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek long-termcapital growth with reasonable stability of principal andmore conservative levels of risk and volatility. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieveits desired risk tolerance. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,debt securities and equity securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes for debt securities may bebased on maturity, duration, security type or creditrating (high yield—commonly known as “junkbonds”—or investment grade) and may includeleveraged loans, which are senior secured loans that aremade by banks or other lending institutions tocompanies that are rated below investment grade.Sub-classes for equity securities may be based on marketcapitalization, investment style (such as growth orvalue), or economic sector.

The use of target weightings for various sub-classeswithin broad asset categories is intended as a multi-styleapproach to reduce the risk of investing in securitieshaving common characteristics. The Portfolio may buy

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and sell futures contracts to either hedge its exposure orobtain exposure to certain investments.





Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 63% 35-85%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 37% 15-65%




















Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decrease

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more than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.




Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as FederalHome Loan Bank, Ginnie Mae, Fannie Mae or FreddieMac securities). Securities issued or guaranteed byFederal Home Loan Banks, Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S.corporation that is authorized to guarantee, with thefull faith and credit of the U.S. government, the timelypayment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S.government-related organizations such as Federal HomeLoan Banks, Fannie Mae and Freddie Mac are notbacked by the full faith and credit of the U.S.government. No assurance can be given that the U.S.government would provide financial support to itsagencies and instrumentalities if not required to do soby law. In addition, the value of U.S. government

securities may be affected by changes in the credit ratingof the U.S. government.





Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.

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or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.




The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)

and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation ofinvestments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.




Prepayment Risk. When interest rates fall, certainobligations will be paid off by the obligor more quicklythan originally anticipated, and a Portfolio may have toinvest the proceeds in securities with lower yields. Inperiods of falling interest rates, the rate of prepaymentstends to increase (as does price fluctuation) as borrowersare motivated to pay off debt and refinance at newlower rates. During such periods, reinvestment of theprepayment proceeds by the management team willgenerally be at lower rates of return than the return on

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the assets that were prepaid. Prepayment generallyreduces the yield to maturity and the average life of thesecurity.





The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against your

variable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



11.41%

0.20%

9.59% 9.02%

5.32%

(0.46)%

7.24%

9.52%

(3.30)%

15.18%

-5

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5

10

15

20

‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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Thrivent ModeratelyConservative AllocationPortfolio 15.18% 5.42% 6.22%





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32065D R4-20

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THRIVENT MONEY MARKET PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-115

Thrivent Money Market PortfolioInvestment ObjectiveThrivent Money Market Portfolio (the �Portfolio�) seeksto achieve the maximum current income that isconsistent with stability of capital and maintenance ofliquidity.











Thrivent MoneyMarket Portfolio $46 $144 $252 $567

Principal StrategiesThe Portfolio seeks to produce current income whilemaintaining liquidity by investing at least 99.5% of itstotal assets in government securities, cash andrepurchase agreements collateralized fully bygovernment securities or cash. Government securitiesare any securities issued or guaranteed as to principal orinterest by the United States, or by a person controlledor supervised by and acting as an instrumentality of thegovernment of the United States pursuant to authoritygranted by the Congress of the United States; or anycertificate of deposit for any of the foregoing.

The Adviser manages the Portfolio subject to strict rulesestablished by the Securities and Exchange Commissionthat are designed so that the Portfolio may maintain astable $1.00 share price. Those rules generally requirethe Portfolio, among other things, to invest only inhigh quality securities that are denominated in U.S.dollars and have short remaining maturities. Inaddition, the rules require the Portfolio to maintain adollar-weighted average maturity (WAM) of not morethan 60 days and a dollar-weighted average life (WAL) ofnot more than 120 days. When calculating its WAM, thePortfolio may shorten its maturity by using the interestrate resets of certain adjustable rate securities. Generally,the Portfolio may not take into account these resetswhen calculating its WAL.

The Adviser typically uses U.S. Treasury securities,short-term discount notes issued by government-relatedorganizations and government securities payable withinseven-days or less to provide liquidity for reasonablyforeseeable shareholder redemptions and to complywith regulatory requirements. The Adviser invests inother securities by selecting from the available supply ofshort-term government securities based on its interestrate outlook and analysis of quantitative and technicalfactors. Although the Portfolio frequently holdssecurities until maturity, the Adviser may sell securitiesto increase liquidity. The Adviser will select securities forsuch sales based on how close the sale price would be totheir amortized costs.

Principal RisksYou could lose money by investing in the Portfolio.Although the Portfolio seeks to preserve the value ofyour investment at $1.00 per share, it cannot guaranteeit will do so. An investment in the Portfolio is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. ThePortfolio’s sponsor has no legal obligation to providefinancial support to the Portfolio, and you should notexpect that the sponsor will provide financial support to

1

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the Portfolio at any time. In addition, the Portfolio issubject to the following principal investment risks.


Interest Rate Risk. A weak economy, strong equitymarkets, or changes by the Federal Reserve in itsmonetary policies may cause short-term interest rates toincrease and affect the Portfolio’s ability to maintain astable share price.


Redemption Risk. The Portfolio may need to sellportfolio securities to meet redemption requests. ThePortfolio could experience a loss when selling portfoliosecurities to meet redemption requests if there is (i)significant redemption activity by shareholders,including, for example, when a single investor or fewlarge investors make a significant redemption ofPortfolio shares, (ii) a disruption in the normaloperation of the markets in which the Portfolio buysand sells portfolio securities or (iii) the inability of thePortfolio to sell portfolio securities because suchsecurities are illiquid. In such events, the Portfolio couldbe forced to sell portfolio securities at unfavorable pricesin an effort to generate sufficient cash to pay redeemingshareholders. Although the Portfolio generally does nothave the ability to impose liquidity fees or temporarilysuspend redemptions, the payment of redemptionproceeds could be delayed or denied if the Portfolio isliquidated, to the extent permitted by applicableregulations.

Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resulted

in substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing the Portfolio’s average annual returnsfor one-, five- and ten-year periods. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.

The bar chart and table include the effects of Portfolioexpenses and assume that you sold your investment atthe end of the period. On February 1, 2016, thePortfolio changed its investment strategies from those ofa prime money market fund to those of a governmentmoney market fund. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.50%

1.48%

1.83%

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‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

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Worst Quarter:1 Q4 ’16 +0.00%1The Portfolio’s performance was 0.00% for Q1 ’10 through Q3 ‘16.

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Thrivent Money MarketPortfolio 1.83% 0.76% 0.38%

The 7-day yield for the period ended December 31, 2019was 1.36%. You may call 800-847-4836 to obtain thePortfolio’s current yield information.

Management


Portfolio Manager(s)William D. Stouten is primarily responsible for theday-to-day management of the Portfolio. Mr. Stoutenhas served as portfolio manager of the Portfolio sinceOctober 2003. Prior to this position, he was a researchanalyst and trader for the Thrivent money market fundssince 2001, when he joined Thrivent Financial.






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THRIVENT MULTIDIMENSIONAL INCOMEPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-119

Thrivent Multidimensional Income PortfolioInvestment ObjectiveThrivent Multidimensional Income Portfolio (the�Portfolio�) seeks a high level of current income and,secondarily, growth of capital. The Portfolio’sinvestment objectives may be changed withoutshareholder approval.












1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Multidimensional Income Portfolio inorder to limit the Total Annual Portfolio Operating Expenses AfterFee Waivers and/or Expense Reimbursements to an annual rate of0.95% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and then

redeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


ThriventMultidimensionalIncome Portfolio $127 $496 $889 $1,991


Principal StrategiesThe Portfolio seeks to achieve its investment objectivesby allocating assets across multiple income and growthproducing asset classes and strategies. Debt securities inwhich the Portfolio invests include high yield, high riskbonds, notes, debentures and other debt obligationscommonly known as “junk bonds.” At the time ofpurchase, these high-yield securities are rated within orbelow the “BB” major rating category by S&P or the“Ba” major rating category by Moody’s or are unratedbut considered to be of comparable quality by theAdviser. The Portfolio will also implement itsinvestment strategy by investing in convertible bondsand U.S. dollar denominated emerging marketssovereign debt.

The Portfolio also plans to invest in income-producingequity securities, including preferred stock and realestate investment trusts (“REITs”). The Portfolio willinvest in other income-producing securities such asshares of closed-end funds (“CEFs”), publicly-tradedbusiness development companies (“BDCs”), masterlimited partnerships (“MLPs”), and exchange-tradedfunds (“ETFs”). CEFs are investment companies thatissue a fixed number of shares that trade on a stockexchange or over-the-counter, typically at a premium ora discount to their net asset value. BDCs are publiclyheld investment funds that invest primarily in private

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and thinly traded public U.S. businesses. MLPs arepublicly-traded limited partnerships that are limited bythe Internal Revenue Code to only apply to enterprisesthat engage in certain businesses, mostly pertaining tothe use of natural resources. ETFs are investmentcompanies generally designed to track the performanceof a securities or other index or benchmark. ThePortfolio may also pursue its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate and unaffiliatedfunds.

The Portfolio may invest in other securities such asinvestment-grade corporate bonds, asset-backedsecurities, mortgage-backed securities (includingcommercially backed ones), and leveraged loans. ThePortfolio utilizes derivatives primarily in the form ofU.S. Treasury futures contracts in order to manage thePortfolio’s duration, or interest rate risk. The Portfoliomay enter into derivatives contracts traded onexchanges or in the over the counter market.




Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may nolonger be able or willing to pay its debt. As a result of

such an event, the debt security may decline in priceand affect the value of the Portfolio.


Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as commonstocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferreddividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.

Closed-End Fund (“CEF”) Risk. Investments in CEFsare subject to various risks, including reliance onmanagement’s ability to meet a CEF’s investmentobjective and to manage a CEF’s portfolio; fluctuation inthe market value of a CEF’s shares compared to thechanges in the value of the underlying securities thatthe CEF owns (i.e., trading at a discount or premium toits net asset value); and that CEFs are permitted toinvest in a greater amount of “illiquid” securities thantypical mutual funds. The Portfolio is subject to apro-rata share of the management fees and expenses ofeach CEF in addition to the Portfolio’s management feesand expenses, resulting in Portfolio shareholders subjectto higher expenses than if they invested directly inCEFs.

Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries in

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the midst of, among other things, hyperinflation,currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.



Mortgage-Backed and Other Asset-BackedSecurities Risk. The value of mortgage-backed andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,

mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid. In addition, bothmortgage-backed and asset-backed securities aresensitive to changes in the repayment patterns of theunderlying security. If the principal payment on theunderlying asset is repaid faster or slower than theholder of the asset-backed or mortgage-backed securityanticipates, the price of the security may fall,particularly if the holder must reinvest the repaidprincipal at lower rates or must continue to hold thesecurity when interest rates rise. This effect may causethe value of the Portfolio to decline and reduce theoverall return of the Portfolio.





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Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the InternationalMonetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legalprocess for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.

Business Development Company (“BDC”) Risk.The value of a BDC’s investments will be affected byportfolio company specific performance as well as theoverall economic environment. Shares of BDCs maytrade at prices that reflect a premium above or adiscount below the investment company’s net assetvalue, which may be substantial. The Portfolio may beexposed to greater risk and experience higher volatilitythan would a portfolio that was not invested in BDCs.Additionally, most BDCs employ leverage which canmagnify the returns of underlying investments.

Investment in Other Investment Companies Risk.Investing in other investment companies, includingCEFs and BDCs, could result in the duplication ofcertain fees, including management and administrativefees, and may expose the Portfolio to the risks of

owning the underlying investments that the otherinvestment company holds.





Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of the

4

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Portfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for the one-year period and since inceptioncompared to broad-based securities market indices. Theindex descriptions appear in the �Index Descriptions�section of the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




(5.38)%

15.09%

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1 Year

SinceInception(4/28/17)

Thrivent Multidimensional IncomePortfolio 15.09% 4.58%

Bloomberg Barclays U.S. CorporateHigh Yield Bond Index(reflects no deduction for fees,expenses or taxes) 14.32% 5.65%

Bloomberg BarclaysU.S. Mortgage-Backed Securities Index(reflects no deduction for fees,expenses or taxes) 6.35% 3.21%

Bloomberg Barclays Emerging MarketsUSD Sovereign Index(reflects no deduction for fees,expenses or taxes) 13.35% 4.50%

S&P U.S. Preferred Stock Index(reflects no deduction for fees,expenses or taxes) 17.64% 5.49%

S&P/LSTA Leveraged Loan Index(reflects no deduction for fees,expenses or taxes) 8.64% 4.28%

Management


Portfolio Manager(s)Mark L. Simenstad, CFA, Gregory R. Anderson,CFA, Paul J. Ocenasek, CFA, Stephen D. Lowe,CFA and Kent L. White, CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Simenstad, Mr. Anderson, and Mr.Ocenasek have served as portfolio managers of thePortfolio since April 2017. Mr. Lowe has served as aportfolio manager of the Portfolio since April 2018. Mr.White has served as a portfolio manager of the Fundsince July 2019. Mr. Simenstad is Chief InvestmentStrategist and has been with Thrivent Financial since1999. Mr. Anderson is Vice President, Fixed IncomeGeneral Accounts. He has been with Thrivent Financialsince 1997 and has served as a portfolio manager since2000. Mr. Ocenasek has been with Thrivent Financialsince 1987 and has served in a portfolio managementcapacity since 1997. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. Mr. White isthe director of Investment Grade Research, and he hasbeen with Thrivent Financial since 1999.

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THRIVENT OPPORTUNITY INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-126

Thrivent Opportunity Income Plus PortfolioInvestment ObjectiveThrivent Opportunity Income Plus Portfolio (the�Portfolio�) seeks a combination of current income andlong-term capital appreciation.












Thrivent OpportunityIncome Plus Portfolio $66 $208 $362 $810


Principal StrategiesUnder normal circumstances, the Portfolio primarilyinvests in a broad range of debt securities.

The debt securities in which the Portfolio invests maybe of any maturity or credit quality, including highyield, high risk bonds, notes, debentures and other debtobligations commonly known as “junk bonds.” At thetime of purchase, these high-yield securities are ratedwithin or below the “BB” major rating category by S&Por the “Ba” major rating category by Moody’s or areunrated but considered to be of comparable quality bythe Adviser. The Portfolio may also invest in leveragedloans, which are senior secured loans that are made bybanks or other lending institutions to companies thatare rated below investment grade. The Portfolio mayalso invest in investment-grade corporate bonds,asset-backed securities, mortgage-backed securities(including commercially backed ones), sovereign andemerging market debt (both U.S. dollar and non-U.S.dollar denominated), preferred stock, and other types ofsecurities.



The Portfolio may invest in exchange-traded funds(“ETFs”), which are investment companies generallydesigned to track the performance of a securities orother index or benchmark.


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Mortgage-Backed and Other Asset-BackedSecurities Risk. The value of mortgage-backed andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid. In addition, bothmortgage-backed and asset-backed securities aresensitive to changes in the repayment patterns of theunderlying security. If the principal payment on theunderlying asset is repaid faster or slower than theholder of the asset-backed or mortgage-backed securityanticipates, the price of the security may fall,particularly if the holder must reinvest the repaidprincipal at lower rates or must continue to hold thesecurity when interest rates rise. This effect may cause

the value of the Portfolio to decline and reduce theoverall return of the Portfolio.





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Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the International

Monetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legalprocess for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.





The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation of

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investments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.




ETF Risk. An ETF is subject to the risks of theunderlying investments that it holds. In addition, forindex-based ETFs, the performance of an ETF maydiverge from the performance of such index (commonlyknown as tracking error). ETFs are subject to fees andexpenses (like management fees and operatingexpenses) that do not apply to an index, and thePortfolio will indirectly bear its proportionate share ofany such fees and expenses paid by the ETFs in which itinvests. Because ETFs trade on an exchange, there is arisk that an ETF will trade at a discount to net assetvalue or that investors will fail to bring the trading pricein line with the underlying shares (known as thearbitrage mechanism).

Portfolio Turnover Rate Risk. The Portfolio mayengage in active and frequent trading of portfoliosecurities in implementing its principal investmentstrategies. A high rate of portfolio turnover (100% ormore) involves correspondingly greater expenses which

are borne by the Portfolio and its shareholders and mayalso result in short-term capital gains taxable toshareholders.



The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assume that you sold your investment atthe end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.

Effective August 16, 2013, based on approval of thePortfolio’s Board of Directors, the Portfolio’s investmentobjective and principal strategies were changed, whichhad the effect of converting the Portfolio from onewhich invested at least 80% of its assets inmortgage-related securities to one which invests in abroad range of fixed-income securities. At the sametime, the Portfolio’s name changed from ThriventMortgage Securities Portfolio to Thrivent OpportunityIncome Plus Portfolio. As a result, performanceinformation presented below with respect to periodsprior to August 16, 2013, reflects the performance of aninvestment portfolio that was materially different fromthe investment portfolio of Thrivent OpportunityIncome Plus Portfolio.

How a Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides some

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indication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.


12.09%

4.52%

5.99%

(1.39)%

3.48%

(0.03)%

6.38%

4.63%

(1.03)%

8.53%

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Thrivent Opportunity IncomePlus Portfolio 8.53% 3.63% 4.24%




Management


Portfolio Manager(s)Gregory R. Anderson, CFA, Conrad E. Smith,CFA, Paul J. Ocenasek, CFA, Kent L. White, CFAand Stephen D. Lowe, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Anderson has served as a portfoliomanager of the Portfolio since April 2003. Mr. Smith hasserved as a portfolio manager of the Portfolio since theAugust 2013. Mr. Ocenasek and Mr. White have servedas portfolio managers of the Portfolio since April 2015.Stephen D. Lowe, CFA has served as a portfolio managerof the Portfolio since April 2018. Mr. Anderson is Vice

President, Fixed Income General Accounts. He has beenwith Thrivent Financial since 1997 and has served as aportfolio manager since 2000. Mr. Smith has been withThrivent Financial since 2004 and also manages theleveraged loan portfolio and the high yield bondportfolio of Thrivent Financial’s general account. Mr.Ocenasek has been with Thrivent Financial since 1987and has served in a portfolio management capacitysince 1997. Mr. White is the Director of InvestmentGrade Research at Thrivent Financial and has been withthe firm since 1999. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997.






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THRIVENT PARTNER EMERGING MARKETSEQUITY PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-132

Thrivent Partner Emerging Markets Equity PortfolioInvestment ObjectiveThrivent Partner Emerging Markets Equity Portfolio (the�Portfolio�) seeks long-term capital growth.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Partner Emerging Markets EquityPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 1.20% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that your

investment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


Thrivent PartnerEmerging MarketsEquity Portfolio $122 $402 $703 $1,559


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes), at the time ofinitial purchase, in emerging market equities, includingcommon stock, preferred stock, convertible securities,depositary receipts and rights and warrants to buycommon stocks. A security is considered to be an“emerging market” security if issued by a company thatPortfolio management has determined meets one ormore of the following criteria:

• is organized under the laws of, or has its principaloffice in, an emerging market country;

• has its principal securities trading market in anemerging market country; and/or

• derives a majority of its annual revenue or earningsor assets from goods produced, sales made or servicesperformed in an emerging market country.

An “emerging market” country is any countrydetermined by the Adviser or subadviser to have anemerging market economy, considering factors such asthe country’s credit rating, its political and economicstability and the development of its financial andcapital markets. These emerging market countriesinclude every nation in the world except the U.S.,Canada, Israel, Japan, Australia, New Zealand, HongKong, Singapore and all nations typically consideredpart of Western Europe. At times, the Portfolio mayhave a significant amount of its assets invested in acountry or geographic region.

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The Portfolio may also invest in equity securities ofissuers that are not tied economically to emergingmarket countries. The Portfolio may invest in securitiesdenominated in U.S. dollars and currencies of emergingmarket countries in which it may invest. The Portfoliotypically has full currency exposure to those markets inwhich it invests.

The Portfolio may invest in securities of any marketcapitalization, including small and mid-cap securities.

The Portfolio may invest in securities of any marketsector and may hold a significant amount of securitiesof companies, from time to time, within a single sectorsuch as financials.

The Portfolio’s subadviser, Aberdeen Asset ManagersLimited (“Aberdeen”), uses a disciplined investmentprocess based on its proprietary research to determinesecurity selection. Aberdeen seeks to identify “quality”companies, based on factors such as strength ofmanagement and business, that trade at reasonablevaluations, based on factors such as earnings growthand other key financial measurements. Aberdeen alsoevaluates matters of long term value by examining aspectrum of considerations such as governance and riskmanagement, including those risks often referred to asenvironmental, social and governance factors (�ESG�).ESG analysis is fully integrated into investmentdecisions for all equity holdings. As such, Aberdeenevaluates ESG factors as part of the investment analysisprocess and this forms an integral component ofAberdeen’s quality rating for all companies. Aberdeenmakes investments for the long-term, although it maysell a security when it perceives a company’s businessdirection or growth prospects to have changed or thecompany’s valuations are no longer attractive.

Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its net assetsinvested in emerging market equities from 80% to alesser amount, it will notify you at least 60 days prior tothe change.


Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,

currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.



Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decrease

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more than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.

Financial Sector Risk. To the extent that thefinancials sector continues to represent a significantportion of the Portfolio, the Portfolio will be sensitive tochanges in, and its performance may depend to agreater extent on, factors impacting this sector.Performance of companies in the financials sector maybe adversely impacted by many factors, including,among others, government regulations, economicconditions, credit rating downgrades, changes ininterest rates, and decreased liquidity in credit markets.The impact of more stringent capital requirements,recent or future regulation of any individual financialcompany or recent or future regulation of the financialssector as a whole cannot be predicted. In recent years,cyber attacks and technology malfunctions and failureshave become increasingly frequent in this sector andhave caused significant losses.







Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as commonstocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferreddividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.


Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of thePortfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19

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outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.


The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assume that you sold your investment atthe end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



27.33%

(10.82)%

25.98%

(7.34)% (2.29)% (13.59)%

11.58%

27.64%

(14.88)%

20.15%

-20

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Thrivent Partner EmergingMarkets Equity Portfolio 20.15% 4.71% 5.01%

MSCI Emerging Markets Index -USD Net Returns(reflects no deduction for fees,expenses or taxes) 18.42% 5.61% 3.68%

ManagementInvestment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged Aberdeen Asset Managers Limited(“Aberdeen”) to subadvise the Portfolio.

Portfolio Manager(s)Aberdeen uses a team-based approach, with thefollowing team members being jointly and primarilyresponsible for day-to-day management. Hugh Young,Managing Director – Asia, has managed the Portfoliosince April 2008. Devan Kaloo, Global Head ofEquities/Head of Global Emerging Markets Equities, hasmanaged the Portfolio since April 2008. JoanneIrvine, Deputy Head of Global Emerging Markets, hasmanaged the Portfolio since April 2008. MarkGordon-James, CFA, Investment Director, hasmanaged the Portfolio since April 2008. FlaviaCheong, CFA, Head of Equities – Asia Pacific, hasmanaged the Portfolio since April 2008.





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THRIVENT PARTNER GROWTH STOCKPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-137

Thrivent Partner Growth Stock PortfolioInvestment ObjectivesThe investment objective of the Thrivent PartnerGrowth Stock Portfolio (the �Portfolio�) is to achievelong-term growth of capital and, secondarily, increasedividend income.











Thrivent PartnerGrowth StockPortfolio $75 $233 $406 $906


Principal StrategiesThe Portfolio’s principal strategy for achieving itsinvestment objectives under normal circumstances is toinvest at least 80% of net assets (plus the amount of anyborrowing for investment purposes) in common stocks.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in common stocks from 80% to a lesseramount, it will notify you at least 60 days prior to sucha change.

The Portfolio concentrates its investments in growthcompanies. The Portfolio’s subadviser, T. Rowe PriceAssociates, Inc. (“T. Rowe Price”), seeks investments incompanies that have the ability to pay increasingdividends through strong cash flow. The subadvisergenerally looks for companies with an above-averagerate of earnings growth and a lucrative niche in theeconomy that gives them the ability to sustain earningsmomentum even during times of slow economicgrowth. T. Rowe Price believes that when a companyincreases its earnings faster than both inflation and theoverall economy, the market will eventually reward itwith a higher stock price. The Portfolio may at timesinvest significantly in certain sectors, such as theinformation technology sector.

In pursuing the Portfolio’s investment objectives, T.Rowe Price has the discretion to purchase somesecurities that do not meet its normal investmentcriteria, as described above, when it believes suchpurchase will provide an opportunity for substantialappreciation. These situations might arise when T. RowePrice believes a security could increase in value for avariety of reasons including a change in management,an extraordinary corporate event, a new productintroduction or innovation, or a favorable competitivedevelopment.

While the Portfolio invests primarily (at least 80%) incommon stocks, it may also invest in foreign stocks (upto 30% of total assets), and futures and options toobtain investment exposure or for hedging, in keepingwith the Portfolio’s objectives.

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The Portfolio may sell securities for a variety of reasons,such as to secure gains, limit losses, or reposition assetsinto more promising opportunities.

Principal RisksThe Portfolio is subject to the following principalinvestment risks, which you should review carefully andin entirety. The Portfolio may not achieve itsinvestment objectives and you could lose money byinvesting in the Portfolio.




Technology-Oriented Companies Risk. Commonstocks of companies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move intandem with the overall stock market. Technology,science and communications are rapidly changingfields, and stocks of these companies, especially ofsmaller or unseasoned companies, may be subject tomore abrupt or erratic market movements than thestock market in general. There are significantcompetitive pressures among technology-orientedcompanies and the products or operations of suchcompanies may become obsolete quickly. In addition,these companies may have limited product lines,markets or financial resources and the management of

such companies may be more dependent upon one or afew key people.




Derivatives Risk. The use of derivatives (such asfutures and options) involves additional risks andtransaction costs which could leave the Portfolio in aworse position than if it had not used theseinstruments. The Portfolio utilizes equity futures inorder to increase or decrease its exposure to various assetclasses at a lower cost than trading stocks directly. Theuse of derivatives can lead to losses because of adversemovements in the price or value of the underlying asset,index or rate, which may be magnified by certainfeatures of the contract. Changes in the value of thederivative may not correlate as intended with theunderlying asset, rate or index, and the Portfolio couldlose much more than the original amount invested.Derivatives can be highly volatile, illiquid and difficultto value. Certain derivatives may also be subject to

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counterparty risk, which is the risk that the other partyin the transaction will not fulfill its contractualobligations due to its financial condition, marketevents, or other reasons.


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 1000 Growth Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




16.62%

(1.48)%

18.66%

38.84%

8.52%10.65%

1.35%

33.61%

(1.25)%

31.38%

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Thrivent Partner Growth StockPortfolio 31.38% 14.22% 14.85%

Russell 1000 Growth Index(reflects no deduction for fees,expenses or taxes) 36.39% 14.63% 15.22%

S&P 500® Growth Index(reflects no deduction for fees,expenses or taxes) 31.13% 13.52% 14.78%

Management

Investment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged T. Rowe Price Associates, Inc. (“T.Rowe Price”) to subadvise the Portfolio.

Portfolio Manager(s)Joseph B. Fath, CPA is primarily responsible for theday-to-day management of the Portfolio. Mr. Fath hasserved as the portfolio manager of the Portfolio sinceApril 2014. He currently serves as Chairman of thePortfolio’s Investment Advisory Committee. Mr. Fathjoined T. Rowe Price in 2002. He joined as an equityresearch analyst and, since 2008, has assisted other T.Rowe Price portfolio managers in managing the Firm’sU.S. large-cap growth strategies.

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THRIVENT PARTNER HEALTHCAREPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-142

Thrivent Partner Healthcare PortfolioInvestment ObjectiveThrivent Partner Healthcare Portfolio (the �Portfolio�)seeks long-term capital growth.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Partner Healthcare Portfolio equal in theaggregate to 0.05% of the average daily net assets of the shares. Thiscontractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that the

Portfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


Thrivent PartnerHealthcare Portfolio $90 $291 $510 $1,138


Principal StrategiesUnder normal circumstances, the Portfolio will invest atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in the securities ofcompanies that are engaged in the development,production or distribution of pharmaceutical, generic,biotechnology and medical technology products orservices (“healthcare companies”). Healthcarecompanies are those that derive at least 50% of theirannual revenues from the production of such productsand provision of such services or have at least 50% oftheir assets in such products or services. The Portfolioinvests primarily in equity securities of both U.S. andnon-U.S. companies (including American DepositaryReceipts and issuers in emerging markets) and, as anon-diversified fund under the Investment CompanyAct of 1940 (the “1940 Act”), focuses its investments inthe securities of a relatively few number of issuers. Inaddition, the Portfolio concentrates its investments inthe securities of companies in the healthcare industry,some of which may be small- and medium-sizedcompanies. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in the securities of healthcarecompanies from 80% to a lesser amount, it will notifyyou at least 60 days prior to the change.

BlackRock Investment Management, LLC, the Portfolio’ssubadviser, considers a variety of factors when choosinginvestments for the Portfolio, including (i) identifyingcompanies and industries that appear to have thepotential for above-average returns; and (ii) identifyingcompanies that are expected to show above-averagegrowth over the long-term, as well as those that appear

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to be trading below their true worth. The Portfolio willgenerally sell a stock when, in the opinion of thesubadviser, the stock reaches its price target or if there isdeterioration in the company’s fundamentals, a changein macroeconomic outlook, technical deterioration,valuation issues, a need to rebalance the Portfolio or abetter opportunity elsewhere.


Healthcare Industry Risk. As a sector fund thatinvests primarily in the healthcare industry, thePortfolio is subject to the risk that the companies in thatindustry are likely to react similarly to legislative orregulatory changes, adverse market conditions and/orincreased competition affecting their market segment.Due to the rapid pace of technological development,there is the risk that the products and servicesdeveloped by these companies may become rapidlyobsolete or have relatively short product cycles. There isalso the risk that the products and services offered bythese companies will not meet expectations or evenreach the marketplace.

Non-Diversified Risk. The Portfolio is not“diversified” within the meaning of the 1940 Act. Thatmeans the Portfolio may invest a greater percentage ofits assets in the securities of any single issuer comparedto other funds. A non-diversified portfolio is generallymore susceptible than a diversified portfolio to the riskthat events or developments affecting a particular issueror industry will significantly affect the Portfolio’sperformance.


Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimesrapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets incompanies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable to

adverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.





Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adverse

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changes in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to year

and by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




11.13%

(3.79)%

20.68%

31.09%

24.23%

4.61%

(16.01)%

19.42%

8.32%

25.85%

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Thrivent Partner HealthcarePortfolio 25.85% 7.42% 11.63%

S&P Composite 1500® HealthCare Index(reflects no deduction for fees,expenses or taxes) 20.87% 10.69% 15.17%

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Management

Investment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged BlackRock Investment Management,LLC (“BIM”) to subadvise the Portfolio.

Portfolio Manager(s)Erin Xie, Managing Director of BlackRock,Inc.(“BlackRock”), is primarily responsible for theday-to-day management of the Portfolio. Dr. Xie hasserved as the portfolio manager of the Portfolio sinceSeptember 2017. Dr. Xie has been a Managing Directorof BlackRock since 2006 and joined BlackRock as aDirector in 2005. Prior to joining BlackRock, Dr. Xie wasa Senior Vice President of State Street Research &Management from 2001 to 2005.






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THRIVENT REAL ESTATE SECURITIESPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-147

Thrivent Real Estate Securities PortfolioInvestment ObjectiveThe Thrivent Real Estate Securities Portfolio (the�Portfolio�) seeks to provide long-term capitalappreciation and high current income.











Thrivent Real EstateSecurities Portfolio $87 $271 $471 $1,049


Principal StrategiesIn seeking to achieve its investment objective, thePortfolio focuses on income-producing common stocksand other equity securities of U.S. real estate companies.Under normal circumstances, the Portfolio invests atleast 80% of its net assets (plus any borrowings forinvestment purposes) in companies that are primarilyengaged in the real estate industry. This includescompanies such as real estate investment trusts (REITs)and other real estate related investments. A real estatecompany generally derives at least 50% of its revenuefrom real estate ownership, leasing, management,development, financing or sale of residential,commercial or industrial real estate—or has at least 50%of its assets in real estate. Should the Adviser determinethat the Portfolio would benefit from reducing thepercentage of assets invested in companies that areprimarily engaged in the real estate industry from 80%to a lesser amount, it will notify you at least 60 daysprior to such a change.

This Portfolio may invest up to 20% of its assets inequity and fixed income securities of companies whichare not principally engaged in the real estate industry orwhich are not income producing equity securities ofcompanies principally engaged in the U.S. real estateindustry.


Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, whilemortgage REITs may be affected by the credit quality ofthe mortgage loans they hold. All REIT types may be

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affected by changes in interest rates. The effect of risinginterest rates is generally more pronounced for highdividend paying stock than for stocks that pay little orno dividends. This may cause the value of real estatesecurities to decline during periods of rising interestrates, which would reduce the overall return of thePortfolio. REITs are subject to additional risks, includingthe fact that they are dependent on specializedmanagement skills that may affect the REITs’ abilities togenerate cash flows for operating purposes and formaking investor distributions. REITs may have limiteddiversification and are subject to the risks associatedwith obtaining financing for real property. As with anyinvestment, there is a risk that REIT securities and otherreal estate industry investments may be overvalued atthe time of purchase. In addition, a REIT can pass itsincome through to its investors without any tax at theentity level if it complies with various requirementsunder the Internal Revenue Code. There is the risk,however, that a REIT held by the Portfolio will fail toqualify for this tax-free pass-through treatment of itsincome. By investing in REITs indirectly through thePortfolio, in addition to bearing a proportionate share ofthe expenses of the Portfolio, you will also indirectlybear similar expenses of the REITs in which the Portfolioinvests.

Real Estate Industry Risk. To the extent thePortfolio allocates assets to companies in the real estatebusiness, the Portfolio is subject to real estate industryrisk. Declines in real estate values, changes in interestrates or economic downturns can have a significantnegative effect on companies in the real estate industry.Other adverse changes could include, but are notlimited to, extended vacancies of properties, increasedcompetition, overbuilding and changes in zoning lawand government regulations.


Equity Security Risk. Equity securities held by thePortfolio may decline significantly in price, sometimesrapidly or unpredictably, over short or extended periodsof time, and such declines may occur because ofdeclines in the equity market as a whole, or because ofdeclines in only a particular country, company,industry, or sector of the market. From time to time, thePortfolio may invest a significant portion of its assets incompanies in one or more related sectors or industrieswhich would make the Portfolio more vulnerable to

adverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the FTSE Nareit All Equity REITs Indexbecause it is commonly used by funds with the sameinvestment objective and principal strategies as thePortfolio. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.


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27.56%

8.83%

17.54%

2.18%

30.82%

2.75%

7.50%5.95%

(5.30)%

27.94%

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35

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Thrivent Real Estate SecuritiesPortfolio 27.94% 7.23% 11.95%

FTSE NAREIT All Equity REITsIndex(reflects no deduction for fees,expenses or taxes) 28.66% 8.43% 12.59%

S&P Composite 1500® EquityREITs Index(reflects no deduction for fees,expenses or taxes) 27.63% 8.47% 12.77%

Management


Portfolio Manager(s)Reginald L. Pfeifer, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr. Pfeiferhas served as portfolio manager of the Portfolio since itsinception in April 2003. Mr. Pfeifer has been withThrivent Financial since 1990 and has served as anequity portfolio manager since 2003.






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TSF-150









THRIVENT SMALL CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-151

Thrivent Small Cap Growth PortfolioInvestment ObjectiveThrivent Small Cap Growth Portfolio (the �Portfolio�)seeks long-term capital growth. The Portfolio’sinvestment objective may be changed withoutshareholder approval.












1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Small Cap Growth Portfolio in order tolimit the Total Annual Portfolio Operating Expenses After FeeWaivers and/or Expense Reimbursements to an annual rate of0.94% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.




Thrivent Small CapGrowth Portfolio $97 $469 $865 $1,976


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof small companies. The Adviser focuses mainly in theequity securities of smaller U.S. companies which havemarket capitalizations equivalent to those companiesincluded in widely known indices such as the Russell2000 Growth Index, S&P SmallCap 600 Index, or thesmall company market capitalization classificationpublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser change the investments used forpurposes of this 80% threshold, you will be notified atleast 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes have demonstrated andbelieves will sustain above-average revenue and earningsgrowth over time, or which are expected to developrapid sales and earnings growth in the future whencompared to the economy and stock market as a whole.Many such companies are in the technology sector andthe Portfolio may at times have a higher concentrationin this industry.

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Technology-Oriented Companies Risk. Commonstocks of companies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move in

tandem with the overall stock market. Technology,science and communications are rapidly changingfields, and stocks of these companies, especially ofsmaller or unseasoned companies, may be subject tomore abrupt or erratic market movements than thestock market in general. There are significantcompetitive pressures among technology-orientedcompanies and the products or operations of suchcompanies may become obsolete quickly. In addition,these companies may have limited product lines,markets or financial resources and the management ofsuch companies may be more dependent upon one or afew key people.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for the one-year period and since inceptioncompared to broad-based securities market indices. Theindex descriptions appear in the �Index Descriptions�section of the prospectus. The Portfolio now comparesits returns to the Russell 2000 Growth Index because itis commonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.

The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold your

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investment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



28.41%

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1 Year

SinceInception

(4/27/2018)

Thrivent Small Cap Growth Portfolio 28.41% 9.81%

Russell 2000 Growth Index(reflects no deduction for fees,expenses or taxes) 28.48% 8.04%

S&P SmallCap 600® Growth Index(reflects no deduction for fees,expenses or taxes) 21.13% 7.61%

Management


Portfolio Manager(s)David J. Lettenberger, CFA is primarily responsiblefor the day-to-day management of the Portfolio. Mr.Lettenberger has served as portfolio manager of thePortfolio since April 2018. Mr. Lettenberger has been aportfolio manager at Thrivent Financial since 2013,when he joined the firm.






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TSF-154









THRIVENT SMALL CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-155

Thrivent Small Cap Index PortfolioInvestment ObjectiveThrivent Small Cap Index Portfolio (the �Portfolio�)seeks capital growth that tracks the performance of theS&P SmallCap 600 Index.











Thrivent Small CapIndex Portfolio $26 $80 $141 $318


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in small company common stocksincluded in the S&P SmallCap 600 Index in theproportions in which they are represented in the Index.This is a passively managed Portfolio, which means thatthe Adviser does not choose the securities that make upthe Portfolio. The S&P SmallCap 600 Index is acapitalization-weighted index comprised of 600domestic small capitalization stocks chosen for marketsize, liquidity, and industry representation. Accordingly,the Portfolio invests in stocks of smaller companiesfrom a broad range of industries. The S&P SmallCap 600Index is adjusted quarterly, and when changes to theindex occur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from time totime. The Portfolio may buy and sell equity indexfutures for investment exposure. For liquidity reasons,the Portfolio may invest to some degree in moneymarket instruments.



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25.88%

0.54%

15.95%

40.83%

5.36%

(2.17)%

26.12%

13.13%

(8.65)%

22.49%

-10

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10

20

30

40

50

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Thrivent Small Cap IndexPortfolio 22.49% 9.33% 13.02%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management








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TSF-158









THRIVENT SMALL CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-159

Thrivent Small Cap Stock PortfolioInvestment ObjectiveThe Thrivent Small Cap Stock Portfolio (the �Portfolio�)seeks long-term capital growth.











Thrivent Small CapStock Portfolio $75 $233 $406 $906



Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof small companies. The Adviser focuses mainly in theequity securities of smaller U.S. companies which havemarket capitalizations equivalent to those companiesincluded in widely known indices such as the Russell2000 Index, S&P SmallCap 600 Index, or the smallcompany market capitalization classifications publishedby Lipper, Inc. These companies typically have a marketcapitalization of less than $6 billion. Should the Adviserchange the investments used for purposes of this 80%threshold, you will be notified at least 60 days prior tothe change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques to determine whatsecurities to buy and sell. Fundamental techniquesassess a security’s value based on an issuer’s financialprofile, management, and business prospects whilequantitative and technical techniques involve a moredata-oriented analysis of financial information, markettrends and price movements. The Adviser looks forsmall companies that, in its opinion:

• have an improving fundamental outlook;• have capable management; and• are financially sound.



Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have small

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revenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 2000 Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




25.09%

(5.31)%

9.42%

35.90%

4.76%

(3.13)%

25.94%

21.23%

(10.13)%

27.77%

-20

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Thrivent Small Cap StockPortfolio 27.77% 11.17% 12.10%

Russell 2000 Index(reflects no deduction for fees,expenses or taxes) 25.52% 8.23% 11.83%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management


Portfolio Manager(s)Matthew D. Finn, CFA and James M. Tinucci, CFAare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Finn has served aslead portfolio manager for the Portfolio since April2013. Mr. Tinucci has served as the associate portfoliomanager of the Portfolio since March 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since2004, when he joined Thrivent Financial. Mr. Tinuccihas been with Thrivent Financial since 2014.






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4321 N. Ballard Rd. Appleton, WI 54919-0001

Important notice regarding delivery of documents!In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copyof a prospectus to each household. This process is known as householding. This consolidation helps reduce printing andpostage costs, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, orcall us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

No Need for Paper?Go paperless and start accessing prospectuses, reports and other documents online. An email is sent to you whennew documents are available.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

• Tax forms (life, health and annuity contract tax forms).

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in theseprospectuses. If given or made, such information or representations must not be relied upon as having been authorized. These prospectusesdo not constitute an offer to any person in a state where it is unlawful to make such an offer.

The variable annuity contract described herein is issued by Thrivent, the marketing name for Thrivent Financial for Lutherans, 4321 N. BallardRd., Appleton, WI 54919, and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a subsidiaryof Thrivent Financial for Lutherans.

Contract Forms V2-VY-FPVA-1

VP63 (VIP) R4-20

NONPROFIT ORG.US POSTAGEPAID

ThriventFinancial

4321 N. Ballard Rd. Appleton, WI 54919-0001

Important notice regarding delivery of documents!In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copy of aprospectus to each household. This process is known as householding. This consolidation helps reduce printing and postagecosts, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, or callus at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

No Need for Paper?Go paperless and start accessing prospectuses, reports and other documents online. An email is sent to you when newdocuments are available.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

• Tax forms (life, health and annuity contract tax forms).

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in theseprospectuses. If given or made, such information or representations must not be relied upon as having been authorized. These prospectusesdo not constitute an offer to any person in a state where it is unlawful to make such an offer.

The variable annuity contract described herein is issued by Thrivent, the marketing name for Thrivent Financial for Lutherans, 4321 N. BallardRd., Appleton, WI 54919, and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a subsidiaryof Thrivent Financial for Lutherans.

Contract Forms V2-VY-FPVA-1

VP63 (VIP) R4-20

thrivent flexible premium deferred variable annuity · 2020-04-30 · thrivent variable annuity...

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