thrivent flexible premium variable life insurance · 2020. 8. 24. · variable life insurance...

THRIVENT FLEXIBLE PREMIUMVARIABLE LIFE INSURANCE

Issued by Thrivent Life Insurance Company, formerly LBVIP, between 1987 and 2003. Thriventreplaced Thrivent Life as the issuer on July 1, 2019.

ProspectusesApril 30, 2020Thrivent Variable Insurance Account B

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

Supplement dated January 4, 2021to the Thrivent Series Fund, Inc. Prospectus, Summary Prospectuses, and Statement of AdditionalInformation, each dated April 30, 2020, for the following Portfolios:

Thrivent Mid Cap Growth PortfolioThrivent Partner Emerging Markets Equity Portfolio

Thrivent Mid Cap Growth Portfolio

Effective January 1, 2021, Siddharth Sinha, CFA was named as a portfolio manager of Thrivent Mid CapGrowth Portfolio. David J. Lettenberger, CFA remains a portfolio manager for the Portfolio. Mr. Sinha has beena portfolio manager at Thrivent Financial since August 2015, when he joined the firm.

Thrivent Partner Emerging Markets Equity Portfolio

Effective December 31, 2020, Mark Gordon-James no longer serves as a portfolio manager of ThriventPartner Emerging Markets Equity Portfolio. All references to Mr. Gordon-James are hereby deleted from theProspectus, Summary Prospectus and Statement of Additional Information for the Portfolio.

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

36195

TABLE OF CONTENTS

Product Prospectus

Thrivent Variable Insurance Account B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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

[THIS PAGE INTENTIONALLY LEFT BLANK]

THRIVENT VARIABLE INSURANCE ACCOUNT BPROSPECTUS FOR

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE CONTRACTISSUED 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 variable life insurance contract (the “Contract”) where the issuer is Thrivent Financialfor Lutherans (“Thrivent”, “we”, “us” or “our”), a fraternal benefit society organized under Wisconsin law. Even though we nolonger issue new Contracts on this form as described in this prospectus, the Contract Owner (“you”) may continue to allocateNet Premiums among investment alternatives with different investment objectives and make changes including increases incoverage pursuant to the terms of the Contract.

In general, we will allocate Net Premiums to one or more of the Subaccounts of Thrivent Variable Insurance Account B (the“Variable Account”) according to your instructions. The assets of each Subaccount will be invested solely in a correspondingPortfolio of the Thrivent Series Fund, Inc. (the “Fund”), which is an open-end management investment company commonlyknown as a “mutual fund”. Thrivent provides the overall investment management for each Portfolio of the Fund, althoughsome of the Portfolios are managed by an investment subadviser. The accompanying prospectus for the Fund describes theinvestment objectives and attendant risks of the following Portfolios of the Fund:

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

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, tax risks, and Contract lapse.

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 U.S. Securities and ExchangeCommission, paper copies of the shareholder reports for portfolios available under your Contract will nolonger be sent by mail, unless you specifically request paper copies of the reports from Thrivent or from yourfinancial professional. Instead, the reports will be made available on a website, and you will be notified bymail each time 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 need nottake any action. You may elect to receive shareholder reports and other communications from Thriventelectronically by calling our Service Center or by signing up for electronic delivery on our website atthrivent.com/gopaperless.

1••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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 shareholder reports by calling our Service Center at (800) 847-4836.Your election to receive reports in paper will apply to all portfolio companies available under your Contract.

The date of this prospectus is April 30, 2020.

2 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Fee Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Summary of Contract Benefits and Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Contract Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Contract Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Thrivent and the General Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Thrivent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Thrivent and the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18The Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Contract Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Death Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Accumulated Value and Cash Surrender Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Net Investment Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Payment of Contract Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Death Benefit Guarantee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Payment and Allocation of Premiums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Amount and Timing of Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Allocation of Premiums and Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Automatic Asset Rebalancing Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Contract Lapse and Reinstatement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Accumulated Value Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Partial Surrender Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Charges Against the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Contract Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Ownership Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Loan Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Surrender Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Verification of Identity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Misstatement of Age or Sex Provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Suicide Exclusion Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Free Look Privileges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Exchange Privileges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Telephone and Online Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Additional Insurance Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52CharitAbility®

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Reservation of Certain Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Federal Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Estate, Gift and Generation-Skipping Transfer Tax Considerations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

TABLE OF CONTENTS

3••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Taxation of the Contract—In General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Taxation of Contracts that Are Not MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Taxation of Contracts that Are MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Contracts Not Owned by Individuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Constructive Receipt Issues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Section 1035 Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Accelerated Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Actions to Ensure Compliance with the Tax Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Other Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Nonresident Aliens and Other Foreign Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60FATCA Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Distribution of the Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Obtaining Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

4 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The following tables describe the fees and expenses that you will pay when owning and surrendering the Contract.If the amount of a charge varies depending on the Insured’s individual characteristics (such as age, sex or risk class),the tables below show the minimum and maximum charges we assess under the Contract across the range of allpossible individual characteristics, as well as the charges for a specified typical Insured. These charges may notbe representative of the charges you will actually pay under the Contract.

Your Contract’s schedule pages will indicate the specific charges applicable to your Contract, and more detailedinformation concerning your charges is available on request from our Service Center at (800) 847-4836. We willprovide personalized illustrations of your future benefits under the Contract, based upon the Insured’s age, sex, riskclass, Death Benefit Option chosen, Face Amount and riders requested.

The first table describes the fees and expenses that you will pay at the time you pay premiums, surrender theContract, or transfer cash value among the Subaccounts.

Transaction Fees

Charge When Charge is Deducted Amount Deducted

Maximum Percent ofPremium Charge

Upon receipt of each premiumpayment

3% of each premium payment

Premium Tax Charge Not applicable1 Not applicable1

Premium ProcessingCharge2

Upon receipt of each premiumpayment

$2.00 per payment

Maximum ContingentDeferred Sale Charge(CDSC)3

Upon surrender, lapse, or decreasein Face Amount

25% of the CDSC Premium

1 We are not currently subject to premium taxes. However, we reserve the right to impose a charge for these taxes in the future if we have to paythem. If imposed, the premium tax charge would be between 0% and 5% of premium payments.2 The maximum charge for automatic payment plans is $1.00 per payment.3 Actual current charges may be less or zero. The CDSC premium is described in “CHARGES AND DEDUCTIONS.”

5••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Transaction Fees, cont.


Deferred AdministrativeCharge4

Upon surrender, lapse, or decreasein Face Amount

Maximum $17.90 ($8.33 for VUL 1Contracts) per $1,000 ofamount of coverage

Minimum $1.79 ($2.38 for VUL 1Contracts) per $1,000 ofcoverage

Charge for a male, issue age40, in the standardnontobacco risk class(nonsmoker risk class for VUL1 Contracts) with a FaceAmount of $150,000 in thefirst Contract Year

$10.74 ($5.95 for VUL 1Contracts) per $1,000 ofamount coverage

Maximum PartialSurrender Charge

Upon a partial surrender $25 per surrender5

Transfer Charge6 Upon each transfer $20 per transfer

4 This charge is based on Initial Face Amount, Insured’s Attained Age at Contract issuance, sex (in most states) and tobacco use. The chargeapplies if you surrender the contract or let it lapse, or in part if you request a decrease in Face Amount, in each case at any time before 180monthly deductions (120 monthly deductions for VUL 1 contracts) have been made after issuance of the Contract or after a requested increasein Face Amount.5 If the partial surrender is less than $1,250 there will be no charge assessed.6 The transfer charge applies to VUL 1 Contracts only and applies to each transfer in excess of the first two transfers made in a Contract Year.

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

6 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Periodic Charges Other Than Fund Operating Expenses

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


Cost of Insurance7 Monthly

Maximum $999.96 per $1,000 of FaceAmount

Minimum $0.24 per $1,000 of FaceAmount

Charge for a male, issue age 40,in the standard nontobacco riskclass (nonsmoker risk class forVUL 1 Contracts) with a FaceAmount of $150,000 in the firstContract Year

$1.68 per $1,000 of FaceAmount

Basic MonthlyAdministrative Charge

Monthly $120.00 ($48.00 for VUL 1Contracts)

Initial MonthlyAdministrative Charge8

Monthly

Maximum $1.20 ($0.84 for VUL 1Contracts) per $1,000 of FaceAmount

Minimum $0.12 ($0.24 for VUL 1Contracts) per $1,000 of FaceAmount

Charge for a male, issue age 40,in the standard nontobacco riskclass (nonsmoker risk class forVUL 1 Contracts) with a FaceAmount of $150,000 in the firstContract Year

$0.72 ($0.60 for VUL 1Contracts) per $1,000 of FaceAmount

7 The cost of insurance charge depends on the Face Amount and the sex (in most states), issue age, Attained Age and premium class of theInsured. The cost of insurance charges shown in the table may not be representative of the charges you will pay. Your Contract schedule pagewill indicate the maximum cost of insurance charges applicable to your Contract. More detailed information concerning your cost of insurancecharges is available on request by calling 1-800-847-4836.8 The Initial Monthly Administrative Charge will equal an amount per $1,000 of Face Amount based upon the initial Face Amount, the Insured’sAttained Age at Contract issuance, the Insured’s sex (in most states), and whether the Insured is a tobacco user. The charge applies for 180Monthly Deductions. For VUL 1 Contracts, the Initial Monthly Administrative Charge continues for 120 Monthly Deductions instead of 180Monthly Deductions.

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

7••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Periodic Charges Other Than Fund Operating Expenses, cont.


Maximum Mortality andExpense Risk Charge9

Daily Annual rate of .75% of averagedaily net assets of eachSubaccount

Loan Interest Accrues daily10 7.4% on Loan Balance

Additional Benefit or RiderCharges11

Accidental Death Rider12 Monthly

Maximum $0.5604 per $1,000 of ridercoverage

Minimum $0.0696 per $1,000 of ridercoverage

Charge for a male, issue age 35in the first Contract Year

$0.4596 per $1,000 of ridercoverage

Disability Waiver Rider13 Monthly

Maximum 30% of amount to be waived

Minimum 5% of amount to be waived

Charge for issue age 35 in thefirst Contract Year

7% of amount to be waived

Spouse Insurance Rider14 Monthly

Maximum $1,001.16 (1,024.80 for VUL 1Contracts) per $1,000 of ridercoverage

9 Actual current charges may be less. For more information on this charge see “CHARGES AND DEDUCTIONS.”10 The loan interest rate is 7.4% per year, as calculated in advance. Interest on any loan will be charged at that rate or its equivalent calculated inarrears. If the interest is not paid when due, it will be added to the loan balance and will bear interest at the same rate.11 Charges for additional benefits apply when a rider is included with your Contract and the Contract and/or rider has not otherwise beenterminated. The rider charges may vary based on the Face Amount and the sex (in most states), issue age, Attained Age, premium class of theInsured, net amount at risk, or rider coverage amount. Charges based on age may increase as the Insured ages. The rider charges shown in thetable may not be representative of the charges you will pay. Your Contract schedule page will indicate the rider charges applicable to yourContract, and more detailed information concerning your rider charges is available by calling 1-800-847-4836.12 This charge applies until the Insured’s Attained Age 70.13 This charge applies until the Insured’s Attained Age 65.14 This charge includes cost of insurance charge and an Initial Monthly Administrative Charge. For VUL 1 Contracts the charge includes cost ofinsurance charge, Initial Monthly Administrative Charge and Basic Monthly Administrative Charge. The charge applies until the earlier of theInsured’s or spouse’s death or divorce, or the end of the term period.

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

8 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Periodic Charges Other Than Fund Operating Expenses, cont.


Minimum $0.36 ($24.48 for VUL 1Contracts) per $1,000 of ridercoverage

Charge for female, issue age 40,in the standard nontobacco riskclass (nonsmoker risk class forVUL 1 Contracts) with ridercoverage amount of $75,000 inthe first Contract Year

$1.44 ($25.56 for VUL 1Contracts) per $1,000 of ridercoverage

Child Insurance Rider15 Monthly $5.40 per $1,000 of ridercoverage

Guaranteed Increase Rider16 Monthly

Maximum $1.80 per $1,000 of ridercoverage

Minimum $0.48 per $1,000 of ridercoverage

Charge for a male, issue age35 in the first Contract Year

$1.80 per $1,000 of ridercoverage

Cost of Living Rider17 Not applicable No charge

Accelerated Benefits Rider18 Upon exercise of benefit $150.00

15 This charge applies until no child is insured by the rider.16 This charge applies until Insured’s attained age 43.17 This benefit will result in annual increases in Face Amount, which will result in increases to the overall cost of insurance deductions.18 The charge may vary by state and may be lower in some states.

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 the Portfolios,expressed as an annual percentage of average daily net assets. The amounts shown reflect expenses before anyapplicable expense reimbursement or fee waiver.

Maximum MinimumTotal Annual Fund Operating Expenses19

(expenses that are deducted from Fund assets, including management fees, and otherexpenses): 3.90% 0.24%

19 Thrivent has agreed to reimburse certain expenses associated with the Portfolios. After taking these contractual and voluntary arrangementsinto account, the actual range (minimum and maximum) of total operating expenses charged by the Portfolios was 0.24% to 1.25%. Thevoluntary reimbursements may be discontinued at any time. The amounts are based on the arithmetic average of expenses paid in the yearended December 31, 2019 for all of the available Portfolios, adjusted to reflect anticipated changes in fees and expenses. With respect to newportfolios, if any, amounts are based on estimates for the current fiscal year.

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

9••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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 thesummary prospectuses 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 itsinvestment 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 Variable Account and the Portfolios section of this prospectus.

FEE TABLES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

10 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

SUMMARY OF CONTRACT BENEFITS AND RISKS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

This summary describes the Contract’s importantbenefits and risks. The sections in the prospectusfollowing this summary discuss the Contract’s benefits,risks and other provisions in more detail. Please refer to“DEFINITIONS” at the end of this prospectus fordefinitions of words and phrases used herein.

From February 1987 to May 1997, we issued our firstflexible premium variable contracts (“VUL 1Contracts”). Beginning on approximately May 1, 1997,we discontinued selling the VUL 1 and began selling asomewhat different version of the Contract. Whenappropriate, this prospectus describes the differences inthe Contracts.

Contract Benefits

Flexibility

The Contract allows you, subject to certain limitations,to make premium payments in any amount until theInsured’s Attained Age 100 (or 96 for VUL 1 Contracts)and at any frequency. As long as the Contract remainsin force, it will provide for

� life insurance coverage on the named Insured;

� an Accumulated Value;

� surrender rights and Contract loan privileges; and

� a variety of additional insurance benefits.

The Contract provides protection against economic losswhen the Insured dies, and is not primarily aninvestment. As of the Monthly Anniversary at AttainedAge 100, no additional Monthly Deductions will bemade from the Contract.

The Contract is called “flexible premium” because,unlike many other insurance contracts, there is no fixedschedule for premium payments. The Contract is called“variable” because, unlike a conventional fixed-benefitwhole life insurance contract, the Death Benefit underthe Contract may, and the Accumulated Value and theCash Surrender Value will, increase or decrease to reflectthe investment performance of the selected Subaccountsof the Variable Account, as well as other factors. See“CONTRACT BENEFITS”.

Investment Options

You allocate the Net Premium payments to one or moreSubaccounts of the Variable Account.

The assets of each such Subaccount will be invested inthe corresponding Portfolio of the Fund. Subject tocertain restrictions, you may transfer amounts amongthe Subaccounts of the Variable Account.

Death Proceeds and Death Benefit Options

The Contract Owner may name one or moreBeneficiaries to receive death proceeds. We restrict whomay be named as a Beneficiary under your life insuranceContract. The named Beneficiaries must be eligibleunder our Bylaws. The Contract Owner will classify eachBeneficiary as primary or contingent. Upon theInsured’s death, we will pay the death proceeds to theBeneficiaries as follows:

1. Proceeds will be paid to the primaryBeneficiaries who are then alive.

2. If no primary Beneficiaries are living, proceedswill be paid to the surviving contingentBeneficiaries.

3. If no Beneficiary survives, proceeds will be paidto the Insured’s estate.

Other designations or successions of beneficiaries maybe arranged with us. Any beneficiary who diessimultaneously with the Insured or within 15 days afterthe Insured dies and before death proceeds have beenpaid will be deemed to have died before the Insured.

The Contract Owner may change the Beneficiary bygiving a Notice while the Insured is living. The Noticemust be received by the Service Center andacknowledged before it will be effective. The effectivedate of the change will be the date the Owner signs theNotice or, if the Notice is not dated, the date it isreceived at our Service Center. We are not liable for anypayment made or action taken by us before we receivedthe Notice.

11••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

As long as the Contract remains in force and deathproceeds are payable, we will pay the death proceeds tothe Beneficiary upon receipt at our Service Center of allforms, requirements and due proof of the Insured’sdeath.

For all Contracts except VUL 1 Contracts, if the Insureddies before age 100, the proceeds from the Contract willconsist of the Contract’s Death Benefit, plus anyinsurance proceeds provided by additional insurancebenefits on the Insured’s life, less any outstanding Debtand any unpaid Monthly Deductions. If the Insured diesat or after age 100, the amount payable will be the CashSurrender Value on the date of death.

For VUL 1 Contracts, if the Insured dies before theMaturity Date, the proceeds from the Contract willconsist of the Contract’s Death Benefit, plus anyinsurance proceeds provided by additional insurancebenefits on the Insured’s life, less any outstanding Debtand any unpaid Monthly Deductions. If the Insured isliving on the Maturity Date, the amount payable will bethe Accumulated Value reduced by any Contract Debtand any unpaid Monthly Deductions.

There are two Death Benefit Options. Death BenefitOption A provides for the greater of (1) the FaceAmount plus the Accumulated Value and (2) theAccumulated Value multiplied by the factor for AttainedAge. Death Benefit Option B provides for the greater of(1) the Face Amount and (2) the Accumulated Valuemultiplied by the factor for Attained Age. As long as theContract remains in force, the Death Benefit will not beless than the Contract’s Face Amount in force.

Additional Insurance Benefits

Additional insurance benefits offered under theContract include:

� additional insurance coverage for accidental death;

� waiver of selected amount in the event of totaldisability;

� term insurance on the Insured’s spouse;

� term insurance on the Insured’s children;

� a right to increase the Face Amount of the Contracton certain specified dates or life events withoutproof of insurability; and

� a cost of living insurance adjustment without proofof insurability.

The cost of these additional insurance benefits will bededucted from the Accumulated Value as part of theMonthly Deduction. See “OTHER INFORMATION—Additional Insurance Benefits” and “CHARGES ANDDEDUCTIONS—Accumulated Value Charges—MonthlyDeduction”.

CharitAbility® is a benefit that enables Contract Ownersto increase their charitable gifts to Lutheran charitableorganizations and congregations. CharitAbility® for Lifeis available for no additional premium whenever aContract Owner has designated a Lutheran charitableorganization or congregation as a Beneficiary for at least$1,000 of Death Benefit on his or her Contract. See“OTHER INFORMATION—CharitAbility®.”

CharitAbility® was previously made available through aContract rider. If your Contract does not already includethe Charitability® rider, then this benefit is notapplicable because the Rider can no longer be added.

Under certain circumstances, an Accelerated BenefitsRider allows a Contract Owner residing in a state thathas approved such rider to receive benefits from theContract that would be otherwise payable upon thedeath of the Insured.

Flexibility to Adjust Amount of Death Benefit

You have flexibility to adjust the Death Benefit byincreasing or decreasing the Face Amount of theContract. Any change in the Face Amount may affectthe charges under the Contract. Any increase in the FaceAmount will result in an increase in the MonthlyDeduction, and any requested increase in Face Amountwill also increase the Decrease Charge, which is imposedupon lapse or surrender of the Contract or in part upona requested decrease in Face Amount. For any requesteddecrease in Face Amount, that part of the DecreaseCharge reflecting the decrease will reduce theAccumulated Value attributable to the Contract, and theDecrease Charge will be reduced by the part of the


12 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Decrease Charge reflecting the decrease. See“CONTRACT BENEFITS—Death Benefits—Ability toChange Face Amount”. Increases and decreases in FaceAmount may have tax consequences.

The minimum requested increase in Face Amount is$25,000 (or $10,000 for VUL 1 Contracts). Anyrequested increase may require additional evidence ofinsurability. Any requested increase in Face Amount issubject to a limited “free look” privilege, and, duringthe first 24 months following the increase, to anexchange privilege.

Any requested decrease in Face Amount cannot result ina Face Amount less than the Minimum Face Amount.The Minimum Face Amount for a Contract was $25,000for Insureds with an Attained Age at issue of 0 through17 (Attained Age of 0 through 20 for VUL 1 Contracts),and $50,000 for all other Insureds, for decreases madebefore the Insured’s Attained Age 50. After issuance ofthe Contract, the Minimum Face Amount at issuecontinues to apply to the Contract, except that if aContract has a Minimum Face Amount of $50,000 theMinimum Face Amount will be reduced to $25,000 fordecreases made on or after an Insured reaches AttainedAge 50.

To the extent that a requested decrease in Face Amountwould result in cumulative premiums exceeding themaximum premium limitations applicable under theInternal Revenue Code for life insurance, we will noteffect the decrease. See “PAYMENT AND ALLOCATIONOF PREMIUMS—Amount and Timing of Premiums—Premium Limitations”.

Death Benefit Guarantee Protection

The Contract will not lapse if sufficient premiumpayments have been made to maintain the DeathBenefit Guarantee. (In Contracts issued in the State ofMaryland, the “Death Benefit Guarantee” described inthis prospectus is called a “No-Lapse Guarantee.” ForMaryland Contracts, references in this prospectus to theDeath Benefit Guarantee should be understood asreferences to the No-Lapse Guarantee.) In general, inorder to maintain the Death Benefit Guarantee, as ofeach Monthly Anniversary the total cumulativepremiums paid under the Contract, less any partialsurrenders and Contract Loan Amount must equal or

exceed the sum of the Death Benefit GuaranteePremiums in effect for each Monthly Anniversary sincethe issuance of the Contract.

If the Death Benefit Guarantee requirement is not meton a Monthly Anniversary but the Cash Surrender Valueless any unearned prepaid loan interest is greater thanor equal to the sum of Death Benefit GuaranteePremiums from the Date of Issue through that MonthlyAnniversary, then the sum of premiums paid will bedeemed to increase through that date to the amountnecessary to meet the Death Benefit Guaranteerequirement. In addition, a portion of any partialsurrender or Contract Loan Amount may be excludedwhen determining if the Death Benefit Guaranteerequirement is met.

The Death Benefit Guarantee applies until the specifiedAttained Age of the Insured shown in the Contract,which Attained Age will be the later of

� the Contract Anniversary on or next after theInsured’s 71st birthday, and

� the Contract Anniversary at the end of a periodranging from 8 to 34 years (6 to 31 years for VUL 1Contracts) (varying with the Insured’s Attained Ageat issue) from the Date of Issue.

The Death Benefit Guarantee terminates immediately asof any Monthly Anniversary when these cumulativepremium requirements are not satisfied.

We will send written notice to you indicating that theDeath Benefit Guarantee has terminated, and you willhave 31 days from the date such notice is sent by us toreinstate the Death Benefit Guarantee. After that, theDeath Benefit Guarantee can never be reinstated.During this 31-day reinstatement period, you will nothave the protection of the Death Benefit Guarantee. Thewritten notice of termination from us to you willindicate the premium payment required to reinstate theDeath Benefit Guarantee. See “CONTRACT BENEFITS—Death Benefit Guarantee”.

Whenever the Monthly Deduction to be made wouldresult in a Cash Surrender Value less than zero, we willuse any excess of Accumulated Value over the ContractDebt to pay the Monthly Deduction. If the available


13••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Accumulated Value is less than the Monthly Deductionthen due and the Death Benefit Guarantee is in effect,we will pay the deficiency.

The Death Benefit Guarantee provides significantprotection against lapse of the Contract. First, the DeathBenefit Guarantee can prevent lapse of the Contract dueto a decrease in Cash Surrender Value resulting frompoor investment performance. Second, the DeathBenefit Guarantee will probably be necessary to avoidlapse of the Contract during the early Contract Yearsbecause the Cash Surrender Value will probably not besufficient to cover the Monthly Deduction. Finally,because the Decrease Charge will increase after arequested increase in Face Amount, thereby reducingthe Cash Surrender Value, the Death Benefit Guaranteemay also be necessary to avoid lapse after a requestedincrease in Face Amount. See “CONTRACT BENEFITS—Death Benefit Guarantee”.

Loan Privileges

You may obtain Contract loans in an amount notexceeding in the aggregate 90% of the excess ofAccumulated Value over any Decrease Charge on thedate of any loan. See “CONTRACT RIGHTS—LoanPrivileges”. For VUL 1 Contracts, the minimum amountof the loan is $100.

You may repay Contract loans at any time.

Surrender of the Contract

You may at any time fully surrender the Contract andreceive the Cash Surrender Value, if any. The CashSurrender Value will equal the Accumulated Value of theContract, less any Contract Debt, and any DecreaseCharge. The Cash Surrender Value will include anyunearned prepaid loan interest. As unearned prepaidloan interest is earned, the Cash Surrender Value willdecrease. See “CONTRACT RIGHTS—SurrenderPrivileges”.

Subject to certain restrictions (including a minimumsurrender amount of $500 and a remaining CashSurrender Value of at least $500), and a partial surrendercharge, you may also partially surrender the Contractand withdraw part of the Contract’s Accumulated Valueat any time while the Insured is living.

Contract Risks

Investment Risk

The Contract is not suitable as a short-term savingsvehicle. The Contract Owner bears the entireinvestment risk for amounts allocated to the VariableAccount. The assets in each Subaccount of the VariableAccount are invested in a corresponding Portfolio of theFund. A comprehensive discussion of the risks of eachPortfolio may be found in the Fund’s prospectus.

We do not guarantee a minimum Accumulated Value.

The Accumulated Value of the Contract is the totalamount of the value held under the Contract at anytime. It equals the sum of the amounts held in the LoanAccount and the Variable Account. The Contract’sAccumulated Value in the Variable Account will increaseor decrease and reflects

� the investment performance of the chosenSubaccounts of the Variable Account,

� any Net Premiums paid,

� any partial surrenders,

� any loans,

� any loan repayments,

� any loan interest paid or credited, and

� any charges assessed in connection with theContract (including any Decrease Chargepreviously imposed upon a requested decrease inFace Amount).

The Accumulated Value is relevant to

� continuation of the Contract,

� the Cash Surrender Value (which determinesvarious other rights under the Contract),

� determining the amount available for Contractloans,

� computation of cost of insurance charges, and

� may be relevant to the computation of DeathBenefits.


14 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The Contract’s Cash Surrender Value will be theAccumulated Value less any Contract Debt and anyDecrease Charge. The Cash Surrender Value is relevantto continuation of the Contract and to determining theamount available upon partial or total surrender of theContract.

Health Crisis Risk

The global pandemic outbreak of the novel coronavirusknown as COVID-19 has resulted in substantial marketvolatility and global business disruption. The durationand full effects of the outbreak are uncertain and mayresult in trading suspensions and market closures, limitliquidity and the ability of the Fund to process contractowner redemptions, and negatively impact Fundperformance. The COVID-19 outbreak and futurepandemics could affect the global economy in ways thatcannot be foreseen and may exacerbate other types ofrisks, negatively impacting the value of the Fund.

Risk of Lapse

Your failure to pay Scheduled Premiums will not itselfcause the Contract to lapse. Conversely, your paymentof premiums in any amount or frequency (includingScheduled Premiums) will not necessarily guarantee thatthe Contract will remain in force, except to the extentthese premium payments are sufficient to maintain theDeath Benefit Guarantee. See “CONTRACT BENEFITS—Death Benefit Guarantee”. In general, subject to theDeath Benefit Guarantee, the Contract will lapse when

� Cash Surrender Value is insufficient to pay theMonthly Deduction (for insurance andadministration charges) or

� Contract Debt exceeds Accumulated Value less anyDecrease Charge, and

� In either case if a grace period expires withoutsufficient additional payments. See “PAYMENTAND ALLOCATION OF PREMIUMS—ContractLapse and Reinstatement”.

The Contract provides for a 61-day grace period. We willnotify you that your Contract will lapse (that is,terminate without value) if you do not send sufficientpayment by a specified date.

Surrender Risks

If Death Benefit Option B is in effect, a partial surrendermay result in a reduction in the Face Amount in force.Under either Death Benefit Option, a partial surrenderwill reduce the Death Benefit. A surrender taken from aContract may have federal income tax consequencesand a surrender charge may apply. See “CONTRACTRIGHTS—Surrender Privileges” and “FEDERAL TAXMATTERS”.

Loan Risks

A Contract loan, whether or not repaid, willpermanently affect the Contract’s potentialAccumulated Value and may permanently affect theDeath Benefit. A Contract loan could result intermination of the Death Benefit Guarantee. A loantaken from a Contract may have federal income taxconsequences. See “FEDERAL TAX MATTERS”.

Tax Risks

We anticipate that the Contract should be deemed a lifeinsurance contract under federal tax law. However, thefederal income tax requirements applicable to theContract are complex and there is limited guidance andsome uncertainty about the application of the federaltax law to the Contract. Assuming that the Contractqualifies as a life insurance contract for federal incometax purposes, you should not be deemed to be inconstructive receipt of Accumulated Value until there isa distribution from the Contract. In addition, assumingthe Contract continues to qualify as a life insurancecontract beyond age 100, you should not be deemed tobe in constructive receipt upon attainment of age 100.However, the IRS could determine that a ContractOwner is in constructive receipt of the AccumulatedValue if the Accumulated Value becomes equal to theDeath Benefit, which can occur in some instances wherethe Insured is Attained Age 95 or older. In a case wherethere may be constructive receipt, an amount equal tothe excess of the Accumulated Value over theinvestment in the contract could be includible in theContract Owner’s income at that time.

Additionally, for VUL 1 Contracts and Contracts issuedin New York, if the Insured is living on the MaturityDate, we will pay the Cash Surrender Value as of that


15••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

date to you. These proceeds are subject to tax and theContract will terminate with no payment of deathproceeds.

Under current tax law, death proceeds payable underthe Contract generally would be excludable from thegross income of the Beneficiary. As a result, theBeneficiary generally should not have to pay U.S. federalincome tax on the death proceeds. However, deathproceeds may be subject to state and/or federal estateand/or inheritance tax.

Depending on the total amount of premiums you payand the frequency of such payments, the Contract maybe treated as a modified endowment contract (MEC)under federal tax laws. If a contract is treated as a MEC,then surrenders, partial surrenders, collateralassignments, loans and loan interest under the Contractwill be taxable as ordinary income to the extent thereare earnings in the Contract. In addition, a 10% penaltytax may be imposed on surrenders, partial surrenders,collateral assignments and loans (including loan

interest) taken before you reach age 591⁄2. If theContract is not a MEC, distributions generally will betreated first as a return of your investment in theContract and then as taxable income. Moreover, loansgenerally will not be treated as distributions. Finally,neither distributions nor loans from a Contract that isnot a MEC are subject to the 10% penalty tax. See�FEDERAL TAX MATTERS�.

If the Contract lapses and a loan is outstanding, youmay be deemed to be in receipt of taxable income fromthe Contract. Additionally, if the Contract lapses and islater reinstated, the Contract may be treated as a MEC.

We make no guarantees regarding any tax treatment—federal, state or local—of any Contract or of anytransaction involving a Contract.

You should consult a qualified tax advisor for assistancein all Contract-related tax matters.


16 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

THRIVENT AND THE GENERAL 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.

For more information, visit Thrivent.com.

General Account

The General Account consists of all assets owned byThrivent other than those segregated in any VariableAccount. Subject to applicable law, we have solediscretion over the investment of the General Accountassets. You do not share directly in the investmentreturns of those assets.

Maintenance of Solvency

If the Society’s reserves for any class of contracts, otherthan those portions of any contract that providevariable benefits based on the experience of a separateaccount, become impaired, the Board of Directors mayrequire that benefit members pay the Society anequitable amount to eliminate the deficiency. If theamount is not paid within 60 days from the date wenotify you of your share, it will be charged as a loanagainst this Contract with interest compounded at therate of 5% per year. If you agree, an equivalentreduction in benefits can be chosen instead of thepayment or loan against the Contract.

17••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

The Variable Account

The Variable Account is a separate account of ours. Weown the assets of the Variable Account, and we are not atrustee with respect to such assets. However, theMinnesota laws under which the Variable Account isoperated provide that the Variable Account shall not bechargeable with liabilities arising out of any otherbusiness we may conduct. The Variable Account will befully funded at all times for the purposes of the 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 risks, mortality gains and lossesand investment results applicable to those assets thatare in excess of net assets supporting the Contracts.

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.

You may allocate the Net Premiums paid under the Contract and transfer 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 Portfolio

18 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Subaccount Corresponding Portfolio

Thrivent Moderately Conservative AllocationSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Moderately Conservative Allocation Portfolio

Thrivent 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.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.


19••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••


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.

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*.


20 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••


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&P500, 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 investment

results 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 among


21••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Subaccounts 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.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 collectcharges under the Contracts, to make payments uponsurrenders, to provide benefits under the Contracts, orto transfer assets from one Subaccount to anotherSubaccount as requested by Contract Owners. Anydividend or capital gain distribution received from aPortfolio of the Funds will be reinvested immediately atnet asset value in shares of that Portfolio and retained asassets of the corresponding Subaccount.


22 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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;

� 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 a


23••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Portfolio 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 anyspecified 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.

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.

CONTRACT BENEFITS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Death Benefits

General

As long as the Contract remains in force and deathproceeds are payable, we will pay the Beneficiary uponreceipt at our Service Center of all forms, requirementsand due proof of the Insured’s death. The proceeds maybe paid in a lump sum or under one of the settlement

options set forth in the Contract. The amount payableunder the designated Death Benefit Option will bereduced by any outstanding Contract Debt and will beincreased by any additional insurance benefits on theInsured’s life provided for in the Contract.


24 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The amount or duration of the Death Benefit may varywith the Accumulated Value and may increase ordecrease.

Except for VUL 1 Contracts, if the Insured dies at orafter Attained Age 100, the amount payable will be theCash Surrender Value on the date of death. For VUL 1Contracts, if the Insured is living on the Maturity Date,we will pay the Accumulated Value for the Contractreduced by any Contract Debt and any unpaid MonthlyDeductions, and the Contract will be terminated.

Death Benefit Options

The Contract provides two Death BenefitOptions: Option A and Option B. You designate theDeath Benefit Option in the application.

Option A

The Death Benefit is equal to the greater of (1) the FaceAmount of the Contract plus the Accumulated Value ofthe Contract and (2) the Accumulated Value multipliedby the Attained Age factor shown in the following table(with the Accumulated Value in each case beingdetermined on the Valuation Date on or next followingthe Insured’s date of death).

Option B

The Death Benefit is the greater of (1) the Face Amountof the Contract and (2) the Accumulated Value on theValuation Date on or next following the Insured’s dateof death multiplied by the Attained Age factor shown inthe following table.

AttainedAge Factor

AttainedAge Factor

40 or less 2.50 61 1.28

41 2.43 62 1.26

42 2.36 63 1.24

43 2.29 64 1.22

44 2.22 65 1.20

45 2.15 66 1.19

46 2.09 67 1.18

47 2.03 68 1.17

48 1.97 69 1.16

49 1.91 70 1.15

50 1.85 71 1.13

51 1.78 72 1.11

52 1.71 73 1.09

53 1.64 74 1.07

54 1.57 75 to 90 1.05

55 1.50 91 1.04

56 1.46 92 1.03

57 1.42 93 1.02

58 1.38 94 1.01

59 1.34 95 to 99 1.00

60 1.30

Which Death Benefit Option to Choose

If you prefer to have premium payments and favorableinvestment performance reflected partly in the form ofan increasing Death Benefit, you should choose OptionA. If you are satisfied with the amount of the Insured’sexisting insurance coverage and prefer to have premiumpayments and favorable investment performancesreflected to the maximum extent in the AccumulatedValue, you should select Option B.

Change in Death Benefit Option

At any time when the Death Benefit would be the FaceAmount plus the Accumulated Value (if Option A is ineffect) or the Face Amount (if Option B is in effect), youmay change the Death Benefit Option in effect bygiving us a Notice of change. No charges will beimposed to make a change in Death Benefit Option. The


25••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

effective date of any such change will be the MonthlyAnniversary on or next following the date we receivethe Notice.

If the Death Benefit Option is changed from Option Ato Option B, the Face Amount will not change and theDeath Benefit will be decreased by the AccumulatedValue of the Contract on the effective date of thechange. These changes will generally have the effect ofdecreasing the net amount at risk under the Contract.In addition, if a Contract Owner changed from OptionA to Option B, and then back to Option A from OptionB, the resulting Face Amount and net amount at riskunder Option A would generally be lower as a result ofthe intervening change to Option B.

If the Death Benefit Option is changed from Option Bto Option A, the Death Benefit will not change and theFace Amount will be decreased by the AccumulatedValue of the Contract on the effective date of thechange. However, this change may not be made if itwould reduce the Face Amount to less than $5,000. ForVUL 1 Contracts, this change may not be made if itwould reduce the Face Amount to less than theMinimum Face Amount.

A change in Death Benefit Option may have taxconsequences, depending on the circumstances. See“FEDERAL TAX MATTERS”.

If a change in Death Benefit Option would result incumulative premiums exceeding the maximumpremium limitations under the Internal Revenue Codefor life insurance, we will not effect the change.

A change in Death Benefit Option may affect themonthly cost of insurance charge because this chargevaries with the net amount at risk—that is, in general,the Death Benefit less the Accumulated Value. See“CHARGES AND DEDUCTIONS—Accumulated ValueCharges—Monthly Deduction”. Changing from OptionA to Option B will generally decrease the net amount atrisk, thereby reducing the cost of insurance charges.Changing from Option B to Option A will generallyresult in a net amount at risk that remains level. Such achange from Option B to Option A, however, will resultin an increase in the cost of insurance charges over timebecause the net amount at risk will (unless the Death

Benefit is based on the applicable percentage ofAccumulated Value) remain level rather than decreasingas the Accumulated Value increases.

How Death Benefits May Vary in Amount

The Death Benefit may vary with the Contract’sAccumulated Value and the Accumulated Value mayincrease or decrease. The Death Benefit under Option Awill always vary with the Accumulated Value becausethe Death Benefit equals the greater of (1) the FaceAmount plus the Accumulated Value and (2) theAccumulated Value multiplied by the Attained Agefactor shown in the foregoing table. Under Option B,the Death Benefit will only vary with the Contract’sAccumulated Value whenever the Accumulated Valuemultiplied by the Attained Age factor exceeds the FaceAmount of the Contract. Death Benefit may also varybased on the age of the Insured on the date of death.

Ability to Change Face Amount

Subject to certain limitations (see “Decreases” and“Increases” below), you may increase or decrease yourContract’s Face Amount. The effective date of theincrease will be the date shown on the supplementalschedule page that we will mail you. The effective dateof the decrease will be the Monthly Anniversary on ornext after we receive Notice. An increase in FaceAmount may have tax consequences. See “FEDERALTAX MATTERS”. The effect of changes in Face Amounton Contract charges, as well as certain additionalconsiderations, are described below.

Decreases

A decrease in the Face Amount may affect the total netamount at risk and the portion of the net amount at riskcovered by various premium classes, both of which mayaffect your monthly insurance charges.

A decrease in the Face Amount may result in the partialimposition of the Decrease Charge as of the MonthlyAnniversary on which the decrease becomes effective.Whenever the Decrease Charge is imposed in part inconnection with a requested decrease in Face Amount,the Initial Monthly Administrative Charge will bereduced proportionately to take into account theamount of the Deferred Administrative Charge includedin the Decrease Charge then imposed.


26 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

If the Death Benefit Guarantee is in force, then on theeffective date of any requested decrease in Face Amountthe Accumulated Value less any Contract Debt must besufficient to cover the Decrease Charge imposed inconnection with the requested decrease and theMonthly Deduction due on that date. If the DeathBenefit Guarantee is not in force, then the CashSurrender Value must be sufficient to cover the MonthlyDeduction due on that date. If these requirements arenot satisfied, we will not execute the requested decreasein Face Amount.

The Face Amount in force after any requested decreasemay not be less than the Minimum Face Amount. Also,to the extent a decrease in Face Amount would result incumulative premiums exceeding the maximumpremium limitations applicable under the InternalRevenue Code for life insurance, we will not execute thedecrease. See “PAYMENT AND ALLOCATION OFPREMIUMS—Amount and Timing of Premiums—Premium Limitations”.

As discussed previously, if the Death Benefit Option ischanged from Option B to Option A, the Death Benefitwill not change and the Face Amount will be decreasedby the Accumulated Value of the Contract on theeffective date of the change. However, this change maynot be made if it would reduce the Face Amount to lessthan $5,000. For VUL 1 Contracts, this change may notbe made if it would reduce the Face Amount to less thanthe Minimum Face Amount stated on your Contractschedule page.

For purposes of determining the cost of insurancecharge, any decrease in the Face Amount will reduce theFace Amount in force in the following order: (1) theFace Amount provided by the most recent increase; (2)the next most recent increases successively; and (3) theinitial Face Amount. If you request a decrease in FaceAmount, that part of any Decrease Charge applicable tothe decrease will reduce the Accumulated Valueattributable to the Contract and the Decrease Chargewill be reduced by this amount. See “CHARGES ANDDEDUCTIONS—Accumulated Value Charges—DecreaseCharge”.

Increases

An increase in the Face Amount will generally affect thetotal net amount at risk and may affect the portion ofthe net amount at risk covered by various premiumclasses (if multiple premium classes apply), both ofwhich may affect your monthly insurance charges.

An increase in the Face Amount will also increase theDecrease Charge and will result in the imposition of anew Initial Monthly Administrative Charge for increases(which is included in the Monthly Deduction) as of theMonthly Anniversary when the increase becomeseffective.

You may not request an increase in Face Amount for lessthan $25,000 (or $10,000 for VUL 1 Contracts). Youmay increase the Face Amount at any time before theContract Anniversary on or next after the Insured’s 85thbirthday (or 80th birthday for VUL 1 Contracts). Toobtain an increase, you must submit an application forthe increase. We may require that additional evidence ofinsurability be submitted with any request for anincrease. An increase need not be accompanied by anadditional premium, but we will continue to deduct anyPremium Expense Charges from any premiums paid andwill deduct other charges associated with the increasefrom Accumulated Value.

After increasing the Face Amount, you will have theright (1) during a Free Look Period, to have the increasecancelled and receive a credit or refund, and (2) duringthe first 24 months following the increase, to exchangethe increase in Face Amount for a fixed benefitpermanent life insurance contract issued by us, subjectto the same conditions and principles as apply to anexchange of the entire Contract for such a new contract.See “CONTRACT RIGHTS—Free Look Privileges” and“CONTRACT RIGHTS—Exchange Privileges”.

Unless the Death Benefit Guarantee is in effect, on theeffective date of an increase the Accumulated Valuemust be sufficient to cover any Contract Debt and anyDecrease Charge (including the additional DecreaseCharge arising from the requested increase) and theMonthly Deduction due on that date. In other words,on that date, taking the increase into account, the CashSurrender Value before the Monthly Deduction must beequal to or greater than the amount of the Monthly


27••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Deduction then due. If the existing Accumulated Valueat the time of a requested increase does not result in asufficient Cash Surrender Value after the increase, youmay have to make additional premium payments toincrease the Accumulated Value and thereby increasethe Cash Surrender Value sufficiently.

If the Death Benefit Guarantee is in effect, the CashSurrender Value after the increase before the MonthlyDeduction may be less than the Monthly Deductionthen due, even though the Death Benefit GuaranteePremium will be increased as a result of any requestedincrease in Face Amount.

Net Amount at Risk

You may increase or decrease the net amount at riskprovided by the Contract which is, in general, thedifference between the Death Benefit and theAccumulated Value, in one of several ways as insuranceneeds change. These include

� increasing or decreasing the Face Amount,

� changing the level of premium payments, and,

� to a lesser extent, making a partial surrender underthe Contract.

Although the consequences of each of these methodswill depend upon the individual circumstances, theymay be generally summarized as follows:

� A decrease in the Face Amount will, subject to theapplicable percentage limitations, decrease the netamount at risk without reducing the AccumulatedValue (except for the deduction of any DecreaseCharge applicable to the decrease). If the FaceAmount is decreased, the Monthly Deductiongenerally will decrease as well, but any DecreaseCharge then applicable will be imposed in partupon a requested decrease in Face Amount. See“CHARGES AND DEDUCTIONS”.

� An increase in the Face Amount (which mayrequire satisfactory evidence of insurability) willlikely increase the net amount at risk, dependingon the amount of Accumulated Value and theresultant applicable percentage limitation. See“Increases” in this section. If the net amount at riskis increased, the Monthly Deduction will increaseas well.

� Under Death Benefit Option A, until theAccumulated Value multiplied by the Attained Agefactor exceeds the Face Amount plus theAccumulated Value, the level of premium paymentswill not affect the net amount at risk as long aspremium payments are sufficient to keep theContract in force. See “PAYMENT ANDALLOCATION OF PREMIUMS—Contract Lapse andReinstatement—Lapse”.

� Under Death Benefit Option B, until theAccumulated Value multiplied by the Attained Agefactor exceeds the Face Amount, an increased levelof premium payments will generally reduce the netamount at risk.

� Under either Death Benefit Option, if the DeathBenefit is the Accumulated Value multiplied by theAttained Age factor, then an increased level ofpremium payments will increase the net amount atrisk.

� A partial surrender will reduce the Death Benefit.However, it has a limited effect on the chargesunder the Contract, because the partial surrenderwill affect the net amount at risk only when theDeath Benefit is based on the Accumulated Valuemultiplied by the Attained Age factor. The primaryuse of a partial surrender is to withdrawAccumulated Value. Furthermore, it results in areduced amount of Accumulated Value andincreases the possibility that the Contract willlapse.

The techniques described in this section for changingthe amount of insurance protection under the Contract(for example, changing the Face Amount, making apartial surrender, and changing the amount of premiumpayments) must be considered together with the otherrestrictions and considerations described elsewhere inthis prospectus.

How the Duration of the Contract May Vary

Subject to the Death Benefit Guarantee (which dependsupon the level of premium payments, partial surrendersand the Contract loan amount), the duration of theContract depends upon the Cash Surrender Value (thatis, the Accumulated Value less any Contract Debt andany Decrease Charge). Prior to the Insured’s AttainedAge 100 (or 96 for VUL 1), the Contract will remain in


28 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

force as long as (1) the Cash Surrender Value of theContract is sufficient to pay the Monthly Deduction or(2) the Death Benefit Guarantee requirement is met.

In general, however, when the Cash Surrender Value isinsufficient to pay the Monthly Deduction and theDeath Benefit Guarantee requirements have not beenmet, and a grace period expires without an adequatepayment by the Contract Owner, the Contract will lapseand terminate without value. The Contract Owner hascertain rights to reinstate the Contract. See “PAYMENTAND ALLOCATION OF PREMIUMS—Contract Lapseand Reinstatement”.

Accumulated Value and Cash Surrender Value

The Accumulated Value of the Contract is the totalamount of value held under the Contract at any time.The Accumulated Value is used in determining the CashSurrender Value (the Accumulated Value less anyContract Debt and any Decrease Charge). See“CONTRACT RIGHTS—Surrender Privileges”. There isno guaranteed minimum Accumulated Value. AContract’s Accumulated Value on any future datedepends upon a number of variables, and therefore,cannot be predetermined.

A Contract’s Accumulated Value and Cash SurrenderValue will reflect the investment performance of thechosen Subaccounts of the Variable Account and mayincrease or decrease. They will also reflect any NetPremiums paid, any partial surrenders, any loans, anyloan repayments, any loan interest paid or credited, andany charges assessed in connection with the Contract(including any Decrease Charge previously imposed ona requested decrease in Face Amount).

Calculation of Accumulated Value

The Accumulated Value of the Contract is determinedon each Valuation Date. On each Valuation Date, theContract’s Accumulated Value will be (a) plus (b) where:

(a) is the aggregate of the values attributable tothe Contract in each of the Subaccounts on theValuation Date, determined for eachSubaccount by multiplying the Subaccount’sUnit Value on the date by the number ofSubaccount Units allocated to the Contract;and

(b) is the value attributable to the Contract in theLoan Account on the Valuation Date. See“CONTRACT RIGHTS—Loan Privileges”.

Determination of Number of Units

Any amounts allocated to the Subaccounts will beconverted into Units of the Subaccount. The number ofUnits to be credited to the Contract is determined bydividing the dollar amount being allocated by the UnitValue as of the end of the Valuation Period duringwhich the amount was allocated.

The number of Subaccount Units in any Subaccountwill be increased by:

� any Net Premiums allocated to the Subaccountduring the current Valuation Period;

� any Accumulated Value transferred to theSubaccount from the General Account or anotherSubaccount during the current Valuation Period;

� any repayments of the Contract Debt during thecurrent Valuation Period; and

� any interest earned on the amount in the LoanAccount and transferred to the Variable Accountduring the current Valuation Period.

The number of Subaccount Units in any Subaccountwill be decreased by:

� any Monthly Deduction allocated to theSubaccount during the current Valuation Period tocover the Contract Month following a MonthlyAnniversary;

� any Accumulated Value transferred from theSubaccount to another Subaccount or the GeneralAccount;

� the amount of any partial surrender (including thepartial surrender charge) during the currentValuation Period; and

� any Contract loans allocated to the Subaccount andtransferred to the Loan Account during the currentValuation Period.

The Subaccount Unit Value is determined before anyContract transactions on the Valuation Date that wouldaffect the number of Subaccount Units (see immediately


29••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

preceding paragraph). If the Contract’s AccumulatedValue in the Variable Account is to be calculated for aday that is not a Valuation Date, the next followingValuation Date will be used.

Determination of Unit Value

At the end of each Valuation Period, the Unit Value fora Subaccount is equal to (a) multiplied by (b) where:

(a) Is the Unit Value for that Subaccount at theend of the prior Valuation Period.

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

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 guaranteed never to exceed 0.75%.

Payment of Contract Benefits

Except for VUL 1 Contracts, if the Insured dies beforeage 100, the proceeds from the Contract will consist ofthe Contract’s Death Benefit, plus any insuranceproceeds provided by additional insurance benefits onthe Insured’s life, less any outstanding Debt and anyunpaid Monthly Deductions. If the Insured dies at orafter age 100, the amount payable will be the CashSurrender Value on the date of death.

For VUL 1 Contracts, if the Insured dies before theMaturity Date, the proceeds from the Contract willconsist of the Contract’s Death Benefit, plus anyinsurance proceeds provided by additional insurancebenefits on the Insured’s life, less any outstanding Debtand any unpaid Monthly Deductions. If the Insured isliving on the Maturity Date, the amount payable will bethe Accumulated Value reduced by any Contract Debtand any unpaid Monthly Deductions.

Death proceeds under a Contract will ordinarily be paidwithin seven days after we receive all forms,requirements and due proof of death in Good Order atour Service Center. The Cash Surrender Value(Accumulated Value less any Contract Debt and anyDecrease Charge), partial surrenders and Contract loanswill ordinarily be paid within seven days of receipt of aNotice. Payments may be postponed in certaincircumstances. See “OTHER INFORMATION—Postponement of Payments”.

Under certain circumstances, an Accelerated BenefitsRider allows a Contract Owner to receive benefits fromthe Contract that would be otherwise payable upon thedeath of the Insured. Your Thrivent Financialprofessional should be consulted as to whether and towhat extent the rider is available in a particular stateand on any particular Contract. Benefits paid under theAccelerated Benefits Rider may be taxable. See“FEDERAL TAX MATTERS”.

Settlement Options

You may elect an option by giving us Notice during theInsured’s lifetime. The option must be elected beforeproceeds become payable. Assignees and third-party


30 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

owners may elect an option only with our consent.Election of Option 4 may be made only if the payee is anatural person who is the Insured or a Beneficiary.

If it is the death proceeds under a Contract that arepayable, the Beneficiary may elect a settlement optionprovided that the manner of settlement has not beenrestricted before the Insured’s death, and the deathproceeds have not been paid.

For an option to be used, the proceeds to be appliedmust be at least $2,000. Election of an option is alsosubject to the conditions that (1) payments must not beless than $50 each, and (2) payments must be madeonly at annual, semi-annual, quarterly or monthlyintervals.

Option 1—Interest Income

The proceeds may be left on deposit. Interest will bepaid at a rate of not less than 3% per year. Theseproceeds may be withdrawn upon request.

Option 2—Income of a Fixed Amount

Income of a fixed amount will be paid at agreed uponintervals until the proceeds, with interest credited at therate of 3.5% per year on the unpaid balance, are paid infull. The payment period may not exceed 30 years.

Option 3—Income for a Fixed Period

Income for a fixed number of years, not to exceed 30,will be paid with interest credited on unpaid balance ata rate not less than 3.5% per year (the income will notbe less than the amounts set forth in a table in theagreement relating to this option).

Option 4—Life Income with Guaranteed Period

Income for the lifetime of the payee will be paid. If thepayee dies during the guaranteed period, payments willbe continued to the beneficiary of the agreement to theend of that period.

Option 5—Other Options

The proceeds may be paid under any other settlementoption agreeable to us.

Death Benefit Guarantee

General

If you meet the requirement described below for theDeath Benefit Guarantee, we guarantee that theContract will not lapse before the termination of theDeath Benefit Guarantee specified in the Contract. InContracts issued in the State of Maryland, the “DeathBenefit Guarantee” described in this prospectus is calleda “No-Lapse Guarantee.” For Maryland Contracts,references in this Prospectus to the Death BenefitGuarantee should be understood as references to theNo-Lapse Guarantee.

Whenever the Monthly Deduction to be made wouldresult in a Cash Surrender Value less than zero, anyexcess of Accumulated Value over Contract Debt will beused to pay the Monthly Deduction. If availableAccumulated Value is less than the Monthly Deductionthen due and the Death Benefit Guarantee is in effect,we will pay the deficiency.

If the Death Benefit Guarantee terminates, the Contractwill not necessarily lapse. For a discussion of thecircumstances under which the Contract may lapse, see“PAYMENT AND ALLOCATION OF PREMIUMS—Contract Lapse and Reinstatement”.

The Death Benefit Guarantee provides significantprotection against lapse of the Contract. First, to theextent Cash Surrender Value declines due to poorinvestment performance, the Death Benefit Guaranteemay be necessary to avoid lapse of the Contract.Second, during the early Contract Years, the CashSurrender Value will generally not be sufficient to coverthe Monthly Deduction, so that the Death BenefitGuarantee will be necessary to avoid lapse of theContract. This occurs because the Decrease Chargeusually exceeds the Accumulated Value in these years.

You should also consider that if an increase in FaceAmount is requested, an additional Decrease Chargewould apply for the 180 months following the increase,which could create a similar possibility of lapse as existsduring the early Contract Years. Thus, even though theContract permits premium payments less than thepayments required to maintain the Death Benefit


31••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Guarantee, you will lose the significant protectionprovided by the Death Benefit Guarantee by paying lessthan the premiums required to maintain the guarantee.

When considering Contract loans or partial surrendersyou should keep in mind that a Contract loan or partialsurrender could cause termination of the Death BenefitGuarantee because the amount of any partial surrenderor Contract Loan Amount will, subject to certainexceptions, be deducted from cumulative premiumpayments in determining whether the requirements forthe Death Benefit Guarantee have been met.

Death Benefit Guarantee Requirement

The Death Benefit Guarantee applies if the totalcumulative premiums paid (before deduction of anyPremium Expense Charges) under the Contract, less anypartial surrenders and the Loan Amount, equals orexceeds the sum of the Death Benefit GuaranteePremiums (described below) on each MonthlyAnniversary since the issuance of the Contract. If theDeath Benefit Guarantee requirement is not met but theCash Surrender Value less any unearned interest isgreater than or equal to the sum of the Death BenefitGuarantee Premiums from the Date of Issue throughthat Monthly Anniversary, then the sum of premiumspaid as used above will be deemed to increase throughthat date to the amount necessary to meet the DeathBenefit Guarantee requirement.

In addition, a portion of any partial surrender orContract Loan Amount may be excluded whendetermining if the Death Benefit Guarantee requirementis met. The amount excluded is calculated on the dateof the partial surrender or Contract loan and is equal tothe lesser of (a) and (b) where:

(a) is the amount of the partial surrender orContract loan; and

(b) is the excess, if any, of the Cash SurrenderValue less unearned prepaid loan interest overthe greater of (i) and (ii) where:

(i) is the sum of premiums paid less theamount of any partial surrenders andContract loans not previously excludedwhen determining if the Death BenefitGuarantee requirement was met; and

(ii) is the sum of Death Benefit GuaranteePremiums from the Date of Issue throughthe Monthly Anniversary on or next afterthe date of the partial surrender orContract loan.

These calculations for Death Benefit Guaranteecompliance are intended to provide you with theflexibility to take advantage of certain increases in CashSurrender Value without losing the benefit of the DeathBenefit Guarantee.

First, by “deeming” the sum of premiums paid to beincreased under the circumstances described above forpurposes of the Death Benefit Guarantee, you can takeadvantage of increases in Cash Surrender Value byreducing or suspending actual premium payments solong as the Cash Surrender Value, less any unearnedprepaid loan interest, remains at a sufficient level tomaintain the Death Benefit Guarantee under theformula described above.

Second, by excluding part of a partial surrender or aContract loan under the circumstances described abovefor purposes of the Death Benefit Guarantee, you cantake advantage of increases in Cash Surrender Value bywithdrawing a part of such increases by means of apartial surrender or Contract loan, provided that on thedate of such surrender or loan the Cash Surrender Value,less any unearned prepaid loan interest, is at a sufficientlevel under the formula described above. Of course, anysuch actions taken by you will have the effect (directlyor indirectly) of reducing the Cash Surrender Value,which may mean that less Cash Surrender Value will beavailable for future Contract charges and fordetermining future compliance with the requirementsfor the Death Benefit Guarantee. You should alsoconsider the other effects of varying the amount andfrequency of premium payments and of partialsurrenders and Contract loans.

If sufficient premium payments have been made, theDeath Benefit Guarantee will apply until the specifiedAttained Age of the Insured shown in the Contract,which Attained Age will be the later of (1) the Insured’sAttained Age 71 and (2) the Attained Age of the Insured


32 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

at the end of a period ranging from 8 to 34 years (6 to31 years for VUL 1 Contracts) (varying with theInsured’s Attained Age at issue) from the Date of Issue.

We will determine on each Monthly Anniversarywhether the requirements for the Death BenefitGuarantee have been satisfied, but premiums need notbe paid on a monthly basis. If, as of any MonthlyAnniversary, you have not made sufficient premiumpayments to maintain the Death Benefit Guarantee, theDeath Benefit Guarantee will terminate immediately,subject to only a limited right of reinstatement, asdescribed below under “Reinstatement”.

Reinstatement

If the Death Benefit Guarantee terminates due toinsufficient payments, we will send written notice toyou that the Death Benefit Guarantee has terminated.You will have 31 days from the date such notice is sent

to reinstate the Death Benefit Guarantee. The writtennotice of termination will indicate the premiumpayment required to reinstate the Death BenefitGuarantee. If we do not receive this required premiumpayment within 31 days after the written notice is sent,the Death Benefit Guarantee will remain terminatedand can never be reinstated. During this 31-dayreinstatement period, you will not have the protectionof the Death Benefit Guarantee.

When determining the amount and frequency ofpremium payments, you should carefully consider thatthe Death Benefit Guarantee terminates immediatelywhen the requirements described above are notsatisfied, and the ability to reinstate the Death BenefitGuarantee permanently expires on the followingMonthly Anniversary of the Contract 31 days after wesend written notice of termination.

PAYMENT AND ALLOCATION OF PREMIUMS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Amount and Timing of Premiums

A Contract Owner has considerable flexibility indetermining the frequency and amount of premiums.All premium payments must be in U.S. dollars drawn ona U.S. bank. Generally, we do not accept cash, starterchecks (checks without pre-printed registration),traveler’s checks, credit card courtesy checks, or thirdparty checks.

Scheduled Premiums

You selected a periodic premium payment schedule(based on a periodic billing mode of annual,semi-annual, or quarterly payment) which provides forthe billing of a level premium at the specified interval.We also offer an electronic payment program. Underthis program, you may make premium payments (orloan repayments) to your Contract on a regularlyscheduled basis by having money automaticallywithdrawn from your savings or checking account, orother acceptable payment source, rather than beingbilled. You may set up the electronic payment programby giving us Notice.

The initial Scheduled Premium on an annualized basis isshown in the Contract as the “Planned AnnualPremium”. You are not, however, required to payScheduled Premiums in accordance with the specifiedschedule. You have the flexibility to alter the amount,frequency and time period over which the premiums arepaid.

Your payment of Scheduled Premiums will notguarantee that the Contract will remain in force.Instead, the duration of the Contract depends upon theContract’s Accumulated Value and Cash Surrender Valueand upon whether the Death Benefit Guarantee is ineffect. See “Contract Lapse and Reinstatement” in thissection.

Death Benefit Guarantee Premium

The Contract states the monthly premium amountrequired to maintain the Death Benefit Guarantee (the“Death Benefit Guarantee Premium”). The DeathBenefit Guarantee Premium is determined by us basedupon a formula taking the following into account:


33••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

� the applicable cost of insurance charge for theInsured, using the Insured’s actual premium class;

� a percentage of assumed monthly Death BenefitGuarantee Premium payment together with anassumed premium processing charge;

� the applicable Initial Monthly AdministrativeCharge;

� the charge for any additional insurance benefitsadded by rider; and

� the Basic Monthly Administrative Charge.

Due to the factors considered in calculating thesecharges, the Death Benefit Guarantee Premium will varydepending upon, among other things,

� the Insured’s sex (in most states),

� the Insured’s Attained Age,

� the Insured’s premium class,

� the Face Amount,

� the Death Benefit Option, and

� which additional insurance benefits, if any, areadded by rider.

The Death Benefit Guarantee Premium will change asthe result of certain Contract changes, including anincrease or decrease in Face Amount; a change in DeathBenefit Option; a change in premium class; and anincrease, decrease, addition or deletion of additionalinsurance benefits. Whenever the Death BenefitGuarantee Premium changes, the Contract Owner willbe notified promptly of the new Death BenefitGuarantee Premium.

Premium Flexibility

Unlike some insurance contracts, the Contract frees youfrom the requirement that premiums be paid inaccordance with a fixed premium schedule. Althoughyou determined a Scheduled Premium (initially, on anannualized basis, this premium is called the PlannedAnnual Premium), you need not make premiumpayments in accordance with this schedule and thefailure to make such payments will not in itself causethe Contract to lapse. See “Contract Lapse andReinstatement” in this section.

Subject to certain limitations, you may make premiumpayments in any amount at any time before age 100 (orbefore the Maturity Date for VUL 1 Contracts ). TheContract, therefore, provides you with the flexibility tovary the frequency and amount of premium payments.

Premium Limitations

The Internal Revenue Code generally provides forexclusion of the Death Benefit from gross income iftotal premium payments do not exceed certain statedlimits. If at any time a premium is paid that wouldresult in total premiums exceeding such limits, we willonly accept that portion of the premium which willmake total premiums equal that amount. Any part ofthe premium in excess of that amount will be refunded,and no further premiums will be accepted until allowedby the current maximum premium limitations set forthin the Internal Revenue Code.

The maximum premium limitations set forth in theInternal Revenue Code depend in part upon the amountof the Death Benefit at any time. As a result, Contractchanges that affect the amount of the Death Benefitmay affect whether cumulative premiums paid underthe Contract exceed these maximum premiumlimitations. For example, a decrease in Face Amountmade at the Contract Owner’s request or made as aresult of a partial surrender, or a change in the DeathBenefit Option, could result in cumulative premiumspaid exceeding these maximum premium limitations.To the extent that any such Contract change wouldresult in cumulative premiums exceeding thesemaximum premium limitations, we will not executesuch change.

IRS rules govern the tax treatment of life insurancecontracts. We have the right to limit or refund apremium payment or make distributions from theContract as necessary to continue to qualify theContract as life insurance under federal tax law or toavoid the classification of your Contract as a “modifiedendowment contract” (MEC). If mandated underapplicable law, we may be required to reject a premiumpayment.

Your Contract could be classified as a MEC if premiumspaid exceed certain dollar thresholds or if certaintransactions are processed. Except as described below,


34 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

we will apply only the portion of the premiumpayment(s) (including electronic payments) that willnot cause the Contract to become a MEC and will returnthe balance to the premium payer without applying itto the Contract. The portion of the payment that isapplied to the Contract will be credited as of theValuation Date the payment was determined to be inGood Order. Additionally, except as described below, arequest for any transaction (such as a reduction in FaceAmount) that would immediately cause the Contract tobecome a MEC will be deemed not in Good Order. Wewill notify you if a requested transaction wouldimmediately cause your Contract to become a MEC andwill not process that transaction unless and until wehave received your instruction to proceed and allowMEC status.

The following exceptions apply to this process:

1. When your Contract is initially issued, we willeither accept or reject the full premiumpayment. We will accept a full premiumpayment that results in MEC status only if wehave received acknowledgement of MEC statussigned by you on forms acceptable to us.Otherwise, if allocation of the full premiumpayment would result in MEC status, we willconsider the Application to be not in GoodOrder and will not issue the Contract and willnot allocate any portion of the premium untilthe Application is in Good Order.

2. If your Contract is not on an electronicpayment program, and if the start of the nextMEC Contract Year is within 14 calendar daysof the date the premium is received, andallocating all or a portion of the payment onthe first day of the next MEC Contract Year willnot cause the Contract to become a MEC, then:

a. upon receipt we will allocate, as describedabove, only the portion of the premiumpayment that will not cause the Contractto become a MEC; and

b. we will wait to allocate the balance of thepayment that can be applied withoutcausing your Contract to become a MEC onthe first day of the next MEC Contract Yearor if the first day of the next MEC Contract

Year is not a Valuation Date, then thepayment will be allocated as of the nextfollowing Valuation Date; and

c. we will return to the premium payer,without allocating it to the Contract, anyremaining balance that, as of the first dayof the next MEC Contract Year, still wouldhave caused the Contract to become aMEC; and

d. no interest will be paid to you or thepremium payer from the date of receipt ofthe premium payment to the date it iseither allocated to your Contract orreturned to you.

3. You may also provide instructions directing usto allocate any specific premium paymentand/or process any specific transaction even ifMEC status will result. Those instructions mustindicate that you consent to your Contractbeing treated as a MEC. You should consultwith your tax advisor before doing so. Thoseinstructions must be received with theapplicable premium payment or transactionrequest that will result in MEC status. We donot allow advance elections for future premiumpayments or future transactions that may resultin MEC status on your Contract.

For more information on MECs, see �FEDERAL TAXMATTERS�.

Allocation of Premiums and Accumulated Value

Allocation of Net Premiums

The Net Premium equals the premium paid less anyPremium Expense Charges. Net Premiums are creditedto the Subaccounts during the Valuation Period thatthey are received.

If we receive your premium before the close of regulartrading on the New York Stock Exchange (NYSE)(usually 4:00 p.m. Eastern Time, the time we determinethe value of the Accumulation Units) on a ValuationDate, allocation occurs at the end of the day in which


35••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

we receive your payment. If we receive your premiumon a non-Valuation Date or after the NYSE closes, theallocation occurs as of the end of the next ValuationDate.

The NYSE is closed on Saturdays and Sundays and onNew Year’s Day, Martin Luther King Jr. Day, PresidentsDay, Good Friday, Memorial Day, Independence Day,Labor Day, Thanksgiving Day and Christmas Day.

We allocate Net Premiums according to the premiumallocation instructions on your application or mostrecent allocation instructions on file. The percentages ofeach Net Premium that may be allocated to anySubaccount of the Variable Account must be in wholenumbers and the sum of the allocation percentagesmust be 100%. If the allocation request is notcompleted, is not in whole percentages, or does nottotal 100%, then the request will be treated as not inGood Order. We will process the allocation requestwhen it is in Good Order. You may change yourallocation for future Net Premiums without charge atany time by giving us Notice.

The values of the Subaccount(s) of the Variable Accountwill vary with the investment experience of theSubaccount(s) and may increase or decrease. You bearthe entire investment risk. You should periodicallyreview your allocations of premiums in light of marketconditions and your overall financial objectives.

Allocation of Accumulated Value (Transfers)

You may transfer your Accumulated Value among theSubaccounts of the Variable Account by giving usNotice. The total amount that you transfer each timemust be at least $50 (unless the total cash value in aSubaccount is less than $50, in which case the entireamount may be transferred). No fees are currentlycharged for transfers, except for VUL 1 Contracts, whichare charged $20 per transfer in excess of two transfersper year. We may postpone transfers in certaincircumstances. See “OTHER INFORMATION—Postponement of Payments”. Under present law,transfers are not taxable transactions.

Special Transfer Service—Dollar Cost Averaging

You may establish a dollar cost averaging program tomake periodic transfers of at least the minimum amountrequired from the Money Market Subaccount to one ormore other Subaccounts. Transfers will be madeautomatically on the date you choose (except the 29th,30th, or 31st of a month). If the remaining amount tobe transferred drops below the amount you established,the entire remaining balance will be transferred on thenext transfer date. Please note that when you establish aDollar Cost Averaging (DCA) program, transfers willcontinue until the entire amount in the Money MarketSubaccount has been depleted or until you notify us toterminate the DCA program, whichever occurs first. Ifthe DCA transfers of your Accumulated Value havestopped and you want systematic transfers to resumefrom the Money Market Subaccount, you must provideus Notice and assure adequate funding in the MoneyMarket Subaccount.

The DCA program is generally suitable for ContractOwners making a substantial deposit to the Contractand who wish to use the other Subaccount investmentoptions, but desire to control the risk of investing at thetop of a market cycle. The DCA program allows suchinvestments to be made in equal installments over timein an effort to reduce such risk. Dollar cost averagingdoes not guarantee that the Variable Account will gainin value, nor will it protect against a decline in value ifmarket prices fall. However, if a Contract Owner cancontinue to invest regularly throughout changingmarket conditions, it can be an effective strategy to helpmeet long-term goals. Contract Owners interested in theDCA program may obtain an application and fullinformation concerning the program and its restrictionsfrom us.

Automatic Asset Rebalancing Program

As the value of your Subaccounts changes, thedistribution of Accumulated Value among thoseSubaccounts also changes. The Automatic AssetRebalancing program transfers your Contract’s valueamong the variable investment options. You may electto automatically rebalance your Accumulated Value inthe Subaccounts periodically under the Automatic AssetRebalancing program according to the percentageallocation you determine at the time of setting up thisprogram.


36 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Automatic Asset Rebalancing may be set up annually orsemi-annually to begin on the date you select (exceptthe 29th, 30th or 31st). Before you begin the program,you should determine your investment goals and risktolerance. Use of this program will not ensure any gainnor protect against any loss in overall AccumulatedValue. To elect to participate in the program, we mustreceive Notice at our Service Center from you. Thisrequest will override any previous allocations you mayhave selected. Rebalancing continues until you stop orchange it.

You can change your allocations at any time by givingus Notice. You can also stop or suspend the program byproviding Notice to our Service Center. If you makeadditional premium payments or transfers into aSubaccount that was not previously included in theasset rebalancing program, those amounts will not besubject to rebalancing unless you revise your assetrebalancing program. Periodic rebalancing takes intoaccount increases and decreases in accumulated valuesin each Subaccount. Any transfers resulting fromrebalancing will not incur a transfer charge.

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 performanceof the 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 this section, we impose a fee if thetransfers made within a given time period exceed amaximum contractual number.

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.

In addition, the underlying funds 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.


37••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Contract Lapse and Reinstatement

Lapse

Your failure to make a Scheduled Premium payment willnot itself cause a Contract to lapse. Subject to the DeathBenefit Guarantee (see “CONTRACT BENEFITS—DeathBenefit Guarantee”), lapse will only occur when:

� the Cash Surrender Value is insufficient to coverthe Monthly Deduction; or

� Contract Debt exceeds the Accumulated Value lessany Decrease Charge; and

� in either case if a grace period expires without asufficient payment.

Even if the Cash Surrender Value is insufficient to coverthe Monthly Deduction, the Contract will not lapse ifthe Death Benefit Guarantee is in effect.

Because unearned prepaid loan interest will not beincluded in Contract Debt, the Cash Surrender Valuewill always include any unearned prepaid loan interest.This means that, in effect, unearned prepaid loaninterest will be applied to keep the Contract in forcebecause this amount will be available to pay theMonthly Deduction and because the premium for theContract will not be in default until the Cash SurrenderValue is insufficient to cover the Monthly Deduction.Any payment you make after unearned prepaid loaninterest has been applied in this manner will first beused to replace unearned prepaid loan interest soapplied.

The Contract provides for a 61-day grace period that ismeasured from the date on which we send notice. Thus,the Contract does not lapse, and the insurance coveragecontinues, unless the grace period expires and we havenot received the required amount. We will send younotice on or after the Monthly Anniversary on which(1) the Cash Surrender Value is insufficient to pay theMonthly Deduction chargeable on the MonthlyAnniversary or (2) the Contract Debt exceeds theAccumulated Value less any Decrease Charge and theDeath Benefit Guarantee is not in effect. The notice willspecify the payment required to keep the Contract inforce and the termination date.

In order to prevent lapse, you must during the graceperiod make the required premium payment or makethe required loan repayment as stated in the notice.Failure to make a sufficient payment within the graceperiod will result in lapse of the Contract without value.

For all Contracts, at the commencement of the graceperiod, we will transfer your Contract’s AccumulatedValue attributable to the Variable Account (that is, theAccumulated Value in excess of the amount held in theLoan Account) into our General Account. If you makesufficient payments during the grace period to avoidlapse of the Contract, then any Accumulated Value inexcess of the amount to be held in the Loan Accountwill be reallocated to the Variable Account upon receiptof such payments. The amount reallocated to theVariable Account will be reduced by the amount of anyMonthly Deductions not paid during the grace period.The amount allocated to the Variable Account will beallocated among the Subaccount(s) in the sameproportion as the Accumulated Value was transferred tothe General Account from the Subaccount(s) at thecommencement of the grace period.

If a sufficient payment is made during the grace period,we will allocate Net Premiums among the Subaccount(s)according to the current Net Premium allocation andthen any amount required to pay unpaid Contractcharges will be deducted. See “Allocations of Premiumsand Accumulated Value” in this section.

If the Insured dies during the grace period, the proceedsunder the Contract will equal the amount of the DeathBenefit and any additional life insurance benefits on theInsured provided by rider as of the Monthly Anniversaryon or immediately preceding the commencement of thegrace period, reduced by any Contract Debt and theamount needed to cover the Monthly Deductionthrough the month of death.

If the Contract lapses, a tax may result.

If a sufficient payment is not made during the graceperiod, the Contract will lapse without value andinsurance coverage will end as of the expiration of thegrace period. The Contract will have no AccumulatedValue or Cash Surrender Value upon termination of the


38 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Contract. Reinstatement within 90 days of lapse andwithin the same calendar year as the lapse is mostbeneficial for minimizing related taxes.

On any Monthly Anniversary when the Death BenefitGuarantee is in effect, the Contract will not lapse. See“CONTRACT BENEFITS—Death Benefit Guarantee”.

Reinstatement

Unless a Contract has been surrendered, it may bereinstated within five years after 1) the date the graceperiod ends if, on that date, the Contract terminated; or2) the Contract terminated under the Termination fromExcess Loan contract provision. You may reinstate theContract by submitting the following items to us:

� Written application for reinstatement;

� Evidence of insurability satisfactory to us;

� Payment or reinstatement of any Contract Debtthat existed on the date the grace period expired;and

� A payment that is sufficient to cover:

(1) payment of any unpaid Monthly Deductionsfor the grace period; and

(2) a premium repayment sufficient to increaseCash Surrender Value (that is, the AccumulatedValue less any Contract Debt and any DecreaseCharge) to an amount at least equal to theMonthly Deductions and interest on Contractloans for the next two Contract Months, basedon Unit Values on the date of reinvestment.

The amount of your Cash Surrender Value on the dateof reinstatement will equal the Accumulated Value onthat date less any reinstated Contract Debt and anyreinstated Decrease Charge. The amount ofAccumulated Value on the date of reinstatement willequal:

� the Accumulated Value as of the expiration of thegrace period before termination of the Contract;plus

� any premiums received at the time ofreinstatement, reduced by any Premium ExpenseCharges; less

� any Monthly Deductions and any loan interest duefor the grace period; less

� the Monthly Deduction for the next ContractMonth.

Contract charges will, in effect, be calculated andreinstated on a reinstated Contract as if the Contracthad been reinstated effective as of the expiration of thegrace period. Any Decrease Charge and any InitialMonthly Charge that applied to the Contract at theexpiration of the grace period will be reinstated. Theperiod of time from Contract lapse until Contractreinstatement will not be taken into account indetermining when the 15-year-time periods for theDecrease Charge and the Initial Monthly Charge expireor in determining when the first Contract Year expiresfor the purpose of calculating the Contingent DeferredSales Charge. Moreover, the Monthly Deductions andany loan interest that would have otherwise beenpayable during the grace period must be paid beforereinstatement.

The effective date of reinstatement will be the date onwhich the reinstatement application was approved.

A Contract that is reinstated more than 90 days afterlapse has a higher likelihood of becoming a MEC (see“FEDERAL TAX MATTERS”).

The Death Benefit Guarantee cannot be reinstated afterlapse of the Contract. See “CONTRACT BENEFITS—Death Benefit Guarantee”.


39••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

We will deduct charges in connection with the Contractto compensate us for:

� providing the insurance benefits set forth in theContract and any additional insurance benefitsadded by rider;

� administering the Contract;

� assuming certain risks in connection with theContract; and

� incurring expenses in distributing the Contract.

The nature and amount of these charges are describedmore fully below.

Premium Expense Charges

Percent of Premium Charge

Sales charges, generally called “sales load”, will bededucted to compensate us for the costs of selling theContract. These costs include sales commissions, theprinting of prospectuses and sales literature, andadvertising. The percent of premium charge is afront-end sales load and is 3% of each premiumpayment. It will be deducted from each premiumpayment prior to allocation of the Net Premium to theVariable Account. The percent of premium charge maynot be deducted in certain situations.

The sales charges in any Contract Year are notnecessarily related to actual distribution expensesincurred during that Contract Year. Instead, we expectto incur the majority of distribution expenses in theearly Contract Years and to recover any deficiency overthe life of the Contract. To the extent that sales anddistribution expenses exceed sales loads (both front-endand deferred) in any year, we will pay them from ourother assets or surplus in our General Account, whichincludes amounts derived from the mortality andexpense risk charge.

Premium Processing Charge

We will deduct a maximum amount equal to $2.00 perpremium payment (a maximum amount of $1.00 forautomatic payment plans) to compensate us for the costof collecting and processing premiums. This amountwill be deducted from each premium payment prior to

its allocation to the Variable Account. The premiumprocessing charge may not be deducted in certainsituations.

Accumulated Value Charges

Decrease Charge

The Contract provides for the Decrease Charge, which isa deferred charge that will be imposed if you surrenderthe Contract or let it lapse, or in part if you request adecrease in the Face Amount, in each case at any timebefore 180 Monthly Deductions (120 MonthlyDeductions for VUL 1 Contracts) have been made afterissuance of a Contract or after a requested increase inFace Amount. The term “Decrease Charge” is used todescribe this charge because, during the applicableperiod, the charge is imposed in connection with adecrease in the Face Amount, either as a result of arequested decrease in Face Amount or as the result oflapse or full surrender of the Contract (which can beviewed as a decrease in the Face Amount to zero).

The Decrease Charge consists of the ContingentDeferred Sales Charge (described below) and theDeferred Administrative Charge (described below). TheContingent Deferred Sales Charge compensates us forthe cost of selling the Contracts, including salescommissions, the printing of prospectuses and salesliterature, and advertising. The Deferred AdministrativeCharge reimburses us for administrative expenses inconnection with the issuance of the Contract, includingmedical exams, review of applications for insuranceunderwriting decisions, and processing the applicationsand establishing Contract records. (Similaradministrative and sales expenses are expected inconnection with future changes in the Contractinitiated by the Contract Owner which involve“insurability” decisions, such as applications forincreases in Face Amount.)

The following sections describe how the amount of theContingent Deferred Sales Charge and the DeferredAdministrative Charge will be determined and howthese charges will be deducted from Accumulated Value.

40 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Amount of Contingent Deferred Sales Charge—Initial Face Amount

At Contract issuance, a maximum Contingent DeferredSales Charge equal to 25% of the CDSC Premium wascalculated. This premium amount is used solely for thepurpose of calculating the Contingent Deferred SalesCharge.

The CDSC Premium is an annual premium amountdetermined by us on the same basis as the Death BenefitGuarantee Premium (see “CONTRACT BENEFITS—Death Benefit Guarantee”), except that the CDSCPremium, unlike the Death Benefit Guarantee Premium,will not take into account any additional charge for anInsured in a substandard premium class, any charge foradditional insurance benefits added by rider, or theBasic Monthly Administrative Charge of $10.00 permonth, or any premium processing charge.

The maximum Contingent Deferred Sales Charge basedon the applicable CDSC Premium will be shown in theContract. The actual Contingent Deferred Sales Chargemay be lower than the maximum charge and may bezero. Even though the Death Benefit GuaranteePremium may change after issuance of the Contract,once the CDSC Premium is determined, it will notchange.

Amount of Contingent Deferred Sales Charge—Increases in Face Amount

If the Face Amount is increased, we will compute amaximum Contingent Deferred Sales Charge for theincrease equal to 25% of the CDSC Premium for theincrease. The Contingent Deferred Sales Charge for anincrease, if imposed, will never exceed the lesser of (1)25% of the CDSC Premium for the increase and (2) 25%of the amount of premiums attributable to the increasemade during the 12 Contract Months after the effectivedate of the increase. The actual Contingent DeferredSales Charge may be lower than the maximum chargeand may be zero.

Amount of Deferred Administrative Charge

At Contract issuance, we computed a DeferredAdministrative Charge. In general, this charge equals anamount per $1,000 of Face Amount based upon theinitial Face Amount, the Insured’s Attained Age at

Contract issuance, the Insured’s sex (in most states), andwhether the Insured is a tobacco user. For Insureds withan Attained Age under 18, the Deferred AdministrativeCharge equals an amount per $1,000 of Face Amountbased upon the initial Face Amount and the Insured’sAge at Contract issuance. The maximum DeferredAdministrative Charge per $1,000 of Face Amount isstated in your Contract.

The maximum Deferred Administrative Charge, asdetermined at Contract issuance, will be reduced asMonthly Deductions are made. Beginning on the Dateof Issue, and continuing on each Monthly Anniversaryuntil 180 Monthly Deductions (or 120 MonthlyDeductions for VUL 1 Contracts) have been made, thisDeferred Administrative Charge will be reduced in levelamounts until it becomes zero at the end of the180-month period (or 120-month period for VUL 1Contracts).

If the Face Amount is increased, a separate DeferredAdministrative Charge will be calculated for the increasein an amount determined in the same manner as for theinitial Face Amount, (except that the Insured’s AttainedAge on the effective date of the increase will be usedand the charge per $1,000 of Face Amount to be appliedto the increase will be based on the amount of theentire new Face Amount after giving effect to theincrease). The part of the Deferred AdministrativeCharge attributable to the increase will be charged andreduced in accordance with the same principles asapplicable to the basic Deferred Administrative Charge.The maximum Deferred Administrative Charge for anincrease will be determined on the effective date of theincrease and will then be reduced in level amounts untilit becomes zero at the end of the 180-month period (or120-month period for VUL 1 Contracts).

The administrative expenses covered by the DeferredAdministrative Charge are the same expenses coveredby the Initial Monthly Administrative Charge includedin the Monthly Deduction. See “Monthly Deduction”below. Even though the same administrative expensesare covered by both charges, we will not be reimbursedtwice for these issuance expenses. Except as describedbelow for spouse riders, these two charges have beencalculated so that these administrative expenses relatedto issuance will generally be collected either through the


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

Monthly Deduction (which covers these chargesthrough the Initial Monthly Administrative Charge) orthrough the Decrease Charge (which covers thesecharges through the Deferred Administrative Charge).

Each of these charges applies until 180 MonthlyDeductions (120 Monthly Deductions for VUL 1Contracts) have been made, and the scheduledreductions in the Deferred Administrative Chargedescribed above over this period have been calculated totake into account the amount of issuance expenses thatwould have already been collected through the InitialMonthly Administrative Charge. In effect, the collectionof the Deferred Administrative Charge included in theDecrease Charge, which would be collected only uponlapse or surrender of the Contract or in part upon arequested decrease in Face Amount, would be an“acceleration” of the amounts that otherwise wouldhave been paid during this period through the InitialMonthly Administrative Charge included in theMonthly Deduction. If the Deferred AdministrativeCharge is imposed in part due to a requested decrease inFace Amount, the amount of the Initial MonthlyAdministrative Charge will be reduced accordingly.

The discussion in the immediately preceding paragraphdoes not apply to spouse riders. The DeferredAdministrative Charge is not an “acceleration” of theInitial Monthly Administrative Charge applicable to anyspouse rider providing insurance benefits on theInsured’s spouse. An Initial Monthly AdministrativeCharge will arise upon issuance of a spouse rider, but noDeferred Administrative Charge will be calculated. If theContract lapses or is surrendered during a period whenthe Initial Monthly Administrative Charge is beingapplied for spouse rider benefits, this charge will not becollected through the Deferred Administrative Chargeor otherwise, unless the Contract is reinstated. See“PAYMENT AND ALLOCATION OF PREMIUMS—Contract Lapse and Reinstatement”.

Method of Deduction and Effect of DecreaseCharge

The Decrease Charge will be treated as a deductionagainst your Accumulated Value, and will compensateus for sales and issuance expenses described above uponsurrender or lapse of the Contract or in part upon yourrequest for a decrease in Face Amount. Otherwise, the

Decrease Charge will not be taken out of theAccumulated Value held for investment under theContract. The Accumulated Value will continue toreflect the investment experience of the selectedSubaccount(s), although the Decrease Charge will betreated as a deduction for purposes of determining theContract’s Cash Surrender Value.

This treatment will affect various Contract rights.Deducting the Decrease Charge in determining the CashSurrender Value will affect

� the amount available for Contract loans,

� the amount available in connection with full orpartial surrenders, and

� the amount available to pay Monthly Deductions,which will, subject to the Death Benefit Guarantee,determine the Contract’s duration and possiblelapse.

If you request a decrease of the Face Amount, that partof any existing Decrease Charge attributable to thedecrease will reduce the Accumulated Value attributableto your Contract, and the Decrease Charge will bereduced by the part of the Decrease Charge reflectingthe decrease. The amount by which the Decrease Chargeis reduced will be allocated against the Subaccount(s) ofthe Variable Account in the same manner that MonthlyDeductions are allocated against the Subaccount(s). See“CHARGES AND DEDUCTIONS—Charges AgainstAccumulated Value—Monthly Deductions”. If the CashSurrender Value is not sufficient to cover the DecreaseCharge imposed in connection with the requesteddecrease, the requested decrease will not be made.

The Decrease Charge imposed for a requested decreasein Face Amount will be determined by using theDecrease Charge then applicable to various parts of thecurrent Face Amount in the following order: (1) theDecrease Charge for the most recent increase; (2) theDecrease Charge for the next most recent increasessuccessively; and (3) the Decrease Charge for the initialFace Amount.


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

Reinstatement of Decrease Charge

If a Contract lapses and is then reinstated, any DecreaseCharge applicable at the time of lapse will also bereinstated.

Monthly Deduction

Charges will be deducted on the Contract Date and eachMonthly Anniversary from the Accumulated Value ofthe Contract to compensate us for administrativeexpenses and the insurance provided by the Contract.

The Monthly Deduction consists of the following threecomponents:

� the cost of insurance,

� insurance underwriting and expenses inconnection with issuing the Contract or anyincrease in Face Amount, and the costs of ordinaryadministration of the Contract, and

� the cost of any additional benefits added by rider.

Because portions of the Monthly Deduction, such as thecost of insurance, can vary from month to month, theMonthly Deduction itself will vary in amount frommonth to month.

We will take the Monthly Deduction on the ContractDate and on each subsequent Monthly Anniversaryprior to the Insured’s Attained Age 100 (or the MaturityDate for VUL 1 Contracts). (On the Contract Date, aMonthly Deduction covering the period of time fromthe Date of Issue until the first Monthly Anniversarywill be deducted and, if any Monthly Anniversaryoccurs prior to the Contract Date, the MonthlyDeduction(s) for such Monthly Anniversaries will alsobe made on the Contract Date.) The Monthly Deductionwill be deducted from the Accumulated Value of theContract by redeeming units from the Subaccounts ofthe Variable Account. The Monthly Deduction will beallocated against each Subaccount in the sameproportion that the Contract’s Accumulated Value ineach Subaccount bears to the total Accumulated Valueof the Contract, less the Accumulated Value in the LoanAccount, at the Monthly Anniversary. Subject to ourapproval, you may specify a different allocation for theMonthly Deduction.

Cost of Insurance

Because the cost of insurance depends upon severalvariables, the cost for each Contract Month can varyfrom month to month. We will determine the monthlycost of insurance charge by multiplying the applicablecost of insurance rate or rates by the net amount at riskdivided by 1,000 for each Contract Month. The netamount at risk on any Monthly Anniversary is theamount by which the Death Benefit which would havebeen payable on that Monthly Anniversary exceeds theAccumulated Value on that Monthly Anniversary. Forthe purposes of this calculation, the Death Benefit willbe divided by 1.0040741, which reduces the net amountat risk by taking into account assumed monthlyearnings at an annual rate of 5%. (For VUL 1 Contracts,the annual rate is 4%, and the Death Benefit will bedivided by 1.0032737.) In general, the actual cost ofinsurance rate will be lower for Contracts having a FaceAmount at issuance or after a requested increase thatequals or exceeds the following amounts:$500,000-$999,999; and $1,000,000 (Face Amountequals or exceeds $250,000 for VUL 1 Contracts).

Cost of insurance rates will be based on the FaceAmount and the sex (in most states), issue age, AttainedAge and premium class of the Insured. The actualmonthly cost of insurance rates will be based on ourexpectations as to future mortality experience. They willnot, however, be greater than the guaranteed cost ofinsurance rates set forth in the Contract. Theseguaranteed rates are based on the Insured’s Attained Ageand the 1980 Commissioners Standard OrdinaryMortality Table.

We will determine the monthly cost of insuranceseparately for each component of the net amount atrisk, using the cost of insurance rate applicable to thecomponent, in the following order:

(1) the initial Face Amount;

(2) successively, each increase in Face Amount upto the Face Amount in force, in the order inwhich the increase took effect; and

(3) any Death Benefit that would be payable byreason of Accumulated Value calculations (thatis, whenever the Death Benefit is based on theapplicable percentage of Accumulated Value)over the Face Amount in force.


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

For example, when a Contract Owner has elected tomake an increase in the Face Amount, the monthly costof insurance would be computed separately on theinitial Face Amount using the cost of insurance rate forthe premium class determined upon Contract issuance,and to each increase in Face Amount using the cost ofinsurance rate for the premium class determined forsuch increase as specified in the supplement to theContract evidencing that increase.

Because the monthly cost of insurance must bedetermined separately for each component of the netamount at risk described above, the Accumulated Valuemust be allocated to each component. For purposes ofdetermining the net amounts at risk for eachcomponent if Option B is in effect, the AccumulatedValue will first be considered a part of the initial FaceAmount, and then each successive increase in the FaceAmount. If the Accumulated Value is greater than theinitial Face Amount, it will be considered a part of eachincrease in order, starting with the first increase.

When Option A is in effect, the Accumulated Value isnot included within the Face Amount. Accordingly, thecost of insurance rates applicable will be the rate(s)applicable to the Face Amount (and any increases inFace Amount). The cost of insurance rate applicable tothe remaining Death Benefit, if any, that would bepayable by reason of Accumulated Value calculations(which is the remainder of the net amount at risk) willbe that applicable to the initial Face Amount.

Any change in the net amount at risk will affect thetotal cost of insurance paid by the Contract Owner. Forexample, because generally the net amount at riskequals the excess of the Death Benefit over theAccumulated Value, the net amount at risk may beaffected by changes in the Accumulated Value, in theFace Amount, or in the Death Benefit Option in effect.See “CONTRACT BENEFITS—Death Benefits—Accumulated Value and Cash Surrender Value”.

Premium Class

The premium class of an Insured will affect the cost ofinsurance rates. We currently place Insureds intostandard premium classes and into rated premiumclasses, which involve a higher mortality risk. In anotherwise identical Contract, an Insured in the standard

premium class will have a lower cost of insurance thanan Insured in a premium class with higher mortalityrisks. The premium classes are also divided into twocategories: tobacco users and non-tobacco users.Non-tobacco user Insureds will generally incur lowercost of insurance rates than Insureds who are classifiedas tobacco users. (VUL 1 Contracts have the premiumclasses of Smoker and Nonsmoker.) In addition, certainInsureds over Attained Age 18 and less than AttainedAge 75 who are non-tobacco users and who meet specialunderwriting requirements may be classified aspreferred. (A preferred premium class is not available onVUL 1 Contracts.) An Insured in a preferred premiumclass will have a lower cost of insurance than an Insuredin a standard or rated premium class.

Any Insured with an Attained Age at issuance under 18will not be classified initially as a tobacco user or anon-tobacco user. When the Insured reaches AttainedAge 18, he or she will then be classified as a tobaccouser, unless the Insured provides satisfactory evidencethat he or she is a non-tobacco user. We will providenotice to you of the opportunity for the Insured to beclassified as a non-tobacco user when the Insuredreaches Attained Age 18. For VUL 1 Contracts, Smokerand Nonsmoker replace references to tobacco andnon-tobacco.

Monthly Administration Charges

We have primary responsibility for the administrationof the Contract and the Variable Account. As a result,we expect to incur certain ordinary administrativeexpenses and certain issuance expenses. A monthlyadministration charge included in the MonthlyDeduction will be used to reimburse us for theseexpenses, except to the extent that these expenses arereimbursed through the collection of the DeferredAdministrative Charge included in the Decrease Charge,which is, in effect, an “acceleration” of the initialadministrative charge described below.

There are two administrative charges included in themonthly administration charge—a Basic MonthlyAdministrative Charge that is collected every ContractMonth and an Initial Monthly Administrative Chargethat is deducted as part of the first 180 Monthly


44 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Deductions (120 Monthly Deductions for VUL 1Contracts) following Contract issuance and followingany requested increase in Face Amount.

Basic Monthly Administrative Charge

We will deduct a Basic Monthly Administrative Chargeof $10.00 ($4.00 for VUL 1 Contracts) from theAccumulated Value on the Contract Date and eachMonthly Anniversary prior to the Insured’s Attained Age100 (or the Maturity Date for VUL 1 Contracts). For VUL1 Contracts with a spouse rider, an additional $2.00 isincluded in the Basic Monthly Administrative Charge.The Basic Monthly Administrative Charge is intended toreimburse us for ordinary administrative expensesexpected to be incurred, including record keeping,processing Death Benefit claims, certain Contractchanges, preparing and mailing reports, and overheadcosts.

Initial Monthly Administrative Charge

We will deduct the Initial Monthly AdministrativeCharge from the Accumulated Value as part of the first180 Monthly Deductions (120 Monthly Deductions forVUL 1 Contracts) following Contract issuance,commencing with the Monthly Deduction(s) collectedon the Contract Date. This monthly charge will equalan amount per $1,000 of Face Amount based upon theInsured’s Attained Age at Contract issuance and, exceptfor Insureds with an Attained Age at Contract issuanceunder 18, the Insured’s sex (in most states) and uponwhether the Insured is a tobacco user or not. The InitialMonthly Administrative Charge per $1,000 of FaceAmount is stated in your Contract. The Initial MonthlyAdministrative Charge will be less for Contracts havinga Face Amount at issuance that equal or exceed thefollowing amounts: $500,000-$999,999; and $1,000,000(equal or exceed $250,000 for VUL 1 Contracts).

If the Face Amount is increased, we will deduct aseparate Initial Monthly Administrative Charge forincreases from the Accumulated Value as part of the first180 Monthly Deductions (120 Monthly Deductions forVUL 1 Contracts) after the increase. The deductions willbegin with the Monthly Anniversary on which theincrease becomes effective. We will determine thisseparate Initial Monthly Administrative Charge forincreases in the same manner as for the initial Face

Amount, except that the Insured’s Attained Age on theeffective date of the increase will be used and the chargeper $1,000 of Face Amount to be applied to the increasewill be based on the amount of the entire new FaceAmount after giving effect to the increase.

If a spouse rider providing additional insurance benefitson the Insured’s spouse is added, we will deduct aseparate Initial Monthly Administrative Charge fromthe Accumulated Value as part of the first 180 MonthlyDeductions after the issuance of the spouse rider. Thedeductions will begin with the Monthly Anniversary onwhich the spouse rider becomes effective. Thisadditional Initial Monthly Administrative Charge willbe determined in the same manner as for the initial FaceAmount, except that the spouse’s Attained Age andtobacco user status and sex (in most states) on theeffective date of the rider will be used.

The Initial Monthly Administrative Charge is intendedto reimburse us for administrative expenses inconnection with the issuance of the Contract, includingmedical exams, review of applications for insuranceunderwriting decisions, and processing of theapplications and establishing Contract records. Similarexpenses are expected in connection with futurechanges in the Contract initiated by the ContractOwner which involve “insurability” decisions, such asapplications for increases in Face Amount and theissuance of spouse riders.

The issuance expenses covered by the Initial MonthlyAdministrative Charge are the same expenses coveredby the Deferred Administrative Charge included in theDecrease Charge. We will not, however, be reimbursedtwice for these expenses. As described in “CHARGESAND DEDUCTIONS—Accumulated Value Charge—Decrease Charge”, and except in the case of chargesattributable to spouse riders (see discussion below), if aContract lapses or is totally surrendered during theperiod when the Initial Monthly Administrative Chargeapplies, or if a requested decrease in Face Amountoccurs during the period when the Initial MonthlyAdministrative Charge generally applies, the InitialMonthly Administrative Charge will, in effect, generallybe “accelerated” and collected in the form of theDeferred Administrative Charge included in theDecrease Charge.


45••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Because the Deferred Administrative Charge included inthe Decrease Charge is in effect an “acceleration” of theInitial Monthly Administrative Charge, the impositionof the Deferred Administrative Charge will generallyeliminate or reduce the Initial Monthly AdministrativeCharge. If the Contract lapses or is totally surrenderedduring the period when the Initial MonthlyAdministrative Charge applies so that the DecreaseCharge is imposed, the Initial Monthly AdministrativeCharge will not be collected. If the Face Amount isdecreased at the Contract Owner’s request during thisperiod so that the Decrease Charge (including theDeferred Administrative Charge) is imposed in part, wewill reduce the Initial Monthly Administrative Chargebecause of the Deferred Administrative Charge imposed(being applied to reduce proportionately or eliminatethe Initial Monthly Administrative Charge attributableto that portion of the Face Amount covered by theDecrease Charge).

If a Contract lapses and is then reinstated, we willreinstate the Initial Monthly Administrative Chargeuntil a total of 180 Monthly Deductions (120 MonthlyDeductions for VUL 1 Contracts) have been taken.

No Deferred Administrative Charge will be calculatedfor the issuance of a spouse rider, even though aseparate Initial Monthly Administrative Charge will becalculated for spouse riders. As a result, the InitialMonthly Administrative Charge attributable to a spouserider will not be “accelerated” and collected in the formof the Deferred Administrative Charge upon surrenderor lapse or upon a requested decrease in Face Amount. Ifa lapse or total surrender of the Contract or acancellation of the spouse rider occurs during the periodwhen an Initial Monthly Administrative Charge appliesfor a spouse rider, the charge will not be collected. If arequested decrease on a spouse rider occurs during thisperiod, the Initial Monthly Administrative Chargeattributable to the spouse rider will be reducedproportionately.

Additional Insurance Benefits Charges

The Monthly Deduction will include charges for anyadditional insurance benefits added to the Contract byrider. These charges are for insurance protection, and

the monthly amounts will be specified in the Contract.See “OTHER INFORMATION—Additional InsuranceBenefits”.

Partial Surrender Charge

We may deduct a partial surrender charge of $25 fromthe amount withdrawn for each partial surrender tocompensate us for the administrative costs in effectingthe requested payment and in making necessarycalculations for any reductions in Face Amount whichmay be required by reason of the partial surrender. Thischarge is guaranteed not to increase.

Charges Against the Variable Account

Mortality and Expense Risk Charge

We will deduct a daily charge (the “mortality andexpense risk charge”) from the value of the net assets ofthe Variable Account to compensate us for mortalityand expense risks we assume. We guarantee not tocharge a mortality and expense risk charge above anannual rate of .75%. We will deduct the daily chargefrom the net asset value of the Variable Account, andtherefore the Subaccounts, on each Valuation Date.When the previous day or days were not a ValuationDate, the deduction on the Valuation Date will bemultiplied by the number of days since the lastValuation Date.

The charge provides a source of revenue to coverexpenses we expect to incur (such as commissions) andfor any other legitimate corporate purposes includingkeeping the charge as retained profit or using suchretained profit in the future as needed to cover adverseexperience we might realize, such as with respect tooverhead costs or death benefit claims that eventuallyprove to exceed those anticipated when we set cost ofinsurance charges.

Taxes

Currently, we make no charge 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 incur any federalincome tax liability. Charges for other taxes, if any,attributable to the Variable Account may also be made.


46 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Charges of the Fund

The value of the assets of each Subaccount reflects theinvestment advisory fee and other expenses incurred bythe underlying Portfolio in which the Subaccount

invests. For more information on these fees andexpenses, refer to the “FEE TABLES” and the attachedprospectus for the Fund.

CONTRACT RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Ownership Changes

While the insured is living, ownership may be changedby giving us Notice. Any Debt on the Contract will haveprior claim over any assignment.

Thrivent does not allow assignment of variable lifeinsurance contracts to life settlement or viaticalcompanies.

Loan Privileges

General

You may borrow money from us using the Contract asthe only security for the loan. You may at any time afterthe Contract Date obtain Contract loans in an amountnot exceeding in the aggregate 90% of the excess ofAccumulated Value over any Decrease Charge on thedate of any loan. The minimum amount of a loan for aVUL 1 Contract is $100. Loans have priority over theclaims of any assignee or other person. The loan may berepaid in full or in part at any time while the Insured isliving.

As used in this prospectus, the term “Loan Amount”means the sum of all unpaid Contract loans (includingany prepaid loan interest added to the then outstandingLoan Amount), and the term “Debt” means the sum ofall unpaid Contract loans less any unearned prepaidloan interest. The Loan Amount is used in calculatingwhether the requirement for the Death BenefitGuarantee has been satisfied. Contract Debt is used tocalculate the Contract’s Cash Surrender Value and theamount of Death Benefit proceeds payable to theBeneficiary. In some cases, Contract Debt is used todetermine whether the Contract will lapse.

Allocation of Contract Loan

We will allocate a Contract loan among the Subaccountsof the Variable Account in the same proportion thatyour Contract’s Accumulated Value in each Subaccountbears to the Contract’s total Accumulated Value in theVariable Account, as of the day on which the request isreceived or, if that is not a Valuation Date, on the nextfollowing Valuation Date. With our approval, you canselect a different allocation.

Loans will normally be paid within seven days afterreceipt of Notice. Postponement of loans may take placeunder certain circumstances. See “OTHERINFORMATION—Postponement of Payments”.

Interest

The loan interest rate is 7.4% per year, as calculated inadvance. Interest on any loan will be charged at thatrate or its equivalent calculated in arrears. If interest isnot paid when due, it will be added to the loan balanceand will bear interest at the same rate.

Effect of Contract Loans

Accumulated Value equal to the portion of the Contractloan allocated to each Subaccount will be transferredfrom the Subaccount to the Loan Account, therebyreducing the Contract’s Accumulated Value in thatSubaccount.

As long as the Contract is in force, Accumulated Valuein the Loan Account will be credited with interest at aneffective annual rate of 7%. No additional interest willbe credited to these assets. The interest earned during aContract Month will be credited at the end of theContract Month. Any interest credited will be allocatedto the Subaccount(s) in proportion to the AccumulatedValue in the respective Subaccounts.


47••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Although Contract loans may be repaid at any time,Contract loans will permanently affect the Contract’spotential Accumulated Value and Cash Surrender Valueand may permanently affect the Death Benefit underthe Contract. The effect on Accumulated Value andDeath Benefit could be favorable or unfavorabledepending on whether the investment performance ofthe Accumulated Value in the Subaccount(s) is less thanor greater than the interest being credited on the assetsin the Loan Account while the loan is outstanding.Compared to a Contract under which no loan is made,values under the Contract will be lower when suchinterest credited is less than the investmentperformances of assets held in the Subaccount(s). Inaddition, the Death Benefit proceeds will be reduced bythe amount of any outstanding Contract Debt.

The amount of any Contract loan will, subject to certainexceptions, be deducted from cumulative premiumpayments in determining whether the requirements forthe Death Benefit Guarantee have been satisfied. As aresult, a Contract loan could result in termination of theDeath Benefit Guarantee. See “CONTRACT BENEFITS—Death Benefit Guarantee”.

Repayment of Contract Debt

You may repay Debt at any time while the Insured isliving. All loan repayments must be in U.S. dollarsdrawn on a U.S. bank. Generally, we do not accept cash,starter checks (checks without preprinted registration),traveler’s checks, credit card courtesy checks, or thirdparty checks. If not repaid, we will deduct Debt fromany proceeds payable under the Contract. As Debt isrepaid, your Contract’s Accumulated Value held in theSubaccount(s) of the Variable Account will be restored.We will allocate the amount of such repayment to theSubaccount(s) of the Variable Account in the sameproportion that the Contract’s Accumulated Value in aSubaccount bears to the Contract’s total AccumulatedValue in the Variable Account (you may select adifferent allocation basis with our approval). See“PAYMENT AND ALLOCATION OF PREMIUMS—Allocation of Premiums and Accumulated Value”.

When the entire Debt is repaid, interest that would becredited upon the assets held in the Loan Accountduring the period from the last Monthly Anniversary tothe date of repayment will also be allocated to the

Subaccount(s) in the same proportion as Debtrepayments will be allocated. We will allocate therepayment of Debt as of the date on which therepayment is received or, if that is not a Valuation Date,on the next following Valuation Date.

Tax Considerations

Under the Technical and Miscellaneous Revenue Act of1988, any loans taken from a “modified endowmentcontract”, as well as interest accruing on the loans, willbe treated as a taxable distribution to the extent there isgain in the Contract. In addition, with certainexceptions, a 10% additional income tax penalty maybe imposed on the portion of any loan and loan interestthat is included in income. See “FEDERAL TAXMATTERS”.

Surrender Privileges

At any time before the death of the Insured, you maypartially or totally surrender the Contract by giving usNotice. The Cash Surrender Value will equal theAccumulated Value less any Contract Debt and anyDecrease Charge. You may elect to have the amountpaid in cash or under a settlement option. See“CONTRACT BENEFITS—Payment of ContractBenefits”.

Verification of Identity

We require a Medallion Signature Guarantee for anysurrender, partial surrender or loan disbursement in anamount of $500,000 or more. Certain requests of lessthan $500,000 require either a Medallion SignatureGuarantee, a notarized signature, or an attestation ofyour signature by a Thrivent financial professional.These authentication procedures are designed to protectagainst fraud. Such an authentication procedure may berequired for a:

� Request to receive funds with a value of $100,000or more;

� Request to receive funds if there has been a changeof address for the Contract Owner within thepreceding 15 days; and

� Certain other transactions as determined by us.

CONTRACT RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

48 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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 Thrivent financialprofessional. You should consider the tax implicationsof a surrender or loan before you make a request. See�FEDERAL TAX MATTERS�.

Complete information pertaining to your individualsituation is available through our Service Center at(800) 847-4836.

Full Surrender

If you surrender the Contract in full, you will be paidthe Cash Surrender Value of the Contract determined asof the date a Notice for surrender is received by us (or asof such later date as you shall specify in the Notice), or,if this date is not a Valuation Date, the next followingValuation Date. Insurance coverage ceases on theeffective date of the surrender.

Partial Surrender

Except as noted below, you may surrender the Contractin part for any amount, as long as the amount of thepartial surrender is at least $500 and as long as theremaining Cash Surrender Value is not less than $500(in each case with the Cash Surrender Value beingdetermined on the day Notice is received by us, or if thisis not a Valuation Date, the next following ValuationDate). The amount surrendered, including anysurrender charge, will be deducted from theSubaccount(s) of the Variable Account in the sameproportion that your Accumulated Value in therespective Subaccount(s) bears to the Contract’s totalAccumulated Value in the Subaccount(s) at that time(you may select a different allocation basis with our

approval). A surrender charge of $25 may be deductedby us from the amount withdrawn. For a discussion ofcertain limitations and considerations applicable topartial surrenders, see “Partial Surrenders—CertainOther Considerations” in this section.

We will not execute a request for partial surrender if orto the extent the requested partial surrender wouldreduce the Face Amount below $5,000. For VUL 1Contracts, we will not execute a request for partialsurrender if or to the extent the requested partialsurrender would reduce the Face Amount below theMinimum Face Amount. Also, if a partial surrenderwould decrease the Face Amount, we will not executethe partial surrender to the extent that it would result incumulative premiums exceeding the maximumpremium limitations applicable under the InternalRevenue Code for life insurance. See “PAYMENT ANDALLOCATION OF PREMIUMS—Amount and Timing ofPremiums—Premium Limitations”.

Effect of Partial Surrenders on Face Amount andDeath Benefit

A partial surrender will always decrease the DeathBenefit and may also decrease the Face Amount. Asdescribed below, the effect of a partial surrender on theDeath Benefit and the Face Amount may varydepending upon the Death Benefit Option in effect andwhether the Death Benefit is based on the applicablepercentage of Accumulated Value.

Option A—Effect of Partial Surrenders

The effect of a partial surrender on the Face Amountand Death Benefit under Option A can be described asfollows. The Face Amount will never be decreased by apartial surrender. A partial surrender will, however,always decrease the Death Benefit under Option A byone of the following amounts:

� If the Death Benefit equals the Face Amount plusthe Accumulated Value, a partial surrender willreduce the Accumulated Value by the amount ofthe partial surrender and thus the Death Benefitwill also be reduced by the amount of the partialsurrender.

� If the Death Benefit immediately prior to thepartial surrender is based on the AccumulatedValue multiplied by the applicable factor, the Death

CONTRACT RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

49••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Benefit will be reduced to equal, the greater of (a)the Face Amount plus Accumulated Value afterdeducting the partial surrender and (b) the DeathBenefit based on the Accumulated Value multipliedby the applicable factor after deducting the partialsurrender.

Option B—Effect of Partial Surrenders

The effect of a partial surrender on the Face Amountand Death Benefit under Option B can be described asfollows:

� If the Death Benefit equals the Face Amount, apartial surrender will reduce the Face Amount andthe Death Benefit by the amount of the partialsurrender.

� If the Death Benefit is based on the AccumulatedValue multiplied by the applicable factor and theamount of the partial surrender multiplied by theapplicable factor is less than the Death Benefitimmediately prior to the partial surrender minusthe Face Amount at that time, the Face Amountwill not be reduced and the Death Benefit will bereduced by the amount of the partial surrendermultiplied by the applicable factor.

� If the Death Benefit immediately prior to thepartial surrender is based on the AccumulatedValue multiplied by the applicable factor and theamount of the partial surrender multiplied by theapplicable factor exceeds the Death Benefitimmediately prior to the partial surrender minusthe Face Amount at that time, the Face Amountwill be reduced by an amount equal to (a) minus(b) where:

(a) is the amount of the partial surrender, and

(b) is the result obtained by dividing (i) by (ii)where:

(i) is the difference between the Death Benefitand the Face Amount immediately prior tothe partial surrender, and

(ii) is the applicable factor.

The Death Benefit will be reduced to equal the FaceAmount after the partial surrender.

Partial Surrenders—Certain OtherConsiderations

The amount of any partial surrender will, subject tocertain exceptions, be deducted from cumulativepremium payments in determining whether therequirements for the Death Benefit Guarantee havebeen satisfied. As a result, a partial surrender couldresult in termination of the Death Benefit Guarantee.

Because a partial surrender can affect the Face Amountand the Death Benefit (as described in this section), apartial surrender may also affect the net amount at riskunder a Contract. The net amount at risk is, in general,the difference between the Death Benefit and theAccumulated Value and will be used in calculating thecost of insurance protection provided under theContract.

We will not execute a request for partial surrender if orto the extent the requested partial surrender wouldreduce the Face Amount below $5,000. For VUL 1Contracts, we will not execute a request for partialsurrender if or to the extent the requested partialsurrender would reduce the Face Amount below theMinimum Face Amount. Also, if a partial surrenderwould decrease the Face Amount, to the extent that thepartial surrender would result in cumulative premiumsexceeding the maximum premium limitationsapplicable under the Internal Revenue Code for lifeinsurance, we will not effect such partial surrender.

Tax Considerations

Under the Technical and Miscellaneous Revenue Act of1988, any surrender of a “modified endowmentcontract” will be treated as a taxable distribution. Inaddition, with certain exceptions, a ten percent (10%)additional income tax penalty will be imposed on theportion of any surrender that is included in income. See“FEDERAL TAX MATTERS”.

Misstatement of Age or Sex Provision

If the Insured’s age or sex has been misstated, anyContract values will be adjusted to the amounts thatwould have been provided based on the correct age andsex, using the ratio of the most recent cost of insurancerates applied on this Contract to the current rates basedon the correct age and sex.

CONTRACT RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

50 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Suicide Exclusion Provision

If the Insured dies by suicide within two years of theeffective date of an increase in the Face Amount, thedeath proceeds with respect to the increase are limitedto the cost of insurance for the increase, plus the initialmonthly charge for increases for the increase includedin any Monthly Deduction(s) made.

Free Look Privileges

The Contract provides for a “free look” privilege afterany increase in Face Amount.

You may cancel a requested increase in Face Amountuntil the latest of the following:

� 45 days after the application for increase is signed,

� 10 days after you receive a Contract supplement forthe increase in Face Amount, and

� 10 days after we mail or personally deliver a noticeof withdrawal right to you.

Upon requesting cancellation of the increase, you willreceive a refund, if you so request, or otherwise arestoration of the Contract’s Accumulated Valueallocated among the Subaccount(s) of the VariableAccount as if it were a Net Premium, equal to allMonthly Deductions attributable to the increase in FaceAmount (including rider costs arising from theincrease).

This refund or credit will be made within seven daysafter we receive the request for cancellation on theappropriate form. In addition, the Decrease Charge will

be adjusted, if necessary, so that it will be as though noincrease in Face Amount had occurred. The notice ofwithdrawal right upon an increase in Face Amount willinclude a statement of the increase in the DecreaseCharge and of the Initial Monthly AdministrativeCharge for increases attributable to the increase in FaceAmount, as well as a form for requesting cancellation ofthe increase during the Free Look Period.

Net Premiums paid after an increase in Face Amountwill be allocated to the Subaccount(s) of the VariableAccount and will not be refunded followingcancellation of the increase. Contract Owners whorequest an increase in Face Amount should consider thisin deciding whether to make any premium paymentsduring the Free Look Period for the increase.

Exchange Privileges

Exchange of Increase in Face Amount

During the first 24 months following an increase in FaceAmount, you may on one occasion, without evidence ofinsurability, exchange the amount of the increase inFace Amount for a fixed benefit permanent lifeinsurance contract. Premiums under this new contractwill be based on the same issue age and premium classof the Insured as were applied on the effective date ofthe increase in the Face Amount of the Contract.

TELEPHONE AND ONLINE TRANSACTIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

You may perform certain transactions online or over thetelephone if we receive proper authorization from you.

We have adopted reasonable security procedures toensure the authenticity of instructions, includingrequiring identifying information, recording telephoneconversations and providing written confirmations oftransactions. Nevertheless, we honor instructions fromany person who provides the correct identifying

information. Be aware that there is a risk of possible lossto the Owner if an unauthorized person uses this servicein the Owner’s name. Thrivent disclaims any liabilityfor losses resulting from such transactions by reason oftheir not having been properly authorized. However, ifThrivent does not take reasonable steps to help ensurethat such authorizations are valid, Thrivent may beliable for such losses.

CONTRACT RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

51••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Certain circumstances may prevent you fromconducting transactions including but not limited tothe event of a disaster, equipment malfunction, oroverload of telephone system circuits. Shouldcircumstances prevent you from conducting a telephoneor online transaction, we recommend you provide uswith written Notice. If, due to malfunction or othercircumstances, the request is incomplete or not fullycomprehensible, we will not process the transaction.

We reserve the right to suspend or limit telephone andonline transactions.

Owners can complete certain transactions online atthrivent.com or complete telephone transactions bycontacting the Service Center at (800) 847-4836.

Timely Processing

We will process all requests in a timely fashion. Requestsreceived prior to 4:00 p.m. Eastern Time (or sooner ifthe NYSE closes prior to 4:00 p.m. Eastern Time) on aValuation Date will use the Unit Value as of the close ofregular trading on the NYSE on that Valuation Date. Wewill process requests received after that time using theUnit Value as of the close of regular trading on the NYSEof the following Valuation Date. 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.

OTHER INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Postponement of Payments

We will process payment of any amount due from anySubaccount within seven calendar days after we receiveNotice.

We may defer payment of any loan or surrender andany portion of the death proceeds in excess of the FaceAmount if (1) the New York Stock Exchange is closedother than customary week-end and holiday closings, ortrading on the New York Stock Exchange is restricted asdetermined by the SEC, or (2) an emergency exists, asdetermined by the SEC, as a result of which disposal ofsecurities is not reasonably practicable or it is notreasonably practicable to determine the value of theVariable Account’s net assets. Transfers and allocationsof Accumulated Value to and against the Subaccounts ofthe Variable Account may also be postponed underthese circumstances.

Payments under the Contract of any amounts derivedfrom premiums paid by check may be delayed untilsuch time as the check has cleared the Contract Owner’sbank.

Additional Insurance Benefits

We offer several riders or additional benefits that youcan add to your Contract. Certain of these riders aresubject to age and underwriting requirements and maybe added or cancelled at any time. The cost of theseadditional insurance benefits will be deducted from theAccumulated Value as part of the Monthly Deduction.See “FEE TABLES”. Your Thrivent professional can helpyou determine whether certain riders are appropriate foryou. We describe any riders you choose to add morefully in your Contract.

Accidental Death Rider

This rider increases the total Death Benefit upon proofof accidental death of the Insured. Coverage under thisrider terminates on the Contract Anniversary after theInsured’s 70th birthday. The charge for this benefit is aper thousand rate (which varies by Attained Age and sex[in most states]) multiplied by the amount of ridercoverage.

Disability Waiver Rider

This rider credits an amount to the Contract on eachMonthly Anniversary if the Insured becomes totallydisabled while this rider is in effect. The amountcredited will be 1/12th of the selected amount, or the

TELEPHONE AND ONLINE TRANSACTIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

52 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Monthly Deduction if greater. Benefits are payable afterthe disability has continued for six months and whiledisability continues. The charge for this benefit is apercentage rate (which varies by issue age and duration)multiplied by the selected amount to be waived.

Spouse Insurance Rider

This rider provides a level amount of term life insuranceon the spouse of the Insured. This rider or a portion ofthis rider may be converted to permanent insurance,without proof of insurability, through age 75. On thedeath of the Insured, the spouse has the right to convertto term or permanent coverage within 90 days. Thecharge for this benefit is a per thousand cost ofinsurance rate (which will vary by issue age, duration,sex [in most states], premium class and Face Amount)multiplied by the amount of rider coverage. If you donot currently have this rider on your Contract, it can nolonger be added.

Child Insurance Rider

This rider provides term life insurance on the Insured’schildren. The amount of Death Benefit for each child isas follows: Birth through first 14 days: no benefit; 15days up to 6 months: one half of amount of ridercoverage; 6 months until age 21: full amount of ridercoverage. At age 21, up to five times this benefit amountcan be purchased without proof of insurability. On thedeath of the Insured, paid-up term insurance will beprovided on each child, until the child’s 21st birthday.The charge for this benefit is a per thousand ratemultiplied by the amount of rider coverage.

Guaranteed Increase Rider

This rider guarantees the owner the option to increasethe Face Amount of the Contract without proof ofinsurability on each of several fixed increase optiondates, or on alternate additional increase option dates.Coverage under this rider terminates on the earlier ofthe Contract Anniversary after the Insured’s 43rdbirthday or when the maximum number of increaseoptions have been exercised. The charge for this benefitis a per thousand rate (which varies by rider issue ageand sex [in most states]) multiplied by the amount ofrider coverage.

Cost of Living Rider

This benefit essentially adjusts the Face Amount of theContract and, correspondingly, your premium paymentsto keep pace with the Consumers’ Price Index. As aresult of increasing the Face Amount, the MonthlyDeductions will increase. There is no separate charge toimplement this benefit. However, by electing the benefityou should anticipate increasing costs associated withincreasing your Face Amount. This benefit terminates atthe earlier of your Age 65, 20 Contract Years or until theinitial Face Amount doubles.

Accelerated Benefits Rider

This benefit pays a portion of the Death Benefit whenrequested if the Insured has a life expectancy of 12months or less or has been in a nursing home for atleast six consecutive months and is expected to remainthere for the rest of his or her life. Tax consequencesmay result. See “FEDERAL TAX MATTERS.”

CharitAbility®

CharitAbility® for Life is a benefit that enables ContractOwners to increase their charitable gifts to Lutherancharitable organizations and congregations.CharitAbility® for Life is available for no additionalpremium whenever a Contract Owner has designated aLutheran charitable organization or congregation as aBeneficiary for at least $1,000 of Death Benefit on his orher Contract.

Upon the death of the Insured, the Lutheran charitableorganization or congregation will receive the DeathBenefit proceeds as designated, and we will contributean additional 10% of that amount to the charitableorganization or congregation, up to $25,000 perinsured. Any legally incorporated nonprofit Lutheranorganization that qualifies under Internal Revenue CodeSection 170(c) is eligible to receive CharitAbility® forLife benefits. The benefit may vary state-by-state and aprofessional of ours should be consulted as to whetherand to what extent the benefit is available in aparticular state and on any particular Contract.CharitAbility® for Life is not available on VUL 1Contracts.


53••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

CharitAbility® was previously made available through aContract rider. If your Contract does not already includethe Charitability® rider, then this benefit is notapplicable because the rider can no longer be added.


54 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

RESERVATION OF CERTAIN RIGHTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

We reserve the right, to the extent permitted or requiredby law (including SEC rules under the 1940 Act), toeliminate or modify certain rights provided under theContract:

� the withdrawal rights during any Free Look Periodafter an increase in Face Amount; and

� the exchange rights during the first 24 monthsfollowing an increase in Face Amount.

We will provide Contract Owners with written notice ifwe exercise our right to eliminate or modify any ofthese rights.

FEDERAL TAX MATTERS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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 generally does not address state or localtax consequences associated with the purchase of theContract. In addition, WE MAKE NO GUARANTEEREGARDING ANY TAX TREATMENT—FEDERAL, STATEOR LOCAL—OF ANY CONTRACT OR OF ANYTRANSACTION INVOLVING A CONTRACT.

Estate, Gift and Generation-Skipping TransferTax Considerations

The transfer of the Contract or designation of aBeneficiary may have federal, state, and/or local transferand inheritance tax consequences, including theimposition of gift, estate, and generation skippingtransfer taxes. For example, the transfer of the Contractto, or the designation as a Beneficiary of, or thepayment of proceeds to, a person who is assigned to ageneration which is two or more generations below thegeneration assignment of the Contract Owner may havegeneration-skipping transfer tax consequences inaddition to gift and estate tax consequences underfederal tax law.

The individual situation of each Contract Owner orBeneficiary will determine the extent, if any, to whichfederal, state, and local transfer and inheritance taxesmay be imposed and how ownership or receipt ofContract proceeds will be treated for purposes of federal,state and local estate, inheritance, generation-skippingand other taxes. If this Contract is used with estate andgift tax planning in mind, you should consult with yourtax advisor as to the most up-to-date information as tofederal estate, gift, and generation skipping tax rules.

Tax Status of the Variable Account

We are treated as the owner of the assets of the VariableAccount for federal tax purposes. Also, the VariableAccount is not separately taxed as a “regulatedinvestment company” under the Code. Both theinvestment income and realized capital gains of theVariable Account (i.e., the income and capital gainsdistributed to the Variable Account by the Fund) arereinvested without tax under current law. We reservethe right in the future to make a charge against theVariable Account or the Accumulated Value of aContract for any federal, state, or local income taxesthat are incurred and that we determine to be properlyattributable to the Variable Account or the Contract. Wewill promptly notify you of any such charge.

Taxation of the Contract—In General

Tax Status of the Contract

Section 7702 of the Code establishes a statutorydefinition of life insurance for federal tax purposes.While the requirements of this section of the Code arecomplex and limited guidance has been provided fromthe Internal Revenue Service (the “IRS”) or otherwise,Thrivent believes that the Contract will meet thecurrent statutory definition of life insurance, which

55••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

places limitations on the amount of premiums that maybe paid and the Accumulated Values that canaccumulate relative to the Death Benefit. As a result, theDeath Benefit payable under the Contract will generallybe excludable from the Beneficiary’s gross income, andgains and other income credited under the Contract willnot be taxable unless certain withdrawals are made (ordeemed to be made) from the Contract prior to theInsured’s death, as discussed below. This tax treatmentgenerally will only apply, however, if (1) theinvestments of the Variable Account are “adequatelydiversified” in accordance with Treasury Departmentregulations, and (2) Thrivent, rather than the ContractOwner, is considered the owner of the assets of theVariable Account for federal income tax purposes.

The Code and Treasury Department regulationsprescribe the manner in which the investments of asegregated asset account, such as the Variable Account,are to be “adequately diversified.” If the VariableAccount fails to comply with these diversificationstandards, the Contract will not be treated as a lifeinsurance contract for federal income tax purposes andthe Contract Owner would generally be taxed currentlyon the income on the Contract (as defined in the taxlaw). We expect that the Variable Account, through theFunds, will comply with the diversificationrequirements prescribed by the Code and TreasuryDepartment regulations.

In certain circumstances, variable life insurance contractowners may be considered the owners, for federalincome tax purposes, of the assets of a segregated assetaccount, such as the Variable Account, used to supporttheir contracts. In those circumstances, income andgains from the segregated asset account would beincludible in the contract owners’ gross income on acurrent basis. The IRS has stated in published rulingsthat a variable contract owner will be considered theowner of the assets of a segregated asset account if theowner possesses incidents of ownership in those assets,such as the ability to exercise investment control overthe assets.

The ownership rights under the Contract are similar to,but different in certain respects from, the ownershiprights described in certain other IRS rulings where it wasdetermined that contract owners were not owners of the

assets of a segregated asset account. For example, theOwner of this Contract has the choice of moreinvestment options to which to allocate premiumpayments and the Accumulated Value than wereaddressed in such rulings. These differences could resultin the Contract Owner being treated as the owner of allor a portion of the assets of the Variable Account andthus subject to current taxation on the income andgains from those assets. In addition, we do not knowwhat standards will be set forth in any furtherregulations or rulings which the Treasury Department orthe IRS may issue. We, therefore, reserve the right tomodify the Contract as necessary to attempt to preventContract Owners from being considered the owners ofthe assets of the Variable Account. However, there is noassurance that such efforts would be successful.

The remainder of this discussion assumes that theContract will be treated as a life insurance contract forfederal tax purposes.

Tax Treatment of Death Benefits

In general, the amount of the death proceeds payablefrom a Contract by reason of the death of the Insured isexcludable from gross income under section 101 of theCode. Certain transfers of the Contract for valuableconsideration, however, may result in a portion of thedeath proceeds being taxable.

If the death proceeds are not received in a lump sumand are, instead, applied under certain settlementoptions (other than settlement option 1), generallypayments will be prorated between amountsattributable to the death proceeds, which will beexcludable from the Beneficiary’s income, and amountsattributable to interest (accruing after the Insured’sdeath), which will be includible in the Beneficiary’sincome. If the death proceeds are applied undersettlement option 1 (Interest Income), the interestcredited will be currently includible in the Beneficiary’sincome.

Death proceeds may be subject to state and/or federalestate and/or inheritance tax. The entire amount ofdeath proceeds will be included in the taxable estate ofan Insured if the Insured possesses control (referred to as“incidents of ownership”) over the Contract at the timeof death or control has not been transferred more than


56 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

three years prior to death. Many factors determine if anestate is subject to estate and/or inheritance tax such asthe size of the taxable estate, timing of death and theapplicable state law.

Tax Deferral During Accumulation Period

Under existing provisions of the Code, except asdescribed below, any increase in a Contract’sAccumulated Value is generally not taxable to theContract Owner unless amounts are received (or aredeemed to be received) from the Contract prior to theInsured’s death. Amounts received (or deemed to bereceived) from the Contract are treated as ordinaryincome for tax purposes. If there is a full surrender ofthe Contract, an amount equal to the excess of theamount received over the “investment in the contract”will generally be includible in the Contract Owner’sincome. The “investment in the contract” generally isthe aggregate premiums and other consideration paidfor the Contract, less the aggregate amount receivedunder the Contract previously to the extent suchamounts received were excludable from gross income.

Similarly, for VUL 1 Contracts, if the Insured is living onthe Maturity Date, the amount payable on that date(Accumulated Value reduced by Contract Debt andunpaid Monthly Deductions) will be includible in theContract Owner’s income if it exceeds the “investmentin the Contract.”

As discussed below, the taxation of partial surrendersand other amounts deemed to be distributed from theContract depends, in part, upon whether the Contract isconsidered a “modified endowment contract” (“MEC”)for federal income tax purposes. The status of a Contractas a MEC also may affect whether a 10% penalty taxapplies upon a surrender or other distribution, asdiscussed below.

Taxation of Contracts that Are Not MECs

Tax Treatment of Partial Surrenders fromContracts that Are Not MECs—In General

If the Contract is not a MEC (described below), theamount of any partial surrender from the Contractgenerally will be treated first as a non-taxable recoveryof premium and then as income received from theContract. Thus, a partial surrender from a Contract that

is not a MEC generally will not be includible in incomeexcept to the extent it exceeds the investment in thecontract immediately before the partial surrender.

Certain Distributions Required by the Tax Law inthe First 15 Contract Years

As indicated above, Section 7702 of the Code placeslimitations on the amount of premiums that may bepaid and the Accumulated Values that can accumulaterelative to the Death Benefit. Where cash distributionsare required under Section 7702 of the Code inconnection with a reduction in benefits during the first15 years after the Contract is issued (or if cashdistributions are made in anticipation of a reduction inbenefits, within the meaning of the tax law, during thisperiod), some or all of such amounts may be includiblein income notwithstanding the general rule described inthe preceding paragraph. A reduction in benefits mayresult upon a decrease in the Face Amount, upon achange from one Death Benefit Option to the other, if apartial surrender is made, and in certain other instances.

Tax Treatment of Loans from Contracts that AreNot MECs

If a Contract is not a MEC, a Contract loan generallywill be treated as indebtedness of the Contract Owner.As a result, no part of any Contract loan will constituteincome to the Contract Owner so long as the Contractremains in force. However, in those situations where theinterest rate credited to the Loan Account equals or isnearly the same as the interest rate charged for the loan,it is possible that some or all of the loan proceeds maybe includible in income. If a Contract lapses when aContract loan is outstanding, the amount of theContract loan outstanding, including any accrued andunpaid loan interest, will be treated as the proceeds of asurrender for purposes of determining whether anyamounts are includible in the Contract Owner’s income.The amount of Debt over and above that secured byCash Value is taxable as cancellation of indebtedness.Reinstatement of the lapsed contract within the samecalendar year of the lapse may help minimize taximplications.

Generally, interest paid on any Contract loans will notbe tax deductible. A limited exception to this rule existsfor certain interest paid in connection with certain “key


57••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

person” insurance. Contract Owners should consult atax advisor regarding the deductibility of interestincurred in connection with this Contract.

Taxation of Contracts that Are MECs

Characterization of a Contract as a MEC

In general, a Contract will be considered a “modifiedendowment contract” under section 7702A of the Code(i.e., as a MEC) if (1) the Contract is received inexchange for a life insurance contract that was a MEC,or (2) the Contract is entered into on or after June 21,1988 and premiums are paid into the Contract morerapidly than the rate defined by a “7-Pay Test.” This testgenerally provides that a Contract will fail this test (andthus be considered a MEC) if the accumulated amountpaid under the Contract at any time during the first 7Contract Years exceeds the cumulative sum of the netlevel premiums which would have been paid to thattime if the Contract provided for paid-up future benefitsafter the payment of 7 level annual premiums. Amaterial change of the Contract (as defined in the taxlaw) will generally result in a reapplication of the 7-PayTest. In addition, any reduction in benefits during a7-Pay testing period, including a Contract that lapsesdue to nonpayment of premiums (unless it is reinstatedwithin 90 days) will affect the application of this test.We will monitor the Contracts and will attempt tonotify Contract Owners on a timely basis if a Contractbecomes a MEC. The Contract Owner may then requestthat we take any steps that may be available to avoidtreatment of the Contract as a MEC, if that is desired.

Tax Treatment of Partial Surrenders, Loans,Assignments, and Pledges Where a Contract is aMEC

If the Contract is a MEC, partial surrenders from theContract will be treated first as withdrawals of incomeand then as a recovery of the investment in theContract. Thus, partial surrenders will be includible inincome to the extent the Accumulated Value exceedsthe investment in the Contract. The receipt of anyContract loan, including any accrual of loan interest,will be treated as a withdrawal for tax purposes. Inaddition, distributions made within two years before afailure to meet the 7-Pay Test are treated as made undera MEC.

The discussion above regarding the tax treatment ofdeductibility of interest on loans and of lapses whileloans are outstanding under the caption “Tax Treatmentof Loans from Contracts that Are Not MECs” also generallyapplies to Contracts which are MECs.

If the Contract Owner assigns or pledges (or agrees toassign or pledge) any portion of the Accumulated Value,such portion will be treated as a withdrawal for taxpurposes. If the entire Accumulated Value is assigned orpledged, subsequent increases in the Accumulated Valueare also treated as withdrawals for as long as theassignment or pledge remains in place. The ContractOwner’s investment in the Contract is increased by theamount includible in income with respect to anyassignment, pledge, or loan, though it is not affected byany other aspect of the assignment, pledge, or loan(including its release or repayment). Before assigning,pledging, or requesting a loan under a Contract treatedas a MEC, a Contract Owner should consult a taxadvisor.

Penalty Tax

Generally, proceeds of a full or partial surrender (or theamount of any deemed withdrawal, such as in the caseof loans, assignments and pledges) from a MEC aresubject to a penalty tax equal to 10% of the portion ofthe proceeds that is includible in income. This penaltytax does not apply where the surrender or deemedwithdrawal is made (1) after the Contract Owner attainsage 591⁄2, (2) because the Contract Owner has becomedisabled (as defined in the tax law), or (3) assubstantially equal periodic payments over the life orlife expectancy of the Contract Owner (or the joint livesor life expectancies of the Contract Owner and his orher Beneficiary, as defined in the tax law).

Aggregation of Contracts that Are MECs

All life insurance contracts which are treated as MECsand which are purchased by the same person(s) fromThrivent, or any of our affiliates, within the samecalendar year will be aggregated and treated as onecontract for purposes of determining the tax onwithdrawals (including deemed withdrawals). Contractsissued by different companies that subsequently mergeare not aggregated. The effects of such aggregation arenot always clear; however, it could affect the amount of


58 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

a full or partial surrender (or a deemed withdrawal) thatis taxable and the amount which might be subject tothe 10% penalty tax described above.

Contracts Not Owned by Individuals

In the case of life insurance contracts issued to anon-natural taxpayer, or held for the benefit of such anentity, the tax law provides that a portion of thetaxpayer’s otherwise deductible interest expenses maynot be deductible as a result of ownership of thecontract even if no loans are taken under the contract.An exception to this rule is provided for certain lifeinsurance contracts which cover the life of an individualwho is a twenty percent owner, or an officer, director, oremployee, of a trade or business at the time first coveredby the Contract. Entities that are consideringpurchasing the Contract, or entities that will bebeneficiaries under a Contract, should consult a taxadvisor.

Constructive Receipt Issues

The IRS could determine that a Contract Owner is inconstructive receipt of the Accumulated Value if theAccumulated Value becomes equal to the Death Benefit,which can occur in some instances where the Insured isAttained Age 95 or older. In a case where there may beconstructive receipt, an amount equal to the excess ofthe Accumulated Value over the investment in thecontract could be includible in the Contract Owner’sincome at that time.

Section 1035 Exchanges

Section 1035 of the Code provides that no gain or losswill be recognized on the exchange of a life insurancecontract for another life insurance contract, endowmentcontract, annuity contract, or qualified long-term careinsurance contract, provided that certain requirementsare met. If the Contract is being issued in exchange foranother life insurance contract, the requirements thatmust be met to receive tax-free treatment underSection 1035 of the Code include, but are not limitedto: (1) the contracts must have the same insured, and(2) your old contract must be exchanged for the newcontract either through an assignment of your oldcontract to the new insurer or by a direct transfer of theaccount value of the old contract to the new insurer. If

your old contract was a MEC, the new life insurancecontract also will be a MEC. You cannot exchange anendowment, annuity, or qualified long-term careinsurance contract for a life insurance contract tax-free.If any money or other property is received in theexchange (“boot”) that satisfies the requirements ofsection 1035 of the Code, gain (but not loss) will berecognized equal to the lesser of the gain realized on theexchange or the amount of the boot received.

Generally, the new contract will have the sameinvestment in the contract as the exchanged contract.However, if boot is received in the exchange theinvestment in the contract may be adjusted. Specialrules and procedures apply to section 1035 exchanges.These rules can be complex, and if you wish to takeadvantage of section 1035, you should consult a taxand/or legal advisor.

Accelerated Death Benefits

If an Insured is “terminally ill,” as defined in the taxlaw, accelerated death benefits paid under a lifeinsurance contract generally will be excludable fromincome under section 101 of the Code. Exceptionsapply for certain business-related contracts and incertain situations where a Contract has been transferredfor value. Under the tax law, an individual is considered“terminally ill” if the individual has been certified by aphysician (as defined in the tax law) as having an illnessor physical condition which can reasonably be expectedto result in death in 24 months or less after the date ofthe certification.

Amounts paid under the Accelerated Benefits Rider may,in some (but not all) circumstances, satisfy thisrequirement. In addition, benefits under the AcceleratedBenefits Rider may be excludable from income incertain other circumstances. If you wish to receivebenefits pursuant to the Accelerated Benefits Rider andhave not been certified by a physician as “terminallyill,” within the meaning of the tax law, you shouldconsult a tax advisor regarding the tax treatment ofsuch benefits.


59••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Actions to Ensure Compliance with the Tax Law

We believe that the maximum amount of premiums andother values that we have determined for the Contractswill comply with the federal tax definition of lifeinsurance under section 7702 of the Code. We willmonitor the amount of premiums paid and, if thepremiums paid exceed those permitted by the taxdefinition of life insurance, we will refund the excesspremiums with interest thereon to the extent requiredby the Code. We also reserve the right to increase theDeath Benefit (which may result in larger charges undera Contract) or to take any other action deemednecessary to ensure the compliance of the Contract withthe federal tax definition of life insurance.

Other Considerations

Changing the Contract Owner, designating anirrevocable Beneficiary, exchanging the Contract,increasing and decreasing the Face Amount, changingfrom one Death Benefit Option to another, and otherchanges under the Contract may have tax consequences(other than those discussed herein) depending on thecircumstances of such change or event. Additionally,receipt of proceeds on the Maturity Date (if applicable)may have tax consequences. This list and the discussionherein are not exhaustive. Other transactions withrespect to a Contract may also have federal income orother tax consequences. Federal estate, and state andlocal estate, inheritance and other tax consequences ofownership or receipt of Contract proceeds depend onthe circumstances of each Contract Owner orBeneficiary.

In the case of an “employer-owned life insurancecontract” as defined in the tax law that is issued (ordeemed to be issued) after August 17, 2006, the portionof the death benefit excludable from gross incomegenerally will be limited to the premiums paid for thecontract. However, this limitation on the death benefitexclusion will not apply if certain notice and consentrequirements are satisfied and one of several exceptionsis satisfied. These exceptions include circumstances inwhich the death benefit is payable to certain heirs of theinsured or to acquire an ownership interest in abusiness, or where the contract covers the life of adirector or an insured who is “highly compensated”within the meaning of the tax law. These rules,

including the definition of an “employer-owned lifeinsurance contract,” are complex, and you shouldconsult with your advisers for guidance as to theirapplication.

Federal Income Tax Withholding

We will withhold and remit to the federal government apart of the taxable portion of full and partial surrendersmade under a Contract unless the Contract Ownernotifies us in writing, and such Notice is received at theService Center at or before the time of the full or partialsurrender, that he or she elects not to have any amountswithheld. This election out of withholding is notpermitted in certain circumstances. Regardless ofwhether the Contract Owner requests that no taxes bewithheld or whether we withhold a sufficient amount oftaxes, the Contract Owner will be responsible for thepayment of any taxes including any penalty tax thatmay be due on the amounts received. The ContractOwner may also be required to pay penalties under theestimated tax rules if the Contract Owner’s withholdingand estimated tax payments are insufficient to satisfythe Contract Owner’s tax liability.

Nonresident Aliens and Other Foreign Persons

The discussion above provides general informationregarding U.S. federal withholding tax consequences tolife insurance purchasers that are U.S. citizens orresidents. Purchasers or Beneficiaries that are not U.S.citizens or residents will generally be subject to U.S.federal withholding tax on taxable distributions(including taxable Death Benefit Proceeds) from lifeinsurance policies at a 30% rate, unless a lower treatyrate applies. Prospective purchasers that are not U.S.citizens or residents and other foreign persons shouldconsult with a tax advisor regarding federal taxwithholding with respect to distributions from aContract.

FATCA Withholding

If the payee of a distribution (including the DeathBenefit) from the Contract is a foreign financialinstitution (“FFI”) or a non-financial foreign entity(“NFFE”) within the meaning of the Code as amendedby the Foreign Account Tax Compliance Act (“FATCA”),the distribution could be subject to U.S. federal


60 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

withholding tax on the taxable amount of thedistribution at a 30% rate irrespective of the status ofany beneficial owner of the Contract or the nature ofthe distribution. The rules relating to FATCA are

complex, and a tax advisor should be consulted if an FFIor NFFE is or may be designated as a payee with respectto the Contract.


61••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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 professionals 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 first-yearcommission rate of 0% to 94% of commissionablepremiums paid into the Contract. Your financialprofessional also receives a premium based trailcompensation ranging from 0% to 7% annually.

Your financial professional may receive asset-basedcompensation in the amount of 0.0% to 0.3% of theAccumulated 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

62 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

The maximum commission we pay to Selling Firms is100% of first year commissionable premiums, plus up to.10% of a Contract’s Accumulated Value annually andup to 3% of paid premiums.

The registered representative typically receives a portionof the compensation we pay to the Selling Firm, basedon the agreement between the Selling Firm and its

registered representative. You may ask registeredrepresentatives how they will be personallycompensated. The compensation described above is notcharged 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••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

63••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Additional Premiums (variable products):

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

Transfers, Surrenders, Withdrawals or Other Requests:

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.

64 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

Accumulated Value. The total amount of value heldunder a Contract at any time (which equals the sum ofthe amounts held in the Loan Account and VariableAccount). The Accumulated Value, unlike the CashSurrender Value, is not reduced by any Decrease Chargeor Contract Debt.

Attained Age. On any day during the first ContractYear, the age of the Insured on the Date of Issue, andthen, on any day during each succeeding Contract Year,the age of the Insured on the Contract Anniversary onor immediately prior to that day.

Basic Monthly Administrative Charge. A monthlycharge to reimburse Thrivent for ordinaryadministrative expenses expected to be incurred.

Beneficiary. The person(s) named by the ContractOwner to receive the death proceeds under theContract. A Beneficiary need not be a natural person.

Cash Surrender Value. The Accumulated Value lessany Contract Debt, the amount, if any, needed to coverunpaid Monthly Deductions and any Decrease Charge.

CDSC Premium. An annual premium amountdetermined by Thrivent and used solely for the purposeof calculating the maximum Contingent Deferred SalesCharge.

Contingent Deferred Sales Charge. A ContingentDeferred Sales Charge to compensate Thrivent for thecost of selling the Contract, including salescommissions, the printing of prospectuses and salesliterature, and advertising.

Contract. The flexible premium variable adjustable lifeinsurance contract offered by Thrivent and described inthis prospectus consisting of the certificate of insurance,any attached riders, amendments or endorsements, theapplication and our Articles of Incorporation andBylaws.

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

Contract Date. The latest of (1) the Date of Issue; (2)the date Thrivent received the first premium paymenton the Contract at its Service Center and (3) any otherdate mutually agreed upon by Thrivent and theContract Owner.

Contract Month. The period from one MonthlyAnniversary to the next. The first Contract Monthwould be the period beginning on the Date of Issue andending on the first Monthly Anniversary.

Contract Year. The period from one ContractAnniversary to the next. The first Contract Year was theperiod beginning on the Date of Issue and ending onthe first Contract Anniversary.

Date of Issue. The date shown on page 3 of theContract that is used to determine ContractAnniversaries, Monthly Anniversaries, Contract Yearsand Contract Months, each of which is measured fromthe Date of Issue.

Death Benefit. The amount calculated under theapplicable Death Benefit Option (Option A or OptionB). The Death Benefit should be distinguished from thecash proceeds payable on the Insured’s death, whichwill be the Death Benefit less Contract Debt and anyunpaid Monthly Deductions.

Death Benefit Guarantee. A feature of the Contractguaranteeing that the Contract will not lapse if on eachMonthly Anniversary the total cumulative premiumspaid under the Contract, less any partial surrenders andContract Loan Amount, equal or exceed the sum of theDeath Benefit Guarantee Premiums in effect for eachMonthly Anniversary since the issuance of the Contract.

Death Benefit Guarantee Premium. A monthlypremium amount specified in the Contract. The DeathBenefit Guarantee Premium determines the paymentsrequired to maintain the Death Benefit Guarantee.

Death Benefit Option. Either of two Death BenefitOptions available under the Contract (Option A andOption B).

65••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Death Benefit Option A, or Option A. One of twoDeath Benefit Options available under the Contract.Under this option, the Death Benefit is the greater of (a)the Face Amount plus the Accumulated Value and (b)the applicable percentage of Accumulated Value (withthe Accumulated Value in each case being determinedon the Valuation Date on or next following the date ofthe Insured’s death).

Death Benefit Option B, or Option B. One of twoDeath Benefit Options available under the Contract.Under this option, the Death Benefit is the greater of (a)the Face Amount and (b) the applicable percentage ofAccumulated Value on the Valuation Date on or nextfollowing the date of the Insured’s death.

Debt. The sum of all unpaid Contract loans (includingany unpaid loan interest added to the loan balance)outstanding on a relevant date, less any unearnedprepaid loan interest. Contract Debt should bedistinguished from the Loan Amount (see definition of“Loan Amount” below), in that the Loan Amountincludes any unearned prepaid loan interest.

Decrease Charge. A deferred Contract chargeconsisting of the Contingent Deferred Sales Charge andthe Deferred Administrative Charge. The DecreaseCharge is deducted from the Subaccounts of theVariable Account and paid to Thrivent upon full lapse orsurrender of the Contract, or in part upon a requesteddecrease in Face Amount. A separate amount ofDecrease Charge is determined for the initial FaceAmount and for each requested increase in FaceAmount.

Deferred Administrative Charge. A DeferredAdministrative Charge to reimburse Thrivent foradministrative expenses incurred in issuing theContract. The Deferred Administrative Charge will beimposed if the Contract is surrendered or lapses, or willbe imposed in part if the Contract Owner requests adecrease in the Face Amount, in each case at any timebefore 180 Monthly Deductions have been made (120Monthly Deductions for VUL 1 Contracts). A separateDeferred Administrative Charge will also be calculated,and then reduced over a 180-month period (a 120month period for VUL 1 Contracts), in a similar mannerupon a requested increase in Face Amount.

Dollar Cost Averaging. An elective program thatsystematically moves dollars from the Money MarketSubaccount.

Face Amount. The minimum Death Benefit under theContract as long as the Contract remains in force. TheFace Amount will be specified in the Contract.

Free Look Period. A period which follows anyapplication for and approval of an increase in FaceAmount. During the Free Look Period, the ContractOwner has a right to cancel the increase in Face Amountand, in effect, receive a credit or refund of charges anddeductions attributable to such increase.

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

General Account. The assets of Thrivent other thanthose allocated to the Variable Account or any otherseparate account.

Good Order. Any request that is submitted with anyand all required forms, information, authorization andfunds, and is received at our Service Center.

Initial Monthly Administrative Charge. An InitialMonthly Administrative Charge to reimburse Thriventfor administrative expenses incurred in issuing theContract. The Initial Monthly Administrative Chargewill be deducted as part of the first 180 MonthlyDeductions (the first 120 Monthly Deductions for VUL1 Contracts). A separate Initial Monthly AdministrativeCharge for increases will also be calculated in a similarmanner upon a requested increase in Face Amount orthe issuance of a rider providing additional insurancebenefits on the Insured’s spouse.

Insured. The person upon whose life the Contract isissued.

Loan Account. The funds transferred from theSubaccount(s) of the Variable Account to Thrivent’sGeneral Account as security for Contract loans.

Loan Amount. The sum of all unpaid Contract loans(including any unpaid loan interest added to the loanbalance) outstanding on a relevant date. The Loan

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

66 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Amount should be distinguished from Contract Debt(see definition of “Debt” above), in that Contract Debtexcludes any unearned prepaid loan interest.

Maturity Date. For VUL 1 Contracts, the MaturityDate is the Contract Anniversary on or next followingthe Insured’s 96th birthday.

MEC Contract Year. The 12-month period followingthe Date of Issue or a Contract Anniversary unless therehas been a material change under IRC Section 7702A. Amaterial change of the Contract (as defined in the taxlaw) results in a MEC Contract Year based upon the dateof the material change. If there has been more than onematerial change, the most recent material change willdetermine the current MEC Contract Year.

Minimum Face Amount. The Minimum FaceAmount for a Contract at issuance and after anyrequested decrease in Face Amount.

Monthly Anniversary. The same day in eachsucceeding month as the Date of Issue.

Monthly Deduction. Monthly charges deducted fromthe Accumulated Value of the Contract. These chargesinclude the cost of insurance charge; a Basic MonthlyAdministrative Charge ($10.00 per month for theContract and $4.00 per month for VUL 1 Contracts);the Initial Monthly Administrative Charge; and chargesfor additional insurance benefits. “Monthly Deduction”also includes any Decrease Charge being deducted for arequested decrease in Face Amount during the precedingContract Month.

Net Premium. The premium paid less any PremiumExpense Charges.

Notice. A written request or notice signed by theContract Owner, received in Good Order by us at ourService Center and satisfactory in form and content.While your Contract refers to written notice,administratively Notice may meet this requirement.

Owner. The Insured, unless otherwise designated in theapplication. If a Contract has been absolutely assigned,the assignee becomes the Contract Owner. A collateralassignee is not the Contract Owner.

Planned Annual Premium. The initial ScheduledPremium under the Contract on an annualized basis asselected by the Contract Owner at the time of issue. ThePlanned Annual Premium will be shown in theContract.

Portfolio: A portfolio of Thrivent Series Fund, Inc.which is the underlying investment of a correspondingSubaccount which you may select for your Contract.

Premium Expense Charges. An amount deductedfrom each premium payment, which consists of apercent of premium charge of 3% of each premiumpayment and a premium processing charge of $2.00 perpremium payment ($.75 for automatic payment plans).Thrivent reserves the right to increase the premiumprocessing charge in the future on automatic paymentplans to an amount not exceeding $1.00 per premiumpayment. These charges may not be deducted in certainsituations.

Scheduled Premium(s). The planned premiumpayments selected by the Contract Owner. Thispremium payment can be changed by the ContractOwner at any time. Scheduled Premiums are relevantonly in determining how much a Contract Owner willbe billed periodically and determining the MinimumContract Issuance Premium.

Service Center. Our office located at 4321 NorthBallard Road, Appleton, Wisconsin 54919-001.Telephone: (800) 847-4836. E-mail: [email protected].

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

Thrivent Financial professional. A person who isappropriately licensed by state insurance departmentofficials to sell the Contract, and a licensed registeredrepresentative of Thrivent Investment Management Inc.

Unit. The measure by which the value of the Contract’sinterest in each Subaccount is determined.

Unit Value. The value of each Unit representing theContract’s interest in each Subaccount.

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

67••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Valuation Date. Any day upon which the New YorkStock Exchange is open for regular trading.

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

Variable Account. Thrivent Variable InsuranceAccount B, which is a separate account of Thrivent. TheSubaccounts are subdivisions of the Variable Account.

we, us, our. Thrivent

you, your. The owner of the Contract.

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

68 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

OBTAINING ADDITIONAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

To learn more about the Contract, you should read the Statement of Additional Information (SAI) that isincorporated by reference into this prospectus. The table of contents for the SAI is provided below for yourreference.

STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS

GENERAL INFORMATION AND HISTORYDepositorRegistrant

SERVICESService Agreements and Other Service Providers

PREMIUMSAdministrative ProceduresAutomatic Premium Loans

ADDITIONAL INFORMATION ABOUT OPERATION OF CONTRACTS AND REGISTRANTIncidental BenefitsSurrender and WithdrawalMaterial Contracts Relating to the Registrant

PRINCIPAL UNDERWRITERIdentificationOffering and Commissions

ADDITIONAL INFORMATION ABOUT CHARGESSales LoadSpecial Purchase PlansUnderwriting ProceduresIncreases in Face Amount

LAPSE AND REINSTATEMENTLOANSSTANDARD AND POOR’S DISCLAIMERINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND FINANCIAL STATEMENTS

The prospectus and the SAI are available upon request. You can get these documents and all other documentsrequired to be filed with the SEC free by the following means:

Notice:ThriventService Center4321 North Ballard RoadAppleton, WI 54919-0001

Online:thrivent.com

E-Mail Address:[email protected]

Toll-Free Telephone Number:(800) 847-4836

69••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

We will furnish upon request a copy of personalized illustrations of your Contract’s Death Benefits, Cash SurrenderValues, and Accumulated Values.

Reports and other information about Thrivent Variable Insurance Account B are available on the Commission’sInternet site at http://www.sec.gov.

Thrivent Variable Insurance Account B1933 Act Registration No. 333-2324631940 Act Registration No. 811-04602

OBTAINING ADDITIONAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

70 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

[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

TSF-1

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

1

TSF-2

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.

2

TSF-3

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

3

TSF-4

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

TSF-5

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.

5

32065A R4-20

TSF-6









THRIVENT ALL CAP PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-7

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

1

TSF-8

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

TSF-9


16.34%

(4.82)%

14.74%

32.85%

12.26%

2.26%5.77%

20.24%

(9.89)%

30.27%

-20

-10

0

10

20

30

40

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

An

nu

al R

etu

rn (

%)





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.

1

TSF-12

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

2

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

TSF-15



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%

-10

-5

0

5

10

15

20

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

An

nu

al R

etu

rn (

%)





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

TSF-19







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

TSF-22

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%

-5

0

5

10

15

20

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

An

nu

al R

etu

rn (

%)





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

TSF-23






6

32065G R4-20

TSF-24









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

1

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

2

TSF-27

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




3

32065AQ N4-20

TSF-28









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.



1

TSF-30





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

2

TSF-31

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

-5

0

5

10

15

20

25

30

35

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

An

nu

al R

etu

rn (

%)





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

3

TSF-32

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.






4

32065Z R4-20

TSF-33









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

1

TSF-35

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

2

TSF-36

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.

3

TSF-37

9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

0.18%

5.86%

-4

-2

0

2

4

6

8

10

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

An

nu

al R

etu

rn (

%)





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.






4

32065U R4-20

TSF-38









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.

1

TSF-40



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

2

TSF-41

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%

-5

0

5

10

15

20

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

An

nu

al R

etu

rn (

%)





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

3

TSF-42

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.






4

32065R R4-20

TSF-43









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

1

TSF-45

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

2

TSF-46

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

3

TSF-47

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

An

nu

al R

etu

rn (

%)





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

1

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

0

10

20

30

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

An

nu

al R

etu

rn (

%)





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

TSF-53









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

TSF-55

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

32065AU N4-20

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

1

TSF-59

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.


2

TSF-60

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

0

10

20

30

40

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

An

nu

al R

etu

rn (

%)





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

32065M R4-20

TSF-61









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

1

TSF-63

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%

-10

-5

0

5

10

15

20

25

30

35

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

An

nu

al R

etu

rn (

%)



2

TSF-64



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.






3

32065AC R4-20

TSF-65









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

TSF-67

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%

-10

-5

0

5

10

15

20

25

30

35

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

An

nu

al R

etu

rn (

%)

2

TSF-68





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

nu

al R

etu

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

0

5

10

15

20

25

‘18 ‘19

An

nu

al R

etu

rn (

%)




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.

1

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

An

nu

al R

etu

rn (

%)

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

An

nu

al R

etu

rn (

%)



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

TSF-97





Range











Thrivent Income Portfolio

Short-Term/Intermediate BondsThrivent Limited Maturity Bond Portfolio

OtherThrivent Core Emerging Markets Debt Fund








2

TSF-98







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

0

5

10

15

20

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

An

nu

al R

etu

rn (

%)





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























2

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

3

TSF-105

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%

-10

-5

0

5

10

15

20

25

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

An

nu

al R

etu

rn (

%)

4

TSF-106





Thrivent Moderately AggressiveAllocation Portfolio 22.11% 7.99% 9.11%




Management








5

32065AK R4-20

TSF-107









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

1

TSF-109

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

2

TSF-110

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.

3

TSF-111

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

4

TSF-112

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

0

5

10

15

20

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

An

nu

al R

etu

rn (

%)





Thrivent ModeratelyConservative AllocationPortfolio 15.18% 5.42% 6.22%





5

TSF-113







6

32065D R4-20

TSF-114









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

TSF-116

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%

0

0.5

1.0

1.5

2.0

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

An

nu

al R

etu

rn (

%)


Worst Quarter:1 Q4 ’16 +0.00%1The Portfolio’s performance was 0.00% for Q1 ’10 through Q3 ‘16.

2

TSF-117



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.






3

32065W R4-20

TSF-118









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

1

TSF-120

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

2

TSF-121

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.





3

TSF-122



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

TSF-123

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%

-10

-5

0

5

10

15

20

‘18 ‘19

An

nu

al R

etu

rn (

%)




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.

5

TSF-124






6

32065Q R4-20

TSF-125









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.


1

TSF-127





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.





2

TSF-128



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

3

TSF-129

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

4

TSF-130

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%

-2

0

2

4

6

8

10

12

14

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

An

nu

al R

etu

rn (

%)





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.






5

32065H R4-20

TSF-131









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.

1

TSF-133

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

2

TSF-134

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

3

TSF-135

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

-10

0

10

20

30

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

An

nu

al R

etu

rn (

%)





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.





4

32065Y R4-20

TSF-136









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.

1

TSF-138

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

2

TSF-139

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%

-10

0

10

20

30

40

50

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

An

nu

al R

etu

rn (

%)





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.

3

TSF-140






4

32065AF R4-20

TSF-141









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

1

TSF-143

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

2

TSF-144

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%

-20

-10

0

10

20

30

40

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

An

nu

al R

etu

rn (

%)





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%

3

TSF-145

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.






4

32065AG R4-20

TSF-146









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

1

TSF-148

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.


2

TSF-149



27.56%

8.83%

17.54%

2.18%

30.82%

2.75%

7.50%5.95%

(5.30)%

27.94%

-10

-5

0

5

10

15

20

25

30

35

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

An

nu

al R

etu

rn (

%)





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.






3

32065AH R4-20

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.

1

TSF-152







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

2

TSF-153

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%

0

5

10

15

20

25

30

‘19

An

nu

al R

etu

rn (

%)




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.






3

32065AM R4-20

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.



1

TSF-156











25.88%

0.54%

15.95%

40.83%

5.36%

(2.17)%

26.12%

13.13%

(8.65)%

22.49%

-10

0

10

20

30

40

50

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

An

nu

al R

etu

rn (

%)



2

TSF-157



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








3

32065AJ R4-20

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

1

TSF-160

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

-10

0

10

20

30

40

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

An

nu

al R

etu

rn (

%)



2

TSF-161



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.






3

32065J R4-20

TSF-162

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 these prospectuses. Ifgiven or made, such information or representations must not be relied upon as having been authorized. These prospectuses do not constitute anoffer to any person in a state where it is unlawful to make such an offer.

The variable life insurance contract described herein was issued by Thrivent, the marketing name for Thrivent Financial for Lutherans, 4321 N.Ballard Rd., Appleton, WI 54919, and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, asubsidiary of Thrivent Financial for Lutherans.

Contract Forms V2-VL-VUL, V2-VU-VUL and V3-YC-VUL

Thrivent.com • 800-847-4836VP20 (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 these prospectuses. Ifgiven or made, such information or representations must not be relied upon as having been authorized. These prospectuses do not constitute an offer toany person in a state where it is unlawful to make such an offer.

The variable life insurance contract described herein was 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 subsidiary of ThriventFinancial for Lutherans.

Contract Forms V2-VL-VUL, V2-VU-VUL and V3-YC-VUL

Thrivent.com • 800-847-4836VP20 (VIP) R4-20

thrivent flexible premium variable life insurance · 2020. 8. 24. · variable life insurance...

Documents