Flexible Premium Deferred Variable Annuity · PDF fileFlexible Premium Deferred Variable Annuity Issued by Lutheran Brotherhood between 2/3/1994 and 4/30/2003. Prospectuses April 30,

Flexible Premium DeferredVariable Annuity

Issued by Lutheran Brotherhoodbetween 2/3/1994 and 4/30/2003.

ProspectusesApril 30, 2018Thrivent Variable Annuity Account BThrivent Series Fund, Inc.

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TABLE OF CONTENTS

Product Prospectus

Thrivent Variable Annuity Account B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Summary Prospectuses

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

Thrivent Balanced Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-7

Thrivent Diversified Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-14

Thrivent Government Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-20

Thrivent Growth and Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-25

Thrivent High Yield Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-32

Thrivent Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-37

Thrivent Large Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-42

Thrivent Large Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-46

Thrivent Large Cap Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-50

Thrivent Large Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-54

Thrivent Limited Maturity Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-58

Thrivent Low Volatility Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-63

Thrivent Mid Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-67

Thrivent Mid Cap Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-71

Thrivent Moderate Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-75

Thrivent Moderately Aggressive Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-81

Thrivent Moderately Conservative Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-87

Thrivent Money Market Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-93

Thrivent Multidimensional Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-97

Thrivent Opportunity Income Plus Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-103

Thrivent Partner All Cap Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-109

Thrivent Partner Emerging Markets Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-114

Thrivent Partner Growth Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-119

Thrivent Partner Healthcare Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-123

Thrivent Partner Worldwide Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-128

Thrivent Real Estate Securities Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-134

Thrivent Small Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-138

Thrivent Small Cap Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-142

Thrivent Small Cap Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TSF-146

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THRIVENT VARIABLE ANNUITY ACCOUNT BPROSPECTUS FOR

FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITYISSUED 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 the individual flexible premium deferred variable annuity Contract (the “Contract”) which was issuedby Thrivent Financial for Lutherans (“Thrivent Financial”, “we”, “us” or “our”). We are a fraternal benefit society organizedunder Wisconsin law. Even though we no longer issue new Contracts, the Contract Owner (“you”) may continue to allocate netpremiums among investment alternatives with different investment objectives.

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

The assets of each Subaccount will be invested solely in a corresponding Portfolio of Thrivent Series Fund, Inc. (the “Fund”),which is an open-end management investment company (commonly known as a “mutual fund”). We provide the overallinvestment management for each of the Portfolios, although some of the Portfolios are managed by an investment subadviser.The accompanying Prospectus for the Fund describes the investment objectives and attendant risks of the following Portfolios:

Thrivent Aggressive Allocation PortfolioThrivent Balanced Income Plus Portfolio

Thrivent Diversified Income Plus PortfolioThrivent Government Bond Portfolio

Thrivent Growth and Income Plus Portfolio*Thrivent High Yield Portfolio

Thrivent Income PortfolioThrivent Large Cap Growth PortfolioThrivent Large Cap Index PortfolioThrivent Large Cap Stock PortfolioThrivent Large Cap Value Portfolio

Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Portfolio

Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock 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 All Cap Portfolio(subadvised by FIAM LLC)

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 Partner Worldwide Allocation Portfolio(subadvised by Aberdeen Asset Managers Limited,

Goldman Sachs Asset Management, L.P. andPrincipal Global Investors, LLC)

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

*The Thrivent Series Fund, Inc. Board of Directors has approved the merger of the Thrivent Growth and Income Plus Portfoliointo the Thrivent Moderately Aggressive Allocation Portfolio pending approval by their respective shareholders of record at aspecial shareholder meeting to be held on or about June 21, 2018. The merger, if approved, would occur on or about June 28,2018. The Portfolio will be closed to new investment elections after the close of business on April 27, 2018. If you already investin the affected Subaccount, you can continue to invest in the Subaccount until the merger has been completed.

Additional information about us, the Contract and the Variable Account is contained in a Statement of Additional Information(“SAI”) dated April 30, 2018. That SAI was filed with the Securities and Exchange Commission and is incorporated by referencein this Prospectus. You may obtain a copy of the SAI and all other documents required to be filed with the SEC without chargeby calling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent Financial for Lutherans, 4321 NorthBallard Road, Appleton, Wisconsin, 54919-0001. In addition, the Securities and Exchange Commission maintains a website(http://www.sec.gov) that contains the SAI and all other documents required to be filed with the SEC. The Table of Contents forthe SAI may be found on Page 37 of this Prospectus.

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

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

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

The date of this Prospectus is April 30, 2018.

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Fee and Expense Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8The Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Annuity Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Exchange Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Federal Tax Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Thrivent Financial and the Variable Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Thrivent Financial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9The Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Additional Information About the Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Allocation of Premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Accumulated Value of Your Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Subaccount Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Net Investment Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Minimum Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Death Benefit Before the Annuity Commencement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Death Benefit After the Annuity Commencement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Surrender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Dollar Cost Averaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Asset Rebalancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Telephone and Online Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Timely Processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Assignments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Contract Owner, Beneficiaries and Annuitants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Surrender Charge (Contingent Deferred Sales Charge) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Administrative Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Mortality and Expense Risk Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Sufficiency of Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Annuity Provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Annuity Commencement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Annuity Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Partial Annuitization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Frequency of Annuity Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

TABLE OF CONTENTS

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Amount of Variable Annuity Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Subaccount Annuity Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

General Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Entire Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Purchase Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Date of Receipt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Anti-Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Reports to Contract Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29State Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Gender Neutral Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Federal Tax Status. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Taxation of Annuities in General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Tax Deferral During Accumulation Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Taxation of Partial and Full Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Taxation of Annuity Income Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Tax Treatment of Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Assignments, Pledges, and Gratuitous Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Penalty Tax on Premature Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Aggregation of Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Exchanges of Annuity Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Qualified Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Direct Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Sales and Other Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Appendix A—Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

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

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

Annuitant. The person(s) named in the Contractwhose life is used to determine the duration of annuitypayments involving life contingencies.

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

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

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

Contract. The individual flexible premium variableannuity Contract offered by Thrivent Financial anddescribed in this Prospectus.

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

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

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

Fixed Account. The Fixed Account is the generalaccount of Thrivent Financial, which consists of allassets of Thrivent Financial other than those allocatedto a separate account of Thrivent Financial. Premiumpayments allocated to the Fixed Account will be paid afixed rate of interest (which may not be less than 3.0%)declared by Thrivent Financial at least annually.Amounts accumulated in the Fixed Account areguaranteed by Thrivent Financial.

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

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

Portfolio. A Portfolio of the Fund. Each Subaccountinvests exclusively in the shares of a correspondingPortfolio of the Fund.

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

Service Center. Thrivent Financial for Lutherans, 4321North Ballard Road, Appleton, Wisconsin 54919-0001,telephone, 1-800-847-4836, or such other office as wemay specify in a notice to the Contract Owner.

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

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

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

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

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Variable Account. Thrivent Variable Annuity AccountB, which is a separate account of Thrivent Financial.The Subaccounts are subdivisions of the VariableAccount.

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

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

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

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

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

Contract Owner Transaction Expenses

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

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

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

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

Annual Contract Fee $30.00 2

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

Current3 Maximum

Mortality & Expense Risk Charge 1.10% 1.25%

Total Subaccount Annual Expenses 1.10% 1.25%

The next table shows the minimum and maximum Total Annual Portfolio Operating Expenses charged by thePortfolios that you pay indirectly during the time you own the Contract. This table shows the range (minimumand maximum) of fees and expenses (including management fees and other expenses) charged by any of thePortfolios, expressed as an annual percentage of average daily net assets. The amounts are based on the arithmeticaverage of expenses paid in the year ended December 31, 2017, for all of the available Portfolios, adjusted to reflectanticipated changes in fees and expenses. With respect to new Portfolios, amounts are based on estimates for thecurrent fiscal year. The amounts shown reflect expenses before any applicable expense reimbursement or fee waiver.

Total Annual Portfolio Operating Expenses4

Maximum Minimum

(expenses that are deducted from the Portfolio assets, including managementfees and other expenses)

3.61% 0.25%

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

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

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result of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser,other than Thrivent Cash Management Trust. For a list of the “fund of funds” portfolios available through theContract, see the chart of portfolios available in the prospectus for the Fund.

See Annuity Provisions in this prospectus for a discussion of these other charges.

Example5

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

Years

1 3 5 10

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

Minimum Portfolio Expenses: $ 712 $ 873 $1,032 $1,791

Maximum Portfolio Expenses: $1,027 $1,823 $2,620 $4,894

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

Minimum Portfolio Expenses: $ 712 $ 873 $1,032 $1,791

Maximum Portfolio Expenses: $1,027 $1,823 $2,620 $4,894

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

Minimum Portfolio Expenses: $ 153 $ 474 $ 818 $1,791

Maximum Portfolio Expenses: $ 486 $1,461 $2,439 $4,894

Notes to Fee and Expense Tables:1 In each Contract Year, you may surrender without a surrender charge up to 10% of the Accumulated Value existing at the timethe first surrender is made in a Contract Year; only the amount in excess of that amount (the “Excess Amount”) will be subjectto a surrender charge. A surrender charge is deducted if a full or partial surrender occurs during the first six Contract Years. Thesurrender charge is 6% during the first Contract Year and decreases by 1% each subsequent Contract Year. No surrender charge isdeducted for surrenders occurring in Contract Years seven and later. The surrender charge also will be deducted if the annuitypayments begin during the first six Contract Years, except under certain circumstances as described in Surrender Charge(Contingent Deferred Sales Charge).2 A $30 annual administrative charge is deducted on each Contract Anniversary only if, on that Contract Anniversary, the totalof premiums paid under the Contract minus all prior surrenders is less than $5,000 and the Accumulated Value is less than$5,000. The $30 fee is a Contract charge and is deducted proportionately from the Subaccounts and the Fixed Account thatmake up the Contract’s Accumulated Value.3 The current charge for mortality and expense risk fees is equal to an annual rate of 1.10%, and we guarantee that this chargewill never exceed an annual rate of 1.25%. See Charges and Deductions—Mortality and Expense Risk Charge. A contract pendingpayout due to a death claim is charged based on the average daily net assets of the Variable Account and is equal to an annualrate of 0.95%.4 Thrivent Financial has agreed to reimburse certain expenses other than the advisory fees for certain Portfolios. After takingthese contractual and voluntary arrangements into account, the range (minimum and maximum) of total operating expensescharged by the Portfolios would have been 0.25% to 1.20%. The reimbursements may be discontinued at any time.5 For this example, the following assumptions are used: 1.25% mortality and expense risk charge and portfolio operatingexpenses ranging from 3.61% to 0.25%.

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

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

The Contract

The Contract along with any riders, endorsements,amendments, application, and our Articles ofIncorporation and Bylaws constitutes your entireagreement. See The Contract.

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

The Accumulated Value of the Contract in theSubaccounts and, except to the extent fixed amountannuity payments have been elected, the amount ofannuity payments will vary, primarily based on theinvestment experience of the Portfolios whose sharesare held in the Subaccounts designated. Premiumsallocated to the Fixed Account will accumulate at fixedrates of interest declared by us, and will never be lessthan an effective rate of 3% per year.

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

Surrenders. If a Written Notice from you requesting asurrender is received on or before the AnnuityCommencement Date, we will pay to you all or part ofthe Accumulated Value of a Contract after deductingany applicable surrender charge. Partial surrenders mustbe for at least $200, and may be requested only if theremaining Accumulated Value is not less than $1,000.Under certain circumstances the Contract Owner maymake surrenders after the Annuity CommencementDate.

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

Annuity Provisions

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

Exchange Program

From time to time, we may offer programs for certainvariable annuities issued by Thrivent Financial or ouraffiliates, to be exchanged for the contract described inthis prospectus. Such exchange offers will be madeavailable only for contracts that have not yet startedmaking annuity payments. Any new contract resultingfrom such exchange will have the same Issue Date as theContract being exchanged only for purposes ofcalculating surrender charges, if applicable. You shouldcarefully consider whether an exchange is appropriatefor you by comparing the death benefits, living benefitsand other guarantees that are provided by the contractyou currently own to the benefits and guaranteesprovided by the new contract being offered. You shouldalso compare the fees and charges of your currentcontract to the new contract being offered as they maybe higher than your current contract. The programs weoffer will be made available on terms and conditionsdetermined by us and any such programs will complywith applicable law. We believe the exchanges should betax free for federal income tax purposes; however, youshould consult your tax advisor before making any suchexchange.

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Federal Tax Status

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

Condensed Financial Information

Condensed financial information derived from thefinancial statements of the Variable Account iscontained in Appendix A.

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

Thrivent Financial

Thrivent Financial 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.

The Variable Account

The Variable Account is a separate account, which wasestablished in 1994. The Variable Account meets thedefinition of a “separate account” under the federalsecurities laws. We have caused the Variable Account tobe registered with the Securities and ExchangeCommission (the “SEC”) as a unit investment trustunder the Investment Company Act of 1940 (the “1940Act”). This registration does not involve supervision bythe SEC of the management or investment policies orpractices of the Variable Account.

We own the assets of the Variable Account, and we arenot a trustee with respect to such assets. However, theWisconsin laws under which the Variable Account isoperated provide that the Variable Account shall not bechargeable with liabilities arising out of any otherbusiness we may conduct. The Variable Account will befully funded at all times for the purposes of federalsecurities laws. We may transfer to our general accountassets of the Variable Account which exceed the reservesand other liabilities of the Variable Account.

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

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

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

Variable Investment Options and the Subaccounts

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

Subaccount Corresponding Portfolio

Thrivent Aggressive Allocation Subaccount. . . . . . . . . . . . Thrivent Aggressive Allocation PortfolioThrivent Balanced Income Plus Subaccount . . . . . . . . Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Subaccount . . . . . . Thrivent Diversified Income Plus PortfolioThrivent Government Bond Subaccount . . . . . . . . . . . Thrivent Government Bond PortfolioThrivent Growth and Income Plus Subaccount* . . . . Thrivent Growth and Income Plus Portfolio*Thrivent High Yield Subaccount . . . . . . . . . . . . . . . . . . Thrivent High Yield PortfolioThrivent Income Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent Income PortfolioThrivent Large Cap Growth Subaccount . . . . . . . . . . . Thrivent Large Cap Growth PortfolioThrivent Large Cap Index Subaccount . . . . . . . . . . . . . Thrivent Large Cap Index PortfolioThrivent Large Cap Stock Subaccount . . . . . . . . . . . . . Thrivent Large Cap Stock 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 Index Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock Subaccount. . . . . . . . . . . . . . . Thrivent Mid Cap Stock 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 All Cap Subaccount . . . . . . . . . . . . . . Thrivent Partner All Cap 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 Partner Worldwide Allocation

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Worldwide Allocation PortfolioThrivent Real Estate Securities Subaccount . . . . . . . . . Thrivent Real Estate Securities PortfolioThrivent Small Cap Growth Subaccount . . . . . . . . . . . Thrivent Small Cap Growth PortfolioThrivent Small Cap Index Subaccount . . . . . . . . . . . . . Thrivent Small Cap Index PortfolioThrivent Small Cap Stock Subaccount . . . . . . . . . . . . . Thrivent Small Cap Stock Portfolio

The following table summarizes each Portfolio’s investment objective:

Portfolio Investment Objective

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

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Thrivent Balanced Income Plus Portfolio . . . . . . . . . . To seek long-term total return through a balancebetween income and the potential for long-termcapital growth.

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

Thrivent Government Bond Portfolio . . . . . . . . . . . . . To seek total return, consistent with preservation ofcapital.

Thrivent Growth and Income Plus Portfolio*. . . . . . . To seek long-term capital growth and income.Thrivent High Yield Portfolio . . . . . . . . . . . . . . . . . . . . . To achieve a higher level of income, while also

considering 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 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 Stock Portfolio . . . . . . . . . . . . . . . . To seek long-term capital growth.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.Thrivent Mid Cap Index Portfolio . . . . . . . . . . . . . . . . . To seek total returns that track the performance of

the S&P MidCap 400 Index**.Thrivent Mid Cap Stock Portfolio . . . . . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Moderate Allocation Portfolio . . . . . . . . . . . . To seek long-term capital growth while providing

reasonable stability of principal.Thrivent Moderately Aggressive Allocation

Portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Moderately Conservative Allocation

Portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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.

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

Thrivent Partner All Cap Portfolio. . . . . . . . . . . . . . . . . To seek long-term growth of capital.Thrivent Partner Emerging Markets Equity

Portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 Partner Worldwide Allocation Portfolio . . . To seek long-term capital growth.


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Thrivent Real Estate Securities Portfolio. . . . . . . . . . . . To seek to provide long-term capital appreciationand high current income.

Thrivent Small Cap Growth Portfolio. . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Small Cap Index Portfolio . . . . . . . . . . . . . . . To seek capital growth that tracks the performance

of the S&P SmallCap 600 Index**.Thrivent Small Cap Stock Portfolio . . . . . . . . . . . . . . . . To seek long-term capital growth.

*The Thrivent Series Fund, Inc. Board of Directors has approved the merger of the Thrivent Growth and Income Plus Portfolio into the ThriventModerately Aggressive Allocation Portfolio pending approval by their respective shareholders of record at a special shareholder meeting to beheld on or about June 21, 2018. The merger, if approved, would occur on or about June 28, 2018. The Portfolio will be closed to new investmentelections after the close of business on April 27, 2018. If you already invest in the affected Subaccount, you can continue to invest in theSubaccount until the merger has been completed.

** 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 Financial”). Standard & Poor’s® and S&P® are registered trademarks ofStandard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“DowJones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Thrivent Financial. ThriventFinancial variable insurance products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and of their respective affiliates(collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the ownersof the Thrivent Financial variable insurance products or any member of the public regarding the advisability of purchasing variable insurancecontracts generally or in the Thrivent Financial variable insurance contracts particularly or the ability of the S&P 500, S&P MidCap 400, and S&PSmallCap 600 Indexes to track general market performance. S&P Dow Jones Indices only relationship to Thrivent Financial with respect to theS&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes is the licensing of the Indexes and certain trademarks, service marks and/or tradenames of S&P Dow Jones Indices and/or its licensors. The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are determined, composedand calculated by S&P Dow Jones Indices without regard to Thrivent Financial or the Thrivent Financial variable insurance products. S&P DowJones Indices have no obligation to take the needs of Thrivent Financial or the owners of the Thrivent Financial variable insurance products intoconsideration in determining, composing or calculating the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes. S&P Dow Jones Indicesis not responsible for and has not participated in the determination of the prices, and amount of the Thrivent Financial variable insuranceproducts or the timing of the issuance or sale of the Thrivent Financial variable insurance contract or in the determination or calculation of theequation by which a Thrivent Financial 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 Financialvariable insurance product. There is no assurance that investment products based on the S&P 500, S&P MidCap 400, and S&P SmallCap 600Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investmentadvisor. 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 itconsidered 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 FINANCIAL,OWNERS OF THE THRIVENT FINANCIAL VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THES&P 500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITINGANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL,INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOSTTIME OR GOODWILL, EVEN IF THEY 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&PDOW JONES INDICES AND THRIVENT FINANCIAL, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

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 or

sponsor 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, actual


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investments 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 of our wholly owned subsidiary, Thrivent LifeInsurance Company (“Thrivent Life”), and to otherinsurance company separate accounts not affiliated withus. The Fund may, in the future, create new Portfolios. Itis conceivable that in the future it may bedisadvantageous for both variable annuity separateaccounts and variable life insurance separate accountsand for Thrivent Life and us to invest simultaneously inthe Fund, although we do not foresee any suchdisadvantages to either variable annuity or variable lifeinsurance contract owners. The Fund’s managementintends to monitor events in order to identify anymaterial conflicts between such Contract Owners and todetermine what action, if any, should be taken inresponse. Material conflicts could result from, forexample:

� 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 another asrequested by Contract Owners. Any dividend or capitalgain distribution received from a Portfolio of the Fundswill be reinvested immediately at net asset value inshares of that Portfolio and retained as assets of thecorresponding Subaccount.


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Investment Management

Thrivent Financial is investment adviser to the Fund. Thrivent Financial is registered as an investment adviserunder the Investment Advisers Act of 1940. Pursuant to the investment advisory agreement, Thrivent Financial isresponsible for determining which securities to purchase and sell, arranges the purchases and sales and helpsformulate the investment program for the Portfolios. Thrivent Financial implements the investment program forthe Portfolios consistent with each Portfolio’s investment objectives, policies and restrictions. Thrivent Financialand the Fund have engaged the following investment subadvisers:

Subadviser Portfolio Name

BlackRock Investment Management, LLC. . . . . . . . . . Thrivent Partner Healthcare PortfolioAberdeen Asset Managers Limited . . . . . . . . . . . . . . . . . Thrivent Partner Emerging Markets Equity PortfolioAberdeen Asset Managers Limited, Goldman Sachs

Asset Management, L.P. and Principal GlobalInvestors, LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Worldwide Allocation Portfolio

FIAM LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner All Cap PortfolioT. Rowe Price Associates, Inc. . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Growth Stock 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 Accumulated Value, or both, and toexisting investments or the investment of futurepremiums, or both, at any time in our discretion;

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

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

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

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

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

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


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If investment in the Fund or in any particular Portfoliois no longer possible, in our judgment becomesinappropriate for the purposes of the Contract, or forany other reason in our sole discretion, we may close orcombine any of the current Portfolios. We may close aPortfolio to new investment, but continue to allowcurrent investors to add additional premium payments,or we may combine the Portfolio with another Portfolio.The substituted investment option may have differentfees and expenses. We will not make any substitutionswithout receiving any necessary approval of the SECand state insurance departments, if applicable. You willbe notified of any substitutions. This notification willinclude the name of the Portfolio being modified, theapproximate date of the shareholder vote, the date thecombination will be completed (if approved and ifapplicable), the date that the Portfolio will be closed tonew investment selections, the date that funds can nolonger be applied to the Portfolio and the description ofwhere the current value will move to (if applicable) andwhere future premium payments (if any) will beapplied. Subaccounts may be opened, closed orsubstituted with regard to any of the following as of anyspecified date: 1) existing Accumulated Value; 2) futurepayments; and 3) existing and/or future Owners. TheFund sells its shares to the Subaccounts pursuant to aparticipation agreement and may terminate theagreement and discontinue offering its shares to theSubaccounts.

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 the

Variable Account. If, however, the 1940 Act or anyregulation thereunder should be amended or if thepresent interpretation thereof should change, and as aresult we determine that we are permitted to vote theFund’s shares in our own right, we may elect to do so.

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

The number of votes which a Contract Owner or personentitled to receive annuity payments has the right toinstruct will be calculated separately for eachSubaccount. The number of votes which each ContractOwner has the right to instruct will be determined bydividing a Contract’s Accumulated Value in aSubaccount by the net asset value per share of thecorresponding Portfolio in which the Subaccountinvests. The number of votes which each person entitledto receive annuity payments has the right to instructwill be determined by dividing the Contract’s reserves ina Subaccount by the net asset value per share of thecorresponding Portfolio in which the Subaccountinvests. Fractional shares will be counted. The numberof votes of the Portfolio which the Contract Owner orperson entitled to receive annuity payments has theright to instruct will be determined as of the datecoincident with the date established by the Portfolio fordetermining shareholders eligible to vote at the meetingof the Funds. Voting instructions will be solicited bywritten communications prior to such meeting inaccordance with procedures established by the Funds.

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’s


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votes. Voting instructions to abstain on any item to bevoted upon will be applied on a pro rata basis to reducethe votes eligible to be cast.

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

Fixed Account

On or before the Annuity Commencement Date, youmay allocate the premiums paid under the Contract andtransfers from the Subaccounts to the Fixed Account.After the Annuity Commencement Date, you may nolonger transfer out of the Fixed Account. Any amountsallocated to the Fixed Account are invested with ourgeneral account assets. Interest will be credited onpremiums allocated to the Fixed Account and onamounts transferred to the Fixed Account from the dateof allocation or transfer. The initial interest rate for eachsuch allocation or transfer is guaranteed for 12 months,and subsequent interest rates will not change morefrequently than every 12 months. Interest will becompounded daily and will never be less than aneffective annual interest rate of 3% per year.

A Maintenance of Solvency provision is a legalrequirement of a fraternal benefit society. Please seeMaintenance of Solvency for more information. TheMaintenance of Solvency provision applies to the FixedAccount in this Contract. The provision is only invokedin the event the reserves of our fraternal benefit societybecome impaired. If our reserves become impaired, youmay be required to make an extra payment. Our Board

of Directors will determine the amount of any extrapayment based on each member’s fair share of thedeficiency. If the payment is not made, it will becharged as a debt against the Contract with an interestrate of 5% per year. You may choose an equivalentreduction in benefits instead of or in combination withthe debt. Any indebtedness and interest charged againstthe Contract, or any agreement for a reduction inbenefits, shall have priority over the interest of anyowner, beneficiary, or collateral assignee under theContract.

Additional Information About the FixedAccount

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

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

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This annuity has some risks which may include thefollowing:

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

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

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


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

Allocation of Premium

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

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

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

Accumulated Value of Your Contract

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

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

Subaccount Valuation

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

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

We credit your Contract with Accumulation Units in aSubaccount when:

� You allocate premiums to that Subaccount;

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

We reduce the Accumulation Units in a Subaccountwhen:

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

� You make a surrender from that Subaccount; or

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

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

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

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

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Net Investment Factor

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

(a) Is the sum of:

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

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

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

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

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

Minimum Accumulated Value

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

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

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

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

Death Benefit Before the AnnuityCommencement Date

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Death Benefit After the AnnuityCommencement Date

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

Surrender

On or before the Annuity Commencement Date, youmay surrender all or part of your Contract’sAccumulated Value by completing an approvedsurrender form and sending it to our Service Center. Thesurrender or partial surrender will not be processed untilwe receive your surrender request at our Service Center,in good order. Any surrender which you request will bemade at the end of the Valuation Period during whichthe requirements for surrender are completed. We willpay you the proceeds from a surrender within sevendays after the surrender is made.

The proceeds will be the amount surrendered less anysurrender charge. See Charges and Deductions—SurrenderCharge (Contingent Deferred Sales Charge).

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

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requested that a systematic partial surrender should beallocated to a specific Subaccount and the value in thatSubaccount is less than the amount of the allocation,we will allocate the partial surrender among theSubaccounts and the Fixed Account so that all accountsare reduced in value by the same percentage.

A partial surrender must be at least $200 (except wherepartial surrender proceeds will be used to makepayments on another Thrivent product) and must notreduce the remaining Accumulated Value to less than$1,000. (If the amount you request as a partial surrenderwould reduce the remaining Accumulated Value to lessthan $1,000, we may contact you to determine whetheryou would like a partial surrender of an amount thatwould result in remaining Accumulated Value of at least$1,000 or whether instead you would like to make a fullsurrender of your Contract. If we are unable to contactyou within seven days, we reserve the right to treat yourrequest as a request for a full surrender.) When yourequest a partial surrender, you specify the amountwhich you want to receive as a result of the surrender. Ifthere are no surrender charges or withholding taxesassociated with the surrender, the amount surrenderedwill be the amount which you request. Otherwise, theamount surrendered will be the amount necessary toprovide the amount requested after we apply thesurrender charge and any withholding taxes. You maymake partial surrenders by telephone if we receiveproper authorization from you. (Contracts used in atax-sheltered annuity under Section 403(b) of theInternal Revenue Code will be subject to certainrestrictions regarding surrenders and may require anemployer signature. See Federal Tax Status—QualifiedPlans.) Any surrender which you request will be made atthe end of the Valuation Period during which therequirements for surrender are completed. We will payyou the proceeds from a surrender within seven daysafter the surrender is made.

After the Annuity Commencement Date, your Contractdoes not have an Accumulated Value which can besurrendered. However, if you are receiving annuitypayments under certain settlement options, surrendermay be allowed. Surrender is not allowed if yoursettlement option involves a life income or if you agreednot to revoke or change the option once annuitypayments begin. For other settlement options, theamount available for surrender will be the commuted

value of any unpaid annuity payments computed onthe basis of the assumed interest rate incorporated inthe annuity payments.

You must have a Medallion Signature Guarantee if youwant to surrender or withdraw a value of $500,000 ormore. Certain surrender requests of less than $500,000require either a Medallion Signature Guarantee, anotarized signature, or an attestation of your signatureby a Thrivent registered representative. Theseauthentication procedures are designed to protectagainst fraud. Such an authentication procedure may berequired for:

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

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

� Certain other transactions as determined by us.

A Medallion Signature Guarantee is a stamp provided bya financial institution that guarantees your signature.You sign the Thrivent Financial approved form andhave the signature(s) guaranteed by an eligibleguarantor institution such as a commercial bank, trustcompany, brokerage firm, credit union, or a savingsbank participating in the Medallion SignatureGuarantee Program. We may waive the MedallionSignature Guarantee in limited circumstances. A NotaryPublic is an individual who is authorized toauthenticate signatures and can be found in law firms ormany of the same places that an individual whoprovides Medallion Signature Guarantees can be found.Attestation by a financial representative requires theverification and witness of your signature by a ThriventFinancial representative. A partial surrender or surrendermay result in adverse tax consequences, including theimposition of a 10% federal premature distributionpenalty. For all surrenders, you should consider the taximplications of a surrender before you make a surrenderrequest. See Federal Tax Status.

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

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Transfers

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

You can request a transfer in two ways:

(1) By giving us Written Notice; or

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

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

Transfers are subject to the following conditions:

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

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

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

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

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

(1) By giving us Written Notice; or

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

Frequent Trading Policies

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

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

As described in this section, we impose a fee if thetransfers made within a given time period exceed amaximum contractual number.

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

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

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

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

Dollar Cost Averaging

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

Asset Rebalancing

On or before the Annuity Date, you may participate inan optional asset rebalancing program that allows youto elect a specific asset allocation to maintain over time.The sum of the rebalancing percentages must be 100%and each rebalancing allocation percentage must be awhole number not greater than 100%. You may selectany date (except the 29th, 30th, or 31st of a month) tobegin the asset rebalancing program and whether tohave your Subaccounts reallocated semiannually orannually. The rebalancing will be done after all othertransfers and allocations to or from the Subaccounts forthe Valuation Day. The asset rebalancing program doesnot allow you to include the Fixed Account in therebalancing program. To participate in the assetrebalancing program, complete the Asset RebalancingForm at the time of your application or call1-800-847-4836 to request an Asset Rebalancing Form.The program will not terminate automatically bytransferring your allocations to another subaccount.

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 telephoneinstructions from any person who provides the correctidentifying information. Be aware that there is a risk ofpossible loss to the Owner if an unauthorized personuses this service in the Owner’s name. ThriventFinancial disclaims any liability for losses resulting fromsuch transactions by not having been properlyauthorized. However, if Thrivent Financial does not takereasonable steps to help ensure that such authorizationsare valid, Thrivent Financial may be liable for suchlosses. 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 a written request. If due to malfunction or othercircumstances, the recording of the Contract Owner’s

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telephone request is incomplete or not fullycomprehensible, we will not process the transaction. Wereserve the right to suspend or limit telephonetransactions.

Owners can go online at www.thrivent.com toconduct online transactions or call the Service Center at(800) 847-4836 for telephone transactions.

Timely Processing

We will process all requests in a timely fashion. Requestsreceived in good order prior to 4:00 p.m. Eastern Time(or sooner if the NYSE closes prior to 4:00 p.m. EasternTime) on a Valuation Day will use the AccumulationUnit Value as of the close of regular trading on the NYSEon that Valuation Day. We will process requests receivedafter that time using the Accumulation Unit Value as ofthe close of regular trading on the NYSE of thefollowing Valuation Day. An online transactionpayment will be applied on the effective date you select.This date can be the same day you perform thetransaction as long as the request is received prior to4:00 p.m. Eastern Time. The effective date cannot be adate prior to the date of the online transaction.

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

Assignments

Assignment is the transfer of Contract ownership fromone party to another. If a Contract is used in a QualifiedPlan and the Contract Owner is a trust, custodian oremployer, then the Contract Owner may transfer

ownership to the Annuitant. Otherwise, the Contractmay not be sold, assigned, discounted or pledged ascollateral for a loan or as security for performance of anobligation or for any other purpose to any person otherthan us.

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

We must receive and approve any assignment requestbefore it is effective. We are not responsible for thevalidity or effect of any assignment.

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

Contract Owner, Beneficiaries and Annuitants

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

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

No Beneficiary change shall take effect unless receivedby the Society at its principal office or corporateheadquarters. When it is received, any change shall takeeffect as of the date the request for beneficiary changewas signed, as long as the request for change was mailedor actually delivered to the Society while the insuredwas alive. Such beneficiary change shall be null andvoid where the Society has made a good faith paymentof the proceeds or has taken other action beforereceiving the change.

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Surrender Charge (Contingent Deferred SalesCharge)

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

Surrender Charges

Contract Year Percent Applied

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

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

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

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

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

(2) Options which involve a life income,including Option 4V or 5V described underAnnuity Provisions—Settlement Options.

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

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

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

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

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

Administrative Charge

Your Contract includes an annual administrative chargeof $30 to help us cover the expenses we incur inadministrating your Contract, the Variable Account andthe Subaccounts. On each Contract Anniversary prior toand including the Annuity Commencement Date, wewill determine if this charge will be applied to yourContract. We apply the charge only on ContractAnniversaries on which the sum of premiums you havepaid less the amount of any partial surrenders you havemade is less than $5,000 and the Accumulated Value isless than $5,000. We deduct the charge from yourAccumulated Value, allocating the deduction among the

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Subaccounts and the Fixed Account so that all accountsare reduced in value by the same percentage. Any suchdeduction from a Subaccount is made by sellingAccumulation Units of the Subaccount. With ourapproval, you may specify a different allocation for theadministrative charge.

Mortality and Expense Risk Charge

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

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

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

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

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

Notwithstanding this charge, contract owners may beasked to add money under the Maintenance of Solvencyprovision described in General Provisions – Maintenance ofSolvency section.

Expenses of the Fund

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

Taxes

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

Sufficiency of Charges

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

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

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

Annuity Commencement Date

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

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

Annuity Proceeds

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

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

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

Settlement Options

You may elect to have proceeds paid to you under anannuity settlement option or a combination of options.Under each option, you may choose whether annuitypayments are to be made on a fixed or variable basis.You may change your choice of settlement option bygiving us Written Notice at least 30 days before theAnnuity Commencement Date.

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

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

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

� Option 5V—Joint and Survivor Life Incomewith Guaranteed Period. Under this option, wepay an annuity income for as long as at least one oftwo payees is alive. If both payees die during theguaranteed period, payments will be continued tothe end of that period and will be paid to thebeneficiary. You may select a guaranteed period of10 or 20 years.

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

Partial Annuitization

Federal tax law permits taxpayers to annuitize a portionof their annuity while leaving the remaining balance taxdeferred. You may elect to have a portion of yourproceeds ($2,000 or more) paid to you under an annuitysettlement option or a combination of options. Thesettlement option(s) must be for a fixed amount or fixedperiod payable for at least ten years, or a single or jointlife income with or without a guaranteed period, or anyother option agreeable to us. If this requirement is met,the settlement option and the tax-deferred balance will

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generally be treated as two separate contracts for incometax purposes only. Your after-tax premiums in yourcontract will be allocated pro-rata between thesettlement option and the portion that remainsdeferred.

Frequency of Annuity Payments

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

Amount of Variable Annuity Payments

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

Subsequent variable annuity payments vary in amountaccording to the investment experience of the selectedSubaccount(s). Assuming annuity payments are basedon the unit values of a single Subaccount, the dollaramount of the first annuity payment (as determinedabove) is divided by the Annuity Unit Value as of theAnnuity Commencement Date to establish the numberof Annuity Units representing each annuity payment.This number of Annuity Units remains fixed during theannuity payment period. The dollar amount of thesecond and subsequent variable annuity payments isnot predetermined and may change from payment topayment. The dollar amount of the second and eachsubsequent variable annuity payment is determined bymultiplying the fixed number of Annuity Units by theAnnuity Unit Value. See Subaccount Annuity Unit Value

below. If the payment is based upon the Annuity UnitValues of more than one Subaccount, the proceduredescribed here is repeated for each applicableSubaccount and the sum of the payments based on eachSubaccount is the amount of the annuity payment.

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

Subaccount Annuity Unit Value

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

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

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

(c) Is a discount factor equivalent to an assumedinvestment earnings rate of 3.5% per year oranother percentage agreed to by us.

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

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GENERAL PROVISIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Entire Contract

Your entire insurance Contract is comprised of:

� the Contract including any attached rider(s),if any,endorsements or amendments;

� the application attached to the Contract; and

� the Thrivent Financial Articles of Incorporationand Bylaws which are in effect on the issue date ofthe Contract.

Postponement of Payments

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

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

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

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

Purchase Payments

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

Date of Receipt

Except as otherwise stated herein, the date of our receiptof any Written Notice, premium payment, telephonicinstructions or other communication is the actual dateit is received at our Service Center in proper form unlessreceived (1) after the close of the New York Stock

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

Anti-Money Laundering

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

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

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

Maintenance of Solvency

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

This provision applies only to values in the FixedAccount.

If our reserves become impaired, you may be required tomake an extra payment. Our Board of Directors willdetermine the amount of any extra payment based oneach member’s fair share of the deficiency. If thepayment is not made, it will be charged as a debtagainst the Contract with an interest rate of 5% peryear. You may choose an equivalent reduction inbenefits instead of or in combination with the debt. Any

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indebtedness and interest charged against the Contract,or any agreement for a reduction in benefits, shall havepriority over the interest of any owner, beneficiary, orcollateral assignee under the Contract.

Reports to Contract Owners

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

State Variations

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

Gender Neutral Benefits

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

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

� Contracts used in an employer sponsoredretirement plan;

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

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

GENERAL PROVISIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Fax:

1-800-225-2264

New Applications:

Thrivent FinancialP.O. Box 8075Appleton, WI 54912-8061

Additional Premiums (variable products):


Transfers, Surrenders, or Withdrawals:


Express Mail:

Thrivent Financial4321 N. Ballard RoadAppleton, WI 54919-3400

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

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

General

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

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

Tax Status of the Variable Account

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

Taxation of Annuities in General

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

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Tax Deferral During Accumulation Period

In general, under current law, an increase in a Contract’sAccumulated Value is not taxable to the ContractOwner until received, either in the form of annuityincome payments as contemplated by the Contract orin some other form of distribution. However, this ruleapplies only if: (1) the investments of the VariableAccount are “adequately diversified” in accordance withTreasury Department regulations; (2) the Company,rather than the Contract Owner, is considered theowner of the assets of the Variable Account for federalincome tax purposes; (3) the Contract Owner is anindividual (or an individual is treated as the ContractOwner for tax purposes); and (4) the Contract’s AnnuityDate is not unduly delayed.

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

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

The ownership rights under the Contract are similar to,but different in certain respects from, the ownershiprights described in IRS rulings in which the ContractOwners were determined not to be the owners of theassets of a segregated asset account. For example, the

Contract Owner has the choice of more investmentoptions to which to allocate premium payments and theAccumulated Value than were addressed in thoserulings. These differences could result in the ContractOwner being treated as the owner of all or a portion ofthe assets of the Variable Account and thus subject tocurrent taxation on the income and gains from thoseassets. In addition, we do not know what standards willbe set forth in any further regulations or rulings whichthe Treasury Department or the IRS may issue. Wetherefore reserve the right to modify the Contract asnecessary to attempt to prevent Contract Owners frombeing considered the owners of the assets of the VariableAccount. However, there is no assurance that suchefforts would be successful.

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

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

Taxation of Partial and Full Surrenders

In the case of a partial surrender, the amount received isgenerally includible in income for federal tax purposesto the extent that the Accumulated Value of theContract, before the partial surrender, exceeds the


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“investment in the Contract.” In the case of a fullsurrender, the amount received is includible in incometo the extent that it exceeds the investment in theContract. For these purposes, the investment in theContract at any time equals the total of the premiumpayments made under the Contract up to that time lessany amounts previously received from the Contractwhich were excludable from income. All amountsincludible in income with respect to the Contract aretaxed as ordinary income; no amounts are taxed at thelower rates currently applicable to long-term capitalgains and corporate dividends.

Taxation of Annuity Income Payments

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

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

Income from annuities will be subject to the MedicareTax on Investment Income. This tax will be imposed onindividuals with a modified adjusted gross income(MAGI) of more than $200,000 and joint filers with an

MAGI of more than $250,000. Generally, the tax ratewill be 3.8% of the lesser of the net investment incomeor the amount the MAGI exceeds the threshold amount.

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

Tax Treatment of Death Benefit

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

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

Assignments, Pledges, and Gratuitous Transfers

Any assignment or pledge of (or agreement to assign orpledge) any portion of the Accumulated Value of theContract is treated for federal income tax purposes as asurrender of such amount or portion. The investment inthe Contract is increased by the amount includible inincome with respect to such an assignment or pledge. Ifa Contract Owner transfers a Contract without adequateconsideration to a person other than the Owner’sSpouse (or a former Spouse incident to divorce), theOwner must include in income the difference betweenthe Contract’s Accumulated Value and the investmentin the Contract at the time of the transfer. In such a


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case, the transferee’s investment in the Contract isincreased to reflect the amount includible in thetransferor’s income.

Penalty Tax on Premature Distributions

Technically, the amount of any payment from theContract that is includible in income is subject to a 10%penalty tax. However, this penalty tax does not apply toany payment: (1) received on or after the ContractOwner attains age 591⁄2; (2) attributable to the ContractOwner’s becoming disabled (as defined in the tax law);(3) made on or after the death of the Contract Owneror, if the Contract Owner is not an individual, on orafter the death of the primary annuitant (as defined inthe tax law); (4) that is part of a series of substantiallyequal periodic payments, not less frequently thanannually, for the life or life expectancy of the ContractOwner or the joint lives or joint life expectancies of theContract Owner and a designated beneficiary (asdefined in the tax law). For the purposes of substantiallyequal periodic payments, if there is a significantmodification of the payment schedule before the laterof the taxpayer reaching age 591⁄2 or the expiration offive years from the time the payment starts, thetaxpayer’s income shall be increased by the amount oftax and deferred interest that otherwise would havebeen incurred.

Aggregation of Contracts

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

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

Exchanges of Annuity Contracts

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

Qualified Plans

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

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


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

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

Individual Retirement Accounts and Annuities.Section 408 of the Code permits eligible individuals tocontribute to an Individual Retirement Account or anIndividual Retirement Annuity (collectively known asan “IRA”). IRAs are subject to limits on the amountsthat may be contributed and deducted, on the personswho may be eligible to do so, and on the time whendistributions may commence. Also, subject to certainrequirements discussed below, you may “roll over”distributions from certain Qualified Plans on atax-deferred basis into an IRA.

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

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

rights described under the heading “The Contracts—Surrender (Redemption)” unless one of the aboveconditions is satisfied. For contracts maintainedpursuant to an employer sponsored 403(b) plan, we mayrequire the employer’s signature to process any requestsfor withdrawal, surrender, rollover or transfers toanother contract.

Direct Rollovers

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

Federal Income Tax Withholding

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


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Contract Owner (or other applicable taxpayer) remainsliable for payment of federal income tax on Contractdistributions.

SALES AND OTHER AGREEMENTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Thrivent Investment Management Inc., 625 FourthAvenue South, Minneapolis, Minnesota 55415, anindirect subsidiary of Thrivent Financial, 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 representative in this transaction is a dulylicensed registered representative of ThriventInvestment Management Inc. and is also an appointedinsurance producer of Thrivent Financial.

Our financial representatives sell almost exclusivelyinsurance and annuity products of ours. It is moreprofitable for us and our affiliates if you purchaseproducts issued by us instead of those issued by otherinsurance companies. As a result, we have a financialinterest in the sale of the Contract, and an incentive torecommend that you purchase a contract issued byThrivent Financial instead of a contract issued byanother company. Sales of Thrivent Financial insuranceproducts, which include variable annuity and variablelife insurance contracts, help support our mission ofservice to congregations and communities. This givesboth the organization and our members an opportunityto promote volunteerism, aid those in need, strengthennon-profit organizations and address criticalcommunity needs.

In addition, your financial representative may be paiddifferently depending on the product or service he orshe recommends. As a result, your financialrepresentative in this transaction may have a financialincentive to recommend that you purchase one productinstead of another.

From time to time and in accordance with applicablelaws and regulations, financial representatives areeligible for various incentives. These include cashincentives such as bonuses and sales incentives.Additionally, Thrivent may provide FinancialRepresentatives other economic benefits. In certaininstances, Thrivent may provide for a cash bonus orother economic benefit to financial representativesbased on the number of new clients that purchasecertain eligible products and services, such as lifeinsurance products. This additional compensation,whether in the form of bonuses, sales awards, or othereconomic benefits, may also be based on sales thatresult in a change to a client’s Thrivent Financialmembership status. Sales of Contracts may help thefinancial representative in this transaction and/or his orher supervisors qualify for such incentives.Compensation consists of commissions, bonuses andpromotional incentives. Commissions pay at 1.25% ofpremiums paid into the contract. Commission rates arebased on the source of funds used to pay the premiumand the type of contract.

Your financial representative may receive asset-basedcompensation ranging from .04% to .07% of theaccount value if eligible. If you elect a settlementoption, we pay commissions to the financialrepresentative ranging from 0.25% to 0.50% of thepremium applied to the settlement option, if eligible.

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


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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 Financial norThrivent Investment Management Inc. is involved in

any litigation that is of material importance in relationto their financial condition or that relates to theVariable Account.

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

The financial statements of Thrivent Financial and theVariable Account are contained in the Statement ofAdditional Information.

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

TABLE OF CONTENTS

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

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

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

THRIVENT VARIABLE ANNUITY ACCOUNT B1933 Act Registration No. 333-761541940 Act Registration No. 811-7934

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

Flexible Premium Deferred Variable AnnuityThrivent Variable Annuity Account B

(Name) (Date)

(Street Address)

(City) (State) (Zip Code)

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

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

Year ended Dec. 31, 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89 $11.09 $8.58 $13.82value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23.09 $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89 $11.09 $8.58number outstanding at end of period (000 omitted) . . . . 4,101 4,340 4,678 4,900 4,901 5,261 5,593 5,892 6,241 5,933

Thrivent Balanced Income Plus Subaccount (April 30, 2002)1

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $19.61 $18.52 $18.75 $17.87 $15.32 $13.78 $13.37 $11.93 $9.91 $13.55value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.66 $19.61 $18.52 $18.75 $17.87 $15.32 $13.78 $13.37 $11.93 $9.91number outstanding at end of period (000 omitted) . . . . 664 661 654 671 629 614 702 787 899 1,116

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

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $23.12 $21.83 $22.06 $21.39 $19.45 $17.18 $16.98 $14.81 $11.26 $14.83value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25.01 $23.12 $21.83 $22.06 $21.39 $19.45 $17.18 $16.98 $14.81 $11.26number outstanding at end of period (000 omitted) . . . . 1,276 1,267 1,344 1,403 1,391 1,111 774 758 740 964

Thrivent Government Bond Subaccount (April 30, 2002)3

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $15.75 $15.69 $15.74 $14.94 $15.49 $14.92 $13.94 $12.90 $12.02 $12.26value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.04 $15.75 $15.69 $15.74 $14.94 $15.49 $14.92 $13.94 $12.90 $12.02number outstanding at end of period (000 omitted) . . . . 497 548 553 604 679 819 847 865 932 1,200

Thrivent Growth and Income Plus Subaccount (April 30, 2008)4

Accumulation Unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $12.56 $11.91 $12.14 $12.01 $10.01 $8.95 $9.27 $8.07 $6.99 $10.00value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.16 $12.56 $11.91 $12.14 $12.01 $10.01 $8.95 $9.27 $8.07 $6.99number outstanding at end of period (000 omitted) . . . . 385 434 493 531 562 411 398 223 81 56

Thrivent High Yield Subaccount (February 3, 1994)Accumulation unit:


Thrivent Income Subaccount (February 3, 1994)Accumulation unit:


Thrivent Large Cap Growth Subaccount (February 3, 1994)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $96.67 $99.21 $90.79 $82.71 $61.42 $52.11 $55.62 $50.79 $36.32 $63.31value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $123.29 $96.67 $99.21 $90.79 $82.71 $61.42 $52.11 $55.62 $50.79 $36.32number outstanding at end of period (000 omitted) . . . . 2,807 3,086 3,422 3,652 3,959 4,416 4,968 5,705 666 7,685

1 Formerly known as Thrivent Balanced Subaccount.2 Formerly known as Thrivent High Yield Subaccount II.3 Formerly known as Bond Index Subaccount.4 Formerly known as Thrivent Equity Income Plus Subaccount.

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Year ended Dec. 31, 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32 $10.86 $8.70 $13.99value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27.44 $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32 $10.86 $8.70number outstanding at end of period (000 omitted) . . . . 1,201 1,180 1,034 998 986 1,000 1,081 1,248 1,514 1,909

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


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


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


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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.93number outstanding at end of period (000 omitted) . . . . 48

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $30.49 $25.60 $26.55 $24.57 $18.69 $16.10 $16.65 $13.37 $9.89 #REF!value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34.98 $30.49 $25.60 $26.55 $24.57 $18.69 $16.10 $16.65 $13.37 $9.89number outstanding at end of period (000 omitted) . . . . 532 503 462 453 456 444 498 608 695 831

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56 $13.33 $9.69 $16.54value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38.19 $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56 $13.33 $9.69number outstanding at end of period (000 omitted) . . . . 5,775 6,212 6,793 494 541 601 717 841 1,012 1,114

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


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


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



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Year ended Dec. 31, 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Thrivent Money Market Subaccount (February 3, 1994)Accumulation unit:


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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.27number outstanding at end of period (000 omitted) . . . . 51

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

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $14.81 $14.08 $14.24 $13.91 $14.26 $13.60 $13.16 $11.87 $10.62 $11.30value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.32 $14.81 $14.08 $14.24 $13.91 $14.26 $13.60 $13.16 $11.87 $10.62number outstanding at end of period (000 omitted) . . . . 302 278 228 209 192 226 225 240 262 345

Thrivent Partner All Cap Subaccount (November 30, 2001)Accumulation unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33 $9.85 $7.75 $13.73value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22.23 $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33 $9.85 $7.75number outstanding at end of period (000 omitted) . . . . 616 668 715 720 776 855 1,000 1,152 1,382 1,585

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

Accumulation unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $11.19 $10.14 $11.86 $12.27 $13.39 $10.75 $12.19 $9.68 $5.60 $10.00value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.12 $11.19 $10.14 $11.86 $12.27 $13.39 $10.75 $12.19 $9.68 $5.60number outstanding at end of period (000 omitted) . . . . 310 275 283 316 344 310 317 327 224 75

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $23.91 $23.85 $21.79 $20.30 $14.78 $12.60 $12.93 $11.21 $7.91 $13.83value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31.59 $23.91 $23.85 $21.79 $20.30 $14.78 $12.60 $12.93 $11.21 $7.91number outstanding at end of period (000 omitted) . . . . 543 530 574 562 600 666 752 897 1,071 1,326

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $18.60 $22.40 $21.65 $17.62 $13.59 $11.38 $11.96 $10.88 $8.89 $10.00value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.97 $18.60 $22.40 $21.65 $17.62 $13.59 $11.38 $11.96 $10.88 $8.89number outstanding at end of period (000 omitted) . . . . 450 478 522 343 262 190 187 197 177 122

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83 $7.87 $6.05 $10.00value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.92 $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83 $7.87 $6.05number outstanding at end of period (000 omitted) . . . . 5,958 6,227 6,839 7,293 7,880 8,635 791 826 712 383

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


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


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


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Year ended Dec. 31, 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $24.72 $19.85 $20.71 $19.99 $14.87 $13.74 $14.68 $11.86 $9.96 $16.12value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29.64 $24.72 $19.85 $20.71 $19.99 $14.87 $13.74 $14.68 $11.86 $9.96number outstanding at end of period (000 omitted) . . . . 902 919 1,022 399 433 492 584 732 892 992


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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 and other information about the Portfolio online atThriventPortfolios.com. You can also get this information at no cost by calling 800-847-4839 or by sending anemail 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 and other information about the Portfolio online atThriventPortfolios.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, 2018, 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.

THRIVENT AGGRESSIVE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-1

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

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

SHAREHOLDER FEES(fees paid directly from your investment)

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

Maximum Deferred Sales Charge (load) (as apercentage of the net asset value at time ofpurchase or redemption, whichever is lower) 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 0.05%

Acquired Fund Fees and Expenses 0.22%

Total Annual Portfolio Operating Expenses 0.97%

Less Fee Waivers and/or ExpenseReimbursements1 0.21%

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, 2019, to waive anamount equal to any investment advisory fees indirectly incurredby the Portfolio as a result of its investment in any other mutualfund for which the Adviser or an affiliate serves as investmentadviser, other than Thrivent Cash Management Trust. Thiscontractual provision may be terminated upon the mutualagreement between the Independent Directors of the Portfolio andthe 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 $288 $516 $1,171

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 63% 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 uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achievea desired risk tolerance generally aligned with its peergroup as published by Lipper, Inc. 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 may be based on marketcapitalization, investment style (such as growth orvalue), or economic sector for equity securities.Sub-classes for debt securities may be based on maturity,duration, security type or credit rating (high yield—commonly known as “junk bonds”—or investmentgrade) and may include leveraged loans, which aresenior secured loans that are made by banks or otherlending institutions to companies that are rated belowinvestment 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 Portfoliomay also enter into credit default swap agreements on

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security indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contractstraded in the over-the-counter market.

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 also pursues its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate. The names ofthe funds managed by the Adviser or an affiliate whichare currently available for investment by the Portfolioare shown 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 Large Cap Growth PortfolioThrivent Large Cap Stock PortfolioThrivent Large Cap Value Portfolio

OtherThrivent Core International Equity FundThrivent Core Low Volatility Equity FundThrivent Partner Emerging Markets Equity PortfolioThrivent Partner Worldwide Allocation Portfolio

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. Shares of the Portfolio will rise and fallin value and there is a risk that you could lose moneyby investing in the Portfolio. The Portfolio cannot becertain that it will achieve its investment objective.

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. Underperformance in the equity markets wouldhave a material adverse effect on the Portfolio’s totalreturn given its significant allocation to equitysecurities. Therefore, a principal risk of investing in thePortfolio is that the allocation strategies used and theallocation decisions made will not produce the desiredresults.

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.

Derivatives Risk. The use of derivatives (such asfutures and credit default swaps) involves additionalrisks and transaction costs which could leave thePortfolio in a worse position than if it had not usedthese instruments. 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 that theother party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

Foreign Securities Risk. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,

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the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities. All of these risks may beheightened for securities of issuers located in, or withsignificant operations in, emerging market countries.

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.

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.

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.

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.

Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Some factorsaffecting the performance of a company includedemand for the company’s products or services, thequality of management of the company and brandrecognition and loyalty. Common stock of a company issubordinate to other securities issued by the company.

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 smaller

companies, especially during extended periods ofeconomic expansion.

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.

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 Adviser 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.

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.

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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Other Funds Risk. The performance of the Portfolio isdependent, in part, upon the performance of otherfunds manged by the Adviser or an affiliate (“OtherFunds”) in which the Portfolio invests. As a result, thePortfolio is subject to the same risks as those faced bythe Other Funds.

Small and Mid Cap Risk. Small- and medium-sizedcompanies often have greater price volatility, lowertrading volumes, and less liquidity than larger, moreestablished companies. These companies tend to havesmaller revenues, narrower product lines, lessmanagement depth and experience, smaller shares oftheir product or service markets, fewer financialresources, and less competitive strength than largercompanies.

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.

Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. From time to time, equity investments mayfall out of favor as compared to investments in debtsecurities, and vice versa. Small, less seasonedcompanies and medium-size companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more-established 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. These indices arethe S&P 500 Index, which measures the performance of500 widely held, publicly traded stocks, the BloombergBarclays U.S. Aggregate Bond Index, which measures theperformance of U.S. investment grade bonds, and theMSCI All Country World Index ex-USA—USD NetReturns, which measures the performance of stockmarkets in developed and emerging markets countriesthroughout the world (excluding the U.S.). 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 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 and

deductions 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

(37.23)%

30.62%

17.53%

(3.93)%

12.25%

27.05%

6.02%

(0.45)%

10.11%

21.51%

-40

-30

-20

-10

0

10

20

30

40

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17A

nn

ual

Ret

urn

(%

)

Best Quarter: Q2 ’09 +17.99%

Worst Quarter: Q4 ’08 (21.69)%

AVERAGE ANNUAL TOTAL RETURNS(PERIODS ENDING DECEMBER 29, 2017)

Thrivent Aggressive AllocationPortfolio 1 Year 5 Years 10 Years

21.51% 12.40% 6.43%

S&P 500 Index(reflects no deduction for fees,expenses or taxes) 21.83% 15.79% 8.50%

Bloomberg BarclaysU.S. Aggregate Bond Index(reflects no deduction for fees,expenses or taxes) 3.54% 2.10% 4.01%

MSCI All Country World Indexex-USA - USD Net Returns(reflects no deduction for fees,expenses or taxes) 27.19% 6.80% 1.84%

Management

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

Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managers

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of the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. 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. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.

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 and ThriventLife Insurance Company;

• Separate accounts of other insurance companies notaffiliated with Thrivent Financial; and

• Other Portfolios of the Fund.

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

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

5

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THRIVENT BALANCED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-7

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.









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 BalancedIncome Plus Portfolio $69 $218 $379 $847


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 areprimarily income-producing and may include commonstock, preferred stock, securities convertible intocommon stock, or securities or other instruments theprice of which is linked to the value of common stock.Under normal circumstances, the Portfolio intends toinvest in real estate investment trusts (“REITs”).

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 utilize derivatives (such as futuresand swaps) for investment exposure or hedgingpurposes, including credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similar

1

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entities, and non-standardized derivatives contractstraded in the over-the-counter market.

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.

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.

The Portfolio may also pursue its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser 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.


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. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to both equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.

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.

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.


Emerging Markets Risk. The economic and politicalstructures of developing countries, in most cases, do notcompare favorably with the U.S. or other developedcountries in terms of wealth and stability, and theirfinancial markets often lack liquidity. Portfolioperformance will likely be negatively affected byportfolio exposure to countries in the midst of, amongother things, hyperinflation, currency devaluation,trade disagreements, sudden political upheaval, orinterventionist government policies. Significant buyingor selling actions by a few major investors may alsoheighten the volatility of emerging markets. Thesefactors make investing in emerging market countriessignificantly riskier than in other countries, and eventsin any one country could cause the Portfolio’s shareprice to decline.

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.

Foreign Securities Risk. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes in

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exchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities. All of these risks may beheightened for securities of issuers located in, or withsignificant operations in, emerging market 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. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in therepayment patterns of the underlying security. If theprincipal payment on the underlying asset is repaidfaster or slower than the holder of the asset-backed ormortgage-backed security anticipates, the price of thesecurity may fall, particularly if the holder must reinvestthe repaid principal at lower rates or must continue tohold the security when interest rates rise. This effectmay cause the value of the Portfolio to decline andreduce the overall return of the Portfolio. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.


Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Common stockof a company is subordinate to other securities issued bythe company. If a company becomes insolvent, interestsof investors owning common stock will be subordinatedto the interests of other investors in, and generalcreditors of, the company.

Leveraged Loan Risk. Leveraged loans (also known asbank loans) are subject to the risks typically associatedwith debt securities. In addition, leveraged loans, which

typically 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.

Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. High-yield bonds andleveraged loans have a less liquid resale market. Inaddition, dealer inventories of bonds are at or nearhistoric lows in relation to market size, which has thepotential to decrease liquidity and increase pricevolatility in the fixed income markets, particularlyduring periods of economic or market stress. As a result,the Adviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser believes they are worth.


Mortgage-Related and Other Asset-BackedSecurities Risk. The value of mortgage-related 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.

Other Funds Risk. The performance of the Portfolio isdependent, in part, upon the performance of otherfunds manged by the Adviser or an affiliate (“OtherFunds”) in which the Portfolio may invest. As a result,

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the Portfolio is subject to the same risks as those facedby the Other Funds.

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.

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.

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 beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. In

addition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.

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.

Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. The value of the Portfolio’s shares may beaffected by weak equity markets or changes in interestrate or bond yield levels. As a result, the value of thePortfolio’s shares may fluctuate significantly in the shortterm.

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. These indices arethe MSCI World Index—USD Net Returns, whichmeasures the performance of stock markets indeveloped countries throughout the world, theBloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged Loan Index, which reflectsthe performance of the largest facilities in the leveragedloan market. Call 800-847-4836 or visit Thrivent.comfor performance results current to the most recentmonth-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 information

4

TSF-11

on applicable 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 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.



(26.06)%

21.76%

13.29%

4.18%

12.42%

17.95%

6.07%

(0.14)%

7.06%

11.67%

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-20

-10

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10

20

30

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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Thrivent Balanced Income PlusPortfolio 1 Year 5 Years 10 Years

11.67% 8.36% 5.96%

MSCI World Index-USD NetReturns(reflects no deduction for fees,expenses or taxes) 22.40% 11.64% 5.03%

Bloomberg BarclaysU.S. Mortgage-Backed SecuritiesIndex(reflects no deduction for fees,expenses or taxes) 2.47% 2.04% 3.84%

Bloomberg Barclays U.S. HighYield Ba/B 2% Issuer CappedIndex(reflects no deduction for fees,expenses or taxes) 6.92% 5.45% 7.45%

S&P/LSTA Leveraged LoanIndex(reflects no deduction for fees,expenses or taxes) 4.12% 4.03% 4.85%

Management


Portfolio Manager(s)Stephen D. Lowe, CFA, Mark L. Simenstad, CFA,Noah J. Monsen, CFA, Reginald L. Pfeifer, CFAand John T. Groton, Jr., CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Lowe has served as a portfoliomanager of the Portfolio since August 2013. Mr.Simenstad, Mr. Monsen and Mr. Pfeifer have served asportfolio managers of the Portfolio since April 2015. Mr.Groton has served as a portfolio manager of thePortfolio since March 2016. Mr. Lowe is Vice Presidentof Fixed Income Mutual Funds and Separate Accountsand has been with Thrivent Financial since 1997. Hehas served as a portfolio manager since 2009. Mr.Simenstad is Chief Investment Strategist and has beenwith Thrivent Financial since 1999. Mr. Monsen hasbeen with Thrivent Financial since 2000 and has servedin an investment management capacity since 2008. Mr.Pfeifer has been with Thrivent Financial since 1990 andhas served as an equity portfolio manager since 2003.Mr. Groton is the Director of Equity Research and hasbeen with Thrivent Financial in an investmentmanagement capacity since 2007.


5

TSF-12






6

32065B R4-18TSF-13






THRIVENT DIVERSIFIED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-14

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 $55 $173 $302 $677





Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 70% 50-90%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 30% 10-50%




1

TSF-15







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. In particular, underperformance in the fixedincome markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to fixed income securities. Therefore, aprincipal risk of investing in the Portfolio is that theallocation strategies used and the allocation decisionsmade will not produce the desired results.


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.





2

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Leveraged Loan Risk. Leveraged loans (also known asbank loans) are subject to the risks typically associatedwith debt securities. In addition, leveraged loans, which

typically 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.




Other Funds Risk. The performance of the Portfolio isdependent, in part, upon the performance of otherfunds manged by the Adviser or an affiliate (“OtherFunds”) in which the Portfolio may invest. As a result,

3

TSF-17

the Portfolio is subject to the same risks as those facedby the Other Funds.



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 beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. In

addition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.


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. These indices arethe MSCI World Index—USD Net Returns, whichmeasures the performance of stock markets indeveloped countries throughout the world, theBloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged loan Index, which reflectsthe performance of the largest facilities in the leveragedloan market.

Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-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.


4

TSF-18


(23.30)%

33.06%

15.85%

2.31%

14.48%11.17%

4.27%0.08%

7.08%9.34%

-30

-20

-10

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30

40

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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Thrivent Diversified IncomePlus Portfolio 1 Year 5 Years 10 Years

9.34% 6.32% 6.53%





Management


Portfolio Manager(s)Mark L. Simenstad, CFA, Stephen D. Lowe, CFA,Noah J. Monsen, CFA, Reginald L. Pfeifer, CFAand John T. Groton, Jr., 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. Lowe,Mr. Monsen and Mr. Pfeifer have served as portfoliomanagers of the Portfolio since April 2015. Mr. Grotonhas served as a portfolio manager of the Portfolio sinceMarch 2016. Mr. Simenstad is Chief InvestmentStrategist and has been with Thrivent Financial since

1999. 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. Monsen has beenwith Thrivent Financial since 2000 and has served in aninvestment management capacity since 2008. Mr. Pfeiferhas been with Thrivent Financial since 1990 and hasserved as an equity portfolio manager since 2003. Mr.Groton is Director of Equity Research and has been withThrivent Financial in an investment managementcapacity since 2007.







5

32065G R4-18TSF-19






THRIVENT GOVERNMENT BOND PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-20

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 $46 $144 $252 $567


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 determinethat the Portfolio would benefit from reducing thepercentage of its net assets invested in U.S. governmentbonds from 80% to a lesser amount, it will notify you atleast 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, if any, capital appreciation. The Portfolio mayinvest in U.S. dollar denominated sovereign debt offoreign governments. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.


1

TSF-21




Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as GinnieMae, Fannie Mae or Freddie Mac securities). Securitiesissued or guaranteed by 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 Fannie Maeand Freddie Mac are not backed by the full faith andcredit of the U.S. government. No assurance can begiven that the U.S. government would provide financialsupport to its agencies and instrumentalities if notrequired to do so by law. In addition, the value of U.S.government securities may be affected by changes in thecredit rating of 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.

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. Some municipal bonds may be repaidprior to maturity if interest rates decrease. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.


Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Some factorsaffecting the performance of a company includedemand for the company’s products or services, thequality of management of the company and brandrecognition and loyalty.

Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Inventories of bonds areat or near historic lows in relation to market size, whichhas the potential to decrease liquidity and increase pricevolatility in the fixed income markets, particularlyduring periods of economic or market stress. As a resultof this decreased liquidity, the Adviser may have toaccept a lower price to sell a security, sell other securitiesto raise cash, or give up an investment opportunity, anyof which could have a negative effect on performance.

2

TSF-22



Other Funds Risk. The performance of the Portfolio isdependent, in part, upon the performance of otherfunds manged by the Adviser or an affiliate (“OtherFunds”) in which the Portfolio may invest. As a result,the Portfolio is subject to the same risks as those facedby the Other Funds.


Sovereign Debt Risk. The Portfolio may invest insovereign debt securities. These securities are issued orguaranteed by foreign governmental entities. Theseinvestments are subject to the risk that a governmentalentity may delay or refuse to pay interest or repayprincipal on its sovereign debt, due, for example, tocash flow problems, insufficient foreign currencyreserves, political considerations, the relative size of thegovernmental entity’s debt position in relation to theeconomy or the failure to put in place economicreforms required by the International Monetary Fund orother multilateral agencies. If a governmental entitydefaults, it may ask for more time in which to pay or forfurther loans. There is no legal process for collectingsovereign debts that a government does not pay nor arethere bankruptcy proceedings through which all or partof the sovereign debt that a governmental entity hasnot repaid may be collected.

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 tobroad-based securities market indices. The indices areBloomberg Barclays U.S. Agency Index and theBloomberg Barclays U.S. Treasury Index. The BloombergBarclays U.S. Agency Index measures the performance ofthe agency sector of the U.S. government bond market.The Bloomberg Barclays U.S. Treasury Index measuresthe performance of the U.S. Treasury bond market. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.

The Portfolio no longer uses the Bloomberg BarclaysU.S. Aggregate Bond Index because, effective August 28,2017, based on approval of the Portfolio’s Board ofDirectors and shareholders, the portfolio’s investmentobjective and principal strategies were changed, whichhad the effect of converting the Portfolio from onewhose securities were selected based on which securitieswere in an index to one that is actively managed andinvests primarily in U.S. government securities. At thesame time, the Portfolio’s name changed from ThriventBond Index Portfolio to Thrivent Government BondPortfolio. As a result, performance informationpresented below with respect to periods prior toAugust 28, 2017, reflects the performance of aninvestment portfolio that was materially different fromthe investment portfolio of Thrivent Government BondPortfolio.

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

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

3

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(0.82)%

8.47%9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

-4

-2

0

2

4

6

8

10

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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Thrivent Government BondPortfolio 1 Year 5 Years 10 Years

2.96% 1.82% 3.86%

Bloomberg BarclaysU.S. Agency Index(reflects no deduction for fees,expenses or taxes) 2.06% 1.32% 2.85%

Bloomberg BarclaysU.S. Treasury Index(reflects no deduction for fees,expenses or taxes) 2.31% 1.27% 3.31%


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 has beenwith Thrivent Financial since 1997 and has served as aportfolio manager since 2000.







4

32065U R4-18TSF-24






THRIVENT GROWTH AND INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-25

Thrivent Growth and Income Plus PortfolioThe Board of Directors of Thrivent Series Fund, Inc. hasapproved the merger of Thrivent Growth and IncomePlus Portfolio (the “Portfolio”) into Thrivent ModeratelyAggressive Allocation Portfolio. The merger is subject toapproval by contractholders of the Portfolio at a specialmeeting of contractholders to be held on or aboutJune 21, 2018. The merger, if approved bycontractholders, will occur on or about June 28, 2018.The Portfolio and its corresponding subaccount will beclosed to new investment selections at the end of theday on April 27, 2018. If you already invest in asubaccount corresponding to the Portfolio, you cancontinue to invest in the subaccount until the mergerhas been completed.

Investment ObjectiveThe Portfolio seeks long-term capital growth andincome.












1 The Adviser has contractually agreed, through at least April 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Growth and Income PlusPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements, if any,to an annual rate of 0.90% of the average daily net assets of the

shares. This contractual provision, however, may be terminatedbefore the indicated termination date upon the mutual agreementbetween the 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 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 Growth andIncome Plus Portfolio $95 $309 $541 $1,208





Range



1

TSF-26


The Portfolio may utilize derivatives (such as futuresand swaps) for investment exposure or hedgingpurposes, including credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contractstraded in the over-the-counter market.






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. In particular, underperformance in the equitymarkets would have a material adverse effect on thePortfolios’ total return given their significant allocationto equity securities. Therefore, a principal risk ofinvesting in the Portfolio is that the allocation strategiesused and the allocation decisions made will not producethe desired results.




Emerging Markets Risk. The economic and politicalstructures of developing countries, in most cases, do notcompare favorably with the U.S. or other developedcountries in terms of wealth and stability, and theirfinancial markets often lack liquidity. Portfolioperformance will likely be negatively affected byportfolio exposure to countries in the midst of, amongother things, hyperinflation, currency devaluation,trade disagreements, sudden political upheaval, orinterventionist government policies. Significant buyingor selling actions by a few major investors may alsoheighten the volatility of emerging markets. Thesefactors make investing in emerging market countries

2

TSF-27

significantly riskier than in other countries, and eventsin any one country could cause the Portfolio’s shareprice to decline.


Foreign Securities Risk. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities. All of these risks may beheightened for securities of issuers located in, or withsignificant operations in, emerging market 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. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the

repayment patterns of the underlying security. If theprincipal payment on the underlying asset is repaidfaster or slower than the holder of the asset-backed ormortgage-backed security anticipates, the price of thesecurity may fall, particularly if the holder must reinvestthe repaid principal at lower rates or must continue tohold the security when interest rates rise. This effectmay cause the value of the Portfolio to decline andreduce the overall return of the Portfolio. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.




Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. High-yield bonds andleveraged loans have a less liquid resale market. Inaddition, dealer inventories of bonds are at or nearhistoric lows in relation to market size, which has thepotential to decrease liquidity and increase price

3

TSF-28

volatility in the fixed income markets, particularlyduring periods of economic or market stress. As a result,the Adviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser believes they are worth.





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 preferred

dividends 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.

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 beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. Inaddition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.



4

TSF-29

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-year and five-year periods and sinceinception compared to broad-based securities marketindices. These indices are the MSCI World Index—USDNet Returns, which measures the performance of stockmarkets in developed countries throughout the world,the Bloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, Bloomberg Barclays U.S. High Yield Ba/B2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged Loan Index, which reflectsthe performance of the largest facilities in the leveragedloan market. Call 800-847-4836 or visit Thrivent.comfor performance results current to the most recentmonth-end.

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 inincome-producing equity securities to one which investsin a combination of equity securities and debt securities.At the same time, the Portfolio’s name changed fromThrivent Equity Income Plus Portfolio to ThriventGrowth and Income Plus Portfolio. As a result,performance information presented below with respectto periods prior to August 16, 2013, reflects theperformance of an investment portfolio that wasmaterially different from the investment portfolio ofThrivent Growth and Income Plus Portfolio.

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.

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.


16.68% 16.23%

(2.45)%

13.17%

21.24%

2.21%

(0.81)%

6.63%

14.01%

-5

0

5

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15

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‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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Thrivent Growth and IncomePlus Portfolio 1 Year 5 Years

SinceInception(4/30/08)

14.01% 8.36% 4.81%





Management


Portfolio Manager(s)Stephen D. Lowe, CFA, Mark L. Simenstad, CFA,Noah J. Monsen, CFA, Reginald L. Pfeifer, CFAand John T. Groton, Jr., CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Lowe has served as a portfoliomanager of the Portfolio since August 2013. Mr.Simenstad, Mr. Monsen and Mr. Pfeifer have served asportfolio managers of the Portfolio since April 2015. Mr.Groton has served as a portfolio manager of thePortfolio since March 2016. Mr. Lowe is Vice President

5

TSF-30

of Fixed Income Mutual Funds and Separate Accountsand has been with Thrivent Financial since 1997. Hehas served as a portfolio manager since 2009. Mr.Simenstad is Chief Investment Strategist and has beenwith Thrivent Financial since 1999. Mr. Monsen hasbeen with Thrivent Financial since 2000 and has servedin an investment management capacity since 2008. Mr.Pfeifer has been with Thrivent Financial since 1990 andhas served as an equity portfolio manager since 2003.Mr. Groton is the Director of Equity Research and hasbeen with Thrivent Financial in an investmentmanagement capacity since 2007.







6

32065AB R4-18TSF-31






THRIVENT HIGH YIELD PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-32

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 $46 $144 $252 $567


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. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in junk bonds from 80% to a lesser amount, wewill notify you 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.


1

TSF-33

Principal RisksThe Portfolio is subject to the following principalinvestment risks. Shares of the Portfolio will rise and fallin value and there is a risk that you could lose moneyby investing in the Portfolio. The Portfolio cannot becertain that it will achieve its investment objectives.




Foreign Securities Risk. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities.

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 the

security is in default with respect to interest or principalpayments, the value of the Portfolio may be negativelyaffected.



Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio.


Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. High-yield bonds andleveraged loans have a less liquid resale market. Inaddition, dealer inventories of bonds are at or nearhistoric lows in relation to market size, which has thepotential to decrease liquidity and increase price

2

TSF-34

volatility in the fixed income markets, particularlyduring periods of economic or market stress. As a result,the Adviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser believes they are worth.






and by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theBloomberg Barclays U.S. Corporate High Yield BondIndex, which measures the performance of fixed-ratenon-investment grade bonds. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



(21.19)%

43.49%

14.57%

4.70%

16.28%

6.91%

1.96% (2.69)%

12.78%

7.47%

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Thrivent High Yield Portfolio 1 Year 5 Years 10 Years

7.47% 5.15% 7.34%

Bloomberg BarclaysU.S. Corporate High Yield BondIndex(reflects no deduction for fees,expenses or taxes) 7.50% 5.78% 8.03%

Management


3

TSF-35

Portfolio Manager(s)Paul J. Ocenasek, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr. Ocenasekhas served as portfolio manager of the Portfolio sinceDecember 1997. He has been with Thrivent Financialsince 1987 and, since 1997, has served as portfoliomanager to other Thrivent mutual funds.







4

32065R R4-18TSF-36






THRIVENT INCOME PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-37

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, and mortgage-backed securities.(Asset-backed securities are securities backed by notes orreceivables originated by banks, credit card companiesor other providers of credit).

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 maypurchase 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. Additionally, the Portfolio mayinvest in leveraged loans, which are senior secured loansthat are made by banks or other lending institutions tocompanies that are rated below investment grade. Pleasenote that the Portfolio will likely use an interest rate

1

TSF-38

management technique that includes the purchase andsale of U.S. Treasury securities and related futurescontracts for the purpose of managing the duration ofthe Portfolio. The Portfolio may utilize other derivatives(such as swaps) for investment exposure or hedgingpurposes, including credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contractstraded in the over-the-counter market. The Portfoliomay also pursue its investment strategy by investing inother mutual funds, including funds managed by theAdviser or an affiliate.

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.




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 in

interest 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.

Foreign Securities Risk. To the extent the Portfolio isexposed to foreign securities, it is subject to various risksassociated with such securities. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities.



Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategy

2

TSF-39

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.





Mortgage-Related and Other Asset-BackedSecurities Risk. The value of mortgage-related andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlying

such 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.




Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. Bonds may exhibit price fluctuations due tochanges in interest rates or bond yield levels.

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 is theBloomberg Barclays U.S. Aggregate Bond Index, which

3

TSF-40

measures the performance of U.S. investment gradebonds. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.



(10.85)%

21.29%

11.55%

5.94%

10.98%

(0.07)%

6.68%

(0.68)%

6.09% 6.28%

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Thrivent Income Portfolio 1 Year 5 Years 10 Years

6.28% 3.61% 5.41%


Management


Portfolio Manager(s)Stephen D. Lowe, CFA and Kent L. White, CFA arejointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Lowe has served as

the portfolio manager of the Portfolio since February2009, and Mr. White has served as a portfolio managerof the Portfolio since June 2017. Mr. Lowe is VicePresident of Fixed Income Mutual Funds and SeparateAccounts and has also been a senior portfolio managerof the high yield portion of Thrivent Financial’s generalaccount since 2005. He has been with ThriventFinancial since 1997. Mr. White is the Director ofInvestment Grade Research, and he has been withThrivent Financial since 1999.







4

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THRIVENT LARGE CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-42

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 S&P 500 Index, the MSCI USA Large CapIndex, or the large company market capitalizationclassifications published by Lipper, Inc. Thesecompanies typically have a market capitalization ofapproximately $8 billion or more. Should the Adviserdetermine that the Portfolio would benefit fromreducing the percentage of its assets invested in equitysecurities of large cap companies from 80% to a lesseramount, we will notify you at least 60 days prior to thechange.

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 also pursue its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate. The Portfoliomay sell securities for a variety of reasons, such as tosecure gains, limit losses, or reposition assets into morepromising opportunities.

Principal RisksThe Portfolio is subject to the following principalinvestment risks. Shares of the Portfolio will rise and fallin value and there is a risk that you could lose money

1

TSF-43

by investing in the Portfolio. The Portfolio cannot becertain that it will achieve its investment objective.




Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Some factorsaffecting the performance of a company includedemand for the company’s products or services, thequality of management of the company and brandrecognition and loyalty.

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.



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.

Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. Growth style investing includes the risk ofinvesting in securities whose prices historically havebeen more volatile than other securities, especially overthe short term. Growth stock prices reflect projection offuture earnings or revenues and, if a company’s earningsor revenues fall short of expectations, its stock pricemay fall dramatically.

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 is theS&P 500 Growth Index, which measures theperformance of the growth stocks in the S&P 500 Index.Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-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 and

2

TSF-44

deductions against your variable contract were included,returns would be lower than those shown.



(42.00)%

41.40%

10.73%

(5.27)%

19.18%

36.14%

10.99% 10.48%

(1.48)%

28.93%

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Thrivent Large Cap GrowthPortfolio 1 Year 5 Years 10 Years

28.93% 16.22% 8.07%

S&P 500 Growth Index(reflects no deduction for fees,expenses or taxes) 27.44% 17.00% 9.99%

Management


Portfolio Manager(s)Darren M. Bagwell, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr.Bagwell has served as portfolio manager of the Portfoliosince December 2014. Mr. Bagwell has been withThrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager.







3

32065M R4-18TSF-45






THRIVENT LARGE CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-46

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 $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 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. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.


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 a company to which the Portfolio is exposed

1

TSF-47

will affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Common stockof a company is subordinate to other securities issued bythe company. If a company becomes insolvent, interestsof investors owning common stock will be subordinatedto the interests of other investors in, and generalcreditors of, the company.




Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment.

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 is theS&P 500 Index, which measures the performance of 500widely held, publicly traded stocks. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.



(37.12)%

26.20%

14.63%

1.71%

15.54%

31.81%

13.25%

1.12%

11.68%

21.46%

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Thrivent Large Cap IndexPortfolio 1 Year 5 Years 10 Years

21.46% 15.41% 8.15%


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 Equity Portfolio Manager. Ms. Wang has beenwith Thrivent Financial since 2017 and is currently anIntermediate Equity Portfolio Manager. Prior to joiningThrivent Financial, Ms. Wang worked at Bryn MawrCapital Management as a portfolio manager from 2009to 2016.


2

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THRIVENT LARGE CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-50

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











Thrivent Large CapStock Portfolio $67 $211 $368 $822

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 59% 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 in widely known indices such as theS&P 500 Index, the MSCI USA Large Cap Index, or thelarge company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $8 billionor more. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notifyyou at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in domestic and internationalcommon stocks. The Portfolio may buy and sell futurescontracts to either hedge its exposure or obtainexposure to certain investments. The Portfolio may alsopursue its investment strategy by investing in othermutual funds, including funds managed by the Adviseror an affiliate. 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.


Foreign Securities Risk. Foreign securities aregenerally more volatile than their domestic

1

TSF-51

counterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities.


Investment Adviser Risk. The Portfolio is activelymanaged and the success of the Portfolio’s investmentstrategy depends significantly on the skills of theAdviser in assessing the potential of the investments inwhich the Portfolio invests. This assessment ofinvestments may prove incorrect, resulting in losses orpoor performance, even in rising markets.

Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Some factorsaffecting the performance of a company includedemand for the company’s products or services, thequality of management of the company and brandrecognition and loyalty. Common stock of a company issubordinate to other securities issued by the company. Ifa company becomes insolvent, interests of investorsowning common stock will be subordinated to theinterests of other investors in, and general creditors of,the company.


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

may also decline because of factors that affect aparticular industry.



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 is theMSCI World Large Cap Index—USD Net Returns, whichmeasures the performance of large cap stocks indeveloped countries throughout the world. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.



(37.68)%

27.59%

10.82%

(4.57)%

14.90%

29.60%

5.29%3.11%

5.42%

21.16%

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Thrivent Large Cap StockPortfolio 1 Year 5 Years 10 Years

21.16% 12.44% 5.67%

MSCI World Large Cap Index -USD Net Returns(reflects no deduction for fees,expenses or taxes) 22.21% 11.53% 4.86%

Management


Portfolio Manager(s)Kurt J. Lauber, CFA, Darren M. Bagwell, CFA andNoah J. Monsen, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Lauber has served as a portfolio managerof the Portfolio since March 2013. Mr. Bagwell hasserved as a portfolio manager of the Portfolio sinceMarch 2016. Mr. Monsen has served as a portfoliomanager of the Portfolio since April 2018. Mr. Lauberhas been with Thrivent Financial since 2004 andpreviously served as an associate portfolio manager. Mr.Bagwell has been with Thrivent Financial since 2002 inan investment management capacity and currently is aSenior Equity Portfolio Manager. Mr. Monsen has beenwith Thrivent Financial since 2000 and has served in aninvestment management capacity since 2008.







3

32065Z R4-18TSF-53






THRIVENT LARGE CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-54

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 $65 $205 $357 $798

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 S&P 500 Index, the MSCI USA Large CapIndex, or the large company market capitalizationclassifications published by Lipper, Inc. Thesecompanies typically have a market capitalization ofapproximately $8 billion or more. The Portfolio mayalso pursue its investment strategy by investing in othermutual funds, including funds managed by the Adviseror an affiliate. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notifyyou at least 60 days prior to the change.

The Adviser uses fundamental, quantitative, andtechnical investment research techniques and focuseson stocks of companies that it believes are undervaluedin relation to their long-term earnings power or assetvalue. These stocks typically, but not always, have belowaverage price-to-earnings and price-to-book value ratios.The Portfolio may sell securities for a variety of reasons,such as to secure gains, limit losses, or reposition assetsinto more promising opportunities.


Foreign Securities Risk. To the extent the Portfolio isexposed to foreign securities, it is subject to various risksassociated with such securities. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,

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TSF-55

the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities.

Investment Adviser Risk. The Portfolio is activelymanaged and the success of the Portfolio’s investmentstrategy depends significantly on the skills of theAdviser in assessing the potential of the investments inwhich the Portfolio invests. This assessment ofinvestments may prove incorrect, resulting in losses orpoor performance, even in rising markets.






Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. Value style investing includes the risk thatstocks of undervalued companies may not rise asquickly as anticipated if the market doesn’t recognizetheir intrinsic value or if value stocks are out of favor.

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 is theS&P 500 Value Index, which measures the performanceof the value stocks in the S&P 500 Index. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




(34.33)%

21.11%

12.61%

(3.08)%

17.57%

31.82%

9.03%

(3.53)%

17.44% 17.65%

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Thrivent Large Cap ValuePortfolio 1 Year 5 Years 10 Years

17.65% 13.88% 6.93%

S&P 500 Value Index(reflects no deduction for fees,expenses or taxes) 15.36% 14.24% 6.80%

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

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 R4-18TSF-57






THRIVENT LIMITED MATURITY BONDPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-58

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 $46 $144 $252 $567


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 Adviserdetermine that the Portfolio would benefit fromreducing the percentage of its assets invested in suchinvestment grade securities from 80% to a lesseramount, we will notify you at least 60 days prior to thechange.

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

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focuses on companies that it believes are financiallysound and have strong cash flow, asset values andinterest or dividend earnings. Some of these companiesmay be foreign ones. Additionally, the Portfolio mayinvest in leveraged loans, which are senior secured loansthat are made by banks or other lending institutions tocompanies that are rated below investment grade. Pleasenote that the Portfolio will likely use an interest ratemanagement technique that includes the purchase andsale of U.S. Treasury securities and related futurescontracts for the purpose of managing the duration ofthe Portfolio. The Portfolio may utilize other derivatives(such as swaps) for investment exposure or hedgingpurposes, including credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contractstraded in the over-the-counter market. The Portfoliomay also pursue its investment strategy by investing inother mutual funds, including funds managed by theAdviser or an affiliate.


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, butnot 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.





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. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in therepayment patterns of the underlying security. If theprincipal payment on the underlying asset is repaidfaster or slower than the holder of the asset-backed ormortgage-backed security anticipates, the price of thesecurity may fall, particularly if the holder must reinvestthe repaid principal at lower rates or must continue tohold the security when interest rates rise. This effectmay cause the value of the Portfolio to decline andreduce the overall return of the Portfolio. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.

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Mortgage-Related and Other Asset-BackedSecurities Risk. The value of mortgage-related and

asset-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.




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 is theBloomberg Barclays Government/Credit 1-3 Year BondIndex, which measures the performance of governmentand corporate fixed-rate debt securities with maturitiesof 1-3 years. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.

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(6.46)%

14.04%

5.25%

0.90%

4.32%

0.45%1.68%

0.73%

2.84% 2.62%

-10

-5

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Thrivent Limited MaturityBond Portfolio 1 Year 5 Years 10 Years

2.61% 1.66% 2.52%

Bloomberg BarclaysGovernment/Credit 1-3 YearBond Index(reflects no deduction for fees,expenses or taxes) 0.84% 0.84% 1.85%

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 and Mr. Anderson have servedas portfolio managers of the Portfolio since November2001 and February 2005, respectively. Mr. Landreville

has been with Thrivent Financial since 1983 and hasserved as a portfolio manager since 1998. Mr. Andersonhas been with Thrivent Financial since 1997 and hasserved as a portfolio manager since 2000.







4

32065V R4-18TSF-62






THRIVENT LOW VOLATILITY EQUITYPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-63

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.







Other Expenses1 2.46%




1 Certain other expense categories have been adjusted to annualizeexpenses after the initial short year to reflect current fees.

2 The Adviser has contractually agreed, through at least April 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Low Volatility Portfolioin order to limit the Total Annual Portfolio Operating ExpensesAfter Fee Waivers and/or Expense Reimbursements, if any, to anannual rate of 0.80% 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 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:


Thrivent LowVolatility EquityPortfolio $82 $732 $1,407 $3,215

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.

From inception on April 28, 2017 through the mostrecent fiscal year, the Portfolio’s portfolio turnover ratewas 35% of the 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 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. The Portfoliomay also pursue its investment strategy by investing inother mutual funds, including funds managed by theAdviser or an affiliate.

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 Index but with less volatility. It isexpected that the Portfolio will generally underperformthe global equity markets during periods of strongmarket performance.

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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 (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 to produce a portfolio withreduced volatility.










Volatility Risk. Although the Portfolio seeks lowervolatility than the global equity markets, its returns willexperience some volatility. Volatility risk is the risk thatcertain types of securities shift in and out of favordepending on market and economic conditions as wellas investor sentiment. The value of the Portfolio’s sharesmay be affected by weak equity markets. As a result, thevalue of the Portfolio’s shares may fluctuatesignificantly in the short term.

PerformanceNo performance information for the Portfolio isprovided because it does not yet have a full year ofperformance history. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.

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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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 thePortfolio 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 SeniorEquity Portfolio Manager.







3

32065P R4-18TSF-66






THRIVENT MID CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-67

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 $28 $87 $152 $343


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. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.



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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.



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 is theS&P MidCap 400 Index, which measures theperformance of 400 mid-cap stocks. 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, 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 information

on applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



(36.29)%

36.69%

25.91%

(2.23)%

17.38%

32.92%

9.28%

(2.52)%

20.43%15.98%

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Thrivent Mid Cap IndexPortfolio 1 Year 5 Years 10 Years

15.98% 14.61% 9.55%

S&P MidCap 400 Index(reflects no deduction for fees,expenses or taxes) 16.24% 15.01% 9.97%

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 Equity Portfolio Manager. Ms. Wang has beenwith Thrivent Financial since 2017 and is currently anIntermediate Equity Portfolio Manager. Prior to joiningThrivent Financial, Ms. Wang worked at Bryn MawrCapital Management as a portfolio manager from 2009to 2016.

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32065AD R4-18TSF-70






THRIVENT MID CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-71

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











Thrivent Mid CapStock Portfolio $68 $214 $373 $835



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 S&PMidCap 400 Index, MSCI USA Mid Cap 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 determine that thePortfolio would benefit from reducing the percentage ofits assets invested in mid cap equity securities from 80%to a lesser amount, we will notify you at least 60 daysprior 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.


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

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and by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared toa broad-based securities market index. The index is theS&P MidCap 400 Index, which measures theperformance of mid-sized companies. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.




(40.75)%

39.10%

25.59%

(6.28)%

14.29%

35.50%

11.93%

0.08%

28.71%

19.00%

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Thrivent Mid Cap StockPortfolio 1 Year 5 Years 10 Years

19.00% 18.38% 9.93%

S&P MidCap 400 Index(reflects no deduction for fees,expenses or taxes) 16.24% 15.01% 9.97%

Management


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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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32065K R4-18TSF-74






THRIVENT MODERATE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-75

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



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

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may also enter into credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non-standardized derivatives contractstraded in the over-the-counter market.




Range


















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. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to both equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.




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3

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(27.74)%

26.89%

13.68%

(1.02)%

11.72%15.12%

5.88%

(0.56)%

8.89%

12.95%

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Thrivent Moderate AllocationPortfolio 1 Year 5 Years 10 Years

12.95% 8.31% 5.56%




Management


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Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. 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. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

32065C R4-18TSF-80






THRIVENT MODERATELY AGGRESSIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-81

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
















Thrivent ModeratelyAggressive AllocationPortfolio $73 $277 $498 $1,134




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Range


















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. Underperformance in the equity markets wouldhave a material adverse effect on the Portfolio’s totalreturn given its significant allocation to equitysecurities. Therefore, a principal risk of investing in thePortfolio is that the allocation strategies used and theallocation decisions made will not produce the desiredresults.




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(33.40)%

29.80%

15.43%

(2.86)%

12.87%

21.30%

6.05%

(0.75)%

10.23%

16.79%

-40

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Thrivent Moderately AggressiveAllocation Portfolio 1 Year 5 Years 10 Years

16.79% 10.45% 6.04%




Management


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Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. 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. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

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THRIVENT MODERATELY CONSERVATIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-87

Thrivent Moderately Conservative Allocation PortfolioInvestment ObjectiveThrivent Moderately Conservative Allocation Portfolio(the �Portfolio�) seeks long-term capital growth whileproviding reasonable 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 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 uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achievea desired risk tolerance generally aligned with its peergroup as published by Lipper, Inc. 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 may be based on maturity,duration, security type or credit rating (high yield—commonly known as “junk bonds”—or investmentgrade) for debt securities. Sub-classes for equitysecurities may be based on market capitalization,investment style (such as growth or value), or economicsector and may include leveraged loans, which aresenior secured loans that are made by banks or otherlending institutions to companies that are rated belowinvestment grade.


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Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 63% 35-75%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 37% 25-65%






Thrivent Government Bond PortfolioThrivent Limited Maturity Bond Portfolio

OtherThrivent Core Emerging Markets Debt Fund










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. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total returns given its significantallocation to equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.




2

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Other Funds Risk. The performance of the Portfolio isdependent, in part, upon the performance of otherfunds manged by the Adviser or an affiliate (“OtherFunds”) in which the Portfolio invests. As a result, the

3

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Portfolio is subject to the same risks as those faced bythe Other Funds.




Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. From time to time, debt investments mayfall out of favor as compared to investments in equitysecurities, and vice versa. Small, less seasonedcompanies and medium-size companies often havegreater price volatility, lower trading volume, and lessliquidity than larger, more-established companies.


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 insurance

and 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.



(20.61)%

22.53%

11.41%

0.20%

9.59% 9.02%

5.32%

(0.46)%

7.24%9.51%

-30

-20

-10

0

10

20

30

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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%)




Thrivent ModeratelyConservative AllocationPortfolio 1 Year 5 Years 10 Years

9.51% 6.06% 4.80%





Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of the

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Portfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. 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. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

32065D R4-18TSF-92






THRIVENT MONEY MARKET PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-93

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 tries to produce current income whilemaintaining liquidity by investing at least 99.5% of itstotal assets in government securities, cash andrepurchase agreements collateralized fully bygovernment securities or cash. Government securitiesare any securities issued or guaranteed as to principal orinterest by the United States, or by a person controlledor supervised by and acting as an instrumentality of thegovernment of the United States pursuant to authoritygranted by the Congress of the United States; or anycertificate of deposit for any of the foregoing.

The Adviser manages the Portfolio subject to strict rulesestablished by the Securities and Exchange Commissionthat are designed so that the Portfolio may maintain astable $1.00 share price. Those rules generally requirethe Portfolio, among other things, to invest only inhigh quality securities that are denominated in U.S.dollars and have short remaining maturities. Inaddition, the rules require the Portfolio to maintain adollar-weighted average maturity (WAM) of not morethan 60 days and a dollar-weighted average life (WAL) ofnot more than 120 days. When calculating its WAM, thePortfolio may shorten its maturity by using the interestrate resets of certain adjustable rate securities. Generally,the Portfolio may not take into account these resetswhen calculating its WAL.

The Adviser typically uses U.S. Treasury securities,short-term discount notes issued by government-relatedorganizations and government securities payable withinseven-days or less to provide liquidity for reasonablyforeseeable shareholder redemptions and to complywith regulatory requirements. The Adviser invests inother securities by selecting from the available supply ofshort-term government securities based on its interestrate outlook and analysis of quantitative and technicalfactors. Although the Portfolio frequently holdssecurities until maturity, the Adviser may sell securitiesto increase liquidity. The Adviser will select securities forsuch sales based on how close the sale price would be totheir amortized costs.

Principal RisksYou could lose money by investing in the Portfolio.Although the Portfolio seeks to preserve the value ofyour investment at $1.00 per share, it cannot guaranteeit will do so. An investment in the Portfolio is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. ThePortfolio’s sponsor has no legal obligation to providefinancial support to the Portfolio, and you should notexpect that the sponsor will provide financial support to

1

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the Portfolio at any time. In addition, the Portfolio issubject to the following principal investment risks.

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. Credit risk isexpected to be low for the Portfolio because of itsinvestments in government securities.

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 Bank 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 Bank Fannie Mae and Freddie Mac are not backedby the full faith and credit of the U.S. government. Noassurance can be given that the U.S. government wouldprovide financial support to its agencies andinstrumentalities if not required to do so by law. Inaddition, the value of U.S. government securities may beaffected by changes in the credit rating of the U.S.government.

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 does not have theability to impose liquidity fees or temporarily suspendredemptions, the Portfolio may deny the payment ofredemption proceeds or suspend redemptions during itsliquidation when permitted by applicable regulations.

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.



2.95%

0.43%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.50%

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

An

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%)


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


1 Year 5 Years 10 Years

Thrivent Money MarketPortfolio 0.50% 0.10% 0.39%

The 7-day yield for the period ended December 29, 2017was 0.89%. You may call 800-847-4836 to obtain thePortfolio’s current yield information.

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Management


Portfolio Manager(s)William D. Stouten is primarily responsible for theday-to-day management of the Portfolio. Mr. Stoutenhas served as portfolio manager of the Portfolio sinceOctober 2003. Prior to this position, he was a researchanalyst and trader for the Thrivent money market fundssince 2001, when he joined Thrivent Financial.







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THRIVENT MULTIDIMENSIONAL INCOMEPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-97

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 Certain other expense categories have been adjusted to annualizeexpenses after the initial short year to reflect current fees.

2 The Adviser has contractually agreed, through at least April 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent MultidimensionalIncome Portfolio in order to limit the Total Annual PortfolioOperating Expenses After Fee Waivers and/or ExpenseReimbursements, if any, to an annual rate of 0.95% of the averagedaily net assets of the shares. This contractual provision, however,may be terminated before the indicated termination date upon themutual agreement between the Independent Directors of thePortfolio 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. The

example 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 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 $117 $459 $824 $1,852

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.

From inception on April 28, 2017 through the mostrecent fiscal year, the Portfolio’s portfolio turnover ratewas 172% of the average value of its portfolio.

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 also invests in leveraged loans,which are senior secured loans that are made by banksor other lending institutions to companies that are ratedbelow investment grade. In addition, the Portfolio mayinvest in investment-grade corporate bonds,asset-backed securities, mortgage-backed securities(including commercially backed ones), convertiblebonds, and U.S. dollar denominated emerging marketssovereign debt.

The Portfolio may invest in income-producing securitiesissued by closed-end funds (“CEFs”), publicly-tradedbusiness development companies (“BDCs”), masterlimited partnerships (“MLPs”), and exchange-traded

1

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funds (“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 privateand 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.

The Portfolio may also invest in income-producingequity securities, including preferred stock and realestate investment trusts (“REITs”).

The Portfolio may utilize derivatives for investmentexposure or hedging purposes, including futuresagreements and credit default swap agreements onsecurity indexes. The Portfolio may enter intostandardized derivatives contracts traded on domestic orforeign securities exchanges, boards of trade, or similarentities, and non- standardized derivatives contractstraded in the over-the-counter market.



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.

Closed-End Fund (“CEF”) Risk. Investments in CEFsare subject to various risks, including reliance onmanagement’s ability to meet a CEF’s investment

objective 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.





Foreign and Emerging Markets Securities Risk.Foreign securities are generally more volatile than theirdomestic counterparts, in part because of higher

2

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political and economic risks, lack of reliable informationand fluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities. All of these risks may beheightened for securities of issuers located in, or withsignificant operations in, emerging market 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 may

prove incorrect, resulting in losses or poor performance,even in rising markets.

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 ofowning the underlying investments that the otherinvestment company holds.



Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. High-yield bonds have aless liquid resale market. In addition, dealer inventoriesof bonds are at or near historic lows in relation tomarket size, which has the potential to decreaseliquidity and increase price volatility in the fixedincome markets, particularly during periods ofeconomic or market stress. As a result, the Adviser mayhave difficulty selling or disposing of securities quicklyin certain markets or may only be able to sell theholdings at prices substantially less than what theAdviser believes they are worth.


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Master Limited Partnership Risk. An investment inan MLP exposes the Portfolio to the legal and tax risksassociated with investing in partnerships. MLPs mayhave limited financial resources, their securities may berelatively illiquid, and they may be subject to moreerratic price movements because of the underlyingassets they hold. Due to the tax requirements for MLPs,the income of many MLPs comes from energyinfrastructure. Risks inherent in the energyinfrastructure business include: sustained declines indemand for crude oil, natural gas and refined petroleumproducts, construction risk, changes in the regulatoryenvironment or other regulatory exposure, weather risk,risks associated with terrorist activity and interest raterisk.




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.

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 beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. Inaddition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.


Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. The value of the Portfolio’s shares may beaffected by weak equity markets or changes in interestrate or bond yield levels. As a result, the value of the

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Portfolio’s shares may fluctuate significantly in theshort term.

PerformanceNo performance information for the Portfolio isprovided because it does not yet have a full year ofperformance history. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.

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)Mark L. Simenstad, CFA, Gregory R. Anderson,CFA, Paul J. Ocenasek, CFA, Conrad E. Smith,CFA, Kent L. White, CFA and Stephen D. Lowe,CFA are jointly and primarily responsible for theday-to-day management of the Portfolio. Mr. Simenstad,Mr. Anderson, Mr. Ocenasek, Mr. Smith, and Mr Whitehave served as portfolio managers of the Portfolio sinceApril 2017. Mr. Lowe has served as a portfolio managerof the Portfolio since April 2018. Mr. Simenstad is ChiefInvestment Strategist and has been with ThriventFinancial since 1999. Mr. Anderson has been withThrivent Financial since 1997 and has served as aportfolio manager since 2000. Mr. Ocenasek has beenwith Thrivent Financial since 1987 and has served in aportfolio management capacity since 1997. Mr. Smithhas been with Thrivent Financial since 2004 and alsomanages the leveraged loan portfolio and the high yieldbond portfolio of Thrivent Financial’s general account.Mr. White is the Director of Investment Grade Researchat Thrivent Financial and has been with the firm since1999. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been withThrivent Financial since 1997.







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32065Q R4-18TSF-102






THRIVENT OPPORTUNITY INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-103

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 $70 $221 $384 $859


Principal StrategiesUnder normal circumstances, the Portfolio invests in abroad range of debt securities and may invest in equitysecurities to a limited extent.


The Portfolio may also invest in income-producingequity securities, including preferred stock and realestate investment trusts (“REITs”).



1

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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. In particular, underperformance in the fixedincome markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to fixed income securities. Therefore, aprincipal risk of investing in the Portfolio is that theallocation strategies used and the allocation decisionsmade will not produce the desired results.



Derivatives Risk. The use of derivatives (such asfutures and credit default swaps) involves additionalrisks and transaction costs which could leave thePortfolio in a worse position than if it had not usedthese instruments. The use of derivatives can lead tolosses because of adverse movements in the price orvalue of the underlying asset, index or rate, which may

be 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 that theother party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.




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 make

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principal 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.




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 leveraged

loans that may not be in the form of “securities.” Thesettlement period for some leveraged loans may be morethan seven days.






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, while

3

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mortgage REITs may be affected by the credit quality ofthe mortgage loans they hold. All REIT types may beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. Inaddition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.



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. These indices arethe Bloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged Loan Index, which reflects

the performance of the largest facilities in the leveragedloan market. Call 800-847-4836 or visit Thrivent.comfor performance results current to the most recentmonth-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 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.



(4.96)%

13.02%12.09%

4.52%5.99%

(1.39)%

3.48%

(0.03)%

6.38%

4.62%

-10

-5

0

5

10

15

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

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Thrivent Opportunity IncomePlus Portfolio 1 Year 5 Years 10 Years

4.62% 2.57% 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 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 ALL CAP PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-109

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











Thrivent Partner AllCap Portfolio $83 $259 $450 $1,002


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

FIAM LLC (“FIAM”), the Portfolio’s subadviser, is notconstrained by any particular investment style. At anygiven time, FIAM may tend to buy “growth” stocks or“value” stocks, or a combination of both types.

In buying and selling securities for the Portfolio, FIAMuses a disciplined approach that involvescomputer-aided, quantitative analysis supported byfundamental analysis. FIAM’s computer modelsystematically reviews thousands of stocks, using datasuch as historical earnings, dividend yield, earnings pershare, and other quantitative factors. Then, the issuersof potential investments are analyzed further usingfundamental factors such as growth potential, earningsestimates, and financial condition.

FIAM may use various techniques, such as buying andselling futures contracts and exchange-traded funds, toincrease or decrease the Portfolio’s exposure to changingsecurity prices or other factors that affect securityvalues. If FIAM’s strategies do not work as intended, thePortfolio may not achieve its objective.


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 the

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Portfolio will indirectly bear its proportionate share ofany such fees and expenses paid by the ETFs in which itinvests.



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.



Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Certain securities (i.e.,small-cap stocks) often have a less liquid resale market.As a result, the Adviser or subadviser may have difficultyselling or disposing of securities quickly in certainmarkets or only be able to sell the holdings at pricessubstantially less than what the Adviser or subadviserbelieves they are worth.

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 with

these 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.

Small and Mid Cap Risk. Smaller, less seasonedcompanies often have greater price volatility, lowertrading volume, and less liquidity than larger, moreestablished companies. These companies tend to havesmall revenues, narrower product lines, lessmanagement depth and experience, small shares oftheir product or service markets, fewer financialresources, and less competitive strength than largercompanies. Such companies seldom pay significantdividends that could cushion returns in a falling market.



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 is theS&P Composite 1500 Index, which combines the S&P500 Index, the S&P MidCap 400 Index, and the S&PSmallCap 600 Index to cover approximately 90% of theU.S. market capitalization. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



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(42.91)%

28.48%

16.34%

(4.82)%

14.74%

32.85%

12.26%

2.26%5.77%

20.24%

-50

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Thrivent Partner All CapPortfolio 1 Year 5 Years 10 Years

20.24% 14.17% 6.10%

S&P Composite 1500 Index(reflects no duduction for fees,expenses or taxes) 21.13% 15.74% 8.69%

Management

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

Portfolio Manager(s)Chander Willett is the Lead Portfolio Manager of thisteam. He generally oversees the Portfolio’s day-to-dayinvestment activities. Chad Colman, KatharineO’Donovan, Ed Field, Andrew Swanson, JodySimes, Chip Perrone, Hamish Clark, and AdamBenjamin are each analysts and Global Sector TeamLeaders responsible for stock selection for certainsector(s) within the Portfolio.

Chander Willett has been associated with FIAM since2006, and has over 19 years of investment industryexperience. Prior to joining FIAM, Mr. Willett served as asenior analyst at Highline Capital Management, wherehe analyzed securities in all sectors of health care inboth U.S. and international markets, includingpharmaceuticals, medical devices, life sciences, andhealth care services. Mr. Willett has served as a portfoliomanager of the Portfolio since April 2009. ChadColman is a Global Sector Team Leader covering theGlobal Industrials Sector. Mr. Colman joined FIAM in2009 as a research analyst for the Industrials sector. Prior

to joining FIAM, Mr. Colman served as a senior analystat RiverSource Investments (formerly American ExpressFinancial Advisors). Mr. Colman has served as aportfolio manager of the Portfolio since April 2012.Katharine O’Donovan is a Global Sector Team Leadercovering the Financials sector. Ms. O’Donovan joinedFIAM in May 2008 as a research analyst for theEuropean bank sector. Prior to joining FIAM, Ms.O’Donovan spent 10 years each on the buy side and sellside evaluating at European banks, and subsequentlyglobal financials. She was at First State Investments from2007 through 2008 researching financials on the globalteam. From 1999 to 2007, she covered European banksincluding the UK at Credit Suisse Asset Management.From 1989 to 1999, she was a sell side analyst ofEuropean banks, at what is now Royal Bank of Scotlandand Deutsche Bank. Ms. O’Donovan has served as aportfolio manager of the Portfolio since December 2013.Ed Field is a Global Sector Team Leader covering theReal Estate, Utilities, and Telecommunications sectors.Mr. Field joined FIAM in 2008 as a research analystcovering the telecommunications sector. Prior to joiningFIAM, Mr. Field was a portfolio manager and atelecommunications analyst at Prudential in the UK for10 years. Mr. Field has served as a portfolio manager ofthe Portfolio since December 2013. Andrew Swansonis a Global Sector Team Leader covering the Healthcaresector. Mr. Swanson joined FIAM in 2008 as apharmaceutical analyst. Prior to joining FIAM, Mr.Swanson was a specialty pharmaceutical analyst at CitiInvestment Research and before that he covered theEuropean pharmaceutical sector at Citigroup in London.Mr. Swanson has served as a portfolio manager of thePortfolio since April 2014. Jody Simes is a GlobalSector Team Leader and has managed the globalmaterials sector portfolio since 2006 and was named themanager of the global energy sector portfolio in 2011.Prior to that, Mr. Simes covered the non-ferrous metals,chemicals, and fertilizer sectors, as well as Canadiantelecommunications and software companies as anequity research analyst. He has also served as atechnology sector specialist for Fidelity Managementand Research Company and a fixed income trader forFidelity Capital Markets. Mr. Simes has served as aportfolio manager of the Portfolio since April 2008.Chip Perrone is a Global Sector Team Leader coveringthe Consumer Discretionary sector. In October 2010,Mr. Perrone joined the consumer discretionary team.Before assuming the team lead role, his research focushad been U.S. automotive, gaming and lodging,household durables, cruise companies and LatinAmerican consumer discretionary names. Prior tojoining the consumer discretionary team, Chip was amember of the International Value portfoliomanagement team at FIAM. His fundamental researchcoverage included the consumer discretionary,consumer staples, and health care sectors. Prior tojoining FIAM in 2007, Mr. Perrone worked at DuPont

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Capital Management for 17 years as a seniorinternational equity analyst from 1998-2007. Mr.Perrone has served as a portfolio manager of thePortfolio since December 2013. Hamish Clark is aGlobal Sector Team Leader covering the ConsumerStaples sector. Mr. Clark joined FIAM in 2008 as aresearch analyst covering the consumer staples sector.Prior to joining FIAM, Mr. Clark worked as a researchanalyst covering the European consumer sector atInsight Investment, the asset manager of HBOS Plc inLondon. Mr. Clark as served as a portfolio manager ofthe Portfolio since December 2013. Adam Benjaminis a Global Sector Team Leader covering the Technologysector. Prior to assuming his current role in 2014, Mr.Benjamin was a research analyst responsible forcoverage of the semiconductor, semiconductor capitalequipment, and solar end markets. Prior to joiningFidelity in 2011, Mr. Benjamin was a managing directorat Jefferies & Company, Inc. since 2004 as the head ofsemiconductor equity research. Prior to joining Jefferies,he was a senior research associate at SG Cowen wherehe focused on the semiconductor space for nearly twoyears, after serving as a vice president in the technologyM&A group at that firm for the preceding three years.Mr. Benjamin was also an associate in the CorporateLaw department of Sullivan & Worcester. Mr. Benjaminhas served as a portfolio manager of the Portfolio sinceApril 2014.







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THRIVENT PARTNER EMERGING MARKETSEQUITY PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-114

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 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Partner EmergingMarkets Equity Portfolio in order to limit the Total Annual PortfolioOperating Expenses After Fee Waivers and/or ExpenseReimbursements, if any, to an annual rate of 1.20% of the averagedaily net assets of the shares. This contractual provision, however,may be terminated before the indicated termination date upon themutual agreement between the Independent Directors of thePortfolio and the Adviser.




Thrivent PartnerEmerging MarketsEquity Portfolio $122 $417 $734 $1,632


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 alsoconsiders how a company’s corporate governance andrisk management practices may affect that company’slong-term value. Aberdeen makes investments for thelong-term, although it may sell a security when itperceives a company’s business direction or growthprospects to have changed or the company’s valuationsare 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 most cases, do notcompare favorably with the U.S. or other developedcountries in terms of wealth and stability, and theirfinancial markets often lack liquidity. Portfolioperformance will likely be negatively affected byportfolio exposure to countries in the midst of, amongother things, hyperinflation, currency devaluation,trade disagreements, sudden political upheaval, orinterventionist government policies. Significant buyingor selling actions by a few major investors may alsoheighten the volatility of emerging markets. Thesefactors make investing in emerging market countriessignificantly riskier than in other countries, and events

in any one country could cause the Portfolio’s shareprice to decline.

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.

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.

Foreign Securities Risk. Securities of foreigncompanies in which the Portfolio invests generally carrymore risk than securities of U.S. companies. Theeconomies and financial markets of certain regions –such as Latin America, Asia, Europe, and theMediterranean region – can be highly interdependentand may decline at the same time. Other risks resultfrom the varying stages of economic and politicaldevelopment of foreign countries; the differingregulatory environments, trading days, and accountingstandards of foreign markets; and higher transactioncosts. The Portfolio’s investment in any country couldbe subject to governmental actions such as capital orcurrency controls, 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.

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 of

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investments may prove incorrect, resulting in losses orpoor performance, even in rising markets.



Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Certain securities (i.e.,small-cap stocks and foreign securities) often have a lessliquid resale market. As a result, the Adviser orsubadviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser or subadviser believes they are worth.



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 substantially

less 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.

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 couldcushion returns in a falling market.


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- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the MSCI Emerging Markets Index -USD Net Returns, which measures the performance ofstock markets in developing countries throughout theworld. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.



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74.70%

27.33%

(10.82)%

25.98%

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

11.58%

27.65%

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Thrivent Partner EmergingMarkets Equity Portfolio 1 Year 5 Years


27.65% 2.19% 4.78%

MSCI Emerging Markets IndexUSD Net Returns(reflects no deduction for fees,expenses or taxes) 37.28% 4.35% 2.15%

Management

Investment 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,Head of Asia Pacific/Managing Director – Asia, hasmanaged the Portfolio since April 2008. Devan Kaloo,Global Head of Equities/Head of Global EmergingMarkets Equities, has managed the Portfolio since April2008. Joanne Irvine, Head of Emerging Markets(ex-Asia), has managed the Portfolio since April 2008.Mark Gordon-James, CFA, Senior InvestmentManager, has managed the Portfolio since April 2008.Flavia Cheong, CFA, Head of Equities – Asia(ex-Japan), has managed the Portfolio since April 2008.







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THRIVENT PARTNER GROWTH STOCKPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-119

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 $81 $252 $439 $978


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 technology stocks.

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. Shares of the Portfolio will rise and fallin value and there is a risk that you could lose moneyby investing in the Portfolio. The Portfolio cannot becertain that it will achieve its investment objectives.

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 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 that theother party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

Foreign Securities Risk. To the extent the Portfolio isexposed to foreign securities, it is subject to various risksassociated with such securities. Foreign securities aregenerally more volatile than their domesticcounterparts, in part because of higher political andeconomic risks, lack of reliable information andfluctuations in currency exchange rates. Foreignsecurities may also be more difficult to resell thancomparable U.S. securities because the markets forforeign securities are often less liquid. Even when aforeign security increases in price in its local currency,the appreciation may be diluted by adverse changes inexchange rates when the security’s value is converted toU.S. dollars. Foreign withholding taxes also may applyand errors and delays may occur in the settlementprocess for foreign securities.


Investment Adviser Risk. The Portfolio is activelymanaged and the success of the Portfolio’s investmentstrategy depends significantly on the skills of theAdviser or subadviser in assessing the potential of theinvestments in which the Portfolio invests. This

assessment of investments may prove incorrect,resulting in losses or poor performance, even in risingmarkets.





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 to

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a broad-based securities market index. The index is theS&P 500 Growth Index, which measures theperformance of the growth stocks in the S&P 500 Index.Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.




(42.13)%

43.17%

16.62%

(1.48)%

18.66%

38.84%

8.52% 10.65%

1.35%

33.61%

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Thrivent Partner Growth StockPortfolio 1 Year 5 Years 10 Years

33.61% 17.69% 9.81%

S&P 500 Growth Index(reflects no deduction for fees,expenses or taxes) 27.44% 17.00% 9.99%

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 HEALTHCARE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-123

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 30,2019, 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. 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 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 that

industry 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.


Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposedwill affect the market prices of the company’s securitiesand therefore the value of the Portfolio. Some factorsaffecting the performance of a company includedemand for the company’s products or services, thequality of management of the company and brandrecognition and loyalty. Common stock of a company issubordinate to other securities issued by the company. Ifa company becomes insolvent, interests of investorsowning common stock will be subordinated to theinterests of other investors in, and general creditors of,the company.



Small and Mid Cap Risk. Small- and medium-sizedcompanies often have greater price volatility, lowertrading volumes, and less liquidity than larger, moreestablished companies. These companies tend to havesmaller revenues, narrower product lines, lessmanagement depth and experience, smaller shares oftheir product or service markets, fewer financial

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resources, and less competitive strength than largercompanies.


Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. Stocks of growth companies historically havebeen more volatile than other securities, especially overthe short term. Growth stock prices reflect projectionsof future earnings or revenues and if a company’searnings or revenues fall short of expectations its stockprice may fall dramatically.

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- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the S&P Composite 1500® Index,which measures the performance of stocks in the S&P1500® Index that are classified as members of the GICS®

health care sector. The Portfolio no longer uses theMSCI World Healthcare Index, which is acapitalization-weighted index of selected health carestocks from around the world, because BlackRockInvestment Management, LLC replaced Sectoral AssetManagement Inc. (“Sectoral”) as the subadviser of thePortfolio on September 11, 2017. Performanceinformation presented below with respect to periodsprior to September 11, 2017 reflects the Portfolio’sperformance when managed by Sectoral. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




23.83%

11.13%

(3.79)%

20.68%

31.09%

24.23%

4.61%

(16.01)%

19.42%

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Thrivent Partner HealthcarePortfolio 1 Year 5 Years


19.42% 11.31% 9.68%

S&P Composite 1500 HealthCare Index(reflects no deduction for fees,expenses or taxes) 22.47% 17.98% 12.98%

MSCI World Healthcare Index -USD Net Returns(reflects no deduction for fees,expenses or taxes) 19.80% 13.88% 10.57%

Management

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

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


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THRIVENT PARTNER WORLDWIDEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

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











Thrivent PartnerWorldwide AllocationPortfolio $90 $281 $488 $1,084



Principal StrategiesThe Portfolio seeks to achieve its objective by investingprimarily in equity and debt securities of issuersthroughout the world. The Portfolio seeks to diversify itsportfolio broadly among developed and emergingcountries and among multiple asset classes. Undernormal market conditions, the Portfolio invests at least40% of its net assets in foreign assets. If marketconditions are not deemed favorable by the Portfolio’sinvestment adviser, the Portfolio could invest a lowerpercentage, but at least 30% of its net assets in foreignassets. A foreign asset could be an investment in anissuer that is organized under the laws of a foreignjurisdiction; that is traded principally in a foreigncountry; that derives at least 50% of its revenues orprofits from goods produced or sold, investments made,or services performed in a foreign country or has at least50% of its assets in a foreign country; or that otherwiseexposes the Portfolio’s portfolio to the economicfortunes and risks of a foreign country.

The debt securities in which the Portfolio invests maybe of any maturity or credit quality and may includehigh-yield, high-risk bonds, notes, debentures and otherdebt obligations commonly known as “junk bonds.” Atthe time of purchase, these high-yield, high-risk debtsecurities are rated within or below the “BB” majorrating category by Standard & Poor’s or the “Ba” majorrating category by Moody’s or are unrated butconsidered to be of comparable quality. The interestrates of the Portfolio’s debt securities may be fixed,floating or subject to periodic reset provisions. The debtsecurities in which the Portfolio invests may includesecurities issued by sovereign entities in foreign andemerging market countries. Such sovereign entitiesinclude foreign and emerging market governments,their agencies and instrumentalities, or their centralbanks.

The Adviser will make asset allocation decisions amongthe various asset classes and has selected multiplesubadvisers to manage each such class, although theAdviser will directly manage the Portfolio’sinternational large-cap value assets and assets that areallocated to U.S. securities. The subadvisers investindependently of one another and use their ownmethodologies for selecting assets.

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

International large-cap growth. . . . . . . . . . . . . . . . . . . . . . . . . . 0-45%International large-cap value. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-45%Emerging markets equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-30%International small- and mid-cap equities . . . . . . . . . . . . . . 0-30%Emerging markets debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-30%U.S. securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0-20%

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.


Principal Global Investors, LLC manages theinternational large-cap growth assets. Aberdeen AssetManagers Limited manages the emerging markets equityassets. Goldman Sachs Asset Management, L.P. managesthe international small- and mid-cap equities and theemerging markets debt assets. The Adviser manages theinternational large-cap value assets and the assetsallocated to U.S. securities.


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.


Emerging Markets Risk. The economic and politicalstructures of developing countries, in most cases, do notcompare favorably with the U.S. or other developedcountries in terms of wealth and stability, and theirfinancial markets often lack liquidity. Portfolioperformance will likely be negatively affected byportfolio exposure to countries in the midst of, among

other things, hyperinflation, currency devaluation,trade disagreements, sudden political upheaval, orinterventionist government policies. Significant buyingor selling actions by a few major investors may alsoheighten the volatility of emerging markets. Thesefactors make investing in emerging market countriessignificantly riskier than in other countries, and eventsin any one country could cause the Portfolio’s shareprice to decline.

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.

Foreign Securities Risk. Securities of foreigncompanies in which the Portfolio invests generally carrymore risk than securities of U.S. companies. Theeconomies and financial markets of certain regions –such as Latin America, Asia, Europe, and theMediterranean region – can be highly interdependentand may decline at the same time. Other risks resultfrom the varying stages of economic and politicaldevelopment of foreign countries; the differingregulatory environments, trading days, and accountingstandards of foreign markets; and higher transactioncosts. The Portfolio’s investment in any country couldbe subject to governmental actions such as capital orcurrency controls, 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.



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Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Certain securities (i.e.,small-cap stocks and foreign securities) often have a lessliquid resale market. As a result, the Adviser orsubadviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser or subadviser believes they are worth.


Multi-Manager Risk. The investment styles employedby the subadvisers may not be complementary. Theinterplay of the various strategies employed by thesubadvisers may result in the Portfolio indirectly

holding positions in certain types of securities,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. Itis also possible that one subadviser could be selling aparticular security or security from a certain countrywhile another subadviser could be purchasing the samesecurity or a security from that same country.





Volatility Risk. Volatility risk is the risk that certaintypes of securities shift in and out of favor dependingon market and economic conditions as well as investorsentiment. Growth style investing includes the risk ofinvesting in securities whose prices historically havebeen more volatile than other securities, especially overthe short term. Growth stock prices reflect projectionsof future earnings or revenues and, if a company’searnings or revenues fall short of expectations, its stockprice may fall dramatically. Value style investingincludes the risk that stocks of undervalued companiesmay not rise as quickly as anticipated if the market

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doesn’t recognize their intrinsic value or if value stocksare out of favor.

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- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the MSCI All Country World Indexex-USA—USD Net Returns which measures theperformance of developed and emerging stock marketsthroughout the world (excluding the U.S.). Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.


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.


31.67%

13.43%

(12.12)%

18.67%16.31%

(5.35)% (0.78)%3.35%

23.85%

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Thrivent Partner WorldwideAllocation Portfolio 1 Year 5 Years


23.85% 6.93% 2.96%


ManagementInvestment Adviser(s)The Portfolio is managed by Thrivent Financial forLutherans (“Thrivent Financial” or the “Adviser”),which has engaged Principal Global Investors, LLC(“Principal”), Aberdeen Asset Managers Limited(“Aberdeen”), and Goldman Sachs Asset Management,L.P. (“GSAM”) to subadvise the Portfolio. ThriventFinancial also manages a portion of the Portfolio.

Portfolio Manager(s)Mark Nebelung, CFA, John Pihlblad, CFA, PaulBlankenhagen, CFA, and Juliet Cohn provideportfolio management oversight for the internationallarge-cap growth assets of the Portfolio. Mr. Nebelungand Mr. Pihlblad support the quantitative aspects of theprocess while Mr. Blankenhagen and Ms. Cohn lead andare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Pihlblad has been aportfolio co-manager since April 2008 and Mr. Nebelunghas been a portfolio co-manager since November 2010.Mr. Blankenhagen and Ms. Cohn were added asportfolio co-managers in November 2015. Mr. Pihlbladis a senior investment officer at Principal and led thedevelopment of Principal’s proprietary Global ResearchPlatform. He has been with Principal since 2000. He andMr. Nebelung have portfolio co-managementresponsibilities of Principal’s international growth andglobal growth equity strategies. Mr. Nebelung alsoco-manages several systematic strategies and a customPan Asian strategy. He has been with Principal since1997. Mr. Blankenhagen joined the firm in 1992, hasbeen a member of the international equity team since1995, and was named a portfolio manager in 2000. Ms.Cohn joined the firm in 2003 with over 20 years ofportfolio management and research experience. Mr.Blankenhagen and Ms. Cohn are responsible forco-managing Principal’s European, International Coreand Diversified International equity portfolios.

Aberdeen manages the emerging markets equity assetsof the Portfolio using a team-based approach, with thefollowing team members being jointly and primarilyresponsible for day-to-day management. Hugh Young,Head of Asia Pacific/Managing Director – Asia, hasmanaged the Portfolio since April 2008. Devan Kaloo,Global Head of Equities/Head of Global Emerging

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Markets Equities, has managed the Portfolio since April2008. Joanne Irvine, Head of Emerging Markets(ex-Asia), has managed the Portfolio since April 2008.Mark Gordon-James, CFA, Senior InvestmentManager, has managed the Portfolio since April 2008.Flavia Cheong, CFA, Head of Equities – Asia(ex-Japan), has managed the Portfolio since April 2008.

GSAM manages the international small- and mid-capequities and the emerging markets debt assets of thePortfolio. GSAM’s Quantitative Investment Strategiesteam (the “QIS” team) manages the international small-and mid-cap equities of the Portfolio with the followingteam members being jointly and primarily responsiblefor day-to-day management. Len Ioffe, ManagingDirector, joined GSAM as an associate in 1994 and hasbeen a portfolio manager since 1996. Mr. Ioffe hasmanaged the Portfolio since September 2013. OsmanAli, Managing Director, joined GSAM in 2003 and hasbeen a member of the research and portfoliomanagement team within QIS since 2005. Mr. Ali hasmanaged the Portfolio since September 2013. TakashiSuwabe is a Managing Director and is co-head of activeequity research in the QIS team. Mr. Suwabe joinedGSAM in 2004 and has been a member of the QIS teamsince 2009. Previously, Mr. Suwabe worked at NomuraSecurities and Nomura Research Institute. Mr. Suwabehas managed the Portfolio since September 2013. Thefollowing team members are jointly and primarilyresponsible for day-to-day management of the emergingmarkets debt assets of the Portfolio. SamuelFinkelstein is global head of Emerging Market,Currency and Commodities teams at GSAM. In this role,Sam serves as chief investment officer for the firm’sEmerging Market Debt business and oversees theFundamental Emerging Market Equity franchise andGSAM’s Currency team. He is a member of the FixedIncome and Fundamental Equity Strategy groups. Mr.Finkelstein joined Goldman Sachs in 1997 as an analystin Fixed Income Asset Management. He worked on theFixed Income portfolio risk and strategy team for twoyears and then became an emerging market portfoliomanager. Mr. Finkelstein was named managing directorin 2005 and partner in 2010. Prior to joining the firm,he worked as a foreign exchange trader at Union Bankof Switzerland. Mr. Finkelstein earned an MBA from theStern School of Business at New York University and aBA in Economics and Mathematics from Yale Universityin 1996. Mr. Finkelstein has managed the Portfolio sinceApril 2008. Ricardo Penfold is a member of the fixedincome portfolio management team and is responsiblefor sovereign research coverage on the Emerging MarketDebt team. He joined Goldman Sachs in 2000 and wasnamed managing director in 2010. Prior to joining thefirm, Mr. Penfold was head of research and aneconomist for Santander Investments and BancoSantander Central Hispano in Venezuela. Earlier in hiscareer, he was professor of economics at the UniversidadCentral de Venezuela and Universidad Catolica Andres

Bello in Caracas, Venezuela. Mr. Penfold earned a BAfrom Boston University in 1987 and a master’s degreefrom the University of Pennsylvania in 1991. He is alsoa PhD candidate in Economics at the University ofPennsylvania. Mr. Penfold has managed the Portfoliosince April 2008.

The Adviser manages the Portfolio’s internationallarge-cap value assets and the assets allocated to U.S.securities. David C. Francis, CFA, Noah J. Monsen,CFA and Brian W. Bomgren, CQF are jointly andprimarily responsible for day-to-day management of thePortfolio’s international large-cap value assets and theassets allocated to U.S. securities. Mr. Francis, VicePresident of Investment Equities of Thrivent Asset Mgt.,has served as lead portfolio manager for the portion ofthe Portfolio’s assets allocated to U.S. securities sinceApril 2011. Mr. Francis has been with Thrivent Financialsince 2001. Mr. Monsen and Mr. Bomgren have servedas portfolio co-managers of the international large-capvalue assets of the Portfolio since March 2016. 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 EquityPortfolio Manager.







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THRIVENT REAL ESTATE SECURITIESPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-134

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.



Interest Rate Risk. Interest rate risk is the risk thatsecurity prices (equity or fixed income) decline in valuewhen interest rates rise. This effect of rising interestrates is generally more pronounced for high dividend

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paying stock than for stocks that pay little or nodividends. This may cause the value of real estatesecurities to decline during periods of rising interestrates, which would reduce the overall return of thePortfolio. Changes by the Federal Reserve to monetarypolicies could affect interest rates and the value of somesecurities





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.

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 of

the mortgage loans they hold. All REIT types may beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. Inaddition, due to recent changes in the tax laws, certaintax benefits of REITs may not be passed through tomutual fund shareholders. By investing in REITsindirectly through the Portfolio, in addition to bearing aproportionate share of the expenses of the Portfolio, youwill also indirectly bear similar expenses of the REITs inwhich the Portfolio invests.


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 is theS&P Composite 1500® Equity REITs Index, whichmeasures the performance of the stocks in the S&PComposite 1500® Index that are classified as membersof the GICS® Equity Real Estate Investment Trustsindustry. The Portfolio now compares its returns to theS&P Composite 1500® Equity REITs Index because thePortfolio’s complex no longer uses FTSE as an indexprovider. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.


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(37.24)%

29.08% 27.56%

8.83%

17.54%

2.18%

30.82%

2.75%7.50% 5.96%

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Thrivent Real Estate SecuritiesPortfolio 1 Year 5 Years 10 Years

5.96% 9.36% 7.54%

S&P Composite 1500 EquityREITs Index(reflects no deduction for fees,expenses or taxes) 4.58% 5.97% 3.67%

FTSE NAREIT All Equity REITIndex(reflects no deduction for fees,expenses or taxes) 8.67% 9.83% 7.77%

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. Previously, he wasthe Head of Mortgages and Real Estate from 2002 to2003 and the Head of Fixed Income from 1998 to 2002.







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THRIVENT SMALL CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-138

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

2 The Adviser has contractually agreed, through at least April 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Small Cap GrowthPortfolio in order to limit the Total Annual Portfolio OperatingExpenses After Fee Waivers and/or Expense Reimbursements, if any,to an annual rate of 0.97% of the average daily net assets of theshares. This contractual provision, however, may be terminatedbefore the indicated termination date upon the mutual agreementbetween the 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 Small Cap GrowthPortfolio $99 $861

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 is not yet available.

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 S&PSmallCap 600 Index, the MSCI USA Small Cap Index, orthe small company market capitalization classificationpublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in equity securities of small companies stocksfrom 80% to a lesser amount, we will notify you at least60 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 and

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the Portfolio may at times have a higher concentrationin this industry.







Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Small capitalizationstocks often have a less liquid resale market. As a result,the Adviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser believes they are worth.







PerformanceNo performance information for the Portfolio isprovided because it commenced operations on April 30,2018. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end that takes place after April 30, 2018.

How the Portfolio has performed in the past is notnecessarily an indication of how it will perform in the

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future. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.

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. Prior to joining ThriventFinancial, Mr. Lettenberger was a portfolio manager atUBS Global Asset Management.







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THRIVENT SMALL CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-142

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 $28 $87 $152 $343


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. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.



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Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Certain securities (i.e.,small-cap stocks) often have a less liquid resale market.As a result, the Adviser may have difficulty selling ordisposing of securities quickly in certain markets or mayonly be able to sell the holdings at prices substantiallyless than what the Adviser believes they are worth.





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 is theS&P SmallCap 600 Index, which measures the

performance of a group of 600 small-cap stocks. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




(31.07)%

25.29% 25.88%

0.54%

15.95%

40.83%

5.36%(2.17)%

26.12%

13.13%

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Thrivent Small Cap IndexPortfolio 1 Year 5 Years 10 Years

13.13% 15.68% 10.13%

S&P SmallCap 600 Index(reflects no deduction for fees,expenses or taxes) 13.23% 15.99% 10.43%

Management


Portfolio Manager(s)Brian W. Bomgren, CQF and Sharon Wang, CFA,FRM are jointly and primarily responsible for the

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day-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 Equity Portfolio Manager. Ms. Wang has beenwith Thrivent Financial since 2017 and is currently anIntermediate Equity Portfolio Manager. Prior to joiningThrivent Financial, Ms. Wang worked at Bryn MawrCapital Management as a portfolio manager from 2009to 2016.







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THRIVENT SMALL CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

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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 S&PSmallCap 600 Index, MSCI USA Small Cap Index, or thesmall company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in equity securities of small companies stocksfrom 80% to a lesser amount, we will notify you at least60 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 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.



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Liquidity Risk. Liquidity is the ability to sell a securityrelatively quickly for a price that most closely reflectsthe actual value of the security. Small capitalizationstocks often have a less liquid resale market. As a result,the Adviser may have difficulty selling or disposing ofsecurities quickly in certain markets or may only be ableto sell the holdings at prices substantially less than whatthe Adviser believes they are worth.



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. Such

companies seldom pay significant dividends that couldcushion returns in a falling market.


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 is theS&P SmallCap 600 Index, which measures the small-capsegment of the U.S. equity market. Call 800-847-4836 orvisit Thrivent.com for performance results current to themost recent month-end.




(37.52)%

20.38%25.09%

(5.31)%

9.42%

35.90%

4.76%(3.13)%

25.94%21.23%

-40

-30

-20

-10

0

10

20

30

40

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

An

nu

al R

etu

rn (

%)



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Thrivent Small Cap StockPortfolio 1 Year 5 Years 10 Years

21.23% 16.06% 7.46%

S&P SmallCap 600 Index(reflects no deduction for fees,expenses or taxes) 13.23% 15.99% 10.43%

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, andpreviously held various positions at Thrivent Financialfrom 2007 to 2012. Prior to rejoining ThriventFinancial, Mr. Tinucci was a manager at DeloitteConsulting.






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 salesperson

or visit your financial intermediary’s website for moreinformation.

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4321 N. Ballard Road, Appleton, WI 54919-0001

Important notice regarding delivery of shareholder 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 call usat 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

It’s your choice—email, U.S. mail or some of each?Paperless delivery of documents provides faster access to important information. An email is sent to you when new documents areavailable.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

• Tax forms (life, health and annuity contract tax forms).

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in theseprospectuses. If given or made, such information or representations must not be relied upon as having been authorized. Theseprospectuses do not constitute an offer to any person in a state where it is unlawful to make such an offer.

The variable annuity contract described herein was issued by Thrivent Financial, 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, MN55415, a subsidiary of Thrivent Financial for Lutherans.

Contract Forms W2-BA-FPVA-1

VP63-1 R4-18

NONPROFIT ORG.US POSTAGEPAID

ThriventFinancial

4321 N. Ballard Road, Appleton, WI 54919-0001

Important notice regarding delivery of shareholder 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 call usat 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

It’s your choice—email, U.S. mail or some of each?Paperless delivery of documents provides faster access to important information. An email is sent to you when new documents areavailable.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

• Tax forms (life, health and annuity contract tax forms).

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in theseprospectuses. If given or made, such information or representations must not be relied upon as having been authorized. Theseprospectuses do not constitute an offer to any person in a state where it is unlawful to make such an offer.

The variable annuity contract described herein was issued by Thrivent Financial, 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, MN55415, a subsidiary of Thrivent Financial for Lutherans.

Contract Forms W2-BA-FPVA-1

VP63-1 R4-18

Documents

Flexible Premium Deferred Variable Annuity · PDF fileFlexible Premium Deferred Variable Annuity Issued by Lutheran Brotherhood between 2/3/1994 and 4/30/2003. Prospectuses April 30,