thrivent variable universal life insurance · flexible premium variable universal life...

THRIVENT VARIABLE UNIVERSALLIFE INSURANCE

Issued by Aid Association for Lutherans between 1998 and 2003 andby Thrivent Financial between 2003 and 2004.

ProspectusesApril 30, 2020Thrivent Variable Life Account IThrivent Series Fund, Inc.

Thrivent Series Fund, Inc.

Supplement to Prospectus andThrivent Partner Growth Stock Portfolio Summary Prospectus

each dated April 30, 2020

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

The date of this Supplement is June 24, 2020.

Please include this Supplement with your Prospectus.

36049

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE INSURANCE ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT I

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to the Prospectus

dated April 30, 2020

with respect to

Thrivent Partner Growth Stock Portfolio

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

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

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

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

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

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

invest in the subaccount until the merger has been completed.

The date of this Supplement is June 24, 2020.

36049A


Supplement toProspectus and Thrivent Partner Healthcare Portfolio Summary Prospectus,


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

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

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

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

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

The date of this Supplement is July 24, 2020.

Please include this Supplement with your Prospectus or Summary Prospectus.

36079


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

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

Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation Portfolio

Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Portfolio

Thrivent Global Stock PortfolioThrivent International Allocation Portfolio

(the “Portfolios”)

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

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

The date of this Supplement is August 4, 2020.

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

36129


Supplement to Prospectus andThrivent Partner Growth Stock Portfolio Summary Prospectus


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


Please include this Supplement with your Prospectus or Summary Prospectus.

36132

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

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

Supplement to Prospectuseach dated April 30, 2020

with respect toThrivent Partner Growth Stock Portfolio

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


Please include this Supplement with your Prospectus.

36132A

TABLE OF CONTENTS

Product Prospectus

Flexible Premium Variable Universal Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Summary Prospectuses

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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THRIVENT VARIABLE LIFE ACCOUNT IPROSPECTUS FOR

FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCEISSUED 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 a flexible premium individual variable universal life insurance contract (the “Contract”) previouslyoffered by Thrivent Financial for Lutherans (“Thrivent”, “we”, “us” or “our”). Even though we no longer issue new Contracts onthis form as described in this prospectus, the Contract Owner (“you”) may continue to allocate Net Premiums amonginvestment alternatives with different investment objectives and make changes including increases in coverage pursuant to theterms of the Contract.

We allocate premiums based on your designation to one or more Subaccounts of Thrivent Variable Life Account I (the “VariableAccount”) or the Fixed Account. The assets of each Subaccount will be invested solely in a corresponding Portfolio of ThriventSeries Fund, Inc. (“Fund”), which is an open-end management investment company (commonly known as a “mutual fund”).We provide the overall investment management for each Portfolio of the Fund, although some of the Portfolios are managed byan investment subadviser. Summary prospectuses for the Fund are attached to this prospectus and describe 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.

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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.

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Contract Benefits/Risks Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Contract Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5The Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Contract Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Portfolio Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Fee Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Thrivent and the Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Thrivent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

The Variable Account and the Portfolios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Adult and Juvenile Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Replacement of Existing Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Term Conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Misstatement of Age or Sex Provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Suicide Exclusion Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Ownership Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Modifying the Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Termination and Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25State Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Flexible Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Net Premiums & Premium Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Premium in Default and Grace Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Electronic Payment Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Contract Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Cash Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Net Investment Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Surrender Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Level Death Benefit Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Variable Death Benefit Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Changing Your Death Benefit Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Changing Your Specified Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Death Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Payment of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Death Benefit Guarantee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Partial Withdrawals and Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Verification of Identity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Partial Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Surrender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

TABLE OF CONTENTS

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Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Telephone and Online Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Contract Lapse and Reinstatement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Transaction Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Monthly Deductions from Cash Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Portfolio Company Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Variation or Reduction of Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Federal Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Estate, Gift and Generation-Skipping Transfer Tax Considerations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Taxation of the Contract—In General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Taxation of Contracts that Are Not MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Taxation of Contracts that Are MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Contracts Not Owned by Individuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Section 1035 Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Accelerated Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Actions to Ensure Compliance with the Tax Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Other Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Nonresident Aliens and Other Foreign Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48FATCA Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Supplemental Benefits And Riders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Accelerated Death Benefit for Terminal Illness Rider. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Accidental Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Disability Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Applicant Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Guaranteed Purchase Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Distribution of the Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Obtaining Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

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CONTRACT BENEFITS/RISKS SUMMARY••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

This summary describes the Contract’s importantbenefits and risks. The sections in the prospectusfollowing this summary discuss the Contract’s benefitsand other provisions in more detail. For yourconvenience, we have provided Definitions at the end ofthis prospectus that define certain words and phrasesused in this prospectus.

Contract Benefits

The Contract is a flexible premium individual variableuniversal life insurance contract. The Contract is builtaround its Cash Value. Cash Value changes everybusiness day based upon the investment experience ofthe Portfolios underlying the Subaccounts or theamount of interest credited to the Fixed Account.Premiums increase Cash Value. Charges and cash youwithdraw from the Contract decrease Cash Value. Yourchoice of the timing and amount of premiums you pay,investment options, and your use of partial withdrawaland loan privileges will influence the Contract’sperformance. The choices you make will directly impacthow long the Contract remains in effect, its tax statusand the amount of cash available for use.

Death Benefit

As long as the Contract remains in force and the DeathBenefit is payable, we will pay the Death Benefit to theBeneficiary upon receipt at our Service Center of allforms, requirements and due proof of the Insured’sdeath. At the time of purchase, you must choosebetween two Death Benefit Options: the Level DeathBenefit Option and the Variable Death Benefit Option.We will reduce the amount of any Death Benefitpayable by the amounts of any loans, unpaid loaninterest and withdrawals.

Level Death Benefit Option. Under this option, the DeathBenefit is the greater of the Specified Amount or thedeath benefit factor multiplied by Cash Value. Thedeath benefit factor depends on the Insured’s age at thedate of death. The Death Benefit for this optiongenerally remains level.

Variable Death Benefit Option. Under this option, theDeath Benefit is the greater of the Specified Amountplus Cash Value, or the death benefit factor (which

depends on the Insured’s age at the date of death)multiplied by Cash Value. The Death Benefit will varyover time.

Death Benefit Guarantee

A Death Benefit Guarantee is available until the Insuredreaches age 65 or 10 years from the Contract Issue Date,whichever is later, provided that you make timelypayment of the required minimum premium amounts.If the Death Benefit Guarantee is in effect, yourContract will remain in force, even if the Cash Value isinsufficient to pay the current monthly deductions.

Access to Cash Value

Transfers. You may transfer Cash Value among theSubaccounts and the Fixed Account. You will not becharged for the first 12 transfers in a Contract Year. Wewill charge $25 for each additional transfer during aContract Year. The amount transferred to anysubaccount or to the Fixed Account must be at least$50.

Loans. You may borrow up to 92% (in most states) of theSurrender Value of your Contract. The Surrender Valueis the Cash Value of your Contract less any surrendercharges and outstanding loan balances as of the date ofthe loan. We charge you an annual interest rate of 8%until the 15th Contract Anniversary; thereafter, the ratewill drop to 7.25%. In addition, we may credit a lowerannual interest rate to the portion of the Fixed Accountcash value that equals the amount of the totaloutstanding loan. This rate will never be less than 4%annually. Loans may have tax consequences. See FederalTax Matters.

Partial Withdrawals. You may withdraw part of yourCash Value by giving us Notice. We deduct a $25 chargefrom the Cash Value for each partial withdrawal afterthe first one in any Contract Year. Partial withdrawalsmay have tax consequences. See Federal Tax Matters.

Surrenders. At any time while the Contract is in forceand the Insured is living, you may surrender thisContract by giving us Notice. Surrenders may have taxconsequences. See Federal Tax Matters.

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Premiums

Flexibility of Premiums. You may pay premiums at anytime and in any amount, subject to some restrictions.While there are no scheduled premium due dates, youmay schedule planned periodic premiums and then youwill receive billing statements for the amount youselect. You may elect to receive billing statementsquarterly, semi-annually or annually. You also maychoose to make pre-authorized automatic monthlypremiums using our member convenience account. Inmost cases, you may make changes in the frequencyand payment amounts at any time by giving adequateNotice to our Service Center.

The Contract

Ownership Rights. While the Insured is living and theContract is in force, you, as the Owner of the Contract,may exercise all of the rights and options described inthe Contract, subject to the terms of any assignment ofthe Contract. These rights include selecting andchanging the Beneficiary, naming a successor owner,changing the Specified Amount of the Contract, andassigning the Contract. However, if the Issue Age wasless than 16 and an Applicant Controller applied for thisContract, then you are the Owner but may not exerciseownership rights until control is transferred, only theApplicant Controller may exercise ownership rights.

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

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. Upon the Insured’s death, we will paythe Death Proceeds to the Beneficiaries as follows:

1. Proceeds will be paid to the primary Beneficiarieswho 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 Contract Owner or, if the Insured is theContract Owner, to 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.

You may change the Beneficiary by giving Notice whileInsured is living. The effective date of the change will bethe date you sign the Notice or, if the Notice is notdated, the date it is received at our Service Center. Weare not liable for any payment made or action taken byus before we received Notice.

Investment Options. The Variable Account is aninvestment account separate from the Fixed Account.You may direct the money in your Contract to any ofthe Subaccounts of the Variable Account.

Each Subaccount invests in one of the correspondingPortfolios listed on the first page of this prospectus.Amounts in the Variable Account will vary according tothe investment performance of the Portfolios in whichthe Subaccounts invest. There is no guaranteedminimum Subaccount cash value.

Fixed Account. You may place money in the FixedAccount where it earns at least 4% annual interest. Wemay declare higher rates of interest, but are notobligated to do so. We may credit a lower rate of interestto the portion of the Fixed Account securing a loan. TheFixed Account is part of our General Account.

Cash Value. Cash Value is the sum of your amounts inthe Subaccounts and the Fixed Account. Cash Valuevaries from day to day, depending on the investmentperformance of the Subaccounts you select, interest wecredit to the Fixed Account, charges we deduct, and anyother transactions (e.g., transfers, partial surrenders, andloans).

Settlement Options. There are several ways of receivingproceeds under the Death Benefit, surrender, andmaturity provisions of the Contract, other than in alump sum. Proceeds distributed according to asettlement option do not vary with the investmentexperience of the Variable Account. The minimumamount you may apply to a settlement option is $1,000.


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Maturity Benefit. If the Insured is still living on thematurity date shown on page 3A of the Contract, theContract will terminate and the maturity benefit equalto the Cash Value minus any loans and unpaid loaninterest will be paid to you.

Supplemental Benefits and Riders

We offer several optional insurance benefits and ridersthat provide supplemental benefits under the Contract.There is a charge associated with most of theseinsurance benefits and riders. Your financialprofessional can help you determine whether any ofthese benefits and riders are suitable for you.

Contract Risks

Investment Risk

The Contract is not suitable as a short-term investmentvehicle. If you invest your Cash Value in one or moreSubaccounts, then you will be subject to the risk thatinvestment performance of the Subaccounts will beunfavorable and that the Cash Value will decrease. Theassets in each Subaccount are invested in acorresponding Portfolio of the Fund. A comprehensivediscussion of the risks of each Portfolio may be found inthe Fund’s prospectus. You could lose everything youinvest and your Contract could lapse without value,unless you pay additional premium. If you allocatepremiums to the Fixed Account, then we credit yourCash Value in the Fixed Account with a declared rate ofinterest. You assume the risk that the rate may decrease,although the Fixed Account rate will never be lowerthan a guaranteed minimum annual effective rate of4%.

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

If the Death Benefit Guarantee is not in effect and yourmonthly charges exceed your Surrender Value, yourContract may enter a 61-day (in most states) graceperiod. We will notify you that your Contract will lapse(that is, terminate without value) if you do not send ussufficient payment by a specified date. Your Contractgenerally will not lapse: (i) if you cover the monthlydeduction amount by making timely payment of theminimum premium amount required to keep yourDeath Benefit Guarantee in effect; or (ii) if you make apayment sufficient to cover the next two monthlydeductions before the end of the grace period. Subject tocertain conditions, you may reinstate a lapsed Contract.

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 Cash Value unless there is adistribution from the Contract while the Insured isliving. However, the IRS could determine that aContract Owner is in constructive receipt of the CashValue if the Cash Value becomes equal to the DeathBenefit, which can occur in some instances where theInsured is Attained Age 95 or older. In a case wherethere may be constructive receipt, an amount equal tothe excess of the Cash Value over the investment in thecontract could be includible in the Contract Owner’sincome at that time.

Additionally, if the Insured is living on the maturitydate, we will pay the Cash Value less any loan andunpaid loan interest as of that date to you. Theseproceeds are subject to tax and the Contract willterminate with no payment of Death Benefit.

Under current tax law, Death Benefits payable under theContract generally would be excludable from the grossincome of the Beneficiary. As a result, the Beneficiarygenerally should not have to pay U.S. federal income


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tax on the Death Benefit. However, the Death Benefitmay be subject to state and/or federal estate and/orinheritance 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 withdrawals, 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 withdrawals,collateral assignments and loans (including loaninterest) 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. SeeFederal 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.

Surrender and Partial Withdrawal Risks

A surrender charge applies during the first 10 ContractYears after the Contract’s Issue Date and for 10 yearsafter each increase in Specified Amount on the increasedamount. It is possible that you will receive no SurrenderValue if you surrender your Contract in the first fewContract Years. You should purchase the Contract onlyif you have the financial ability to keep it in force for asubstantial period of time.

You should not purchase the Contract if you intend tosurrender all or part of the Cash Value in the nearfuture. We designed the Contract to meet long-termfinancial goals. The Contract is not suitable as ashort-term investment.

Even if you do not ask to surrender your Contract,surrender charges may play a role in determiningwhether your Contract will lapse (terminate withoutvalue). This is because surrender charges affect theSurrender Value, a measure we use to determinewhether your Contract will enter a grace period (andpossibly lapse). See Risk of Lapse, in this section.

A partial withdrawal will reduce Cash Value, DeathBenefit and the amount of premiums considered paid tomeet the Death Benefit Guarantee Premiumrequirement. If you select a level Death Benefit Option,a partial withdrawal also will reduce the SpecifiedAmount of the Contract.

A surrender or partial withdrawal may have taxconsequences. See Federal Tax Matters.

Loan Risks

A Contract loan, whether or not repaid, will affect CashValue over time because we subtract the amount of theloan from the Subaccounts and/or Fixed Account ascollateral. This loan collateral does not participate in theinvestment performance of the Subaccounts or receiveany higher current interest rate than the rate credited tothe Fixed Account.

Your Contract may lapse (terminate without value) ifyour indebtedness reduces the Surrender Value to zero.

A loan will reduce your Surrender Value as well as yourDeath Benefit. If you surrender the Contract or allow itto lapse while a Contract loan is outstanding, theamount of the loan and loan interest will be subtractedfrom any amount you receive. A loan may have taxconsequences. See Federal Tax Matters.

Portfolio Risks

A comprehensive discussion of the risks of eachPortfolio in which the Subaccounts invest may be foundin the Fund’s summary prospectuses. Please refer to the


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summary prospectuses for the Fund for moreinformation. There is no assurance that any Portfoliowill achieve its stated investment objective.


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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, Specified 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 and the Fixed Account.

Transaction Fees

Charge When DeductedAmount Deducted

(Annualized)

Premium Expense Charge Upon receipt of each premiumpaid

3% of each premium payment

Premium Tax Charge1 Not applicable Not applicable

Withdrawal Fees Upon partial withdrawal2 $25 per withdrawal

Transfer Fees Upon transfer3 $25 per transfer

Contract Change Fees Upon each change made to theContract.4

$25 per change

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 We do not assess a withdrawal charge for the first partial withdrawal taken each Contract Year.3 We do not assess a transfer charge for the first twelve transfers made each Contract Year.4 We reserve the right to charge up to $25 per change.

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Transaction Fees, cont.


(Annualized)

Surrender Charge5 Upon surrender, lapse or decreasein the Specified Amount

Base Contract:

Maximum $34.79 per $1,000 of decrease inSpecified Amount

Minimum $1.16 per $1,000 of decrease inSpecified Amount

Charge for a male Insured,Issue Age 40, in the standardnonsmoker risk class with aSpecified Amount of$150,000, in the firstContract Year

$12.66 per $1,000 of SpecifiedAmount

Increase in Specified Amount: Upon surrender, lapse or decreasein the Specified Amount

Maximum $30.28 per $1,000 of theSpecified Amount

Minimum $1.12 per $1,000 of theSpecified Amount

Charge for a male Insured,Issue Age 40, in the standardnonsmoker risk class with aSpecified Amount increase of$100,000, in the first yearfollowing an increase inSpecified Amount

$12.70 per $1,000 of theSpecified Amount

5 The surrender charge remains level for the first three years of the Contract (or during the first three years following an increase in SpecifiedAmount), and then decreases each Contract Year to zero by the end of year ten (and to zero by the end of the tenth year following an increase inSpecified Amount). Surrender charges depend on the Insured’s Issue Age, sex (in most states), Specified Amount, risk class and duration of theContract. The surrender charges shown in the table may not be typical of the charges you will pay.

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

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Periodic Charges Other Than Portfolio Company Operating Expenses

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


(Annualized)

Cost of Insurance6 Monthly

Maximum $996.73 per $1,000 of amountat risk7

Minimum $0.67 per $1,000 of amount atrisk7

Charge for a male, Insured,Issue Age 40, in the standardnonsmoker risk class with aSpecified Amount of$150,000 in the first ContractYear

$2.37 per $1,000 of amount atrisk7

Maximum Mortality andExpense Risk Fees8

Monthly 0.90% of the total Subaccountcash value

Administrative Charges Monthly $48 annual rate

Loan Interest9 Accrues daily 8% on loan

Additional Benefit or RiderCharge10

Accelerated Death Benefitfor Terminal Illness Rider

At the time the benefit isexercised.

Generally an administrative feeof $150 applies. This fee mayvary by state.

6 Cost of insurance charges depend on the Insured’s Issue Age, sex (in most states), amount at risk, Specified Amount, risk class and duration ofthe Contract. The cost of insurance charges shown in the table may not be representative of the charges you will pay. A Contract that was issuedwith a substandard rating classification will be charged a multiple of the cost of insurance charge based on the classification in the Contract.7 The amount at risk is equal to the Death Benefit on the date the charge is deducted minus the Cash Value on the date the charge is deducted.8 The charge applies during the first 15 Contract Years. After the 15th Contract Year, the maximum charge drops to 0.40% of the totalSubaccount cash value. Actual current charges may be less. See Charges and Deductions for additional information regarding this charge.9 This maximum rate applies to loans until the 15th Contract Anniversary. After the 15th Contract Anniversary, the maximum rate is 7.25%.The rate reflects maximum gross interest rate before crediting of interest. The interest accrues daily and is not deducted from the Cash Value.The net accrued interest is added to the Loan. See Loans.10 Charges for additional benefits or riders may vary based on the Insured’s Attained Age or Issue Age, sex (in most states), risk class, SpecifiedAmount, amount at risk, or rider coverage amount. Charges based on age may increase as the Insured ages. The charges noted apply if the rideris included in your Contract and the Contract and/or rider has not otherwise terminated. The rider charges shown in the table may not berepresentative of the charges you will pay.

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

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Periodic Charges Other Than Portfolio Company Operating Expenses, cont.


(Annualized)

Accidental Death Rider On the rider issue date andmonthly thereafter11

Maximum $0.70 per $1,000 of ridercoverage amount

Minimum $0.22 per $1,000 of ridercoverage amount

Charge for an Insured, IssueAge 30, in the standardnonsmoker risk class with arider coverage amount of$100,000

$0.30 per $1,00 of ridercoverage amount

Disability Waiver Rider On the rider issue date andmonthly thereafter12



Charge for a male Insured,Issue Age 30, in the standardnonsmoker risk class, in thefirst Contract Year followingthe rider Issue Date


Guaranteed PurchaseOption Rider

On the rider issue date andmonthly thereafter13



Charge for an Insured, IssueAge 25


11 This charge applies until the Insured’s Attained Age 70.12 This charge applies until the Insured’s Attained Age 65.13 This charge applies until the Insured’s Attained Age 40.

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

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Periodic Charges Other Than Portfolio Company Operating Expenses, cont.


(Annualized)

Applicant Waiver Rider On the rider issue date andmonthly thereafter14

Maximum $1.32 per $1,000 of amount atrisk

Minimum $0.15 per $1,000 of amount atrisk

Charge for an Insured, IssueAge 0 and applicant Age 30,in the standard risk class.

$0.17 per $1,000 of amount atrisk

Issue Expense Charge15 Monthly

Base Contract:

Maximum $6.93 per $1,000 of SpecifiedAmount

Minimum $0.01 per $1,000 of SpecifiedAmount

Charge for a male Insured,Issue Age 40, in the standardnonsmoker risk class with aSpecified Amount of$150,000, in the firstContract Year

$1.32 per $1,000 of SpecifiedAmount

Increase in Specified Amount: On the date of an increase inSpecified Amount and monthlythereafter.

Maximum $6.72 per $1,000 of SpecifiedAmount

Minimum $0.01 per $1,000 of SpecifiedAmount

Charge for a male Insured,Issue Age 40, in the standardnonsmoker risk class with aSpecified Amount increase of$100,000, in the first yearfollowing an increase inSpecified Amount

$1.80 per $1,000 of the increasein Specified Amount

14 This charge applies until the termination of the rider. For additional information regarding the termination of the rider please seeSupplemental Benefits and Riders.15 This Charge applies for 36 months after the Issue Date and for 36 months after an increase in Specified Amount. The issue expense chargedepends on the Insured’s Issue Age, sex (in most states), Specified Amount, and risk class. The issue expense charge shown in the table may notbe representative of the charge you will pay.

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

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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 Expenses16

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

16 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.

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••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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THRIVENT AND THE FIXED 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.

Fixed Account

The Fixed Account is an investment option thatprovides a declared rate of interest. Unlike theSubaccounts of the Variable Account, the performanceof the Fixed Account does not rely on the performanceof the financial markets. We credit interest daily onamounts in the Fixed Account. Interest accrues onamounts allocated or transferred to the Fixed Accountfrom the date of allocation or transfer.

All premiums allocated to the Fixed Account becomepart of our General Account. The General Accountconsists of all assets owned by Thrivent other thanthose segregated in any separate account. Subject toapplicable law, we have sole discretion over theinvestment of the General Account assets. You do notshare directly in the investment returns of those assets.Instead, each quarter, we will declare an effective annualinterest rate for the Fixed Account. We guarantee thatthe effective interest rate will never be less than 4%annually. However, we may credit a lower rate ofinterest to the portion of the Fixed Account securing aloan.

We may credit interest at a rate in excess of 4% per year.However, we are not obligated to do so and will do so atour own discretion. You assume the risk that we may

not pay interest that exceeds 4% for any given year.There is no specific formula for the determination ofexcess interest, if any. We base any such excess intereston numerous factors. Some of the factors that we mayconsider, include but are not limited to, generaleconomic trends, our current and anticipatedinvestment returns, regulatory requirements andcompetitive factors.

Interests in the Fixed Account have not been registeredunder the Securities Act of 1933 (“1933 Act”), and theFixed Account has not been registered as an investmentcompany under the Investment Company Act of 1940(1940 Act). Accordingly, neither the Fixed Account norany interests therein are generally subject to theprovisions of the 1933 or 1940 Acts.

Disclosures regarding the Fixed Account, however, maybe subject to certain generally applicable provisions ofthe federal securities laws relating to the accuracy andcompleteness of statements in prospectuses.

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.

THE VARIABLE ACCOUNT AND THE PORTFOLIOS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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Variable Account

Thrivent Variable Life Account I is a segregated assetaccount established by the Board of Directors ofThrivent (then, Aid Association for Lutherans) onMay 8, 1997, pursuant to the laws of the State ofWisconsin, and the first investment was made onMarch 31, 1998. The account meets the definition of“separate account” under the federal securities laws. TheVariable Account is a unit investment trust, which is atype of investment company. It is registered with theSecurities and Exchange Commission (SEC) under the1940 Act. Such registration does not involve supervisionby the SEC of the management or investment policies orpractices of the Variable Account.

The Variable Account is divided into Subaccounts. NetPremiums flow through the Contract to either theVariable Account or the Fixed Account according toyour instructions. From the Variable Account, the NetPremium flows to the Subaccounts in the amounts orpercentages you allocate. In turn, the Subaccountsinvest in shares of one of the corresponding Portfoliosof the Fund at net asset value. We describe thesePortfolios and their investment objectives later in thisprospectus. Net Premiums are allocated to a Subaccount,and the resulting Cash Value will increase or

decrease based on the investment experience of thatSubaccount’s corresponding Portfolio and fees andcharges under the Contract. We make no assurance thatthe Portfolios will meet their investment objectives. Youbear all the investment risk for premiums allocated tothe Subaccounts.

We own the assets of the Variable Account and keepthem legally segregated from the assets of the GeneralAccount. The assets of the Variable Account shall, at thetime during the year that adjustments in the reserves aremade, have a value at least equal to the reserves andother Contract liabilities with respect to the VariableAccount and, at all other times, shall have a valueapproximately equal to or in excess of such reserves andliabilities. The Variable Account will be fully funded atall times for purposes of the federal securities laws. Theassets of the Variable Account shall not be chargeablewith liabilities arising out of any other business we mayconduct, except to the extent that the assets of theVariable Account exceed the reserves and other contractliabilities of the Variable Account arising under thecontracts supported by the Variable Account. We areobligated to pay all amounts promised to you under theContract.

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 Cash 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 Portfolio


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Subaccount Corresponding Portfolio

Thrivent Income Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent Income PortfolioThrivent International Allocation Subaccount. . . . . . Thrivent International Allocation PortfolioThrivent International Index Subaccount . . . . . . . . . . Thrivent International Index PortfolioThrivent Large Cap Growth Subaccount . . . . . . . . . . . Thrivent Large Cap Growth PortfolioThrivent Large Cap Index Subaccount . . . . . . . . . . . . . Thrivent Large Cap Index PortfolioThrivent Large Cap Value Subaccount . . . . . . . . . . . . . Thrivent Large Cap Value PortfolioThrivent Limited Maturity Bond Subaccount. . . . . . . Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Subaccount . . . . . . . . Thrivent Low Volatility Equity PortfolioThrivent Mid Cap Growth Subaccount . . . . . . . . . . . . Thrivent Mid Cap Growth PortfolioThrivent Mid Cap Index Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock Subaccount. . . . . . . . . . . . . . . Thrivent Mid Cap Stock PortfolioThrivent Mid Cap Value Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Value PortfolioThrivent Moderate Allocation Subaccount . . . . . . . . . . . . Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Subaccount. . Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation

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

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

The following table summarizes each Portfolio’s investment objective:

Portfolio Investment Objective

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


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

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

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

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

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

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

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

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

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

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

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

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

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

investment objective may be changed withoutshareholder approval.

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.


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

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

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

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

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

investment objective may be changed withoutshareholder approval.

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

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

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

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


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investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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

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

Shares of the Fund are sold to other Portfolios of theFund, to other insurance company separate accounts ofours, and to other insurance company separate accountsnot affiliated with us. The Fund may, in the future,create new Portfolios. It is conceivable that in the futureit may be disadvantageous for both variable annuityseparate accounts and variable life insurance separateaccounts to invest simultaneously in the Fund, althoughwe do not foresee any such disadvantages to either

variable 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 or the Fixed Account as requested byContract Owners. Any dividend or capital gaindistribution received from a Portfolio of the Funds willbe reinvested immediately at net asset value in shares ofthat Portfolio and retained as assets of thecorresponding Subaccount.


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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

We, as investment adviser, pay each of the above subadvisers an annual fee for subadvisory services. Subadvisoryfees 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 Cash Value, or both, and to existinginvestments or the investment of future premiums,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


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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 Cash 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.

THE CONTRACT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Adult and Juvenile Contracts

We issued adult Contracts to applicants who were age16 or older. We issued juvenile Contracts when theproposed Insured was younger than age 16.

For the juvenile Contract, a juvenile is named as theInsured and Owner of the Contract. However, becauseof age, the juvenile cannot exercise the rights ofownership. Therefore, an adult must retain control overthe Contract. The adult is referred to as applicantcontroller in the Contract. The applicant controllerexercises certain rights of ownership on behalf of thejuvenile Insured. These rights are described in the


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Contract. The applicant controller may transfer controlto another eligible person, but cannot transferownership of the Contract.

Transfer of control to the juvenile Insured will takeplace at the first Contract Anniversary date on orfollowing the earliest of:

� the Insured’s 21st birthday;

� the Insured’s 16th birthday after the applicantcontroller transfers control to the Insured; or

� the death of the applicant controller on or after theInsured’s 16th birthday.

If the person who has control of the Contract diesbefore the Insured gains control, control will be vestedin an eligible person according to our bylaws. If wedetermine that it is best for the Insured, we may transfercontrol of the Contract to some other eligible personaccording to our bylaws.

The juvenile Insured will become a benefit member ofThrivent on the first Contract Anniversary date on orfollowing the juvenile’s 16th birthday.

Replacement of Existing Insurance

It may not be in your best interest to surrender, lapse,change or borrow from existing life insurance policies orannuity contracts to increase coverage under thisContract. You should compare your existing insuranceand this Contract carefully. You should replace yourexisting insurance only when you determine additionalcoverage under this Contract is better for you. You mayhave to pay a surrender charge on your existinginsurance, and this Contract imposes a new surrendercharge period on the amount of the increase incoverage. If you surrender your existing insurancepolicy for cash and then increase coverage under thisContract, you may have to pay a tax, including possiblya penalty tax, on the surrender. If the premium iscoming from the issuer of your existing insurancepolicy, the increase of coverage under this Contract maybe delayed.

Term Conversion

Contract Owners may be eligible for a contractualconversion incentive to convert their Thrivent terminsurance contract(s) or rider(s) to permanent coverage.

If you are eligible for and exercise the conversionprivilege found in eligible Thrivent term contracts andriders, Thrivent will give you a credit toward the firstpremium payable for the new coverage. The amount ofthe credit will not be less than $1.00 per $1,000 of terminsurance that is converted.

Review this opportunity with your financial professionalto determine whether it is available to you and right foryou.

Misstatement of Age or Sex Provision

The values of this Contract are based on the Insured’sage and sex, except where otherwise required by law. Ifthe date of birth or sex shown on the application iswrong, the proceeds payable will be adjusted to theamount that would be provided by the most recent costof insurance charge at the correct attained age or sex.

Suicide Exclusion Provision

If the Insured dies by suicide within one year of theeffective date of a Specified Amount increase, the onlyamount payable will be a refund of the monthlydeductions for that increase.

Ownership Rights

While the Insured is living, the Owner may exercise allof the rights and options described in the Contract. TheInsured is the Owner unless the application specifiesanother person as the Owner, or the Owner is changedthereafter. If the Owner is not the Insured and diesbefore the Insured, ownership of the Contract will passto the Owner’s estate, unless a successor Owner hasbeen designated.

THE CONTRACT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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You may transfer ownership of the Contract by givingNotice to the Service Center. The transfer or changemust be approved by us before it is valid. If approved, itwill be effective on the date Notice was signed or on thedate it was received at the Service Center if Notice is notdated.

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

To the extent permitted by law, Contract benefits arenot subject to any legal process for the payment of anyclaim against the payee, and no right or benefit will besubject to claims of creditors (except as may be providedby assignment).

Modifying the Contract

No representative of Thrivent except the president orthe secretary may change any provisions of theContract.

Termination and Maturity

Your Contract will terminate if the Insured dies, if yousurrender the Contract, if you exercise the right to fullpayout under the accelerated death benefit rider, if apremium required to keep the Contract in force has notbeen paid by the end of the grace period or due toexcess loan. If the Contract is in effect at age 100, it willmature (end) and the Cash Value less any outstandingloan and loan interest will be paid to you.

State Variations

Any state variations in the Contract are covered in aspecial Contract form for use in that state. See yourContract for details.

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Flexible Premiums

This Contract is a flexible premium contract. Premiumsmay be paid at any time and in any amount, subject tosome restrictions. All premium payments must be inU.S. dollars drawn on a U.S. bank. Generally, we do notaccept cash, starter checks (checks without pre-printedregistration), traveler’s checks, credit card courtesychecks, most third-party checks or other types ofpayments defined as not acceptable in our standardprocedures. There are no scheduled premium due dates.However, we have the ability to assist you by schedulingplanned periodic premiums. Planned periodic premiumsare premiums you elect to pay on a regular basis. Wewill send you billing statements for an amount youselect. You may select quarterly, semi-annual or annualstatements. You may also elect to make pre-authorizedautomatic premiums using our electronic paymentprogram. In most cases, you may make changes infrequency and payment amounts at any time withadequate notice.

We recommend that you pay at least a Death BenefitGuarantee Premium to protect your Contract fromlapsing. Paying this minimum premium amountensures that your Contract will not lapse in the eventthe Surrender Value is not sufficient to pay the monthlydeductions. See Death Benefit Guarantee. In certaincircumstances, a premium payment may cause theContract to be characterized as a modified endowmentcontract. See Federal Tax Matters. You should discuss theamount and frequency of your premiums with yourfinancial professional.

Net Premiums & Premium Allocation

We deduct from each premium a 3% premium expensecharge for sales expenses. The remainder of thepremium is the “Net Premium.” The premium expensecharge may not be deducted in certain situations. NetPremiums are the amounts we direct to the variousSubaccounts and/or Fixed Account according to yourallocation instructions.

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We will allocate your Net Premium according to theallocation instructions on your application or mostrecent allocation instructions on file. Your allocationmust be in whole percentages and total 100%. If theallocation request is not completed, is not in wholepercentages, or does not total 100%, then the requestwill be treated as not in Good Order. We will process theallocation request when it is in Good Order. You maychange your allocation percentages for future paymentsat any time by giving us Notice.

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 whichwe 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.

Premium in Default and Grace Period

Unless a Death Benefit Guarantee is in effect, apremium is in default on a Monthly Deduction Date if amonthly deduction to be made on that date wouldresult in a Surrender Value less than zero. You will begiven 61 days from the date notice is mailed to you (inmost states) to pay the required premium in order toavoid lapse. In addition, whenever a Contract loanexceeds the Cash Value less any surrender charges, andthe Death Benefit Guarantee is not in effect, the graceperiod provision will apply. We will notify you of thepremium required to keep the Contract in force. Theamount indicated in the notice will be based on theValuation Date on which the notice is produced. Theamount needed to prevent the Contract from lapsingmay increase or decrease daily based on fluctuations inthe Subaccounts you selected.

You should discuss the amount with your financialprofessional. The Contract will continue in forcethrough the grace period.

If the Insured dies during the grace period, the DeathBenefit payable will be reduced by the amount of themonthly deductions due and unpaid and the amount ofany outstanding Contract loan.

Limits

We reserve the right to:

� limit any increase in planned periodic premiums;

� limit the amount of payments in addition toplanned periodic payments; and

� refuse any premium that adversely affects lifeinsurance qualification under the Internal RevenueCode.

The Internal Revenue Code excludes from gross income,life insurance death benefits and increases in Cash Valueprior to receipt by the Owner. To qualify for thisexclusion, federal tax law limits the premiums you maypay and requires that the Cash Value be limited to acertain percentage of the Death Benefit. We will returnthe portion of any premium payment that causes thelimit on premiums to be exceeded.

In the event of a reduction in the Specified Amount, orother changes to the Contract which cause thepremiums paid or the Cash Value to exceed theapplicable limit stated in the Internal Revenue Coderegarding the definition of life insurance, we will refundany excess premiums or cash necessary to comply withthe limit stated in the Internal Revenue Code.

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,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 in

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Good 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 ContractYear 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 day

of 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 Tax Matters.

Electronic Payment Program

Our electronic payment program allows you to makepremium payments (or loan repayments) to yourContract on a regularly scheduled basis by havingmoney automatically withdrawn from your checking orsavings account, or other applicable payment source,rather than being billed. Under this plan, we draw fromyour account on the date you select and we will allocatepremiums to the Subaccount(s) or Fixed Accountaccording to your instructions. However, if the purchasedate you have chosen falls on a weekend (or holiday) inany given month, we will treat your order as beingreceived by us on the next Valuation Date. To set up theelectronic payment program you may complete theapplicable section on the application or, after the timeof application, by giving us Notice.

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Cash Value

The Cash Value of your Contract is equal to the sum ofthe values in the Contract’s Subaccount(s) and FixedAccount. The Cash Value of your Contract, at any onetime, is determined by: multiplying the total number ofAccumulation Units for each Subaccount by itsappropriate current Accumulation Unit value; addingtogether the resulting values of each Subaccount; andadding any value in the Fixed Account.

While loans are not deducted from Cash Value, loans doreduce the amount you would receive upon surrender ofyour Contract, upon the death of the Insured and theamount available to pay charges. Loans do not share inthe investment performance of the Subaccounts andaccrue interest charges which may result in less interestcredited to your Contract than if the amounts wereallocated to the Fixed Account.

Over the life of your Contract, many factors determineits Cash Value. They include:

� premiums paid;

� the investment experience of the Subaccounts;

� interest credited to the Fixed Account;

� loans taken and loan repayments;

� partial withdrawals taken; and

� charges and deductions taken.

Because a Contract’s Cash Value is based on thevariables listed above, it cannot be predetermined. Thevalue in the Subaccounts will largely be determined bymarket conditions and investment experience of theunderlying Portfolios. The Owner will bear all such risk.

The Cash Value of the Contract changes daily. The valueof the Fixed Account is guaranteed as to principal andinterest at 4% subject to the Contract charges anddeductions. There is no guaranteed minimum cashvalue for any Subaccount.

Fixed Account Cash Value

The Fixed Account cash value reflects Net Premiumsallocated to the Fixed Account, transfers of Cash Valueto or from the Subaccounts, interest credited, and any

deductions. Each day the cash value in the FixedAccount will change based upon these factors. Reviewyour Contract for further detail.

Variable Account Cash ValueNumber of Accumulation Units

The number of Accumulation Units in any Subaccountmay increase or decrease at the end of each ValuationPeriod. This fluctuation depends on the transactionsthat occur in the Subaccount during the ValuationPeriod. When transactions occur, the actual dollaramounts of the transactions are converted toAccumulation Units. The number of AccumulationUnits is determined by dividing the dollar amount ofthe transaction by the Accumulation Unit Value of theSubaccount at the end of the Valuation Period duringwhich the transaction occurs.

The number of Accumulation Units in a Subaccountincreases when the following transactions occur duringthe Valuation Period:

� Net Premiums are allocated to the Subaccount; or

� cash value is transferred to the Subaccount fromanother subaccount or from the Fixed Account.

The number of Accumulation Units in a Subaccountdecreases when the following transactions occur duringthe Valuation Period:

� cash value is transferred from the Subaccount toanother Subaccount or to the Fixed Account,including loan transfers;

� partial withdrawals and partial withdrawal chargesare taken from the Subaccount;

� monthly deductions or transfer charges are takenfrom the Subaccount;

� any charge for a Death Benefit Option change isallocated to the Subaccount;

� any charge for a Contract change is allocated to theSubaccount; or

� surrender charges are allocated to the Subaccount.

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Accumulation Unit Value

For each Subaccount, the initial Accumulation UnitValue was set when the Subaccount was established. TheAccumulation Unit Value may increase or decrease fromone Valuation Period to the next. At the end of eachValuation Period, the Accumulation Unit Value for aSubaccount is equal to (a) multiplied by (b) where:

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

(b) Is the net investment factor for thatSubaccount for that period.

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) 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.

Surrender Value

The Surrender Value is the total amount you maywithdraw from the Contract. It is equal to the CashValue less any surrender charges and any outstandingloan principal and accrued interest. The Surrender Valuechanges daily, reflecting increases and decreases in thevalue of the Portfolios in which the assets of theSubaccounts are invested. It is possible for the SurrenderValue of your Contract to decline to zero because ofunfavorable investment performance or outstandingloans.

You will be advised as to the number of AccumulationUnits which are credited to the Contract, the currentAccumulation Unit Values, Subaccount cash value,Fixed Account cash value, the total Cash Value and theSurrender Value at least annually.

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The primary reason to buy a life insurance Contract isfor the Death Benefit it provides in the event of theInsured’s death. The Death Benefit is the amountpayable upon the death of the Insured. At the time ofpurchase, you chose between two Death BenefitOptions: the level Death Benefit Option or the variableDeath Benefit Option. We determine the amountpayable as of the date of the Insured’s death dependingon the Death Benefit Option chosen. Any loans, unpaidloan interest and partial withdrawals will reduce theamount of the Death Benefit.

Level Death Benefit Option

As the name suggests, the Death Benefit for this optionremains level, but in limited situations will vary. Underthis option, the Death Benefit is the greater of theSpecified Amount, or the death benefit factor multipliedby Cash Value. If you keep your Contract in force forseveral years and your Cash Value continues to increase,your Death Benefit may be increased by a death benefitfactor. This factor helps to ensure that your DeathBenefit is large enough to qualify as life insurance underfederal tax law. The death benefit factor depends uponyour age at your date of death. For ages 0 through 40,

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the factor is 2.5 and afterwards the factor will decreaseuntil reaching 1 at age 95. Your Contract includes atable of the death benefit factors.

If the Insured dies on a Valuation Date, the Cash Valueportion of the calculation will be determined as of thedate of death. If the Insured dies on a non-ValuationDate, the Subaccount Cash Value portion of thecalculation will be determined as of the next ValuationDate.

You should consider the Level Death Benefit Option if:

� you do not expect your insurance needs togenerally increase; or

� you would like to minimize your insurance costs.

In general, the level Death Benefit Option providesgreater potential for growth in Cash Value than thevariable Death Benefit Option. By choosing thelevel Death Benefit Option, any increases in Cash Valuereduce the actual amount of insurance at risk and loweryour cost of insurance.

Variable Death Benefit Option

The variable Death Benefit Option provides a DeathBenefit that varies over time. Under this option, theDeath Benefit will be the greater of the SpecifiedAmount plus Cash Value, or the death benefit factor(described above) multiplied by Cash Value. The DeathBenefit fluctuates correspondingly with your CashValue.

If the Insured dies on a Valuation Date, the Cash Valueportion of the calculation will be determined as of thedate of death. If the Insured dies on a non-ValuationDate, the Subaccount Cash Value portion of thecalculation will be determined as of the next ValuationDate.

You should consider the variable Death Benefit Optionif:

� you expect your insurance needs to increase, or

� you want to have the potential for an increasingDeath Benefit.

In general, the variable option provides the potential fora greater Death Benefit than the level option.

Changing Your Death Benefit Option

You may request to change your Death Benefit Optionat any time. If we approve the change: (i), we willincrease or decrease the Specified Amount so your DeathBenefit immediately after the change will be the same asimmediately before the change, and (ii) we willcompute the Contract charges and make the appropriatechanges.

If you change from the level Death Benefit Option tothe variable Death Benefit Option, we will reduce yourSpecified Amount by the amount of Cash Value youhave accumulated on the date the change takes place.We will not allow the change if it reduces your SpecifiedAmount below $10,000. If you change from the variableDeath Benefit Option to the level Death Benefit Option,your Specified Amount increases. The increase isdetermined so your Death Benefit immediately after thechange will be the same as immediately before thechange. We may require proof of insurability for anincrease in your Specified Amount.

Changing your Contract from a level to a variable DeathBenefit Option may result in the assessment of asurrender charge. The decrease in Specified Amount andany surrender charge will be subtracted from previousincreases in the Specified Amount, starting with themost recent, then from the original Specified Amount.The Specified Amount decreases so your Death Benefitimmediately after the change will be the same asimmediately before the change. Additionally, we reservethe right to charge a $25 change fee against your CashValue for each Death Benefit Option change.

There may be tax consequences when you change yourDeath Benefit Option. Please consult your tax advisorbefore making any such change.

Changing Your Specified Amount

You chose the Specified Amount when you applied forthe Contract. You may change the Specified Amount bygiving us Notice. We will not permit any change thatwould result in your Contract being disqualified as a lifeinsurance contract under Section 7702 of the Internal

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Revenue Code. Changing the Specified Amount mayhave tax consequences and you should consult a taxadvisor before doing so.

Increasing Your Specified Amount

Subject to our underwriting guidelines and policies, youhave the right to increase the Specified Amount at anytime on or before the Contract Anniversary followingthe Insured’s 80th birthday.

Requirements for increasing your Specified Amount are:

� Increases must be at least $10,000; and

� you must provide proof of insurability for theincrease interest, if and as required by ourstandards;

� you must provide proof of insurable interest, if youare not the Insured, if and as required by ourstandards.

When we approve an increase in your SpecifiedAmount, it is effective as of the date shown on yourContract amendment.

Increases in your Specified Amount will result inadditional charges to cover the increased amount at risk.We compute charges at the existing rates at the time ofincrease. Each increase will be subject to our issueexpense charge. We base the issue expense charge onthe Insured’s sex and age as of the last ContractAnniversary. This charge will apply for the number ofmonths shown on your amended Contract specificationpage. The cost of insurance rates for each increase willvary based on factors such as sex (in most states), riskclass, age and the time elapsed since issue.

A new set of surrender charges will also apply to eachincrease in the Specified Amount. We show these newcharges on the amended Contract specification page ofyour Contract. However, the surrender charges will onlybe assessed if your Specified Amount is later decreasedand the surrender charge is still in effect for that part ofthe Specified Amount the was decreased. See Chargesand Deductions for additional information regarding thischarge.

Sometimes an increase in the Specified Amount, alongwith other factors, may cause a Contract to be classifiedas a modified endowment contract and could havepotentially negative tax consequences. See Federal TaxMatters. Please consult your tax advisor before makingany such increases.

Decreasing Your Specified Amount

On or after your first Contract Anniversary, you havethe right to decrease your Specified Amount.Requirements for decreasing your Specified Amount are:

� the Specified Amount remaining in effect cannotbe less than $10,000; and

� premiums or Cash Value must be in compliancewith Internal Revenue Code’s limits.

The decrease will become effective as of the date wereceive the request at the Service Center. We willsubtract the decrease first from any previous increases inthe Specified Amount, starting with the most recent,then from the original Specified Amount.

We subtract a surrender charge from the Cash Value if asurrender charge is in effect for that part of the SpecifiedAmount decreased. We show you the surrender chargesapplicable to you on the Table of Surrender Charges inyour Contract.

A decrease in your Specified Amount may cause yourContract to be classified as a modified endowmentcontract and could have other tax consequences. Pleaseconsult your tax advisor before decreasing yourSpecified Amount. See Federal Tax Matters.

Death Claims

In the event of the death of the Insured, we mustreceive Notice of death at our Service Center. Noticeshould include the Insured’s name and Contractnumber. A financial professional may assist in makingsuch a claim.

As long as the Contract remains in force and the DeathBenefit is payable, we will pay the Death Benefit to theBeneficiary upon receipt at our Service Center of allforms, requirements and due proof of the Insured’sdeath.

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Payment of Benefits

In addition to traditional lump sum payments, otherpayment options are available. All or part of the lifeinsurance proceeds from death, maturity or surrendermay be placed in one of several settlement options.Proceeds distributed according to a settlement option donot vary with the investment performance of theVariable Account. Contract Owners may select orchange a settlement option prior to, or after, theInsured’s death. If you are the Contract Owner and theInsured, your Beneficiary may choose a settlementoption at the time of making a claim for Death Benefits.The minimum amount that we will apply to asettlement option is $1,000. Once the Beneficiarychooses a settlement option, we will issue an agreementfor that settlement option. In the settlement optionagreement, we will reflect guaranteed payments, if any.

Settlement Options

Option 1: Interest

Under this settlement option, the proceeds are left withThrivent to accumulate interest. We will pay a rate ofinterest of at least 3% annually on the proceeds thatremain with us. The payee may withdraw all or part ofthe proceeds at any time.

Option 2: A Selected Amount of Income

With this settlement option the payee elects to receive afixed amount at regular intervals until the proceedswith interest have all been paid. The payment periodmay not exceed 30 years. Interest accumulates on theamount that remains with us until the proceeds are allpaid out. For example, if your Beneficiary elected toreceive $10,000, paid annually, we would pay $10,000annually until we pay out all of the remaining proceeds.The final payment may be smaller than prior payments.

We will pay a rate of interest of at least 3% annually.The amount of interest may be greater than theguaranteed amount. Unless the income election wasirrevocable, the payee may withdraw the CommutedValue of all remaining payments at any time. If theCommuted Value is withdrawn, we will make no furtherpayments.

Option 3: A Specified Period

This option provides payments at regular intervals. Thepayee may elect a specified number of months or years,but may not select a period exceeding the greater of 30years.

We will pay a rate of interest of at least 3% annually onthe proceeds that remain with us. The amount ofinterest we pay may be greater than the guaranteedamount. Unless the income election was irrevocable, thepayee may withdraw the Commuted Value of anyremaining payments at any time. If the CommutedValue is withdrawn, we will make no further payments.

Option 4: Life Payment

This settlement option is a form of annuity paymentthat continues until the annuitant’s death. The payee isthe person receiving the income. We make payments tothe payee at regular intervals during the annuitant’s life.Upon electing this option, the payee also selects aguaranteed period of not more than 360 months orselects no guaranteed period at all. If the annuitant diesduring the guaranteed payment period, payments willcontinue to a Beneficiary named for the settlementoption until the guaranteed payment period expires.The longer the guaranteed payment period, the lowerthe amount of regular payment. In other words, thepayment amount the payee receives would be higher ifthe payee chose no guaranteed payment period.However, the risk the payee takes is that he or she maydie shortly after we issue the settlement agreement. Theagreement would then terminate and all paymentswould cease.

The amount of the payments depends on the age and,where permitted, sex of the annuitant at the time thesettlement agreement is established. We showrepresentative guaranteed payments in the settlementoption section of the Contract. These rates are based ona guaranteed effective annual interest rate of 3.5% usingthe “1983 Table a” annuitant mortality table.

Option 5: Joint & Survivor

This settlement option is another form of annuitypayment or life income available when both annuitantsare alive when the settlement option is chosen. We willpay an income as long as at least one of the two

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annuitants is alive. The amount of payments isdetermined based on the lives of both of the annuitants.A guaranteed payment period of 10 or 20 years may beselected or no guaranteed payment period at all may beselected. Under certain circumstances, the guaranteedperiod may be extended. However, the period cannotexceed 30 years from the time this option is selected.

Upon the death of one of the persons named to receivepayments, we will continue to make payments of thesame amount to the survivor for the remainder of theguaranteed payment period. At the end of this period, ifthe survivor is still living, the payments may be reducedif a reduction factor was chosen at issue. We pay thereduced amount until the survivor annuitant’s death. Ifthe survivor also dies during the guaranteed paymentperiod, the remaining guaranteed payments continue toa designated Beneficiary. The Beneficiary has an optionto take a lump sum payment. If no guarantee paymentperiod was selected, all payments will cease and theagreement terminates.

The amount of the payments depends on the age and,where permitted, sex of the annuitants at the time weissue the settlement agreement. In addition, anyselection of a guaranteed payment period or anyreduction factor will influence the payments. We showrepresentative guaranteed payments in the settlementoption section of the Contract. These rates are based ona guaranteed effective annual interest rate of 3.5% usingthe “1983 Table a” annuitant mortality table.

We may also offer other settlement options at ourdiscretion.

Death Benefit Guarantee

The Death Benefit Guarantee ensures that your coveragewill continue even if the Cash Value is insufficient topay the current monthly deductions. However, theguarantee is contingent upon timely payment of aminimum premium amount known as the DeathBenefit Guarantee Premium.

The Death Benefit Guarantee Premium is the minimummonthly premium required to keep your Death BenefitGuarantee in effect. We show your particular DeathBenefit Guarantee Premium in your Contract. YourDeath Benefit Guarantee Premium is equal to:

� a factor based on age, sex, and risk class, multipliedby your Specified Amount, then the resultingamount is divided by 1,000;

� plus the monthly administrative charge of $4;

� plus the required premiums for each additionalbenefit you choose.

Each month, we will determine if your Death BenefitGuarantee remains in effect. The Death BenefitGuarantee will remain in effect if:

� the sum of all premiums paid (less any partialwithdrawals) is greater than or equal to the DeathBenefit Guarantee Premium multiplied by thenumber of months since the Contract Issue Date,plus any outstanding loan balance; and

� the Insured’s age is less than 65 or the Contract hasbeen in effect no more than 10 years.

If the first part of the test is not met, we will notify youwithin 30 days after the day which it has beendetermined that an insufficiency has occurred. We willgenerally allow you two months to pay sufficientpremiums or loan repayments to satisfy the DeathBenefit Guarantee Premium. If you do not pay therequired premium, the Death Benefit Guarantee willexpire and we cannot reinstate it. However, this doesnot necessarily terminate your Contract. See ContractLapse and Reinstatement.

If you change your Specified Amount or riders, we willcorrespondingly change the Death Benefit GuaranteePremium. Any new Death Benefit Guarantee Premium isrequired from the first Monthly Deduction Datefollowing the change.

Please note that the Death Benefit Guarantee willterminate automatically at age 65 or 10 years after theIssue Date, whichever is later. After automatictermination, the insurance coverage provided by theContract will be funded by your Cash Value. TheContract will remain in force until your Cash Value is

DEATH BENEFITS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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not large enough to pay monthly deductions or yourContract reaches its maturity date. See Contract Lapseand Reinstatement.

In some states, the Death Benefit Guarantee is notavailable for certain risk classes.

DEATH BENEFITS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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PARTIAL WITHDRAWALS AND SURRENDERS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

You may surrender your Contract and receive yourSurrender Value or make a partial withdrawal by givingus Notice at our Service Center. The surrender or partialwithdrawal will not be processed until we receive yourrequest in Good Order. You may obtain information asto a surrender or partial withdrawal by contacting yourfinancial professional or calling our Service Centerat (800) 847-4836. We do not accept telephone requestsfor surrenders.

Verification of Identity

We require a Medallion Signature Guarantee for anysurrender, partial withdrawal 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.

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. SeeFederal Tax Matters.

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

Partial Withdrawals

Partial withdrawals offer you a way to access your CashValue. You may withdraw part of your Surrender Valueby giving us Notice. The amount of a partial withdrawalmay not exceed the Surrender Value on the date of therequest. We do not require a minimum amount to bewithdrawn. Withdrawals are implemented by either theredemption of Accumulation Units and/or reduction inthe Fixed Account balance. The partial withdrawal willbe taken from the Subaccounts and Fixed Accountaccording to: the ratio that the Contract’s cash value inthe Subaccount or Fixed Account bears to the total CashValue of the Contract at the time of the partialwithdrawal; or any other administrative option youchoose that is available at the time of the partialwithdrawal. A $25 charge will be deducted from theCash Value for each partial withdrawal after the first onein any Contract Year. An amount withdrawn may not berepaid.

A partial withdrawal may have tax consequences. It isimportant to note that if the Specified Amount isdecreased (including as a result of partial surrender),there is a possibility that the Contract might beclassified as a modified endowment contract. See FederalTax Matters.

For a Contract with the Level Death BenefitOption:

A partial withdrawal will reduce your Cash Value,Specified Amount, Death Benefit and the amount ofpremiums considered paid to meet the Death BenefitGuarantee Premium requirement. If the Death Benefit isequal to the Specified Amount at the time of the partialwithdrawal, the amount of the reduction in the DeathBenefit will be equal to the amount of the partialwithdrawal. If the Death Benefit is greater than thespecified amount, (a) the Specified Amount will bereduced by the amount (if any) by which the partialwithdrawal amount exceeds the difference between theDeath Benefit and the Specified Amount, and (b) the

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new Death Benefit will be based on the Death Benefitfactor, cash value, and Specified Amount after thereduction.

The Specified Amount remaining in effect after a partialwithdrawal may not be less than $10,000. We will notgrant any request for a partial withdrawal that wouldreduce the Specified Amount below this amount.

For a Contract with the Variable Death BenefitOption:

A partial withdrawal will reduce the Cash Value, DeathBenefit and the amount of premiums paid. Since thepremiums paid are reduced, partial withdrawals alsoaffect the amount of premiums considered paid to meetthe Death Benefit Guarantee Premium requirement. Apartial withdrawal will not reduce the SpecifiedAmount. A partial withdrawal may have taxconsequences. See Federal Tax Matters.

Surrender

You may surrender this Contract for its Surrender Valueby giving Notice to our Service Center. If you surrenderyour Contract, you will receive the Cash Value less anysurrender charge and outstanding loan balance.Alternatively, at any time while the Insured is living(and before Attained Age 100) you may surrender thisContract and apply the Surrender Value as a singlepremium to purchase paid-up life insurance on theInsured.

A full surrender of your Contract may have taxconsequences. See Federal Tax Matters.

Postponement of Payments

We typically process any surrender, partial withdrawal,Death Benefit, loan, transfer or settlement optionwithin 7 days after receipt of all applicable written andtelephone requests and/or proof of death of the Insured.We may postpone payment of any amount due from theVariable Account for a surrender, partial withdrawal,transfer, loan or on the death of the Insured whenever:

� the New York Stock Exchange is closed or trading isotherwise restricted;

� the SEC has determined that an emergency exists;

� the SEC requires that trading be restricted; or

� the SEC, by order, permits such postponement forthe protection of Contract Owners.

We also may postpone any transfer from the FixedAccount or payment of any portion of the amountpayable upon surrender, partial withdrawal or loan fromthe Fixed Account for not more than 6 months from theday we receive Notice and, if required, your Contract.

If we postpone payment for 10 days or more, theamount of the postponed payment will earn interestduring that period of not less than 4% per year, or suchhigher rate as required by law.

If mandated under applicable law, we may be requiredto reject a premium payment and/or otherwise blockaccess to a Contract Owner’s account, and therebyrefuse to pay any request for transfers, partialwithdrawals, surrenders or Death Benefits. Oncerestricted, money is held in that account untilinstructions are received from the appropriate authority.

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TRANSFERS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

While the Insured is alive and the Contract is in force,you may transfer the Cash Value among theSubaccounts and Fixed Account by submitting a properNotice to our Service Center.

You may make twelve transfers per Contract Year fromSubaccounts without charge. There will be a $25 chargefor each transfer in excess of twelve.

Only one transfer may be made from the Fixed Accountin each Contract Year. The transfer may not exceed thegreater of $500 or 25% of the cash value in the FixedAccount at the time of transfer. This transfer is notsubject to any charge.

Any transfer among the Subaccounts or to the FixedAccount will result in the crediting and cancellation ofAccumulation Units based on the Accumulation Unitvalues. Calculations are made as of the end of theValuation Period during which a proper transfer requestis received. The transfer amount must be at least $500. Ifit is for the entire cash value from an account, thetransfer amount may be less. Of the total transfer beingmade, the amount transferred to any Subaccount or tothe Fixed Account must be at least $50.

Frequent Trading Policies

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

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

As described in 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.

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.

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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 identifyinginformation. 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.

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 Accumulation Unit Value asof the close of regular trading on the NYSE on thatValuation Date. We will process requests received afterthat time using the Accumulation Unit Value as of theclose of regular trading on the NYSE of the followingValuation Date. An online transaction payment will beapplied on the effective date you select. This date can bethe same day you perform the transaction as long as therequest is received prior to 4:00 p.m. Eastern Time. Theeffective date cannot be a date prior to the date of theonline transaction.

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

LOANS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

While the Insured is living and your Contract is inforce, you may, by giving Notice, use your Cash Value assecurity to borrow up to 92% (in most states) of yourSurrender Value. Interest will accrue on a daily basis at amaximum annual rate of 8% on the loan balance untilyou reach your 15th Contract Anniversary. Thereafterthe rate will drop to a maximum 7.25% per year. (Pleasenote that these rates are the maximum rates; currentrates may be less.) When a loan is made, cash value inthe Fixed Account will be used as security for the loan.To ensure that the Fixed Account has enough cash valueto secure the loan, cash value will be transferred fromthe Subaccounts or Fixed Account according to the ratio

that the cash value in the Subaccounts or Fixed Accountbears to the total cash value; or according to any otheradministrative option you choose and available at thetime of the loan. The amount transferred will continueto be treated as part of the Contract’s Cash Value.

Each month, if the total loan (principal plus accruedinterest) exceeds the total Fixed Account cash value, thedifference will be transferred from the Subaccounts tothe Fixed Account as security for the loan. If the transferdate does not fall on a Valuation Date, we use valuesfrom the preceding Valuation Date.

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A lower interest rate may be credited to the portion ofthe Fixed Account cash value that equals the amount ofthe total outstanding loan. We determine the ratecredited. The rate credited will never be less than 4%annually. Therefore, the net cost of the loan will be amaximum of 4% on loans before the Contract’s 15thAnniversary and 3.25% thereafter. (Separately, interest ischarged on any loan at an annual rate of 8%, droppingto 7.25 % after 15th anniversary.)

While your Contract is in force, you may repay, at anytime, all or part of your loan. You must indicate when aloan repayment is being made. All loan payments mustbe in U.S. dollars drawn on a U.S. bank. Generally, wedo not accept cash, starter checks (checks withoutpre-printed registration), traveler’s checks, credit cardcourtesy checks, or third-party checks. Upon yourrequest, we will set up a loan repayment schedule foryou. When you repay all or part of a loan, we willincrease the portion of the Cash Value in the

Subaccounts by the amount of the repayment that isallocated to the Subaccounts and transplanted from theFixed Account. Repayments will be allocated accordingto your premium investment allocation. Total CashValue does not increase as a result of a loan repayment.The longer the loan is outstanding, the greater thenegative impact it will have on Cash Value growth.

A loan will reduce your Surrender Value as well as yourDeath Benefit. Depending upon investmentperformance of the Subaccounts and the amountsborrowed, loans may cause your Contract to lapse. Ifyour Contract lapses with an outstanding loan, adversetax consequences may result. You should carefullyconsider the impact on your Contract’s Death Benefit,before exercising these privileges.

A loan may have tax consequences. See Federal TaxMatters.

CONTRACT LAPSE AND REINSTATEMENT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Lapse

Your Contract will lapse (that is, terminate withoutvalue) if:

� your monthly charges are greater than yourSurrender Value;

� your Death Benefit Guarantee is not in effect; and

� payment sufficient to cover the next two monthlydeductions is not received within 61 days (in moststates) of notification of the Cash Value deficiency.

If the Contract lapses, a tax may result.

If this Cash Value deficiency occurs, the only rightremaining is the right to reinstate your Contract withincertain limitations. The requirements for reinstatementand associated limitations are described below and inmore detail in your Contract.

Reinstatement

You may reinstate the Contract any time within threeyears after it has lapsed. However, reinstatement cannotoccur if the Contract was surrendered. To reinstate yourContract you must submit proper evidence ofinsurability and pay a premium equal to:

� the reinstated loan amount; plus

� any surrender charge at the time of reinstatement;plus

� the first two monthly deduction amounts afterreinstatement; less

� the Cash Value at termination; less

� any surrender charge credited back atreinstatement; plus

� the new surrender charge taken for any reductionin the Specified Amount you request atreinstatement plus 3% on the sum of the above tocover the sales charge.

LOANS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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The premium paid upon reinstatement will be used firstto pay any unpaid monthly deductions that occurredduring the grace period. Your Contract will then bereinstated as of the date we approve your application forreinstatement. Reinstatement within 90 days of lapseand within the same calendar year as the lapse is mostbeneficial for minimizing related taxes.

A Contract that is reinstated more than 90 days afterlapse has a higher likelihood of becoming a MEC (SeeFederal Tax Matters).

If you reinstate your Contract, we will not contest thevalidity of the reinstated Contract after it has been ineffect for two years from the date of reinstatement.Subsequently, any contest will be limited to statementsmade in the application for reinstatement.

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

Charges are necessary to pay Death Benefits and tocover the expenses generated by issuing, distributingand administering the Contract. We expect to profitfrom one or more of the charges under the Contract. Wecan use these profits from any of these charges for anycorporate purpose including our fraternal activities.

Transaction Fees

Charges Deducted from Premiums (Percent ofPremium Charge)

We charge a premium expense charge of 3% onpremiums. The resulting amount available after thecharge is the Net Premium. We use this charge to coverthe costs of sales and other expenses. We credit the NetPremium to the Subaccounts and Fixed Accountaccording to your allocation instructions.

Surrender Charge

If you choose to surrender your Contract or reduce yourSpecified Amount, we will reduce your cash value by theapplicable surrender charge. Surrender chargescompensate us for expenses associated withunderwriting, issuing and distributing the Contract. Wededuct the surrender charge proportionately from eachof your Subaccounts and the Fixed Account. For the firstthree years of the Contract, surrender charges remainlevel then grade to zero by the end of the 10th ContractYear. Surrender charges are based upon your Issue Age,sex (in most states), risk class and duration of theContract. New surrender charges begin with eachSpecified Amount increase.

The initial surrender charge is assessed on a perthousand basis. The amount per thousand of SpecifiedAmount varies by sex (in most states), risk class andIssue Age. This declining charge terminates at the end ofthe 10th Contract Year. Beginning in the 11th year afterthe Issue Date (assuming no increases in SpecifiedAmount), the surrender charge will be zero. We list yoursurrender charges in your Contract.

If you increase your Contract’s Specified Amount, a newsurrender charge schedule is applicable to that amount,in addition to the existing surrender charge. It is basedon an amount per thousand of the Specified Amountincrease. We list your actual surrender charges for theincreased Specified Amount separately on anamendment to your Contract. We will mail theamendment to you after we process the request forincrease in Specified Amount. During the first threeyears, the surrender charge for the Specified Amountincrease is level, thereafter it declines annually by 1/8thof the initial charge.

CONTRACT LAPSE AND REINSTATEMENT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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The following is an example of surrender charges for a40-year-old male, $150,000 Specified Amount and astandard nonsmoker risk class:

Contract Year

Surrendercharge per

Thousand Dollars

1 $12.662 12.663 12.664 11.075 9.496 7.917 6.338 4.759 3.16

10 1.5811 0.00

If you decrease the Specified Amount while thesurrender charge applies, we assess a surrender charge.We assess the charge proportionately to the amount ofthe decrease, based on the surrender charges for theSpecified Amount from which the decrease issubtracted. We subtract the amount of decrease firstfrom any previous increase in the Specified Amount,starting with the most recent, and then from theoriginal Specified Amount.

Withdrawal Charge

We charge up to $25 for each partial withdrawal afterthe first partial withdrawal each Contract Year. Thischarge is in addition to the amount withdrawn.

Transfer Charge

You may make up to twelve transfers per Contract Yearfrom Subaccounts without charge. We charge $25 foreach transfer in excess of twelve. This charge is added tothe amount transferred. Transfers resulting from loans,the exchange privilege, change in Subaccountinvestment policy, or the initial reallocation ofpremiums from the Thrivent Money Market Subaccountdo not count as transfers for the purpose of assessingthis charge.

Contract Change Fee

We reserve the right to charge $25 from Cash Value foreach change you make to your Contract. Such Contractchanges include but are not limited to, a change inSpecified Amount, risk class, Death Benefit Options, andriders.

Monthly Deductions from Cash Value

We deduct certain charges from Cash Value on amonthly basis. We refer to these charges as monthlydeductions. Monthly deductions are deducted fromeach Subaccount or Fixed Account on a basisproportional to the Cash Value in the Contract. For theFixed Account, we reduce the Cash Value by theproportion that the Cash Value in the Fixed Accountbears to the Cash Value of the entire Contract. ForSubaccounts, we redeem sufficient Accumulation Unitsfrom each Subaccount in the proportion that cash valueeach Subaccount bears to the Cash Value of the entireContract. We deduct charges on the same date eachmonth, beginning with the Issue Date, provided thatday of the month is a Valuation Date. If that day of themonth does not fall on a Valuation Date, we use thepreceding Valuation Date. Because portions of the manydeductions (e.g., the cost of insurance) can vary frommonth to month, the aggregate monthly deductionsalso will vary.

The monthly deductions consist of:

� the cost of insurance charge;

� the monthly mortality and expense risk charge;

� the monthly administrative charge;

� the monthly issue expense charge; and

� any applicable charges for supplemental insurancebenefits and riders available under the Contract.

Cost of Insurance

We assess a monthly cost of insurance charge tocompensate us for underwriting the Death Benefit. Thecharge depends on a number of variables (includingIssue Age, sex unless the Contract is issued in a unisexclass as indicated in your Contract, risk class, ratingclass, duration, and Specified Amount) that would causeit to vary from Contract to Contract.


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The primary factors in the determination of the cost ofinsurance are the cost of insurance rate (or rates) andthe net amount at risk. The cost of insurance charge forthe initial Specified Amount equals: the cost ofinsurance rate for the Insured’s age shown in yourContract, multiplied by the net amount at risk for theinitial Specified Amount of your Contract divided by1,000. Factors that affect the amount at risk, includinginvestment performance, payment of premiums,charges, withdrawals and loans. We deduct the cost ofinsurance charge on each date we assess monthlydeductions, starting with your Contract Issue Date.

We use a standard method of underwriting indetermining the cost of insurance. The factors that gointo standard underwriting are:

� the amount of insurance applied for,

� the proposed Insured’s age,

� outcome of medical testing,

� reports from physicians (attending physicians’statements); and

� other information such as financial informationmay be required.

Based on the above information, standard coverage maybe offered, or if it is determined that risks for a proposedInsured are higher than would be the case for a healthyindividual, the proposed Insured may receive a ratingwhich increases premiums, or in some cases, theproposed Insured may be declined.

Cost of Insurance Rates

Cost of insurance rates are determined for the initialSpecified Amount and each increase in SpecifiedAmount. Actual cost of insurance rates may change, andwe will determine the actual monthly cost of insurancerates based on our expectations as to future mortalityexperience.

Actual cost of insurance rates will never be greater thanthe guaranteed maximum cost of insurance rates set forin the Contract. These guaranteed rates are not greaterthan the 1980 Commissioners Standard OrdinaryMortality Table B. We currently use cost of insurance

rates that are lower than the annual guaranteed cost ofinsurance rates, and we reserve the right to raise thosecurrent rates.

The cost of insurance rates generally increase as theInsured’s Attained Age increases. The risk class of anInsured also will affect the cost of insurance rate.Insureds in the standard underwriting class will have alower cost of insurance rate than those in risk classesinvolving higher mortality risk. The standard risk classis divided into categories: smoker and non-smoker.Non-smoker Insureds will generally have a lower cost ofinsurance rate than similarly situated Insureds whosmoke.

We use a standard method of underwriting indetermining the cost of insurance. We use the sameguidelines in determining premiums for the cost ofinsurance for the Contract as we would for any otherlife insurance contract we offer.

Mortality and Expense Risk Fees

For Contracts in force for less than 15 years, we willassess a monthly mortality and expense risk chargeguaranteed never to exceed 0.075% of the totalSubaccount cash value (approximately 0.9% annually).The charge is applied to the total Cash Value in theSubaccounts on each Monthly Deduction Date. ForContracts in force for at least 15 years, we will assess amonthly mortality and expense rate guaranteed to be atleast 0.04166% percent (approximately 0.5% annually)less than the effective rate for Contracts that have notreached their 15th Contract Anniversary. Therefore, forContracts in force for at least 15 years, the maximumannual charge will never exceed 0.4%.

The mortality risk assumed is that insureds, as a group,may live for a shorter period of time than we estimateand, therefore, the cost of insurance charges specified inthe Contract would be insufficient to meet actualclaims. The expense risk is that expenses incurred inissuing and administering the Contracts and operatingthe Variable Account may be greater than the chargeswe assess for such expenses. We may use any profit topay distribution, sales and other expenses.


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Administrative Charge

We deduct a charge of $4 to cover administrative costs.This charge covers such expenses as premium billingand collection, Cash Value calculation, transactionconfirmations and periodic reports.

Issue Expense Charge

We deduct a charge to cover costs of issuing a Contract.We deduct this charge for the first 36 months after theIssue Date and at the time of each Specified Amountincrease. This charge varies by age, risk class, SpecifiedAmount and, in most states, sex.

Rider or Additional Benefit Charge

If your Contract includes riders or additional benefits,we will deduct an additional benefit charge from theCash Value for those benefits. Benefits includeguaranteed purchase option, disability waiver, applicantwaiver and accidental death.

Portfolio Company Charges

The value of the net assets of each Subaccount reflectsthe investment advisory fee and other expensesincurred by the underlying Portfolios in which theSubaccount invests. For more information on these feesand expenses, refer to the Fund’s summary prospectusesand Fee Tables above.

Variation or Reduction of Charges

We may vary the charges and other terms of theContracts if special circumstances result in reduced salesexpenses, administrative expenses, or various risks.These variations will not be unfairly discriminatory tothe interests of other Contract Owners. Variations mayoccur in Contracts sold to members of a class ofassociated individuals, an employer or other entitiesrepresenting an associated class.

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 and


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gift 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 Cash Value of a Contract forany federal, state, or local income taxes that areincurred 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, whichplaces limitations on the amount of premiums that maybe paid and the Cash Values that can accumulaterelative to the Death Benefit. As a result, the DeathBenefit payable under the Contract will generally beexcludable 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 theassets of a segregated asset account. For example, theOwner of this Contract has the choice of moreinvestment options to which to allocate premiumpayments and the Cash Value than were addressed insuch rulings. These differences could result in theContract Owner being treated as the owner of all or aportion of the assets of the Variable Account and thussubject to current taxation on the income and gainsfrom those assets. In addition, we do not know whatstandards will be set forth in any further regulations orrulings which the Treasury Department or the IRS mayissue. We, therefore, reserve the right to modify theContract as necessary to attempt to prevent ContractOwners from being considered the owners of the assetsof the Variable Account. However, there is no assurancethat such efforts would be successful.


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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 Benefit 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 Benefit being taxable.

If the Death Benefit is not received in a lump sum andis, instead, applied under certain settlement options(other than settlement option 1), generally paymentswill be prorated between amounts attributable to theDeath Benefit, which will be excludable from theBeneficiary’s income, and amounts attributable tointerest (accruing after the Insured’s death), which willbe includible in the Beneficiary’s income. If the DeathBenefit is applied under settlement option 1 (InterestIncome), the interest credited will be currentlyincludible in the Beneficiary’s income.

The Death Benefit may be subject to state and/or federalestate and/or inheritance tax. The entire amount ofDeath Benefit 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 thanthree 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’s Cash Valueis generally not taxable to the Contract Owner unlessamounts are received (or are deemed to be received)from the Contract prior to the Insured’s death. Amountsreceived (or deemed to be received) from the Contractare treated as ordinary income for tax purposes. If thereis a full surrender of the Contract, an amount equal tothe excess of the amount received over the “investmentin the contract” will generally be includible in theContract Owner’s income. The “investment in the

contract” generally is the aggregate premiums and otherconsideration paid for the Contract, less the aggregateamount received under the Contract previously to theextent such amounts received were excludable fromgross income.

Similarly, if the Insured is living on the maturity date,the amount payable on that date (Cash Value reducedby contract debt and unpaid monthly deductions) willbe includible in the Contract Owner’s income if itexceeds the “investment in 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 Withdrawals fromContracts that Are Not MECs—In General

If the Contract is not a MEC (described below), theamount of any partial withdrawal from the Contractgenerally will be treated first as a non-taxable recoveryof premium and then as income received from theContract. Thus, a partial withdrawal from a Contractthat is not a MEC generally will not be includible inincome except to the extent it exceeds the investmentin the contract immediately before the partialwithdrawal.

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 Cash Values that can accumulate relativeto the Death Benefit. Where cash distributions arerequired under Section 7702 of the Code in connectionwith a reduction in benefits during the first 15 yearsafter the Contract is issued (or if cash distributions aremade in anticipation of a reduction in benefits, withinthe meaning of the tax law, during this period), some orall of such amounts may be includible in incomenotwithstanding the general rule described in the


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preceding paragraph. A reduction in benefits may resultupon a decrease in the Face Amount, upon a changefrom one Death Benefit Option to the other, if a partialwithdrawal 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 “keyperson” 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 net

level 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 Withdrawals, Loans,Assignments, and Pledges Where a Contract is aMEC

If the Contract is a MEC, partial withdrawals from theContract will be treated first as withdrawals of incomeand then as a recovery of the investment in theContract. Thus, partial withdrawals will be includible inincome to the extent the Cash Value exceeds theinvestment in the Contract. The amount of anyoutstanding loans, including any accrued 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 any portion ofthe Cash Value (or agrees to assign or pledge anyportion), such portion will be treated as a withdrawalfor tax purposes. The Contract Owner’s investment inthe Contract is increased by the amount includible inincome with respect to any assignment, pledge, or loan,though it is not affected by any other aspect of theassignment, pledge, or loan (including its release orrepayment). Before assigning, pledging, or requesting aloan under a Contract treated as a MEC, a ContractOwner should consult a tax advisor.


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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 ofa 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.

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. Ifyour 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.


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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.

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 maturity benefit proceeds on the maturitydate (if applicable) may have tax consequences. This listand the discussion herein are not exhaustive. Othertransactions with respect to a Contract may also havefederal income or other tax consequences. Federalestate, and state and local estate, inheritance and othertax consequences of ownership or receipt of Contractproceeds depend on the circumstances of each ContractOwner or Beneficiary.

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 portion

of 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 partialwithdrawals made under a Contract unless the ContractOwner notifies us in writing, and such Notice is receivedat the Service Center at or before the time of the full orpartial withdrawal, that he or she elects not to have anyamounts withheld. This election out of withholding isnot permitted 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 should


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consult 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 amended

by the Foreign Account Tax Compliance Act (“FATCA”),the distribution could be subject to U.S. federalwithholding 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 arecomplex, and a tax advisor should be consulted if an FFIor NFFE is or may be designated as a payee with respectto the Contract.

SUPPLEMENTAL BENEFITS AND RIDERS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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. We generally deductany monthly costs for these riders from Cash Value aspart of the monthly deduction. (See Fee Table for moreinformation regarding rider expenses.) Your ThriventFinancial professional can help you determine whethercertain riders are appropriate for you. We describe anyriders included with your Contract more fully in yourContract. Accordingly, the following summaries do notinclude all the terms, limitations and conditions.

Accelerated Death Benefit for Terminal IllnessRider

You may add this rider at any time without cost. Thisrider allows you to receive the present value of theDeath Benefit tax free if eligibility requirements are met.Eligibility requirements include doctor certification thatthe insured is terminally ill. State variations apply.

Accidental Death Benefit

This rider generally provides an additional cash benefitwhen the Insured dies from accidental bodily injury.You may choose the amount of coverage up to the sameamount as the Specified Amount of your Contract. AnyAccidental Death Benefit payable would be in additionto your basic Death Benefit. The premium for this rideris a per-thousand rate multiplied by the accidentaldeath amount.

Disability Waiver

Generally, this rider provides that, in the event of yourdisability, we will pay your cost of insurance andexpense deductions until the earlier of your age 100 oryour recovery from disability. The premium for thisrider is a per-thousand rate based on age multiplied bythe net amount at risk for the current month.

Applicant Waiver

This rider enables the applicant on a juvenile Contractto have deductions waived if the applicant becomesdisabled (as described above). The premium for thisrider is a per-thousand rate based on age multiplied bythe net amount at risk for the current month. Thepremium applies until the rider terminates. The riderwill terminate on the earlier of the following:

1. On midnight of the day before the anniversaryof the Issue Date of the rider on or after theInsured’s 21st birthday; or

2. When control of the Contract is transferred.

Guaranteed Purchase Option

You may want this rider if, you think in the future, youmay want to increase the amount of coverage.Purchasing this option allows you to increase theamount of coverage without having to show evidence ofinsurability. The premium is a per-thousand ratemultiplied by the size of the guaranteed purchaseamount.


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

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

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

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

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

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

From time to time and in accordance with applicablelaws and regulations, financial 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 theCash Value, if eligible. If you elect a settlement option,we pay commissions to the financial professionalranging from 0.25% to 0.99% of the premium appliedto the settlement option, if eligible.

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

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

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

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

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

The maximum commission we pay to Selling Firms is100% of first year commissionable premiums, plus up to.10% of a Contract’s Cash Value annually and up 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••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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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.

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

Accumulation Unit: A unit of measure used tocalculate the cash value in each Subaccount of theVariable Account.

Accumulation Unit Value: On any Valuation Date,the value of the Accumulation Unit of each Subaccountof the Variable Account.

Attained Age: The Insured’s age on the ContractAnniversary on or immediately prior to that day.

Beneficiary: The person(s) named by the Contractowner to receive the Death Benefit under the Contract.A Beneficiary need not be a natural person.

Cash Value: The total value of the Contract, which isequal to the sum of the Subaccount cash values plusFixed Account cash value.

Commuted Value: The present value of anyremaining future payments for the rest of theguaranteed payment period.

Contract: The flexible premium variable life insuranceContract offered by us (Thrivent) and described in thisprospectus. The Contract consists of the certificate ofmembership and insurance, including any attachedriders, endorsements or amendments, the applicationand our Articles of Incorporation and Bylaws.

Contract Anniversary: The same day and month ineach succeeding year as the Issue Date.

Contract Year: The 12-month period following theIssue Date or a Contract Anniversary. The Contract Yearis always based upon the time elapsed since the IssueDate.

Death Benefit: The amount paid upon the death ofthe Insured.

Death Benefit Guarantee: A Contract provision thatguarantees that insurance coverage will not lapse if yourCash Value is not adequate to cover the currentmonthly deductions necessary. You must pay enoughpremium in the event your Cash Value is not adequate.

Death Benefit Guarantee Premium: The minimummonthly premium required to keep your particularContract’s Death Benefit Guarantee in effect. Differentcombinations of age, sex, risk class, Specified Amountand additional benefits will result in different DeathBenefit Guarantee Premiums.

Death Benefit Option: Either of the two methodsused to determine the Death Benefit.

Fixed Account: A cash value accumulation optionthat credits an interest rate. The Fixed Account is part ofour General Account. The Fixed Account is not aSubaccount.

Fund: Thrivent Series Fund, Inc., the mutual funddescribed in the summary prospectuses accompanyingthis prospectus, consisting of several Portfolios thatunderlie Subaccounts of the Variable Account.

General Account: The General Account includes allassets we own that are not in the Variable Account orany other separate account.

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

Insured: The person on whose life the Contract isissued.

Internal Revenue Code: The Internal Revenue Codeof 1986, as amended.

Issue Age: The age of the Insured as of his or her lastbirthday on or before the Issue Date.

Issue Date: The date that establishes the ContractAnniversary and the date as of which we began to applymonthly deductions.

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 date

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of the material change. If there has been more than onematerial change, the most recent material change willdetermine the current MEC Contract Year.

Monthly Deduction Date: The date each month onwhich we deduct charges from Cash Value. Thesemonthly charges occur once each month on the nearestValuation Date, on or preceding the day of the monthwhich corresponds to the day of the month that weissued the Contract.

Net Premium: The amount invested in the Contractafter a 3% charge is taken for sales expenses. Thepremium expense charge may not be deducted incertain situations.

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 request,administratively Notice may meet this requirement.

Owner: The person or entity who owns the Contract.The person may be the Insured or an employer, a trustor any other individual or entity specified in theapplication.

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

Portfolio Company: An investment company ormutual fund consisting of several Portfolios thatunderlies Subaccounts of the Variable Account.

Service Center: Our office at 4321 North Ballard Road,Appleton, Wisconsin 54919-0001. Telephone: (800)847-4836. E-mail: [email protected].

Specified Amount: Initially, the amount of lifeinsurance for which we issued the Contract. TheSpecified Amount of your Contract may change, asdescribed in your Contract.

Subaccount: A subdivision of the Variable Account.Each Subaccount invests exclusively in the shares of acorresponding Portfolio of the Portfolio Company (theFund).

Surrender Value: The cash value of the Contract lessany applicable surrender charges and outstanding loanbalances.

Thrivent: Thrivent Financial for Lutherans, a fraternalbenefit society organized under the laws of the state ofWisconsin, owned by and operated for its members.Thrivent is the issuer of the Contracts.

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

Thrivent Investment Management Inc.: Anindirect subsidiary of Thrivent and a registeredbroker-dealer and investment adviser. It serves asprincipal underwriter of the Contracts.

Valuation Date: Any day upon which both the NewYork Stock Exchange is open for regular trading and weare open for business.

Valuation Period: The period from the end of oneValuation Date to the end of the next Valuation Date.

Variable Account: Thrivent Variable Life Account I, asegregated asset account that is separate from ourGeneral Account.

we, us, our: Thrivent.

you, your: The Owner of the Contract.

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

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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

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

Reports and other information about Thrivent Variable Life Account I are available on the Commission’s Internetsite at http://www.sec.gov.

Thrivent Variable Life Account I1933 Act Registration No. 333-310111940 Act Registration No. 811-08289

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

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

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

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

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

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

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

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

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

THRIVENT AGGRESSIVE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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

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

SHAREHOLDER FEES(fees paid directly from your investment)

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

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

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

Management Fees 0.70%

Other Expenses 0.04%

Acquired Fund Fees and Expenses 0.19%

Total Annual Portfolio Operating Expenses 0.93%

Less Fee Waivers and/or ExpenseReimbursements1 0.17%

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

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

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

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

1 Year 3 Years 5 Years 10 Years

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

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

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

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

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

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

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

Broad Asset CategoryTarget

AllocationAllocation

Range

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

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

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

Equity SecuritiesSmall Cap

Thrivent Small Cap Stock PortfolioMid Cap

Thrivent Mid Cap Stock PortfolioLarge Cap

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

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

Debt SecuritiesHigh Yield Bonds

Thrivent High Yield PortfolioIntermediate/Long-Term Bonds

Thrivent Income PortfolioShort-Term/Intermediate Bonds

Thrivent Limited Maturity Bond PortfolioOther

Thrivent Core Emerging Markets Debt Fund

Short-Term Debt SecuritiesMoney Market

Thrivent Cash Management TrustOther

Thrivent Core Short-Term Reserve Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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circumstances where it might not have done sootherwise.

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

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

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

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

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

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

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

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

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

YEAR-BY-YEAR TOTAL RETURN

17.53%

(3.93)%

12.25%

27.05%

6.02%

(0.45)%

10.11%

21.51%

(6.46)%

25.34%

-10

-5

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15

20

25

30

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Best Quarter: Q1 ’19 +12.83%

Worst Quarter: Q3 ’11 (17.16)%

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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.

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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

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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

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Thrivent All Cap Portfolio 30.27% 8.83% 11.21%

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

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

Management


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






3

32065T R4-20

TSF-10









THRIVENT BALANCED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-11

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

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











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


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



Range


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

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

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

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

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

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



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

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

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




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

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

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.


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



13.29%

4.18%

12.42%

17.95%

6.07%

(0.14)%

7.06%

11.67%

(4.87)%

17.11%

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Thrivent Balanced Income PlusPortfolio 17.11% 5.87% 8.24%

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

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

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

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

Management


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

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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).


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

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





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

2

TSF-20

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

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


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

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



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

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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

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





15.85%

2.31%

14.48%

11.17%

4.27%

0.08%

7.08%

9.35%

(2.70)%

13.73%

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Thrivent Diversified IncomePlus Portfolio 13.73% 5.34% 7.39%



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


Management


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

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6

32065G R4-20

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THRIVENT ESG INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-25

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







Other Expenses1 2.78%




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

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

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

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

1 Year 3 Years

Thrivent ESG Index Portfolio $39 $675

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

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

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TSF-26

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

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

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

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

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

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

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

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

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

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

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




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THRIVENT GLOBAL STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-29

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











Thrivent Global StockPortfolio $65 $205 $357 $798

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

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

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

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



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

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




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

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may not accurately track the value of the underlyinginstrument.





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

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



10.82%

(4.57)%

14.90%

29.60%

5.29%3.11%

5.42%

21.15%

(8.33)%

22.95%

-10

-5

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5

10

15

20

25

30

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Thrivent Global Stock Portfolio 22.95% 8.22% 9.43%

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

Management


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

3

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






4

32065Z R4-20

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THRIVENT GOVERNMENT BOND PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-34

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











Thrivent GovernmentBond Portfolio $47 $148 $258 $579


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

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


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

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

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


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

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

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



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

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





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

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


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

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

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

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9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

0.18%

5.86%

-4

-2

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6

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Thrivent Government BondPortfolio 5.86% 2.24% 3.71%

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

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

Management


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






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THRIVENT HIGH YIELD PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-39

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











Thrivent High YieldPortfolio $45 $141 $246 $555


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

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


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

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

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

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

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




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

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




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

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



14.57%

4.70%

16.28%

6.91%

1.96%

(2.69)%

12.78%

7.55%

(3.39)%

14.34%

-5

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Thrivent High Yield Portfolio 14.34% 5.45% 7.08%

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

Management


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

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






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32065R R4-20

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THRIVENT INCOME PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-44

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











Thrivent IncomePortfolio $45 $141 $246 $555


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


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

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

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

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


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





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

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




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

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


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

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

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




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

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

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



11.55%

5.94%

10.98%

(0.07)%

6.68%

(0.68)%

6.09% 6.29%

(2.33)%

13.60%

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Thrivent Income Portfolio 13.60% 4.44% 5.68%

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


Management


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






4

32065S R4-20

TSF-48









THRIVENT INTERNATIONAL ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-49

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











Thrivent InternationalAllocation Portfolio $74 $230 $401 $894

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

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

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

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

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

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

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

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

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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,

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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

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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

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Thrivent InternationalAllocation Portfolio 20.48% 5.30% 5.36%


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

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

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





4

32065AL R4-20

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

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








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


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

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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

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




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




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


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




10.73%

(5.27)%

19.18%

36.14%

10.99% 10.48%

(1.48)%

28.93%

2.51%

32.90%

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Thrivent Large Cap GrowthPortfolio 32.90% 13.84% 13.70%

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

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

Management


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






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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

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




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

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

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

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



14.63%

1.71%

15.54%

31.81%

13.25%

1.12%

11.68%

21.46%

(4.61)%

31.15%

-10

-5

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5

10

15

20

25

30

35

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

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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

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






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




12.61%

(3.08)%

17.57%

31.82%

9.03%

(3.53)%

17.44% 17.65%

(8.69)%

24.39%

-10

-5

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5

10

15

20

25

30

35

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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

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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.





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

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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

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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

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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

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PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for 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%

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1 Year

SinceInception(4/28/17)

Thrivent Low Volatility EquityPortfolio 23.13% 10.82%

MSCI World Minimum Volatility Index- USD Net Returns(reflects no deduction for fees,expenses or taxes) 23.17% 11.74%


Portfolio Manager(s)Noah J. Monsen, CFA and Brian W. Bomgren, CQFare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Monsen and Mr.Bomgren have served as portfolio managers of the

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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

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THRIVENT MID CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-80

Thrivent Mid Cap Growth PortfolioInvestment ObjectiveThrivent Mid Cap Growth Portfolio (the �Portfolio�)seeks long-term capital growth. The Portfolio’sinvestment objective may be changed withoutshareholder approval.












2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Mid Cap GrowthPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 0.85% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.



1 Year 3 Years

Thrivent Mid Cap GrowthPortfolio $87 $908


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof mid-sized companies. The Adviser focuses mainly onthe equity securities of mid-sized U.S. companies whichhave market capitalizations equivalent to thoseincluded in widely known indices such as the RussellMidcap Growth Index, S&P MidCap 400 Index, or themid-sized company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $2 billionto $25 billion. Should the Adviser change theinvestments used for purposes of this 80% threshold,you will be notified at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes have demonstrated andbelieves will sustain above average revenue and earningsgrowth over time, or which are expected to developrapid sales and earnings growth in the future whencompared to the economy and stock market as a whole.Many such companies are in the technology sector andthe Portfolio may at times have a higher concentrationin this industry.

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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.

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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.






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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

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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%

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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

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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

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liquidity than larger, more-established companies. Thesecompanies tend to have smaller revenues, narrowerproduct lines, less management depth and experience,smaller shares of their product or service markets, fewerfinancial resources, and less competitive strength thanlarger companies.






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%

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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.






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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.

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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.




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3

32065AP N4-20

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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

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15

20

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

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Thrivent Moderate AllocationPortfolio 18.75% 6.78% 7.84%











5

32065C R4-20

TSF-101









THRIVENT MODERATELY AGGRESSIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-102

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
















Thrivent ModeratelyAggressive AllocationPortfolio $72 $269 $483 $1,100


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek moderatelygreater long-term capital growth and are comfortablewith moderately higher levels of risk and volatility. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieveits desired risk tolerance. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,equity securities and debt securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes for equity securities may bebased on market capitalization, investment style (suchas growth or value), or economic sector. Sub-classes fordebt securities may be based on maturity, duration,security type or credit rating (high yield—commonlyknown as “junk bonds”—or investment grade).


The Portfolio may invest in foreign securities, includingthose of issuers in emerging markets. An “emerging

1

TSF-103

market” country is any country determined by theAdviser to have an emerging market economy,considering factors such as the country’s credit rating,its political and economic stability and the developmentof its financial and capital markets.




Range























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

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%)

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

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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

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%)


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

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and thinly traded public U.S. businesses. MLPs arepublicly-traded limited partnerships that are limited bythe Internal Revenue Code to only apply to enterprisesthat engage in certain businesses, mostly pertaining tothe use of natural resources. ETFs are investmentcompanies generally designed to track the performanceof a securities or other index or benchmark. ThePortfolio may also pursue its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate and unaffiliatedfunds.

The Portfolio may invest in other securities such asinvestment-grade corporate bonds, asset-backedsecurities, mortgage-backed securities (includingcommercially backed ones), and leveraged loans. ThePortfolio utilizes derivatives primarily in the form ofU.S. Treasury futures contracts in order to manage thePortfolio’s duration, or interest rate risk. The Portfoliomay enter into derivatives contracts traded onexchanges or in the over the counter market.




Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may nolonger be able or willing to pay its debt. As a result of

such an event, the debt security may decline in priceand affect the value of the Portfolio.


Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as commonstocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferreddividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.

Closed-End Fund (“CEF”) Risk. Investments in CEFsare subject to various risks, including reliance onmanagement’s ability to meet a CEF’s investmentobjective and to manage a CEF’s portfolio; fluctuation inthe market value of a CEF’s shares compared to thechanges in the value of the underlying securities thatthe CEF owns (i.e., trading at a discount or premium toits net asset value); and that CEFs are permitted toinvest in a greater amount of “illiquid” securities thantypical mutual funds. The Portfolio is subject to apro-rata share of the management fees and expenses ofeach CEF in addition to the Portfolio’s management feesand expenses, resulting in Portfolio shareholders subjectto higher expenses than if they invested directly inCEFs.

Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries in

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.





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Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the InternationalMonetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legalprocess for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.

Business Development Company (“BDC”) Risk.The value of a BDC’s investments will be affected byportfolio company specific performance as well as theoverall economic environment. Shares of BDCs maytrade at prices that reflect a premium above or adiscount below the investment company’s net assetvalue, which may be substantial. The Portfolio may beexposed to greater risk and experience higher volatilitythan would a portfolio that was not invested in BDCs.Additionally, most BDCs employ leverage which canmagnify the returns of underlying investments.

Investment in Other Investment Companies Risk.Investing in other investment companies, includingCEFs and BDCs, could result in the duplication ofcertain fees, including management and administrativefees, and may expose the Portfolio to the risks of

owning the underlying investments that the otherinvestment company holds.





Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resultedin substantial market volatility and global businessdisruption. The duration and full effects of the outbreakare uncertain and may result in trading suspensions andmarket closures, limit liquidity and the ability of the

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Portfolio to process shareholder redemptions, andnegatively impact Portfolio performance. The COVID-19outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for the one-year period and since inceptioncompared to broad-based securities market indices. Theindex descriptions appear in the �Index Descriptions�section of the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




(5.38)%

15.09%

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1 Year

SinceInception(4/28/17)

Thrivent Multidimensional IncomePortfolio 15.09% 4.58%

Bloomberg Barclays U.S. CorporateHigh Yield Bond Index(reflects no deduction for fees,expenses or taxes) 14.32% 5.65%

Bloomberg BarclaysU.S. Mortgage-Backed Securities Index(reflects no deduction for fees,expenses or taxes) 6.35% 3.21%

Bloomberg Barclays Emerging MarketsUSD Sovereign Index(reflects no deduction for fees,expenses or taxes) 13.35% 4.50%

S&P U.S. Preferred Stock Index(reflects no deduction for fees,expenses or taxes) 17.64% 5.49%

S&P/LSTA Leveraged Loan Index(reflects no deduction for fees,expenses or taxes) 8.64% 4.28%

Management


Portfolio Manager(s)Mark L. Simenstad, CFA, Gregory R. Anderson,CFA, Paul J. Ocenasek, CFA, Stephen D. Lowe,CFA and Kent L. White, CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Simenstad, Mr. Anderson, and Mr.Ocenasek have served as portfolio managers of thePortfolio since April 2017. Mr. Lowe has served as aportfolio manager of the Portfolio since April 2018. Mr.White has served as a portfolio manager of the Fundsince July 2019. Mr. Simenstad is Chief InvestmentStrategist and has been with Thrivent Financial since1999. Mr. Anderson is Vice President, Fixed IncomeGeneral Accounts. He has been with Thrivent Financialsince 1997 and has served as a portfolio manager since2000. Mr. Ocenasek has been with Thrivent Financialsince 1987 and has served in a portfolio managementcapacity since 1997. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. Mr. White isthe director of Investment Grade Research, and he hasbeen with Thrivent Financial since 1999.

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THRIVENT OPPORTUNITY INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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Thrivent Opportunity Income Plus PortfolioInvestment ObjectiveThrivent Opportunity Income Plus Portfolio (the�Portfolio�) seeks a combination of current income andlong-term capital appreciation.












Thrivent OpportunityIncome Plus Portfolio $66 $208 $362 $810


Principal StrategiesUnder normal circumstances, the Portfolio primarilyinvests in a broad range of debt securities.

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



The Portfolio may invest in exchange-traded funds(“ETFs”), which are investment companies generallydesigned to track the performance of a securities orother index or benchmark.


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

the value of the Portfolio to decline and reduce theoverall return of the Portfolio.





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Sovereign Debt Risk. Sovereign debt securities areissued or guaranteed by foreign governmental entities.These investments are subject to the risk that agovernmental entity may delay or refuse to pay interestor repay principal on its sovereign debt, due, forexample, to cash flow problems, insufficient foreigncurrency reserves, political considerations, the relativesize of the governmental entity’s debt position inrelation to the economy or the failure to put in placeeconomic reforms required by the International

Monetary Fund or other multilateral agencies. If agovernmental entity defaults, it may ask for more timein which to pay or for further loans. There is no legalprocess for collecting sovereign debts that a governmentdoes not pay nor are there bankruptcy proceedingsthrough which all or part of the sovereign debt that agovernmental entity has not repaid may be collected.





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

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investments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.




ETF Risk. An ETF is subject to the risks of theunderlying investments that it holds. In addition, forindex-based ETFs, the performance of an ETF maydiverge from the performance of such index (commonlyknown as tracking error). ETFs are subject to fees andexpenses (like management fees and operatingexpenses) that do not apply to an index, and thePortfolio will indirectly bear its proportionate share ofany such fees and expenses paid by the ETFs in which itinvests. Because ETFs trade on an exchange, there is arisk that an ETF will trade at a discount to net assetvalue or that investors will fail to bring the trading pricein line with the underlying shares (known as thearbitrage mechanism).

Portfolio Turnover Rate Risk. The Portfolio mayengage in active and frequent trading of portfoliosecurities in implementing its principal investmentstrategies. A high rate of portfolio turnover (100% ormore) involves correspondingly greater expenses which

are borne by the Portfolio and its shareholders and mayalso result in short-term capital gains taxable toshareholders.



The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assume that you sold your investment atthe end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.

Effective August 16, 2013, based on approval of thePortfolio’s Board of Directors, the Portfolio’s investmentobjective and principal strategies were changed, whichhad the effect of converting the Portfolio from onewhich invested at least 80% of its assets inmortgage-related securities to one which invests in abroad range of fixed-income securities. At the sametime, the Portfolio’s name changed from ThriventMortgage Securities Portfolio to Thrivent OpportunityIncome Plus Portfolio. As a result, performanceinformation presented below with respect to periodsprior to August 16, 2013, reflects the performance of aninvestment portfolio that was materially different fromthe investment portfolio of Thrivent OpportunityIncome Plus Portfolio.

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

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


12.09%

4.52%

5.99%

(1.39)%

3.48%

(0.03)%

6.38%

4.63%

(1.03)%

8.53%

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Thrivent Opportunity IncomePlus Portfolio 8.53% 3.63% 4.24%




Management


Portfolio Manager(s)Gregory R. Anderson, CFA, Conrad E. Smith,CFA, Paul J. Ocenasek, CFA, Kent L. White, CFAand Stephen D. Lowe, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Anderson has served as a portfoliomanager of the Portfolio since April 2003. Mr. Smith hasserved as a portfolio manager of the Portfolio since theAugust 2013. Mr. Ocenasek and Mr. White have servedas portfolio managers of the Portfolio since April 2015.Stephen D. Lowe, CFA has served as a portfolio managerof the Portfolio since April 2018. Mr. Anderson is Vice

President, Fixed Income General Accounts. He has beenwith Thrivent Financial since 1997 and has served as aportfolio manager since 2000. Mr. Smith has been withThrivent Financial since 2004 and also manages theleveraged loan portfolio and the high yield bondportfolio of Thrivent Financial’s general account. Mr.Ocenasek has been with Thrivent Financial since 1987and has served in a portfolio management capacitysince 1997. Mr. White is the Director of InvestmentGrade Research at Thrivent Financial and has been withthe firm since 1999. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997.






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THRIVENT PARTNER EMERGING MARKETSEQUITY PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-132

Thrivent Partner Emerging Markets Equity PortfolioInvestment ObjectiveThrivent Partner Emerging Markets Equity Portfolio (the�Portfolio�) seeks long-term capital growth.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Partner Emerging Markets EquityPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements to anannual rate of 1.20% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

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

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


Thrivent PartnerEmerging MarketsEquity Portfolio $122 $402 $703 $1,559


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes), at the time ofinitial purchase, in emerging market equities, includingcommon stock, preferred stock, convertible securities,depositary receipts and rights and warrants to buycommon stocks. A security is considered to be an“emerging market” security if issued by a company thatPortfolio management has determined meets one ormore of the following criteria:

• is organized under the laws of, or has its principaloffice in, an emerging market country;

• has its principal securities trading market in anemerging market country; and/or

• derives a majority of its annual revenue or earningsor assets from goods produced, sales made or servicesperformed in an emerging market country.

An “emerging market” country is any countrydetermined by the Adviser or subadviser to have anemerging market economy, considering factors such asthe country’s credit rating, its political and economicstability and the development of its financial andcapital markets. These emerging market countriesinclude every nation in the world except the U.S.,Canada, Israel, Japan, Australia, New Zealand, HongKong, Singapore and all nations typically consideredpart of Western Europe. At times, the Portfolio mayhave a significant amount of its assets invested in acountry or geographic region.

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The Portfolio may also invest in equity securities ofissuers that are not tied economically to emergingmarket countries. The Portfolio may invest in securitiesdenominated in U.S. dollars and currencies of emergingmarket countries in which it may invest. The Portfoliotypically has full currency exposure to those markets inwhich it invests.

The Portfolio may invest in securities of any marketcapitalization, including small and mid-cap securities.

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

The Portfolio’s subadviser, Aberdeen Asset ManagersLimited (“Aberdeen”), uses a disciplined investmentprocess based on its proprietary research to determinesecurity selection. Aberdeen seeks to identify “quality”companies, based on factors such as strength ofmanagement and business, that trade at reasonablevaluations, based on factors such as earnings growthand other key financial measurements. Aberdeen alsoevaluates matters of long term value by examining aspectrum of considerations such as governance and riskmanagement, including those risks often referred to asenvironmental, social and governance factors (�ESG�).ESG analysis is fully integrated into investmentdecisions for all equity holdings. As such, Aberdeenevaluates ESG factors as part of the investment analysisprocess and this forms an integral component ofAberdeen’s quality rating for all companies. Aberdeenmakes investments for the long-term, although it maysell a security when it perceives a company’s businessdirection or growth prospects to have changed or thecompany’s valuations are no longer attractive.

Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its net assetsinvested in emerging market equities from 80% to alesser amount, it will notify you at least 60 days prior tothe change.


Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,

currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.



Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. Thevalue of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decrease

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more than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.

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







Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as commonstocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferreddividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.


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

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outbreak and future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negatively impacting thevalue of the Portfolio.


The bar chart includes the effects of Portfolio expenses,but not charges or deductions against your variablecontract, and assume that you sold your investment atthe end of the period. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



27.33%

(10.82)%

25.98%

(7.34)% (2.29)% (13.59)%

11.58%

27.64%

(14.88)%

20.15%

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Thrivent Partner EmergingMarkets Equity Portfolio 20.15% 4.71% 5.01%

MSCI Emerging Markets Index -USD Net Returns(reflects no deduction for fees,expenses or taxes) 18.42% 5.61% 3.68%

ManagementInvestment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged Aberdeen Asset Managers Limited(“Aberdeen”) to subadvise the Portfolio.

Portfolio Manager(s)Aberdeen uses a team-based approach, with thefollowing team members being jointly and primarilyresponsible for day-to-day management. Hugh Young,Managing Director – Asia, has managed the Portfoliosince April 2008. Devan Kaloo, Global Head ofEquities/Head of Global Emerging Markets Equities, hasmanaged the Portfolio since April 2008. JoanneIrvine, Deputy Head of Global Emerging Markets, hasmanaged the Portfolio since April 2008. MarkGordon-James, CFA, Investment Director, hasmanaged the Portfolio since April 2008. FlaviaCheong, CFA, Head of Equities – Asia Pacific, hasmanaged the Portfolio since April 2008.





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THRIVENT PARTNER GROWTH STOCKPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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Thrivent Partner Growth Stock PortfolioInvestment ObjectivesThe investment objective of the Thrivent PartnerGrowth Stock Portfolio (the �Portfolio�) is to achievelong-term growth of capital and, secondarily, increasedividend income.











Thrivent PartnerGrowth StockPortfolio $75 $233 $406 $906


Principal StrategiesThe Portfolio’s principal strategy for achieving itsinvestment objectives under normal circumstances is toinvest at least 80% of net assets (plus the amount of anyborrowing for investment purposes) in common stocks.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in common stocks from 80% to a lesseramount, it will notify you at least 60 days prior to sucha change.

The Portfolio concentrates its investments in growthcompanies. The Portfolio’s subadviser, T. Rowe PriceAssociates, Inc. (“T. Rowe Price”), seeks investments incompanies that have the ability to pay increasingdividends through strong cash flow. The subadvisergenerally looks for companies with an above-averagerate of earnings growth and a lucrative niche in theeconomy that gives them the ability to sustain earningsmomentum even during times of slow economicgrowth. T. Rowe Price believes that when a companyincreases its earnings faster than both inflation and theoverall economy, the market will eventually reward itwith a higher stock price. The Portfolio may at timesinvest significantly in certain sectors, such as theinformation technology sector.

In pursuing the Portfolio’s investment objectives, T.Rowe Price has the discretion to purchase somesecurities that do not meet its normal investmentcriteria, as described above, when it believes suchpurchase will provide an opportunity for substantialappreciation. These situations might arise when T. RowePrice believes a security could increase in value for avariety of reasons including a change in management,an extraordinary corporate event, a new productintroduction or innovation, or a favorable competitivedevelopment.

While the Portfolio invests primarily (at least 80%) incommon stocks, it may also invest in foreign stocks (upto 30% of total assets), and futures and options toobtain investment exposure or for hedging, in keepingwith the Portfolio’s objectives.

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

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




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

such companies may be more dependent upon one or afew key people.




Derivatives Risk. The use of derivatives (such asfutures and options) involves additional risks andtransaction costs which could leave the Portfolio in aworse position than if it had not used theseinstruments. The Portfolio utilizes equity futures inorder to increase or decrease its exposure to various assetclasses at a lower cost than trading stocks directly. Theuse of derivatives can lead to losses because of adversemovements in the price or value of the underlying asset,index or rate, which may be magnified by certainfeatures of the contract. Changes in the value of thederivative may not correlate as intended with theunderlying asset, rate or index, and the Portfolio couldlose much more than the original amount invested.Derivatives can be highly volatile, illiquid and difficultto value. Certain derivatives may also be subject to

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counterparty risk, which is the risk that the other partyin the transaction will not fulfill its contractualobligations due to its financial condition, marketevents, or other reasons.


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




16.62%

(1.48)%

18.66%

38.84%

8.52%10.65%

1.35%

33.61%

(1.25)%

31.38%

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Thrivent Partner Growth StockPortfolio 31.38% 14.22% 14.85%

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

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

Management

Investment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged T. Rowe Price Associates, Inc. (“T.Rowe Price”) to subadvise the Portfolio.

Portfolio Manager(s)Joseph B. Fath, CPA is primarily responsible for theday-to-day management of the Portfolio. Mr. Fath hasserved as the portfolio manager of the Portfolio sinceApril 2014. He currently serves as Chairman of thePortfolio’s Investment Advisory Committee. Mr. Fathjoined T. Rowe Price in 2002. He joined as an equityresearch analyst and, since 2008, has assisted other T.Rowe Price portfolio managers in managing the Firm’sU.S. large-cap growth strategies.

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THRIVENT PARTNER HEALTHCAREPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-142

Thrivent Partner Healthcare PortfolioInvestment ObjectiveThrivent Partner Healthcare Portfolio (the �Portfolio�)seeks long-term capital growth.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Partner Healthcare Portfolio equal in theaggregate to 0.05% of the average daily net assets of the shares. Thiscontractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

EXAMPLE This example is intended to help youcompare the cost of investing in the Portfolio with thecost of investing in other mutual funds. The Portfolio isan investment option for variable contracts, and theexample does not include charges imposed by variablecontracts. If variable contract charges were imposed,your expenses would be higher than those shown. Theexample assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that the

Portfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


Thrivent PartnerHealthcare Portfolio $90 $291 $510 $1,138


Principal StrategiesUnder normal circumstances, the Portfolio will invest atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in the securities ofcompanies that are engaged in the development,production or distribution of pharmaceutical, generic,biotechnology and medical technology products orservices (“healthcare companies”). Healthcarecompanies are those that derive at least 50% of theirannual revenues from the production of such productsand provision of such services or have at least 50% oftheir assets in such products or services. The Portfolioinvests primarily in equity securities of both U.S. andnon-U.S. companies (including American DepositaryReceipts and issuers in emerging markets) and, as anon-diversified fund under the Investment CompanyAct of 1940 (the “1940 Act”), focuses its investments inthe securities of a relatively few number of issuers. Inaddition, the Portfolio concentrates its investments inthe securities of companies in the healthcare industry,some of which may be small- and medium-sizedcompanies. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in the securities of healthcarecompanies from 80% to a lesser amount, it will notifyyou at least 60 days prior to the change.

BlackRock Investment Management, LLC, the Portfolio’ssubadviser, considers a variety of factors when choosinginvestments for the Portfolio, including (i) identifyingcompanies and industries that appear to have thepotential for above-average returns; and (ii) identifyingcompanies that are expected to show above-averagegrowth over the long-term, as well as those that appear

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to be trading below their true worth. The Portfolio willgenerally sell a stock when, in the opinion of thesubadviser, the stock reaches its price target or if there isdeterioration in the company’s fundamentals, a changein macroeconomic outlook, technical deterioration,valuation issues, a need to rebalance the Portfolio or abetter opportunity elsewhere.


Healthcare Industry Risk. As a sector fund thatinvests primarily in the healthcare industry, thePortfolio is subject to the risk that the companies in thatindustry are likely to react similarly to legislative orregulatory changes, adverse market conditions and/orincreased competition affecting their market segment.Due to the rapid pace of technological development,there is the risk that the products and servicesdeveloped by these companies may become rapidlyobsolete or have relatively short product cycles. There isalso the risk that the products and services offered bythese companies will not meet expectations or evenreach the marketplace.

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


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

adverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.





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

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changes in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to year

and by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The indexdescription appears in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




11.13%

(3.79)%

20.68%

31.09%

24.23%

4.61%

(16.01)%

19.42%

8.32%

25.85%

-20

-10

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30

40

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Thrivent Partner HealthcarePortfolio 25.85% 7.42% 11.63%

S&P Composite 1500® HealthCare Index(reflects no deduction for fees,expenses or taxes) 20.87% 10.69% 15.17%

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Management

Investment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged BlackRock Investment Management,LLC (“BIM”) to subadvise the Portfolio.

Portfolio Manager(s)Erin Xie, Managing Director of BlackRock,Inc.(“BlackRock”), is primarily responsible for theday-to-day management of the Portfolio. Dr. Xie hasserved as the portfolio manager of the Portfolio sinceSeptember 2017. Dr. Xie has been a Managing Directorof BlackRock since 2006 and joined BlackRock as aDirector in 2005. Prior to joining BlackRock, Dr. Xie wasa Senior Vice President of State Street Research &Management from 2001 to 2005.






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

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affected by changes in interest rates. The effect of risinginterest rates is generally more pronounced for highdividend paying stock than for stocks that pay little orno dividends. This may cause the value of real estatesecurities to decline during periods of rising interestrates, which would reduce the overall return of thePortfolio. REITs are subject to additional risks, includingthe fact that they are dependent on specializedmanagement skills that may affect the REITs’ abilities togenerate cash flows for operating purposes and formaking investor distributions. REITs may have limiteddiversification and are subject to the risks associatedwith obtaining financing for real property. As with anyinvestment, there is a risk that REIT securities and otherreal estate industry investments may be overvalued atthe time of purchase. In addition, a REIT can pass itsincome through to its investors without any tax at theentity level if it complies with various requirementsunder the Internal Revenue Code. There is the risk,however, that a REIT held by the Portfolio will fail toqualify for this tax-free pass-through treatment of itsincome. By investing in REITs indirectly through thePortfolio, in addition to bearing a proportionate share ofthe expenses of the Portfolio, you will also indirectlybear similar expenses of the REITs in which the Portfolioinvests.

Real Estate Industry Risk. To the extent thePortfolio allocates assets to companies in the real estatebusiness, the Portfolio is subject to real estate industryrisk. Declines in real estate values, changes in interestrates or economic downturns can have a significantnegative effect on companies in the real estate industry.Other adverse changes could include, but are notlimited to, extended vacancies of properties, increasedcompetition, overbuilding and changes in zoning lawand government regulations.


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

adverse developments affecting such sectors orindustries. Equity securities are generally more volatilethan most debt securities.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the FTSE Nareit All Equity REITs Indexbecause it is commonly used by funds with the sameinvestment objective and principal strategies as thePortfolio. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.


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27.56%

8.83%

17.54%

2.18%

30.82%

2.75%

7.50%5.95%

(5.30)%

27.94%

-10

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Thrivent Real Estate SecuritiesPortfolio 27.94% 7.23% 11.95%

FTSE NAREIT All Equity REITsIndex(reflects no deduction for fees,expenses or taxes) 28.66% 8.43% 12.59%

S&P Composite 1500® EquityREITs Index(reflects no deduction for fees,expenses or taxes) 27.63% 8.47% 12.77%

Management


Portfolio Manager(s)Reginald L. Pfeifer, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr. Pfeiferhas served as portfolio manager of the Portfolio since itsinception in April 2003. Mr. Pfeifer has been withThrivent Financial since 1990 and has served as anequity portfolio manager since 2003.






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TSF-150









THRIVENT SMALL CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-151

Thrivent Small Cap Growth PortfolioInvestment ObjectiveThrivent Small Cap Growth Portfolio (the �Portfolio�)seeks long-term capital growth. The Portfolio’sinvestment objective may be changed withoutshareholder approval.












1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Small Cap Growth Portfolio in order tolimit the Total Annual Portfolio Operating Expenses After FeeWaivers and/or Expense Reimbursements to an annual rate of0.94% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.




Thrivent Small CapGrowth Portfolio $97 $469 $865 $1,976


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof small companies. The Adviser focuses mainly in theequity securities of smaller U.S. companies which havemarket capitalizations equivalent to those companiesincluded in widely known indices such as the Russell2000 Growth Index, S&P SmallCap 600 Index, or thesmall company market capitalization classificationpublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser change the investments used forpurposes of this 80% threshold, you will be notified atleast 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques and focuses on stocks ofcompanies that it believes have demonstrated andbelieves will sustain above-average revenue and earningsgrowth over time, or which are expected to developrapid sales and earnings growth in the future whencompared to the economy and stock market as a whole.Many such companies are in the technology sector andthe Portfolio may at times have a higher concentrationin this industry.

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Technology-Oriented Companies Risk. Commonstocks of companies that rely extensively on technology,science or communications in their productdevelopment or operations may be more volatile thanthe overall stock market and may or may not move in

tandem with the overall stock market. Technology,science and communications are rapidly changingfields, and stocks of these companies, especially ofsmaller or unseasoned companies, may be subject tomore abrupt or erratic market movements than thestock market in general. There are significantcompetitive pressures among technology-orientedcompanies and the products or operations of suchcompanies may become obsolete quickly. In addition,these companies may have limited product lines,markets or financial resources and the management ofsuch companies may be more dependent upon one or afew key people.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for the one-year period and since inceptioncompared to broad-based securities market indices. Theindex descriptions appear in the �Index Descriptions�section of the prospectus. The Portfolio now comparesits returns to the Russell 2000 Growth Index because itis commonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.

The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold your

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investment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



28.41%

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1 Year

SinceInception

(4/27/2018)

Thrivent Small Cap Growth Portfolio 28.41% 9.81%

Russell 2000 Growth Index(reflects no deduction for fees,expenses or taxes) 28.48% 8.04%

S&P SmallCap 600® Growth Index(reflects no deduction for fees,expenses or taxes) 21.13% 7.61%

Management


Portfolio Manager(s)David J. Lettenberger, CFA is primarily responsiblefor the day-to-day management of the Portfolio. Mr.Lettenberger has served as portfolio manager of thePortfolio since April 2018. Mr. Lettenberger has been aportfolio manager at Thrivent Financial since 2013,when he joined the firm.






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TSF-154









THRIVENT SMALL CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-155

Thrivent Small Cap Index PortfolioInvestment ObjectiveThrivent Small Cap Index Portfolio (the �Portfolio�)seeks capital growth that tracks the performance of theS&P SmallCap 600 Index.











Thrivent Small CapIndex Portfolio $26 $80 $141 $318


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in small company common stocksincluded in the S&P SmallCap 600 Index in theproportions in which they are represented in the Index.This is a passively managed Portfolio, which means thatthe Adviser does not choose the securities that make upthe Portfolio. The S&P SmallCap 600 Index is acapitalization-weighted index comprised of 600domestic small capitalization stocks chosen for marketsize, liquidity, and industry representation. Accordingly,the Portfolio invests in stocks of smaller companiesfrom a broad range of industries. The S&P SmallCap 600Index is adjusted quarterly, and when changes to theindex occur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from time totime. The Portfolio may buy and sell equity indexfutures for investment exposure. For liquidity reasons,the Portfolio may invest to some degree in moneymarket instruments.



1

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25.88%

0.54%

15.95%

40.83%

5.36%

(2.17)%

26.12%

13.13%

(8.65)%

22.49%

-10

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30

40

50

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

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Thrivent Small Cap IndexPortfolio 22.49% 9.33% 13.02%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management








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

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revenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 2000 Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




25.09%

(5.31)%

9.42%

35.90%

4.76%

(3.13)%

25.94%

21.23%

(10.13)%

27.77%

-20

-10

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30

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Thrivent Small Cap StockPortfolio 27.77% 11.17% 12.10%

Russell 2000 Index(reflects no deduction for fees,expenses or taxes) 25.52% 8.23% 11.83%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management


Portfolio Manager(s)Matthew D. Finn, CFA and James M. Tinucci, CFAare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Finn has served aslead portfolio manager for the Portfolio since April2013. Mr. Tinucci has served as the associate portfoliomanager of the Portfolio since March 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since2004, when he joined Thrivent Financial. Mr. Tinuccihas been with Thrivent Financial since 2014.






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 4213 and 4214

Thrivent.com • 800-847-483620316PR 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 4213 and 4214

Thrivent.com • 800-847-483620316PR R4-20

thrivent variable universal life insurance · flexible premium variable universal life...

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