THRIVENT VARIABLE UNIVERSAL LIFE INSURANCE II · THRIVENT VARIABLE LIFE ACCOUNT I PROSPECTUS FOR...

THRIVENT VARIABLE UNIVERSALLIFE INSURANCE II

Issued by Thrivent Financial between 2008 and 2019.

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

Thrivent Series Fund, Inc.

Supplement to Prospectus andThrivent Partner Growth Stock Portfolio Summary Prospectus

each dated April 30, 2020

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

The date of this Supplement is June 24, 2020.

Please include this Supplement with your Prospectus.

36049

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE INSURANCE ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT I

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

THRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to the Prospectus

dated April 30, 2020

with respect to

Thrivent Partner Growth Stock Portfolio

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

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

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

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

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

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

invest in the subaccount until the merger has been completed.

The date of this Supplement is June 24, 2020.

36049A


Supplement toProspectus and Thrivent Partner Healthcare Portfolio Summary Prospectus,

each dated April 30, 2020

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

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

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

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

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

The date of this Supplement is July 24, 2020.

Please include this Supplement with your Prospectus or Summary Prospectus.

36079


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

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

Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation Portfolio

Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Portfolio

Thrivent Global Stock PortfolioThrivent International Allocation Portfolio

(the “Portfolios”)

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

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

The date of this Supplement is August 4, 2020.

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

36129

TABLE OF CONTENTS

Product Prospectus

Thrivent Financial Variable Universal Life II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Summary Prospectuses

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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THRIVENT VARIABLE LIFE ACCOUNT IPROSPECTUS FOR

THRIVENT VARIABLE UNIVERSALLIFE INSURANCE II

ISSUED BY THRIVENT FINANCIAL FOR LUTHERANS

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

625 Fourth Avenue SouthMinneapolis, MN 55415-1665

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

This prospectus describes the Thrivent Financial Variable Universal Life II Contract previously offered by Thrivent Financial forLutherans (“Thrivent”). Even though we no longer issue new Contracts on this form as described in this prospectus, theContract Owner (“you”) may continue to allocate Net Premiums among investment alternatives with different investmentobjectives and make changes including increases in coverage pursuant to the terms of the Contract.

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

Thrivent Aggressive Allocation PortfolioThrivent All Cap Portfolio

Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Portfolio

Thrivent ESG Index PortfolioThrivent Global Stock Portfolio

Thrivent Government Bond PortfolioThrivent High Yield Portfolio

Thrivent Income PortfolioThrivent International Allocation Portfolio

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

Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Portfolio

Thrivent Mid Cap Growth PortfolioThrivent Mid Cap Index Portfolio

Thrivent Mid Cap Stock PortfolioThrivent Mid Cap Value Portfolio

Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation PortfolioThrivent Money Market Portfolio

Thrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus Portfolio

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

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

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

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

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

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

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

Beginning on Jan. 1, 2021, as permitted by regulations adopted by the U.S. Securities and ExchangeCommission, paper copies of the shareholder reports for portfolios available under your Contract will nolonger be sent by mail, unless you specifically request paper copies of the reports from Thrivent or from yourfinancial professional. Instead, the reports will be made available on a website, and you will be notified bymail each time a report is posted and provided with a website link to access the report.

If you already elected to receive reports electronically, you will not be affected by this change and need nottake any action. You may elect to receive shareholder reports and other communications from Thrivent

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electronically by calling our Service Center or by signing up for electronic delivery on our website atthrivent.com/gopaperless.

You may elect to receive all future reports in paper free of charge. You can inform Thrivent that you wish tocontinue receiving paper copies of your shareholder reports by calling our Service Center at (800) 847-4836.Your election to receive reports in paper will apply to all portfolio companies available under your Contract.

The date of this prospectus is April 30, 2020.

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Contract Benefits/Risks Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Contract Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Contract Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Portfolio Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

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

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

The Variable Account and the Portfolios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Term Conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Incontestability Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Misstatement of Age or Sex Provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Suicide Exclusion Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Ownership Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Modifying the Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Termination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27State Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Flexible Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Premium in Default and Grace Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Net Premiums & Premium Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Premium Billing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Electronic Payment Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

No-Lapse Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2910-Year No-Lapse Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Extended No-Lapse Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Contract Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Cash Surrender Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Partial Surrenders and Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Verification of Identity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Partial Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Full Surrender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Dollar Cost Averaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Automatic Asset Rebalancing Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Telephone and Online Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Contract Lapse and Reinstatement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

TABLE OF CONTENTS

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Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Transaction Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Monthly Deductions from Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Fund Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Variation or Reduction of Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Option 1 (Level Death Benefit Option) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Option 2 (Variable Death Benefit Option) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Changing Your Death Benefit Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Changing Your Face Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Death Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Payment of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Federal Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Estate, Gift and Generation-Skipping Transfer Tax Considerations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Taxation of the Contract—In General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Taxation of Contracts that Are Not MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Taxation of Contracts that Are MECs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Contracts Not Owned by Individuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Section 1035 Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Accelerated Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Actions to Ensure Compliance with the Tax Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Other Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Nonresident Aliens and Other Foreign Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55FATCA Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Additional Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Accidental Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Disability Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Disability Waiver of Monthly Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Applicant Waiver of Selected Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Guaranteed Increase Option. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Child Term Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Term Life Insurance and Spouse Term Life Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Annual Increase Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Accelerated Death Benefit for Terminal Illness Rider. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Distribution of the Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Obtaining Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

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

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

The Contract is a flexible premium variable adjustablelife insurance contract. The Contract is built around itsAccumulated Value. Accumulated Value changes everybusiness day based upon the investment experience ofthe Portfolios underlying the Subaccounts or theamount of interest credited to the Fixed Accounts.Premiums increase Accumulated Value. Charges andcash you withdraw from the Contract decreaseAccumulated Value. Your choice of the timing andamount of premiums you pay, investment options, andyour use of partial surrender and loan privileges willinfluence the Contract’s performance. The choices youmake will directly impact how long the Contractremains in effect, its tax status and the amount of cashavailable for use.

Contract Benefits

Death Benefit

You may select between two Death Benefit Options: theLevel Death Benefit and the Variable Death Benefit.

Option 1 (Level Death Benefit Option). Under this option,the Death Benefit is the Face Amount or, if greater, theAccumulated Value multiplied by the death benefitfactor. The death benefit factor depends on the Insured’sAttained Age. The Death Benefit for this optiongenerally remains level.

Option 2 (Variable Death Benefit Option). Under thisoption, the Death Benefit is the Face Amount plusAccumulated Value, or, if greater, the AccumulatedValue multiplied by the death benefit factor. The deathbenefit factor depends on the Insured’s Attained Age.The Death Benefit for this option will vary over time.

Death Proceeds

We pay Death Proceeds to the Beneficiary upon receiptat our Service Center of due proof of death of theInsured. The Death Proceeds will equal the Death

Benefit and any insurance on the life of the Insuredprovided by Additional Benefits less any Debt and thelesser of (1) unpaid monthly deductions or (2) anyunpaid No-Lapse Guarantee Premium. We will alsodeduct any amount paid by us after the date of deathand before we were notified of the death.

No-Lapse Guarantee

Two No-Lapse Guarantees were generally available atissue: a 10-year and an extended No-Lapse Guarantee.The No-Lapse Guarantee ensures that your Contract willremain in effect, even if the Cash Surrender Value isinsufficient to pay the current monthly deductions, ifthe No-Lapse Guarantee requirements are met. The10-year No-Lapse Guarantee is in effect for ten ContractYears provided that you make timely payment of therequired minimum premium amounts. The extendedNo-Lapse Guarantee is available for Contracts issuedbefore age 65 and is in effect until the ContractAnniversary after the Insured reaches age 75. Theextended No-Lapse Guarantee provides longerprotection than the 10-Year guarantee provided youmake timely payment of the required minimumpremium amount. The extended No-Lapse Guarantee isoptional and must be elected at the time of Application.

Access to Accumulated Value

Transfers. You may transfer Accumulated Value amongthe Subaccounts and the Fixed Account. You will not becharged for the first 12 transfers in a Contract Year. Wewill charge up to $25 for each additional transfer duringa Contract Year. The minimum amount that may betransferred from a Subaccount or the Fixed Account is$50, or if less, the total value in the Subaccount or theFixed Account. There is no minimum amount that canbe received by a Subaccount or Fixed Account. Transfersinto the DCA Fixed Account are not permitted.

Automatic Asset Rebalancing Program. The AutomaticAsset Rebalancing program transfers your Contract’sAccumulated Value among Subaccounts (this excludesthe Fixed Accounts) on a regular basis according to yourinstructions.

Dollar Cost Averaging Program. Dollar Cost Averagingallows you to make regular transfers of predeterminedamounts from either your Money Market Subaccount or

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the DCA Fixed Account to any or all of the otherSubaccounts. The Dollar Cost Averaging amount fromthe Money Market Subaccount must be at least $50. Youmay select the Money Market Subaccount as the sourceaccount at any time and for any length of time. Youmay select the DCA Fixed Account as the source accountfor Dollar Cost Averaging at any time for any 12 monthperiod. A minimum new premium of $1,000 is requiredto establish the DCA Fixed Account.

Loans. You may borrow the Accumulated Value of yourContract less any applicable Decrease Charge and Debt.The maximum annual interest rate charged on Debt is5.5%. For amounts that are transferred as collateral tothe Loan Account, we pay an annual rate of 4%. Foradditional information see Loans in this prospectus andin your Contract. Loans may have tax consequences. SeeFederal Tax Matters.

Single Partial Surrenders. You may withdraw part of yourAccumulated Value by giving us Notice. During eachContract Year, we deduct up to a $25 charge from theAccumulated Value for each partial surrender after thefirst one. This charge does not apply to AutomaticPartial Surrenders (see below) or partial surrenders madeafter the Insured’s Attained Age 121. Decrease Chargesmay apply if the partial surrender results in a decrease inFace Amount. Partial surrenders may have taxconsequences. See Federal Tax Matters.

Automatic Partial Surrenders. At any time after the end ofthe first Contract Year and while the Insured is alive,you may elect to have monthly automatic partialsurrenders paid to you electronically. Decrease Chargesmay apply if the automatic partial surrender results in adecrease in Face Amount. Automatic partial surrendersmay have tax consequences. See Federal Tax Matters.

Surrenders. At any time while the Contract is in forceand the Insured is living, you may surrender thisContract by giving us Notice. A surrender may result ina Decrease Charge depending how long your Contracthas been in force. Surrenders may have taxconsequences. See Federal Tax Matters.

Premiums

Flexibility of Premiums. You may pay premiums at anytime and in any amount, subject to some restrictions.While there are no scheduled premium due dates, youmay schedule planned periodic premiums and then youwill receive billing statements for the amount youselect. You may elect to receive billing statementsquarterly, semi-annually or annually. You also may electto make pre-authorized automatic premiums using ourelectronic payment program. In most cases, you maymake changes in the frequency and payment amountsat any time by giving adequate Notice to our ServiceCenter.

Electronic Payment Program. Under this program, youmay make premium payments (or loan repayments) toyour Contract on a regularly scheduled basis by havingmoney automatically withdrawn from your checking orsavings account, or other acceptable payment source,rather than being billed. To set up the electronicpayment program, you may complete the applicablesection on the Application or, after the time ofApplication, by giving us Notice.

Ownership Rights

While the Insured is living and the Contract is in force,you, as the Owner of the Contract, may exercise all ofthe rights and options described in the Contract, subjectto the terms of any assignment of the Contract. Theserights include, but are not limited to, selecting andchanging the Beneficiary, changing the Face Amount ofthe Contract, and assigning the Contract. However, ifthe Issue Age was less than 16 and an ApplicantController applied for this Contract, then you are theOwner but may not exercise ownership rights untilcontrol is transferred, only the Applicant Controllermay exercise ownership rights.

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


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Variable Account

The Variable Account is an investment account separatefrom the General Account sometimes known as aseparate account. You may direct the money in yourContract to any of the Subaccounts of the VariableAccount.

Each Subaccount invests in one of the correspondingPortfolios listed on the first page of this prospectus.Amounts in the Variable Account will vary according tothe investment performance of the Portfolios in whichthe Subaccounts invest.

Fixed Account

You may place money in the Fixed Account where itearns interest at the effective annual interest rate of atleast 3.55% for the first 10 Contract Years and then atthe effective annual rate of at least 3.2% thereafter. Wemay declare higher rates of interest, but are notobligated to do so. The Fixed Account is part of ourGeneral Account.

DCA Fixed Account

If you elect this option we transfer amounts from theDCA Fixed Account to Subaccounts according to yourallocation instructions for a period of 12 months fromthe time the DCA Fixed Account is funded. The amountin the DCA Fixed Account is credited with an interestrate that is determined in the year the payment isallocated to the DCA Fixed Account. If the payment isallocated in the first 10 Contract Years, the effectiveannual interest rate for that 12 month period is at least3.55%. If the payment is allocated after the first 10Contract Years, the effective annual interest rate for that12 month period is at least 3.2%. You may fund theDCA Fixed Account at any time initially, and thereafterat any time when no funds remain in the DCA FixedAccount.

Loan Account

The Loan Account is the amount securing any loan youmake. Amounts transferred to the Loan Account areinvested with our General Account assets and keptseparate from the other amounts in your Contract. The

excess of amounts charged to the loan over amountscredited to the amount held as collateral for the loan istransferred to the Loan Account.

Accumulated Value

Accumulated Value is the sum of your amounts in theSubaccounts, the DCA Fixed Account, the FixedAccount and the Loan Account. Accumulated Valuevaries from day to day, depending on the investmentperformance of the Subaccounts you select, interest wecredit, charges we deduct, and any other transactions(e.g., transfers, partial surrenders, and loans).

Settlement Options

There are several ways of receiving proceeds under theContract other than in a lump sum. Proceeds distributedaccording to a settlement option do not vary with theinvestment experience of the Variable Account. Theminimum amount you may apply to a settlementoption is $2,000.

Additional Benefits

We offer several Additional Benefits under the Contract.There is a charge associated with most of theseinsurance benefits. Your financial professional can helpyou determine whether any of these benefits aresuitable for you.

Contract Risks

Investment Risk

The Contract is not suitable as a short-term investmentvehicle. If you invest your Accumulated Value in one ormore Subaccounts, then you will be subject to the riskthat investment performance of the Subaccounts will beunfavorable and that the Accumulated Value willdecrease. The assets in each Subaccount are invested in acorresponding Portfolio of the Fund. A comprehensivediscussion of the risks of each Portfolio may be found inthe Fund’s prospectus. You could lose everything youinvest and your Contract could lapse without value,unless you pay additional premium. If you allocatepremiums to the Fixed Accounts, then we credit yourAccumulated Value in the Fixed Accounts with adeclared rate of interest. You assume the risk that therate may decrease, although the Fixed Account rate will


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never be lower than a guaranteed minimum annualeffective rate of 3.55% for the first 10 Contract Yearsand then at least 3.2%.

Health Crisis Risk

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

Risk of Lapse

If your monthly deductions exceed your Cash SurrenderValue, then unless your Contract has an active No-LapseGuarantee in effect your Contract will enter a 61-daygrace period. We will notify you that your Contract willlapse (that is, terminate without value) if you do notsend us a sufficient payment by a specified date. YourContract generally will not lapse:

� if you make timely payment of the minimumpremium amount required to keep a No-LapseGuarantee in effect; or

� if during the grace period you make a paymentsufficient to cover the next two monthlydeductions plus any additional amount necessaryto bring your Cash Surrender Value to a positivebalance before the end of the grace period.Subject to certain conditions, you may reinstate alapsed Contract.

Tax Risks

We anticipate that the Contract should be deemed a lifeinsurance contract under federal tax law. However, thefederal income tax requirements applicable to theContract are complex and there is limited guidance andsome uncertainty about the application of the federaltax law to the Contract. Assuming that the Contractqualifies as a life insurance contract for federal incometax purposes, you should not be deemed to be inconstructive receipt of Accumulated Value until there is

a distribution from the Contract. In addition, assumingthe Contract continues to qualify as a life insurancecontract beyond age 100, you should not be deemed tobe in constructive receipt upon attainment of age 100.Under current tax law, Death Proceeds payable underthe Contract generally would be excludable from thegross income of the Beneficiary. As a result, theBeneficiary generally should not have to pay U.S. federalincome tax on the Death Proceeds. However, DeathProceeds may be subject to state and/or federal estateand/or inheritance tax.

Depending on the total amount of premiums you pay,the Contract may be treated as a modified endowmentcontract (MEC) under federal tax laws. If a contract istreated as a MEC, then surrenders, partial surrenders,and loans under the Contract will be taxable as ordinaryincome to the extent there are earnings in the Contract.In addition, a 10% penalty tax may be imposed onsurrenders, partial surrenders, and loans taken beforeyou reach age 591⁄2. If the Contract is not a MEC,distributions generally will be treated first as a return ofyour investment in the Contract and then as taxableincome. Moreover, loans generally will not be treated asdistributions. Finally, neither distributions nor loansfrom a Contract that is not a MEC are subject to the10% penalty tax. See Federal Tax Matters.

If the Contract lapses, a tax may result. Additionally, ifthe Contract lapses and is later reinstated, the Contractmay be treated as a MEC.

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

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

Surrender and Partial Surrender Risks

You should purchase the Contract only if you have thefinancial ability to keep it in force for a substantialperiod of time. You should not purchase the Contract ifyou intend to surrender all or part of the AccumulatedValue in the near future. We designed the Contract tomeet long-term financial goals.


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A Decrease Charge will be assessed if the Contract issurrendered in the first 10 Contract Years after the Dateof Issue and for 10 years after each increase in FaceAmount. If a partial surrender results in a decrease inFace Amount, a Decrease Charge applies to FaceAmount decreases during the first 10 Contract Yearsafter the Date of Issue and for 10 years after eachincrease in Face Amount. If you select a level DeathBenefit Option, a partial surrender will generally reducethe Face Amount of the Contract. Depending on theamount of premium paid, or any decrease in FaceAmount, there may be little or no Cash Surrender Valueavailable to you at the time you surrender yourContract. Decrease Charges also reduce your CashSurrender Value and therefore, in the early ContractYears, your Cash Surrender Value may be less than thepremiums paid.

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

A partial surrender will reduce Accumulated Value,Death Benefit and the amount of premiums consideredpaid to meet the No-Lapse Guarantee Premiumrequirement.

A surrender or partial surrender may have taxconsequences.

Loan Risks

A Contract loan, whether or not repaid, will affect theAccumulated Value over time because we transfer theamount of the Debt from the Subaccounts and/or FixedAccounts as collateral. This loan collateral does notparticipate in the investment performance of theSubaccounts.

We reduce the amount we pay on the Insured’s death bythe amount of any outstanding Debt. Your Contractmay lapse (terminate without value) if your Debtreduces the Cash Surrender Value to less than zero.

Debt will reduce your Cash Surrender Value, DeathProceeds and the amount of premiums considered tomeet the No-Lapse Guarantee Premium requirement. Ifyou surrender the Contract or allow it to lapse while aContract loan is outstanding, the amount of Debt, tothe extent it has not previously been taxed, will beconsidered part of the amount you receive and taxedaccordingly. Loans may have tax consequences.

Portfolio Risks

A comprehensive discussion of the risks of eachPortfolio in which the Subaccounts invest may be foundin the Fund’s summary prospectuses. Please refer to thesummary prospectuses for the Fund for moreinformation. There is no assurance that any Portfoliowill achieve its stated investment objective.


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

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering theContract. The amounts shown are the maximum amount charged unless otherwise noted. If the amount of acharge varies depending on the Insured’s individual characteristics (such as age, sex or risk class), the tables belowshow the minimum and maximum charges we assess under the Contract across the range of all possible individualcharacteristics, as well as the charges for a specified typical Insured. These charges may not be representativeof the charges you will actually pay under the Contract.

Your Contract’s schedule pages will indicate the specific charges applicable to your Contract, and more detailedinformation concerning your charges is available on request from our Service Center at (800) 847-4836.

The first table describes the fees and expenses that you will pay at the time you buy the Contract, surrender theContract, or transfer Accumulated Value among the Subaccounts and the Fixed Accounts.

Transaction Fees

Charge When Deducted Amount Deducted

Percent of Premium Charge Upon receipt of each premiumpayment

5% of each premium payment1

Premium Tax Charge Not applicable2 Not applicable2

Decrease Charge3 Upon surrender, lapse or anydecrease in the Face Amount

Maximum $51.00 per $1,000 of decrease inFace Amount

Minimum $3.37 per $1,000 of decrease inFace Amount

Charge for a male Insured,Issue Age 40, in the standardnontobacco risk class with aFace Amount of $350,000, inthe first Contract Year

$23.43 per $1,000 of decrease inFace Amount

1 If the Face Amount is more than $250,000, 4% of each premium payment. The Percent of Premium Charge may not be deducted in certainsituations.2 We are not currently subject to premium taxes. However, we reserve the right to impose a charge for these taxes in the future if we have to paythem. If imposed, the premium tax charge would be between 0% and 5% of premium payments.3 The Decrease Charge applies to decrease in Face Amount during the first 10 Contract Years and during the first 10 years following an increasein Face Amount. The Decrease Charge remains level for the first five years of the Contract (or during the first five years following an increase inFace Amount), and then decreases each Contract Year to zero after year 10 (and to zero after the 10th year following an increase in FaceAmount). Decrease Charges depend on the Insured’s Issue Age, sex (in most states), amount of decrease in Face Amount, risk class and durationof the Contract. See Charges and Deductions.

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Transaction Fees, cont.

Charge When DeductedMaximum

Amount Deducted

Partial Surrender Charge Upon each partial surrender4 $25 per withdrawal

Transfer Charge Upon each transfer5 $25 per transfer

Accelerated Death Benefit On exercise of benefit6 $150

Illustration of HypotheticalValues

Upon each request7 $25 per illustration

4 The charge applies upon each partial surrender in excess of one per Contract Year.5 The charge applies to each transfer in excess of the first twelve transfers made in a Contract Year.6 The charge may vary by state and may be lower in some states.7 The charge applies upon each request in excess of one in a Contract Year. There is no charge for illustrations provided prior to Contractpurchase.

Periodic Charges Other Than Fund Operating Expenses

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

Charge When DeductedAmount Deducted

(Annualized)

Cost of Insurance Charge8 On Date of Issue and monthlythereafter

Maximum $999.96 per $1,000 of amountat risk9

Minimum $0.18 per $1,000 of amount atrisk9

Charge for a male Insured,Issue Age 40, in the standardnon-tobacco risk class with aFace Amount of $350,000, inthe first Contract Year

$1.52 per $1,000 of amount atrisk9

Asset ChargeA charge based on AccumulatedValue

On Date of Issue and monthlythereafter

0.55% of the AccumulatedValue10

8 Cost of insurance charges depend on the Insured’s Issue Age, sex (in most states), amount at risk, Face Amount, risk class and duration of theContract.9 For more information on the calculation of this charge see Charges and Deductions.10 The amount applies during the first 10 Contract Years. After the 10th Contract Year, the maximum annual rate drops to 0.20% of theAccumulated Value.

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

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Periodic Charges Other Than Fund Operating Expenses, cont.


(Annualized)

Mortality and Expense RiskChargeA banded charge based onSubaccount Accumulated Value

On Date of Issue and monthlythereafter

0.45% of the SubaccountAccumulated Value11

Per Unit Charge12 On Date of Issue and monthlyafter issue, and monthly after FaceAmount increase

Maximum Charge $6.00 per $1,000 of FaceAmount

Minimum Charge $0.00 per $1,000 of FaceAmount

Charge for a male Insured,Issue Age 40, in the standardnon-tobacco risk class with aFace Amount of $350,000, inthe first Contract Year

$0.77 per $1,000 of FaceAmount

Basic Monthly Charge On Date of Issue and monthlythereafter

$10813

Debt Interest Accrues daily 5.5% on Debt14

Preferred Debt Interest Accrues daily 5% on preferred Debt14

11 Maximum mortality and expense charge. Actual current charges may be less. For more information on this charge see Charges and Deductions.12 The charge applies for the first 120 months after issue and the first 120 months after an increase in Face Amount. See Charges and Deductions.13 Charge shown is for adults (18 + years) and equates to $9.00 per month. For juvenile (0-17 years) Contracts, the charge is $90 per year, whichequates to $7.50 per month.14 Reflects maximum gross interest rate before crediting of interest. The interest accrues daily and is not deducted from the Accumulated Value.The net accrued interest is added to the Debt. See Loans.

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

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(Annualized)

Additional BenefitCharges:15

Accidental Death Benefit On the rider date of issue andmonthly thereafter16

Maximum $1.1208 per $1,000 of ridercoverage amount

Minimum $0.0696 per $1,000 of ridercoverage amount

Charge for a male Insured,Issue Age 40, in the standardrisk class in the first ContractYear

$0.42 per $1,000 of ridercoverage amount

Term Life InsuranceBenefit

On the rider date of issue andmonthly thereafter17

Maximum $999.96 per $1,000 of ridercoverage amount

Minimum $0.43 per $1,000 of ridercoverage amount

Charge for a male Insured,Issue Age 40, in the standardnontobacco risk class with aFace Amount/rider coverageamount of $350,00018, in thefirst Contract Year

$1.44 per $1,000 of ridercoverage amount

15 Charges for Additional Benefits may vary based on Attained Age or Issue Age, sex (in most states), risk class, Face Amount, amount at risk, orrider coverage amount. Charges based on age may increase as the Insured ages. The charges noted apply if the rider is included in your Contractand the Contract and/or rider has not otherwise terminated. Before you purchase a Contract, we will provide you a free personalized illustrationof your future benefits under the Contract.16 This charge applies until the Insured’s Attained Age 70.17 This charge applies until the end of the term period.18 The amount of coverage includes $175,000 of base coverage and $175,000 of term rider coverage with a total of $350,000 in coverage.

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

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(Annualized)

Applicant Waiver ofSelected Amount BenefitCharge

On the rider date of issue andmonthly thereafter

Maximum 195% of the selected monthlypremium amount19

Minimum 5% of the selected monthlypremium amount19

Charge for an Insured, IssueAge 0 and applicant age 30,in the standard risk class, inthe first Contract Year.

6% of the selected monthlypremium amount19

Child Term Life InsuranceBenefit


$6.00 per $1,000 of ridercoverage amount20

Annual Increase Benefit No charge for this benefit21

Disability Waiver ofMonthly DeductionBenefit


Maximum 195.5% of all monthlydeductions22

Minimum 4.8% of all monthlydeductions22

Charge for a male Insured,Issue Age 40, in the standardrisk class

7.7% of all monthlydeductions22

19 Any amount selected by the Contract Owner at issue between a pre-defined range. The minimum amount is the 10-Year No-Lapse GuaranteePremium amount and the maximum amount is the guideline level premium as described under the Internal Revenue Code. Please see AdditionalBenefits for more information on applicability of this charge.20 The charge applies until Insured’s Attained Age 80.21 This benefit will result in annual increases in Face Amount, which will result in increases in your overall cost of insurance deductions.22 The charge applies until Insured’s Attained Age 65. Monthly deductions include cost of insurance charge, benefit rider charges, basic monthlycharge, per unit charge, asset charge, and mortality and expense risk charge.

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

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(Annualized)

Disability Waiver ofSelected Amount Benefit


Maximum 98% of the selected monthlypremium amount23

Minimum 1.9% of the selected monthlypremium amount23

Charge for a male Insured,Issue Age 40, in the standardrisk class

3.7% of the selected monthlypremium amount23

Guaranteed IncreaseOption Benefit


Maximum $2.52 per $1,000 of ridercoverage amount24

Minimum $0.36 per $1,000 of ridercoverage amount24

Charge for an Insured, IssueAge 0


Spouse Term LifeInsurance Benefit


Maximum $999.96 per $1,000 of ridercoverage amount25

Minimum $0.43 per $1,000 of ridercoverage amount25

Charge for a female Insured,Issue Age 35, in the standardnontobacco risk class with arider coverage amount of$350,000, in the firstContract Year


23 The charge applies until Insured’s Attained Age 65. Any amount selected by the Contract Owner at issue between a pre-defined range. Theminimum amount is the 10-Year No-Lapse Guarantee Premium amount and the maximum amount is the guideline level premium as describedunder the Internal Revenue Code.24 The charge applies until the first rider anniversary on or after Insured’s age 43.25 The charge applies until the earlier of the Insured’s or spouse’s death or divorce, or the end of the term period.

The next table shows the minimum and maximum Total Annual Portfolio Operating Expenses charged by thePortfolios that you pay indirectly during the time you own the Contract. This table shows the range (minimumand maximum) of fees and expenses (including management fees and other expenses) charged by the Portfolios,expressed as an annual percentage of average daily net assets. The amounts shown reflect expenses before anyapplicable expense reimbursement or fee waiver.

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

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Maximum MinimumTotal Annual Fund Operating Expenses26

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

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

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

If a Portfolio is structured as a “fund of funds,” the Portfolio will indirectly bear its proportionate share of any feesand expenses (like investment advisory fees and operating expenses) of the investment companies in which itinvests. However, Thrivent has contractually agreed, for as long as the current fee structure is in place, to waive anamount equal to any investment advisory fees indirectly incurred by an Asset Allocation Portfolio as a result of itsinvestment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser, other thanThrivent Cash Management Trust. For a list of the “fund of funds” portfolios available through the Contract, seethe chart of portfolios available in The Variable Account and the Portfolios section of this prospectus.

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

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THRIVENT AND THE GENERAL ACCOUNT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Thrivent

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

For more information, visit Thrivent.com.

General Account

The General Account consists of all assets owned byThrivent other than those segregated in any VariableAccount. Subject to applicable law, we have solediscretion over the investment of the General Accountassets. You do not share directly in the investmentreturns of those assets. The Fixed Accounts are part ofour General Account. Each quarter, we will declare aneffective annual interest rate for the Fixed Accounts. Weguarantee that the effective annual interest rate willnever be less than 3.55% for the first 10 Contract Yearsand then at least 3.2% thereafter. We may credit interestat a rate in excess of these guarantees.

The Fixed Accounts have not been registered under theSecurities Act of 1933 (1933 Act), and the FixedAccounts have not been registered as an investmentcompany under the Investment Company Act of 1940(1940 Act). Accordingly, neither the Fixed Accounts norany interests therein are generally subject to theprovisions of the 1933 or 1940 Acts. Disclosuresregarding the Fixed Accounts, however, may be subjectto certain generally applicable provisions of the federalsecurities laws relating to the accuracy andcompleteness of statements in prospectuses.

Fixed Account

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

DCA Fixed Account

The DCA Fixed Account is an account for which youdirect an amount to be transferred from the DCA FixedAccount to one or more Subaccounts on a monthlybasis for 12 months. Like the Fixed Account above, wecredit interest daily on amounts in the DCA FixedAccount. The interest rate credited to this account isdetermined on the date the amount is allocated to theDCA Fixed Account. The interest rate will be effectivefor 12 months and will never be less than the applicableguaranteed rate, described above for the Fixed Accounts.

Loan Account

When you obtain a loan, Accumulated Value equal tothe amount of the loan is taken from the Subaccountsand moved to a Loan Account. Amounts transferred tothe Loan Account are invested with our GeneralAccount assets and kept separate from other amounts inyour Contract. The Loan Account is equal to theamount transferred from any Subaccount, and/or FixedAccounts to secure the loan plus the difference betweenany interest credited and interest charged.

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 GeneralAccount.

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. Anyindebtedness 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.

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

Variable Account

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

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

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

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

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Variable Investment Options and the Subaccounts

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

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

Subaccount Corresponding Portfolio

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

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

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

The following table summarizes each Portfolio’s investment objective:


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Portfolio Investment Objective

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

between income and the potential for long-termcapital growth.

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

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

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

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

Thrivent High Yield Portfolio . . . . . . . . . . . . . . . . . . . . . To achieve a higher level of income. The Portfoliowill also consider growth of capital as a secondaryobjective.

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

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

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

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

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

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

volatility relative to the global equity markets.Thrivent Mid Cap Growth Portfolio . . . . . . . . . . . . . . . To seek long-term capital growth. The Portfolio’s

investment objective may be changed withoutshareholder approval.

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

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

investment objective may be changed withoutshareholder approval.

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


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Portfolio Investment Objective

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

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

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

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

Thrivent Multidimensional Income Portfolio. . . . . . . To seek a high level of current income and,secondarily, growth of capital.

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

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

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

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

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

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUTNOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&PDOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&PDOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT , OWNERS OFTHE THRIVENT VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500, S&P MIDCAP 400,AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING,IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR


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CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IFTHEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES ANDTHRIVENT, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

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

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

Before selecting any Subaccount, you shouldcarefully read the accompanying summaryprospectuses for the Fund attached to thisprospectus and found in the back of this book.You should periodically consider yourallocation among Subaccounts in light ofcurrent market conditions and your investmentgoals, risk tolerance and financialcircumstances. The Fund’s summaryprospectuses provide more completeinformation about the Portfolios of the Fund inwhich the Subaccounts invest, includinginvestment objectives and policies, risks,charges, and expenses.

Shares of the Fund are sold to other Portfolios of theFund, to other insurance company separate accounts ofours, and to other insurance company separate accountsnot affiliated with us. The Fund may, in the future,create new Portfolios. It is conceivable that in the futureit may be disadvantageous for both variable annuity

separate accounts and variable life insurance separateaccounts to invest simultaneously in the Fund, althoughwe do not foresee any such disadvantages to eithervariable annuity or variable life insurance contractowners. The Fund’s management intends to monitorevents in order to identify any material conflictsbetween such Contract Owners and to determine whataction, if any, should be taken in response. Materialconflicts could result from, for example:

� Changes in state insurance laws;

� Changes in Federal income tax law;

� Changes in the investment management of theFund; or

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

If we believe the responses of the Fund to any of thoseevents or conflicts insufficiently protects ContractOwners, we may take appropriate action on our own.Such action could include the sale of Fund shares byone or more of the separate accounts, which could haveadverse consequences.

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

The Variable Account will purchase and redeem sharesfrom the Fund at net asset value. Shares will beredeemed to the extent necessary for us to collectcharges under the Contracts, to make payments uponsurrenders, to provide benefits under the Contracts, orto transfer assets from one Subaccount to anotherSubaccount or the Fixed Account as requested byContract Owners. Any dividend or capital gaindistribution received from a Portfolio of the Funds will


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be reinvested immediately at net asset value in shares ofthat Portfolio and retained as assets of the

corresponding Subaccount.

Investment Management

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

Subadviser Portfolio Name

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

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.

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 or


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combine any of the current Portfolios. We may close aPortfolio to new investment, but continue to allowcurrent investors to add additional premium payments,or we may combine the Portfolio with another Portfolio.The substituted investment option may have differentfees and expenses. We will not make any substitutionswithout receiving any necessary approval of the SECand state insurance departments, if applicable. You willbe notified of any substitutions. This notification willinclude the name of the Portfolio being modified, theapproximate date of the shareholder vote, the date anycombination will be completed (if approved and ifapplicable), the date that the Portfolio will be closed tonew investment selections, the date that funds can nolonger be applied to the Portfolio and the description ofwhere the current value will move to (if applicable) andwhere future premium payments (if any) will beapplied. Subaccounts may be opened, closed orsubstituted with regard to any of the following as of 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 theVariable Account. If, however, the 1940 Act or anyregulation thereunder should be amended or if thepresent interpretation thereof should change, and as aresult we determine that we are permitted to vote theFund’s shares in our own right, we may elect to do so.

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

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

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We issue Contracts to applicants who are age 16 or olderwho become benefit members of Thrivent. We also issueContracts when the proposed Insured is younger thanage 16, but is otherwise eligible for benefit membership.The benefit member is approved by Thrivent and will benamed in the Application.

While the Insured is alive, the Owner of the Contractmay exercise every right and enjoy every benefitprovided in the Contract.

If the Insured and Owner of the Contract is youngerthan age 16 (juvenile), an adult must apply on behalf ofthe Insured/Owner in this case and retain control overthe Contract. The adult is referred to as the applicant


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controller in the Contract. The applicant controllerexercises certain rights of ownership on behalf of thejuvenile. These rights are described in the Contract. Theapplicant controller may transfer control to anothereligible person, but cannot transfer ownership of theContract.

After the juvenile Insured/Owner attains age 16, controlwill transfer to the Insured/Owner on the earlier of:

� the Contract Anniversary after the Insured’s 21stbirthday;

� the date on which the applicant controller transferscontrol to the Insured/Owner by giving us Notice;or

� the date of death of the applicant controller.

If the person who has control of the Contract diesbefore the juvenile Insured attains age 16, control willbe vested in an eligible person according to our bylaws.If we determine that it is best for the Insured, we maytransfer control of the Contract to some other eligibleperson according to our bylaws.

Replacement of Existing Insurance

It may not be in your best interest to surrender, lapse,change, or borrow from existing life insurance policiesor annuity contracts to fund this Contract. You shouldcompare your existing insurance and this Contractcarefully. You should replace your existing insuranceonly when you determine that this Contract is better foryou. For example, does this Contract have additionalfeatures that meet your insurance needs morecompletely?

You should consider all of the following beforeexchanging existing insurance for coverage under thisContract.

� You may have to pay a decrease or surrender chargeon your existing insurance, and this Contractimposes a new Decrease Charge period. DecreaseCharges have an impact on the available CashSurrender Value.

� Value transferred from your existing insurance maybe applied to expenses including commissions forthis Contract.

� You generally pay more for insurance if youpurchase new coverage at an older age. In addition,if your health has declined, you may pay more forinsurance under a new contract.

� Increased coverage may have a new two-yearcontestability period in which an insurancecompany may dispute a death claim based on amaterial misstatement in the Application.

You should speak with your financial professional or taxadvisor to determine whether the exchange of anexisting insurance policy for this Contract will be atax-free exchange. If you surrender your existinginsurance policy for cash and then purchase thisContract, you may have to pay a tax, including possiblya penalty tax, on the surrender.

If the premium is coming from the issuer of yourexisting insurance policy, the funding of this Contractmay be delayed.

Term Conversion

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

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

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

Incontestability Provision

We will not contest the validity of your Contract after ithas been in force during the Insured’s lifetime for twoyears from the Date of Issue except for any provisionsgranting benefits in the event of total disability.

Misstatement of Age or Sex Provision

If the insured’s age or sex has been misstated,adjustments will be made using one of the followingmethods:

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1. If misstatement is discovered upon theInsured’s death, the Face Amount will bechanged to be the amount that would havebeen provided by the most recent cost ofinsurance deduction using the correct age andsex. The Death Proceeds on the date of changewill not be less than the Cash Surrender Valueprior to the change.

2. If misstatement is discovered while the Insuredis living, the Accumulated Value will bechanged to be the amount that would havebeen provided if the correct age and sex hadbeen used to calculate values beginning on theDate of Issue. However, if this would result intermination of the Contract, the AccumulatedValue will not change and the Face Amountwill be changed as in (1) above. All futureContract charges will use the correct age andsex.

These methods will be revised as necessary for theContract to continue to qualify as life insurance underfederal tax rules.

Suicide Exclusion Provision

If the Insured dies by suicide within two years after theDate of Issue, the Death Proceeds of this Contract arelimited to premiums paid less the sum of: (1) any Debt;and (2) any partial surrenders. If the Insured dies bysuicide within two years after the effective date of anincrease in Face Amount, the Death Proceeds withrespect to the increase are limited to the cost ofinsurance and per unit charge for the increase.

Ownership Rights

The Contract belongs to the Owner named in theApplication. While the Insured is living, the Owner mayexercise all of the rights and options described in theContract. The Insured is the Owner unless theApplication specifies another person as the Owner, orthe Owner is changed after issue. If the Owner is not theInsured and dies before the Insured, ownership of theContract will pass to the Owner’s estate, unless asuccessor Owner has been designated. To the extentpermitted by law, Contract benefits are not subject toany legal process for the payment of any claim againstthe payee, and no right or benefit will be subject toclaims of creditors (except as may be provided byassignment). However, if the Issue Age was less than 16

and an applicant controller applied for the Contract,then you are the Owner but may not exercise ownershiprights until control of the contract is transferred to you.Before control is transferred, only the applicantcontroller may exercise ownership rights on behalf ofthe Insured.

The Contract Owner may transfer ownership of theContract, if the new owner is eligible under our Bylaws,or assign the Contract as collateral by giving Notice.Transfer of ownership will be effective as of the date yousign the Notice or, if the Notice is not dated, on the datethe Notice is received at our Service Center.

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

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

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

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

3. If no Beneficiary survives, proceeds will be paidto the Contract Owner or, if the Insured is theContract Owner, to the Insured’s estate.

Other designations or successions of Beneficiaries maybe arranged with us. Any Beneficiary who diessimultaneously with the Insured or within 15 days afterthe Insured dies and before Death Proceeds have beenpaid will be deemed to have died before the Insured.

The Contract Owner may change the Beneficiary bygiving Notice while the Insured is living. Notice must bereceived by the Service Center and approved before itwill be effective. The effective date of the change will bethe date the Owner signs the Notice or, if the Notice isnot dated, the date it is received at our Service Center.We are not liable for any payment made or action takenby us before we receive Notice.

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Modifying the Contract

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

Termination

Your Contract will terminate if the Contract lapses, theInsured dies, you exercise the right to a full payoutunder the accelerated death benefit rider, or if yousurrender the Contract.

State Variations

Any state variations in the Contract are covered in aspecial Contract form for use in that state. If you wouldlike to review a specimen copy of the Contract andAdditional Benefits, contact our Service Center.

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Flexible Premiums

This Contract is a flexible premium variable adjustablelife contract. Premiums may be paid at any time and inany amount, subject to some restrictions. All premiumpayments must be in U.S. dollars drawn on a U.S. bank.Generally, we do not accept cash, starter checks (checkswithout pre-printed registration), traveler’s checks,credit card courtesy checks, most third-party checks orother types of payments defined as not acceptable inour standard procedures. There are no scheduledpremium due dates. However, we have the ability toassist you by scheduling planned periodic premiums.Planned periodic premiums are premiums you elect topay on a regular basis. We will send you billingstatements for an amount you select. You may selectquarterly, semi-annual or annual statements. You mayalso elect to make pre-authorized automatic premiumsusing our electronic payment program. In most cases,you may make changes in frequency and paymentamounts at any time with adequate notice.

We recommend that you pay at least a No-LapseGuarantee Premium to protect your Contract fromlapsing. Paying this minimum premium amountensures that your Contract will not lapse in the eventthe Cash Surrender Value is not sufficient to pay themonthly deductions. See No-Lapse Guarantee. In certaincircumstances, a premium payment may cause theContract to be characterized as a modified endowmentcontract. See Federal Tax Matters. You should discuss theamount and frequency of your premiums with yourfinancial professional.

Premium in Default and Grace Period

Unless a No-Lapse Guarantee is in effect, a premium isin default on a Monthly Anniversary if a monthlydeduction to be made on that date would result in aCash Surrender Value less than zero. You will be given61 days from the date notice is mailed to you (in moststates) to pay the required premium in order to avoidlapse. In addition, whenever the Contract Debt exceedsthe Accumulated Value, the grace period provision willapply. We will notify you of the premium required tokeep the Contract in force. The amount indicated in thenotice will be based on the Valuation Date on which thenotice is produced. The amount needed to prevent theContract from lapsing may increase or decrease dailybased on fluctuations in the Subaccounts you selected.

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

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

Net Premiums & Premium Allocation

We deduct a Percent of Premium Charge of 5% on eachpremium while the Face Amount is less than $250,000,otherwise 4% of each premium. The remainder of thepremium is the “Net Premium.” The Percent ofPremium Charge may not be deducted in certain

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situations. Net Premiums are the amounts we direct tothe various Subaccounts and/or Fixed Accountsaccording to your allocation instructions.

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

If we receive your premium before the close of regulartrading on the New York Stock Exchange (NYSE)(usually 4:00 p.m. Eastern Time, the time we determinethe value of the Accumulation Units) on a ValuationDate, allocation occurs at the end of the day in whichwe receive your payment. If we receive your premiumon a non-Valuation Date or after the NYSE closes, theallocation occurs as of the end of the next ValuationDate.

Premium Billing

We will send premium billings based on the amountand interval of premium payments that you requestedat the time of Application. Upon our approval, theContract Owner may change the amount, the intervalor the method of billing.

Electronic Payment Program

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

Limits

We reserve the right to:

� limit the amount of premiums; and

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

In addition to excluding life insurance Death Benefitsfrom the Beneficiary’s gross income, the InternalRevenue Code also excludes increases in AccumulatedValue, prior to receipt, from the income of the ContractOwner. To qualify for this exclusion, federal tax lawlimits the premiums you may pay and requires that theAccumulated Value be limited to a certain percentage ofthe Death Benefit. We will return the portion of anypremium payment that causes the limit on premiums tobe exceeded unless the premium is required to keep thecontract in force.

In the event of a reduction in the Face Amount, or otherchanges to the Contract which cause the premiums paidor the Accumulated Value to exceed the applicable limitstated in the Internal Revenue Code regarding thedefinition of life insurance, we will refund any excesspremiums or cash necessary to comply with the limitstated in the Internal Revenue Code, or in limitedcircumstances may increase the Death Benefit.

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

Your Contract could be classified as a MEC if premiumspaid exceed certain dollar thresholds or if certaintransactions are processed. Except as described below,we will apply only the portion of the premiumpayment(s) (including electronic payments) that willnot cause the Contract to become a MEC and will returnthe balance to the premium payer without applying itto the Contract. The portion of the payment that isapplied to the Contract will be credited as of theValuation Date the payment was determined to be inGood Order. Additionally, except as described below, a

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request for any transaction (such as a reduction in FaceAmount) that would immediately cause the Contract tobecome a MEC will be deemed not in Good Order. Wewill notify you if a requested transaction wouldimmediately cause your Contract to become a MEC andwill not process that transaction unless and until wehave received your instruction to proceed and allowMEC status.

The following exceptions apply to this process:

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

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

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

b. we will wait to allocate the balance of thepayment that can be applied withoutcausing your Contract to become a MEC on

the first day of the next MEC Contract Yearor if the first day of the next MEC ContractYear is not a Valuation Date, then thepayment will be allocated as of the nextfollowing Valuation Date; and

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

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

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

For more information on MECs, see Federal Tax Matters.

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A No-Lapse Guarantee ensures that your coverage willcontinue even if the Cash Surrender Value is insufficientto pay the current monthly deductions. If timelypayment of a minimum premium amount (theNo-Lapse Guarantee Premium) is received and themonthly deduction to be made exceeds theAccumulated Value less any Debt, no deduction will bemade. Instead, the monthly deduction will be

postponed until the next day on which theAccumulated Value less any Debt exceeds the amount ofthe postponed monthly deduction. At that time thepostponed amount will be deducted from theAccumulated Value.

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The No-Lapse Guarantee Premium is the minimummonthly premium required to keep your No-LapseGuarantee in effect. Your particular No-Lapse GuaranteePremiums are shown on the schedule page of yourContract. The No-Lapse Guarantee Premium iscalculated specifically for each Contract on the Date ofIssue. The No-Lapse Guarantee will vary by Issue Age,sex, Face Amount, Additional Benefits, Death BenefitOption, and risk class (which may include ratings).

Under the Contract, two No-Lapse Guarantees aregenerally available depending on the amount of yourinitial premium and Issue Age: the 10-Year and theextended No-Lapse Guarantee.

10-Year No-Lapse Guarantee

The 10-Year No-Lapse Guarantee is automaticallyavailable to you when you purchase the Contract. The10-Year No-Lapse Guarantee ensures your Contract willnot lapse for the first 10 Contract Years as long aspremium requirements are met. The latest possibletermination date for the 10-Year No-Lapse Guarantee isthe Contract Anniversary after 10 Contract Years.

Extended No-Lapse Guarantee

The extended No-Lapse Guarantee is available to you ifthe Insured’s Issue Age is less than 65 and if you electedthe extended No-Lapse Guarantee in the Application.The extended No-Lapse Guarantee provides a longerlevel of guarantee than the 10-Year. The latest possibletermination date for the extended No-Lapse Guaranteeis the Contract Anniversary after the Insured’s 75thbirthday.

The type of guarantee, the amount of the No-LapseGuarantee Premium and termination date for theguarantee are shown on the schedule page of yourContract.

Each month, we will determine if a No-Lapse Guaranteeremains in effect. A No-Lapse Guarantee will remain ineffect if the accumulation with interest of all premiumspaid and credited less any partial surrenders and Debt isgreater than or equal to the accumulation with interestof No-Lapse Guarantee Premiums for that guaranteesince the Date of Issue. The rate used for thisaccumulation is 4.0% for the 10-year guarantee and3.0% for the extended guarantee. If the Contract

includes a disability waiver of monthly deductionbenefit, the No-Lapse Guarantee Premium will not beadded to this accumulation on any MonthlyAnniversary on which we waive or credit the MonthlyDeduction under that rider.

If this requirement is not met, and the No-LapseGuarantee has not terminated, the No-Lapse Guaranteewill become inactive. We will notify you and anyassignee of the amount required to reactivate thatguarantee. The notification will specify a period of timeduring which you may pay the amount required toreactivate that guarantee. That period will end no lessthan 61 days after we send notification. While theContract is in force, any inactive No-Lapse Guaranteecan be reactivated by paying premiums sufficient tomeet the requirements for that guarantee. If you do notpay the amount required for reactivation, the No-LapseGuarantee will terminate:

� 10-Year No-LapseGuarantee

The earlier of (1) the MonthlyAnniversary on which the10-Year No Lapse Guarantee hasbeen continuously inactive for6 months or (2) the 10-YearNo-Lapse GuaranteeTermination Date shown inyour Contract.

� Extended No-LapseGuarantee

The earlier of (1) the MonthlyAnniversary on which theExtended No-Lapse Guaranteehas been continuously inactivefor 12 months or (2) theExtended No-Lapse GuaranteeTermination Date shown inyour Contract.

However, this does not necessarily terminate yourContract. See Contract Lapse and Reinstatement. If theContract is in force and an inactive No-Lapse Guaranteeis due to terminate prior to its termination date, we willnotify you of the premium required to reactive thatguarantee. This notification will be sent to you at theaddress last known to us at least 31 days before theMonthly Anniversary on which the No-Lapse Guaranteeis due to terminate. If the required premium is receivedby our Service Center before that Monthly Anniversary,the No-Lapse Guarantee will be reactivated. Otherwise,


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the No-Lapse Guarantee will terminate on that MonthlyAnniversary. A No-Lapse Guarantee that has terminatedcannot be reactivated.

If you change your Face Amount, Death Benefit Option,risk class, or Additional Benefits, we willcorrespondingly change the No-Lapse GuaranteePremium. Any new No-Lapse Guarantee Premiumapplies from the effective date of the change.

Please note that the No-Lapse Guarantee will terminateautomatically as determined by the type of No-LapseGuarantee (described above). After termination, theinsurance coverage provided by the Contract willremain in force as long as your Cash Surrender Value islarge enough to pay monthly deductions. See ContractLapse and Reinstatement.


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Accumulated Value

On the Contract Date, the Accumulated Value is thefirst Net Premium less any monthly deductions. Afterthe Contract Date, Accumulated Value is equal to thesum of the accumulated values in the Contract’sSubaccounts, DCA Fixed Account, Fixed Account andLoan Account and may change daily.

The Accumulated Value of your Contract, at any onetime, is determined by: multiplying the total number ofAccumulation Units for each Subaccount by itsappropriate current Accumulation Unit Value; addingtogether the resulting values of each Subaccount; andadding any accumulated value in the Fixed Account,DCA Fixed Account and the Loan Account.

While Debt is not deducted from Accumulated Value,Debt does reduce the amount you would receive uponsurrender of your Contract and the amount available topay charges. Debt does not share in the investmentperformance of the Subaccounts and accrues interestcharges which may result in less Accumulated Value inyour Contract than if the amounts were allocated to theFixed Accounts.

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

� premiums paid;

� the investment experience of the Subaccounts;

� interest credited to the Fixed Account, DCA FixedAccount and Loan Account;

� loans taken and Debt repayments;

� interest charged for any loans taken;

� partial surrenders taken; and

� charges and deductions taken.

Because a Contract’s Accumulated Value is based on thevariables listed above, it cannot be predetermined.Accumulated Value in the Subaccounts will largely bedetermined by market conditions and investmentexperience of the underlying Portfolios. The Owner willbear all such risk.

Amounts held in the Fixed Accounts are invested withour General Account assets. Interest will be credited onamounts allocated to the Fixed Accounts. Interest iscompounded daily and the effective annual interest ratewill never be less than 3.55% annually for the first 10Contract Years and then at least 3.2% thereafter and issubject to the Contract charges and deductions.

Fixed Account

The Fixed Account accumulated value reflects NetPremiums allocated to the Fixed Account, transfers ofAccumulated Value to or from the Subaccounts and/orLoan Account, interest credited, partial surrenders, andany deductions. Each day the accumulated value in theFixed Account will change based upon these factors.Review your Contract for further detail.

DCA Fixed Account

The DCA Fixed Account accumulated value reflects theNet Premium directed to fund the account to establishthe Dollar Cost Averaging program, transfers ofaccumulated value to the Subaccounts and/or LoanAccount, interest credited, partial surrenders, and anydeductions. The periodic transfers reduce the accountmonthly for 12 months. If the DCA Fixed Accountelection is cancelled before the end of the 12-monthperiod, we transfer any remaining value to the MoneyMarket Subaccount unless you request that it betransferred to a different Subaccount.

Loan Account

You establish the Loan Account when you take out aloan. The amount used to secure the loan is transferredto the Loan Account. The Loan Account is affected byrepayments, additional loans and interest credited toand charged against it. Each day the accumulated valuein the Loan Account will change based on these factors.

Variable AccountNumber of Accumulation Units

The number of Accumulation Units in any Subaccountmay increase or decrease at the end of each ValuationPeriod. This fluctuation depends on the transactionsthat occur in the Subaccount during the ValuationPeriod. When transactions occur, the actual dollaramounts of the transactions are converted to

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Accumulation Units. The number of AccumulationUnits is determined by dividing the dollar amount ofthe transaction by the Accumulation Unit Value of theSubaccount at the end of the Valuation Period duringwhich the transaction occurs.

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

� Net Premiums are allocated to the Subaccount; or

� Accumulated Value is transferred to the Subaccountfrom another Subaccount or from the FixedAccounts; or

� Debt is repaid.

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

� Accumulated value is transferred from theSubaccount to another Subaccount or to the FixedAccount, including loan transfers;

� surrenders, partial surrenders and Decrease Chargesthat are not the result of a partial surrender aretaken from the Subaccount;

� monthly deductions or transfer charges are takenfrom the Subaccount; or

� Contract loans or accrued interest on loans aretransferred from the Subaccount to the LoanAccount.

Accumulation Unit Value

For each Subaccount, the initial Accumulation UnitValue was set when the Subaccount was established. TheAccumulation Unit Value may increase or decrease fromone Valuation Period to the next.

The Accumulation Unit Value for a Subaccount for anyValuation Period is equal to:

� the net asset value of the corresponding Portfolio atthe end of the Valuation Period;

� plus the amount of any dividend, capital gain orother distribution made by the Portfolio if the“ex-dividend” date occurs during the ValuationPeriod;

� plus or minus any cumulative credit or charge fortaxes reserved which we determine has resultedfrom the operation of the Portfolio;

� divided by the total number of Accumulation Unitsheld in the Subaccount at the end of the ValuationPeriod before any of the transactions, referred to inthe Number of Accumulation Units subsection, haveoccurred.

Cash Surrender Value

The Cash Surrender Value is the total amount you willreceive upon surrender of the Contract. It is equal to theAccumulated Value less any Decrease Charges and anyoutstanding Debt and any unpaid monthly deductions.The Cash Surrender Value changes daily, reflecting,among other things, increases and decreases in thevalue of the Portfolios in which the assets of theSubaccounts are invested and interest credited in theFixed Accounts and Loan Account, and any interestcharged against the Loan Account. It is possible for theCash Surrender Value of your Contract to decline tozero because of unfavorable investment performance oroutstanding Debt or insufficient premium payments.

You will be advised as to the number of AccumulationUnits which are credited to the Contract, the currentAccumulation Unit Values, Subaccount accumulatedvalue, Fixed Account accumulated value, DCA FixedAccount accumulated value and Loan Accountaccumulated value, the total Accumulated Value and theCash Surrender Value at least annually.

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

Verification of Identity

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

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

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

� Certain other transactions as determined by us.

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

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

Partial Surrenders

Partial surrenders offer you a way to access yourAccumulated Value. You may withdraw part of yourCash Surrender Value upon giving Notice. Partialsurrenders are implemented by either the redemption ofAccumulation Units or reduction in the Fixed Accounts’balance. The partial surrender will be taken from theSubaccounts and Fixed Accounts according to the ratiothat the Contract’s accumulated value in theSubaccount or Fixed Accounts bears to the totalAccumulated Value less any accumulated value in theLoan Account at the time of the partial surrender. Withour approval, you may choose other allocations of asingle partial surrender.

A partial surrender may have tax consequences. It isimportant to note that if the Face Amount is decreased(including as a result of partial surrender), there is apossibility that the Contract might be classified as amodified endowment contract. See Federal Tax Matters.

Single Partial Surrenders

Each single partial surrender must be at least $200. Youmay not make a partial surrender if the remaining CashSurrender Value would be less than $300. A partialsurrender charge of $25 will apply to each partialsurrender in excess of one in a Contract Year. Thischarge does not apply to automatic partial surrenders(see below) or partial surrenders made after the Insured’sAttained Age 121. An amount withdrawn may not berepaid. A partial surrender may have tax consequences.See Federal Tax Matters.

Automatic Partial Surrenders

At any time after the end of the first Contract Year andwhile the Insured is alive, you may elect to havemonthly automatic partial surrenders paid to youelectronically. Automatic partial surrenders are subjectto the following:

1. The amount of each surrender must be at least$100 each month.

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2. The number of automatic partial surrendersthat you elect must be at least 12.

3. The Cash Surrender Value on the date that youelect automatic partial surrenders must be atleast twelve times the monthly amount elected.

4. Automatic partial surrenders will continue untilthe earliest of:

a. The date when we have paid the number ofautomatic surrenders elected by you;

b. The date you give us Notice to terminateautomatic partial surrenders;

c. The date that an automatic partialsurrender would reduce the Face Amountto less than the minimum Face Amount orreduce the Cash Surrender Value to lessthan $300; and

d. The date this Contract terminates.

5. Only one automatic surrender election may bein effect at any time.

A partial surrender may have tax consequences. SeeFederal Tax Matters.

For a Contract with Option 1 (Level Death BenefitOption):

A partial surrender will reduce your Accumulated Value,Face Amount, Death Benefit and the amount ofpremiums considered to meet the No-Lapse GuaranteePremium requirements. If the Death Benefit is equal tothe Face Amount at the time of the partial surrender,then the Face Amount will be decreased by thesurrender amount that we pay to you and by any taxesthat we withhold. If the Death Benefit on the effectivedate of the partial surrender is based on the DeathBenefit factor (because the Death Benefit is greater thanthe Face Amount), then the Face Amount will bedecreased only if, on that day, the surrender amountthat we pay to you, plus any taxes that we withhold,exceeds the Death Benefit minus the Face Amount. Inthat case, the Face Amount will be decreased by i) thesurrender amount that we pay to you plus any taxesthat we withhold; less ii) the Death Benefit less the FaceAmount prior to the surrender. A Decrease Chargeapplies to any partial surrender that causes us todecrease the Face Amount in the first 10 Contract Years

or 10 years after an increase in Face Amount. See thedetailed Decrease Charge explanation in the Charges andDeductions section.

The Face Amount remaining in effect after a partialsurrender may not be less than the minimum FaceAmount as defined on issue in the schedule pages ofyour Contract. We will not grant any request for apartial surrender that would reduce the Face Amountbelow this amount. A partial surrender may have taxconsequences. See Federal Tax Matters.

For a Contract with Option 2 (Variable DeathBenefit Option):

A partial surrender will reduce the Accumulated Value,Death Benefit and the amount of premiums paid. Sincethe premiums paid are reduced, partial surrenders alsoaffect the amount of premiums considered paid to meetthe No-Lapse Guarantee Premium requirement. A partialsurrender will not reduce the Face Amount. A partialsurrender may have tax consequences. See Federal TaxMatters.

Full Surrender

You may surrender this Contract by sending Notice toour Service Center while the Insured is living. If yousurrender your Contract, you will receive the CashSurrender Value. The surrender will be effective on theday we receive Notice. Insurance coverage ceases on theeffective date of the surrender. Alternatively, at any timewhile the Insured is living (and before Attained Age 121)you may surrender this Contract and apply the CashSurrender Value as a single premium to purchasepaid-up life insurance on the Insured.

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

Postponement of Payments

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


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

� the SEC has determined that an emergency exists;

� the SEC requires that trading be restricted; or

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

Except when used to pay premiums due on contractswith us, we also may postpone any transfer from theFixed Accounts or payment of any portion of theamount payable upon surrender, partial surrender or

loan from the Fixed Accounts for not more than sixmonths from the day we receive Notice and, if required,your Contract.

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

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

You may make twelve transfers per Contract Yearwithout charge. There will be a charge of up to $25 foreach transfer in excess of twelve excluding anyautomatic transfers from the DCA Fixed Account or theMoney Market Subaccount. We consider all amountstransferred in the same Valuation Period to be onetransfer for purposes of this charge. It is not dependentupon the number of originating or destinationSubaccounts.

Only one transfer may be made from the Fixed Accountin each Contract Year which, if made, counts toward thetwelve allowable transfers. If the accumulated value inthe Fixed Account immediately before the transfer is atleast $2,000, the amount transferred may not exceed25% of the accumulated value in the Fixed Account.Otherwise, the amount transferred may not exceed$500.

Any transfer among the Subaccounts or to the FixedAccount will result in the crediting and cancellation ofAccumulation Units based on the Accumulation UnitValues. Calculations are made as of the end of theValuation Period during which a proper transfer requestis received. The minimum amount that may be

transferred from a Subaccount or the Fixed Account is$50 or the entire Accumulated Value in that Subaccountor Fixed Account, if less.

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 evaluate


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transfer activity including, but not limited to, theamount and frequency of transfers, the amount of timebetween transfers and trading patterns. In making thisevaluation, we may consider trading in multiplecontracts under common ownership or control.

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

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

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

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

Dollar Cost Averaging

Your Contract provides for two different Dollar CostAveraging programs that allow you to have automaticperiodic transfers made to one or more Subaccounts.Dollar Cost Averaging is generally suitable if you aremaking a substantial deposit to your Contract anddesire to control the risk of investing at the top of amarket cycle. Either Dollar Cost Averaging programallows such investments to be made in equalinstallments over time in an effort to reduce such risk.

Dollar Cost Averaging does not guarantee that yourContract’s Accumulated Value will gain in value, norwill it protect against a decline in value if market pricesfall. However, it can be an effective strategy to helpmeet your long-term goals.

Neither Dollar Cost Averaging program allows you tomake automatic transfers to the Fixed Account. You mayparticipate in a Dollar Cost Averaging program by givingNotice. The Dollar Cost Averaging programs you mayparticipate in are described below.

Dollar Cost Averaging from the DCA FixedAccount

You may dedicate a premium of at least $1,000 to beallocated to a one-year allocation in the DCA FixedAccount for automatic monthly transfers to one or moreSubaccounts. The amount allocated to the DCA FixedAccount will be credited with an interest rate that willbe determined when the payment is allocated to theDCA Fixed Account and will be guaranteed for theduration of the one-year period.

One-twelfth of the amount you allocate to the DCAFixed Account will be transferred to the designatedSubaccounts when we allocate your initial premium,and subsequent transfers will be made on the same dateeach month for the next 11 months. If that date falls ona date at the end of the month like the 29th, 30th, orthe 31st and the subsequent month does not have acomparable date, we will process the transfer on the firstbusiness day of the next month. If the date falls on aweekend, the transfer will be processed on the followingbusiness day. The amount of the transfer each monthwill be equal to the accumulated value in the DCA FixedAccount divided by the number of automatic transfersremaining. If you terminate the automatic transfersbefore the twelfth transfer is made, the accumulatedvalue in the DCA Fixed Account will be transferred tothe Money Market Subaccount unless you request that itbe transferred to a different Subaccount.

Dollar Cost Averaging from the Money MarketAccount

You may establish a Dollar Cost Averaging program tomake periodic transfers of at least $50 from the MoneyMarket Subaccount to one or more other Subaccounts.Transfers will be made automatically on the date you

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select (except the 29th, 30th, or 31st of a month).Transfers will continue until the entire amount in theThrivent Money Market Subaccount has been depletedor until we receive Notice from you to discontinue theprogram, whichever is sooner. If the amount remainingin the Thrivent Money Market Subaccount drops belowthe amount you established to be transferred, the entireremaining balance will be transferred on the nexttransfer date and the Money Market Dollar CostAveraging program will be discontinued. If the programis discontinued and you want systematic transfers toresume from the Money Market Subaccount, you mustprovide us Notice and assure adequate funding in theMoney Market Subaccount.

Automatic Asset Rebalancing Program

As the value of your Subaccounts changes, thedistribution of Accumulated Value among thoseSubaccounts also changes. The Automatic AssetRebalancing program transfers your Contract’s valueamong the variable investment options (this excludesthe Fixed Accounts). You may elect to automaticallyrebalance your Accumulated Value in the Subaccountsperiodically under the Automatic Asset Rebalancingprogram according to the percentage allocation youdetermine at the time of setting up this program.

Automatic Asset Rebalancing may be set up annually orsemi-annually to begin on the date you select (exceptthe 29th, 30th or 31st). Before you begin the program,you should determine your investment goals and risktolerance. Use of this program will not ensure any gainnor protect against any loss in overall AccumulatedValue.

You can elect to participate in the program at the timeof Application or at a later time. To elect to participatein the program after Application, we must receiveNotice at our Service Center from you. This request willoverride any previous allocations you may haveselected. Rebalancing continues until you stop orchange it. You can change your allocations at any timeby giving us Notice. You can also stop or suspend theprogram by providing Notice to our Service Center. Ifyou make additional premium payments or transfersinto a Subaccount that was not previously included inthe asset rebalancing program, those amounts will notbe subject to rebalancing unless you revise your assetrebalancing program. Periodic rebalancing takes intoaccount increases and decreases in accumulated valuesin each Subaccount. Any transfers resulting fromrebalancing will not incur a transfer charge.

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

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

We have adopted reasonable security procedures toensure the authenticity of instructions, includingrequiring identifying information, recording telephoneconversations and providing written confirmations oftransactions. Nevertheless, we honor instructions fromany person who provides the correct identifyinginformation. Be aware that there is a risk of possible lossto the Owner if an unauthorized person uses this servicein the Owner’s name. Thrivent disclaims any liabilityfor losses resulting from such transactions by reason oftheir not having been properly authorized. However, ifThrivent does not take reasonable steps to help ensurethat such authorizations are valid, Thrivent may beliable for such losses.

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

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

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

Timely Processing

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

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

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While the Insured is living, you may, by giving Notice,use your Contract as security for a loan. The maximumavailable loan amount is an amount such that the totalDebt will not exceed 100% of Accumulated Value lessDecrease Charges on the date of the loan and the loanamount must be at least $200. For Contract loans,interest will accrue on a daily basis at a maximumannual rate of 5.5% on the Debt.

Beginning in the eleventh Contract Year, the preferredDebt on any day is the portion of the Debt that does notexceed a percentage of the Accumulated Value at thebeginning of the Contract Year. The percentages thatapply in each Contract Year are as follows:

Contract YearPercentage of

Accumulated Value

11 10%12 20%13 30%14 40%15 50%16 60%17 70%18 80%19 90%20+ 100%

Interest will accrue on a daily basis at a maximumannual rate of 5% on any preferred Debt.

When a loan is made, Accumulated Value will betransferred to the Loan Account to secure the Debt.Accumulated Value will be transferred from theSubaccounts or Fixed Accounts according to theAccount Ratios on the date of the loan; or according toany other administrative option you select and available

at the time of the loan. The amount transferred to theLoan Account will continue to be treated as part of theContract’s Accumulated Value. An interest rate of 4%annually will be credited to the Loan Account.

While your Contract is in force and the Insured isliving, you may repay, at any time, all or part of yourDebt. All loan repayments must be in U.S. dollars drawnon a U.S. bank. Generally, we do not accept cash, starterchecks (checks without pre-printed registration),traveler’s checks, credit card courtesy checks, orthird-party checks.

Upon your request, we will set up Debt repaymentschedule for you. When you repay all or part of Debt,we credit your Loan Account then transfer therepayment from the Loan Account to the Subaccountsand to the Fixed Accounts according to the premiumallocation percentages in effect at the time ofrepayment. Total Accumulated Value does not increaseas a result of Debt repayment. The longer the loan isoutstanding, the greater the negative impact it mayhave on Accumulated Value growth.

Debt reduces your Cash Surrender Value, your DeathProceeds and the amount of premiums considered tomeet the No-Lapse Guarantee Premium requirement.Depending upon investment performance of theSubaccounts and the amounts borrowed, Debt maycause your Contract to lapse. If your Contract lapseswith outstanding Debt, adverse tax consequences mayresult. You should carefully consider the impact on yourContract’s Death Proceeds, before exercising theseprivileges.

A loan may have tax consequences. See Federal TaxMatters.

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

Lapse

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

� your monthly deductions are greater than yourCash Surrender Value;

� there is not an active No-Lapse Guarantee; and

� payment of the premium to keep the Contract inforce is not paid within 61 days of the datenotification of the Cash Surrender Value deficiencyis sent to you.

If the Contract lapses, a tax may result.

If the Contract lapses, you have the right to reinstateyour Contract within certain limitations. Therequirements for reinstatement and associatedlimitations are described below and in more detail inyour Contract. Reinstatement within 90 days of lapseand within the same calendar year as the lapse is mostbeneficial for minimizing related taxes.

Reinstatement

You may reinstate the Contract any time within threeyears after it has lapsed unless it was surrendered (somestates may allow a longer period to be able to reinstateyour Contract). To reinstate your Contract we require:

1. An application for reinstatement submitted tous at our Service Center;

2. Evidence of insurability that meets ourstandards;

3. Payment of one of the following amounts:

a. A premium sufficient to cover:

i. Any monthly deductions that were notmade before the grace period becausethey were postponed under a No-LapseGuarantee; and

ii. The monthly deductions that were notmade during the grace period; or

b. If the effective date of reinstatement isbefore the termination date of the 10-yearNo-Lapse Guarantee and no more than sixmonths after the last date on which that

guarantee became inactive, a premiumsufficient to reactive the 10-year No-LapseGuarantee; or

c. If the Contract includes an extendedNo-Lapse Guarantee and the effective dateof reinstatement is before the terminationdate of that guarantee and no more than12 months after the last date on which thatguarantee became inactive, a premiumsufficient to reactivate the extendedNo-Lapse Guarantee;

4. Payment of a premium sufficient to keep thisContract in force for at least two months, basedon unit values on the date of reinstatement;and

5. Repayment of all Debt existing at the end of thegrace period.

The effective date of a reinstatement will be the date theapplication for reinstatement is approved by us. TheAccumulated Value on that date will be equal to:

� The Accumulated Value at the end of the graceperiod; plus

� The Net Premium received to reinstate thisContract; less

� Any postponed or unpaid monthly deductionsmade on that date.

Any Decrease Charge on or after reinstatement will bethe same as if the Contract had always been in forcesince the Date of Issue.

You may reinstate any Additional Benefits that were ineffect prior to lapse that would not have otherwiseterminated pursuant to provisions of the AdditionalBenefit rider before the effective date of reinstatement.

A No-Lapse Guarantee will be included on a reinstatedcontract only if that guarantee did not terminate beforethe effective date of reinstatement and you pay anamount sufficient to reactivate a No-Lapse Guarantee.Any No-Lapse Guarantee that could have beenreactivated by paying a sufficient premium will beincluded on the reinstated contract in inactive status.

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If you reinstate your Contract, we will not contest thevalidity of the reinstated Contract after it has been ineffect for two years from the date of reinstatement. We

may contest the validity of the reinstated Contractbased only upon statements made in the application forreinstatement.

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

Transaction Fees

Percent of Premium Charge

We charge a Percent of Premium Charge of 5% on eachpremium while the Face Amount is less than $250,000,otherwise 4% of each premium. The resulting amountavailable after the charge is the Net Premium. We usethis Percent of Premium Charge to cover distributioncosts. We credit the Net Premium to the Subaccountsand Fixed Accounts according to your allocationinstructions. The Percent of Premium Charge may bewaived in certain situations.

Decrease Charge

If you elect to surrender your Contract, reduce the FaceAmount, or if the Face Amount is decreased as a resultof a partial surrender or Death Benefit Option change,we will reduce your Accumulated Value by theapplicable Decrease Charge. Decrease Chargescompensate us for expenses associated withunderwriting, issuing and distributing the Contract. Fordecreases in the Face Amount or partial surrenders thatresult in a decrease in Face Amount during the first 10Contract Years (or first 10 years following an increase inFace Amount), we calculate the amount of the DecreaseCharge at the time of the reduction in Face Amount orsurrender. We do not deduct this amount until the nextMonthly Anniversary or upon surrender or lapse, ifearlier. We do not impose any other charges (such asmortality and expense risk charges) on the DecreaseCharge amount during this time. Because the DecreaseCharge is not immediately deducted, you retain theinvestment risk on such amount prior to deduction and

will bear any investment loss and benefit from anyinvestment gain on such amounts. If the DecreaseCharge applies to a partial surrender, the DecreaseCharge will be deducted from the Subaccounts andFixed Accounts in the same ratios as used for the partialsurrender. If the Decrease Charge applies to other FaceAmount decreases, the Decrease Charge will bededucted from the Subaccounts and Fixed Accounts inthe same ratios as the monthly deduction is taken. NewDecrease Charges apply to each Face Amount increase.

The Decrease Charge is assessed on a per thousand basis.The amount per thousand of Face Amount varies by sex(in most states), Face Amount, risk class and Issue Age.For the first five Contract Years, the Decrease Chargeremains level then grades to zero after the 10th ContractYear. Beginning in the 11th year after the Date of Issue(assuming no increases in Face Amount), the DecreaseCharge will be zero. We list your Decrease Charges inyour Contract.

If you increase your Contract’s Face Amount, a newDecrease Charge is applicable to the increase, inaddition to any existing Decrease Charge. We list youractual Decrease Charges for the increased Face Amountseparately on a supplementary Contract schedule. Wemail the supplementary Contract schedule to you afterwe process the request for increase in Face Amount.

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The following is an example of Decrease Charges for a40-year-old male in the standard non-tobacco risk class,$325,000 Face Amount:

Contract YearDecrease Charge per

Thousand Dollars

1-5 $23.436 19.537 15.628 11.729 7.81

10 3.9111+ 0

If you decrease the Face Amount while the DecreaseCharge applies, we assess a Decrease Charge on a per$1,000 basis. We subtract the amount of decrease firstfrom any previous increases in the Face Amount,starting with the most recent and then as needed fromthe original Face Amount.

Partial Surrender Charge

We charge up to $25 for each partial surrender after thefirst partial surrender each Contract Year. This charge isin addition to the amount withdrawn. This charge doesnot apply to automatic partial surrenders or surrendersafter Insured’s age 121. See Partial Surrenders andSurrenders.

Transfer Charge

You may make up to twelve transfers per Contract Yearfrom the Subaccounts and Fixed Account, only one ofwhich may be from the Fixed Account, without charge.We charge up to $25 for each transfer in excess oftwelve per Contract Year. This charge is deducted fromthe Subaccounts and the Fixed Account in proportion tothe amount transferred from each. Transfers resultingfrom Dollar Cost Averaging, asset rebalancing and loansdo not count as transfers for the purpose of assessingthis charge.

Monthly Deductions from Accumulated Value

We deduct certain charges from Accumulated Value on amonthly basis. We refer to these charges as monthlydeductions. Monthly deductions are deducted from

each Subaccount or Fixed Account on a basisproportional to the Accumulated Value less accumulatedvalue in the Loan Account. With our approval, you maychoose other allocations of the monthly deductions. Wededuct charges each month, beginning with theContract Date (effective retroactive to the Date of Issue,if different) then monthly thereafter on each MonthlyAnniversary, provided that day of the month is aValuation Date. If that day of the month does not fallon a Valuation Date, we use the next Valuation Date.Because portions of the deductions (e.g., the cost ofinsurance) can vary from month to month, theaggregate monthly deductions also will vary.

The monthly deductions consist of:

� the asset charge;

� the basic monthly charge;

� any monthly unit charges in effect on the MonthlyAnniversary;

� the monthly mortality and expense risk charge;

� charges for Additional Benefits, if any; and

� the monthly cost of insurance charge.

Asset Charge

This charge covers the expenses incurred in issuing andadministering the Contract and operating the VariableAccount. The asset charge will be assessed on the totalAccumulated Value across all accounts. The charge willbe 0.55% on an annual basis (0.04572% monthly) inContract Years 1 through 10, and 0.20% (0.01665%monthly) starting in Contract Year 11.

Basic Monthly Charge

We deduct a charge to cover administration of theContract. This charge covers such expenses as premiumbilling and collection, Accumulated Value calculation,transaction confirmations and periodic reports. Thischarge is dependent upon the Issue Age of the Insured.

For Contracts we issue to Insureds whose Issue Age isfrom 0 to 17, we charge a monthly charge of $7.50. Wecharge all others $9 per month.


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Monthly Unit Charge

This charge compensates us for expenses associated withunderwriting, issuing or increasing the Face Amount,and distributing the Contract. This charge is dependentupon the Issue Age, sex and risk class of the Insured.The charge will be assessed on a per $1,000 of FaceAmount basis and assessed monthly for the first 10Contract Years and for 10 years following an increase inFace Amount.

Mortality and Expense Risk Charges

The mortality and expense risk charge is a monthlycharge for risks that we assume in the Contract. Themortality risk assumed is that Insureds, as a group, maylive for a shorter period of time than we estimate and,

therefore, the cost of insurance charges specified in theContract would be insufficient to meet actual claims.The expense risk is that expenses incurred in issuing andadministering the Contracts and operating the VariableAccount may be greater than the charges we assess forsuch expenses. We may use any profit to paydistribution, sales and other expenses.

The following table outlines our current annualmortality and expense risk charge that will be assessedfrom and based on the accumulated value of all of yourSubaccounts. No mortality and expense risk charges arededucted from the Fixed Accounts. This charge is basedon your Subaccount accumulated value at the time thecharge is deducted.

Current M&E Charge Maximum M&E

Subaccount Accumulated Value All Years All Years

0 up to $24,999.99 0.30% 0.45%(monthly) (.02497) (.03742)

$25,000 up to $99,999.99 0.15% 0.45%(monthly) (.01249) (.03742)

$100,000 and above 0% 0.45%(monthly) (0.00000) (.03742)

Additional Benefit Charge

If your Contract includes Additional Benefits, we willdeduct a monthly cost for those benefits from theAccumulated Value. Refer to Fee Tables and AdditionalBenefits for more information.

Cost of Insurance

We assess a monthly cost of insurance charge. Thecharge depends on a number of variables (includingIssue Age, sex (in most states), risk class, Attained Age,and Face Amount) that would cause it to vary fromcontract to contract.

The primary factors in the determination of the cost ofinsurance are the cost of insurance rate (or rates) andthe net amount at risk. The cost of insurance charge forthe initial Face Amount equals: the cost of insurancerate for the Insured’s age shown in your Contract,

multiplied by the initial net amount at risk of yourContract divided by 1,000. Factors that affect theamount at risk include investment performance,payment of premiums, charges, partial surrenders andsurrenders. We deduct the cost of insurance charge oneach date we assess monthly deductions, starting withyour Contract Date (effective retroactive to the Date ofIssue, if different).

We underwrite the applicant to determine the risk classusing information provided in the application and inother sources permitted by law. The factors that weconsider for underwriting include, but are not limitedto:

� the amount of insurance applied for,

� the proposed Insured’s age,

� outcome of medical testing,


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

� other information such as financial informationthat may be required.

Based on this information, standard or preferredcoverage may be offered, or if it is determined that risksfor a proposed Insured are higher than would be thecase for a healthy individual, the proposed Insured mayreceive a rating which increases cost of insurance ratesor, in some cases, the proposed Insured may bedeclined.

Cost of Insurance Rates

Cost of insurance rates are determined for the initialFace Amount and each increase in Face Amount. Actualcost of insurance rates may change, and we willdetermine the actual monthly cost of insurance ratesbased on our expectations as to future mortality,expense and persistency experience.

Actual cost of insurance rates will never be greater thanthe guaranteed maximum cost of insurance rates in theContract. These guaranteed rates are determined basedupon the Insured’s Attained Age and the applicable ratein the 2001 CSO Mortality Tables for Non-smokers andSmokers. We currently use cost of insurance rates thatare generally lower than the guaranteed cost ofinsurance rates, and we reserve the right to raise thosecurrent rates.

Our current cost of insurance rates apply uniformly toall Insureds of the same Issue Age, Attained Age, sex,risk class and rating within the same band. Bandingrefers to the Face Amount. For purposes of this charge,the Insurance Coverage Amount includes any increasesto the Face Amount made subsequent to the initial FaceAmount and also includes the amount of any term ridercoverage on the Insured under this Contract. FaceAmounts within increasingly higher bands willgenerally result in a reduced cost of insurance on a perthousand basis. Any changes in the cost of insurancerates will apply uniformly to all Insureds of the samerisk class within the same band. The bands for thischarge are as follows:

Banded Levels

$25,000 to $99,999

$100,000 to $249,999

$250,000 to $999,999

$1,000,000 and above

The cost of insurance rates generally increase as theInsured’s Attained Age increases, and they vary with thenumber of years the Face Amount or any increase inFace Amount has been in force. The risk class of anInsured also will affect the cost of insurance rate.Insureds in the preferred risk class generally will have alower cost of insurance rate than those in risk classesinvolving higher mortality risk. The seven risk classesconsist of the following:

1. Super-Preferred, Non-Tobacco (Issue ages 18to 75, $100,000+ of Face Amount)

2. Preferred Non-Tobacco (Issue ages 18 to 75,$100,000+ of Face Amount)

3. Preferred Tobacco (Issue ages 18 to 75,$100,000+ of Face Amount)

4. Standard Non-Tobacco (All issue ages)

5. Standard Tobacco (issues ages 18 to 80)

6. Substandard Non-Tobacco (Rated)

7. Substandard Tobacco (Rated)

Insureds in non-tobacco risk classes will generally havea lower cost of insurance rate than similarly situatedInsureds in tobacco risk classes. We use the sameguidelines in determining premiums for the cost ofinsurance for the Contract as we would for any otherlife insurance Contract of similar risk class we offer.

Fund Charges

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


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Variation or Reduction of Charges

We may vary the charges and other terms of theContracts if special circumstances result in reduced salesexpenses, administrative expenses, or various risks.These variations will not be unfairly discriminatory to

the interests of other Contract Owners. Variations mayoccur in Contracts sold to members of a class ofassociated individuals, an employer or other entitiesrepresenting an associated class.

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The primary reason to buy a life insurance Contract isfor the Death Benefit it provides in the event of theInsured’s death. At the time of purchase, you must selectbetween two Death Benefit Options: Option 1(Level Death Benefit Option) or Option 2 (VariableDeath Benefit Option). We determine the amountpayable (Death Proceeds) depending on the DeathBenefit Option in effect on the date of Insured’s death.Death Proceeds payable upon the death of the Insured isthe sum of the Death Benefit plus any insurance on theInsured’s life provided by Additional Benefits less anyDebt and the lesser of (1) unpaid monthly deductions or(2) any unpaid No-Lapse Guarantee Premium. We willalso deduct any amount paid by us after the date ofdeath and before we were notified of the death. TheDeath Benefit will be calculated as of the date of death.

Option 1 (Level Death Benefit Option)

The Death Benefit for this option remains level, but inlimited situations will vary. The Death Benefit is thegreater of the Face Amount, or the Death Benefit factormultiplied by Accumulated Value. If you keep yourContract in force for several years and yourAccumulated Value continues to increase, your DeathBenefit may be increased by a Death Benefit factor. Thisfactor helps to ensure that your Death Benefit is largeenough relative to Accumulated Value to assure theContract will qualify as life insurance under federal taxlaw. The Death Benefit factor depends upon yourAttained Age. Your Contract includes a table of theDeath Benefit factors.

You should consider the Level Death Benefit Option if:

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

� you would like to minimize your insurance costs.

In general, the Level Death Benefit Option providesgreater growth potential in Accumulated Value than theVariable Death Benefit Option. By choosing theLevel Death Benefit Option, any increases inAccumulated Value reduce the actual risk amount andlower your cost of insurance.

Option 2 (Variable Death Benefit Option)

The Variable Death Benefit Option provides a DeathBenefit that varies over time. The Death Benefit will bethe greater of the Face Amount plus Accumulated Value,or the Death Benefit factor (described above) multipliedby Accumulated Value. The Death Benefit fluctuatescorrespondingly with your Accumulated Value.

You should consider the Variable Death Benefit Optionif:

� you expect your insurance needs to increase, or

� you would like to have the potential for anincreasing death benefit.

In general, the variable option provides the potential fora greater death benefit than the level option.

Changing Your Death Benefit Option

You may request a change from one Death BenefitOption to the other at any time before Attained Age 121except when the Death Benefit is based on a DeathBenefit factor as provided in your Contract. If weapprove the change, we will increase or decrease theFace Amount so your Death Benefit immediately afterthe change will be the same as immediately before thechange.


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If you change from the Level Death Benefit Option tothe Variable Death Benefit Option, we will reduce yourFace Amount by the amount of Accumulated Value onthe date the change takes place. The decrease in FaceAmount and any Decrease Charge will be applied to theinitial Face Amount and any existing increase in FaceAmount according to the ratio of each portion of theFace Amount to the total Face Amount of this Contract.We will not allow the change if it reduces your FaceAmount below the minimum amount as defined on theschedule page of your Contract. If the change from theLevel Death Benefit Option to the Variable DeathBenefit Option would cause total premium paymentsalready made to exceed the cumulative premium limitof the Internal Revenue Code, the change may be madeonly if the Cash Surrender Value before the changeexceeds the refund required under the Code. If thechange is made, the required refund will be made as apartial surrender with no partial surrender chargeapplied. If you change from the Variable Death BenefitOption to the Level Death Benefit Option, your FaceAmount increases by the Accumulated Value on theeffective date of the change. The increase will be appliedto the initial Face Amount and any existing increase inFace Amount according to the ratio of each portion ofthe Face Amount to the total Face Amount of thisContract. The increase is determined so your DeathBenefit immediately after the change will be the same asimmediately before the change.

A new No-Lapse Guarantee Premium will be determinedfor any No-Lapse Guarantee in effect on the effectivedate of the change. The effective date of the change willbe the Monthly Anniversary on or following the date wereceive Notice. The new Death Benefit Option will beshown on a supplemental contract schedule page thatwe will send to you.

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

Changing Your Face Amount

You select the Face Amount when you apply for theContract. You may change the Face Amount by givingus Notice. We will not permit any change that wouldresult in your Contract being disqualified as a lifeinsurance contract under Section 7702 of the Internal

Revenue Code. Changing the Face Amount may havetax consequences and you should consult a tax advisorbefore doing so.

Increasing Your Face Amount

Subject to our underwriting guidelines and policies, youhave the right to increase the Face Amount at any timebefore the Insured’s 81st birthday.

Any increase in Face Amount is subject to the followingconditions:

� We must receive an application at our ServiceCenter.

� We require evidence of insurability which meetsour standards.

� The increase amount must be for at least $25,000.

Increases in your Face Amount will result in additionalcharges to cover the increased amount at risk. Wecompute charges at the existing rates at the time ofincrease. The cost of insurance rates for each increasewill vary based on factors such as sex (in most states),risk class, age and the time elapsed since issue. Theincrease will be effective on the date shown on thesupplemental Contract schedule page we provide.

A new set of Decrease Charges will also apply to eachincrease in the Face Amount. We show these newcharges on the supplemental Contract schedule page ofyour Contract. However, the Decrease Charges will onlybe assessed if your Face Amount is later decreased andthe Decrease Charge is still in effect for that part of theFace Amount that was decreased. See Charges andDeductions for more information regarding this charge.

A new No-Lapse Guarantee Premium will be determinedfor any No-Lapse Guarantee in effect.

Decreasing Your Face Amount

At any time before the Insured’s Attained Age 121, youhave the right to decrease your Face Amount.Requirements for decreasing your Face Amount are:

� we must receive Notice;

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� the Face Amount remaining in effect cannot be lessthan the minimum amount defined at issue on theschedule page;

� premiums and Accumulated Value must be incompliance with Internal Revenue Code limits; and

� on the date the decrease would be effectiveAccumulated Value less Debt must be greater thanor equal to any Decrease Charge that may apply.

The decrease will become effective as of the MonthlyAnniversary on or following the date we receive Noticeat the Service Center. We will subtract the decrease firstfrom any previous increases in the Face Amount,starting with the most recent, then as needed from theoriginal Face Amount.

We subtract a Decrease Charge from the AccumulatedValue if a Decrease Charge is in effect for that part of theFace Amount decreased. We show you the DecreaseCharges applicable to you on the Table of DecreaseCharges in your Contract.

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

Death Claims

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

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

Payment of Benefits

In addition to traditional lump sum payments, otherpayment options are available. All or part of the lifeinsurance proceeds from death or surrender may beplaced in one of several settlement options. Proceeds

distributed according to a settlement option do not varywith the investment performance of the VariableAccount. Contract Owners may select a settlementoption prior to the Insured’s death. A Beneficiary mayselect a settlement option at the time of making a claimfor Death Benefits. The minimum amount that we willapply to a settlement option is $2,000. Additionally, theresulting payment must be at least $50. Once asettlement option is selected, we will provide asettlement option agreement. In the settlement optionagreement, we will reflect guaranteed payments, if any.

Settlement Options

Option 1: Interest Income

Under this settlement option, the proceeds are left withThrivent to accumulate interest. We will pay a rate ofinterest of at least 1.5% annually on the proceeds thatremain with us. The payee may withdraw all or part ofthe proceeds at any time.

Option 2: Income of a Fixed Amount

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

We will pay a rate of interest of at least 1.5% annually.The amount of interest may be greater than theguaranteed amount. Unless the income election wasirrevocable, the payee may withdraw the CommutedValue of all remaining payments at any time. If theCommuted Value is withdrawn, we will make no furtherpayments.

Option 3: Income for a Fixed Period

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

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We will pay a rate of interest of at least 1.5% annuallyon the proceeds that remain with us. The amount ofinterest we pay may be greater than the guaranteedamount. Unless the income election was irrevocable, thepayee may withdraw the Commuted Value of anyremaining payments at any time. If the CommutedValue is withdrawn, we will make no further payments.

Option 4: Life Income

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

The amount of the payments depends on the age and,where permitted, sex of the annuitant at the time thesettlement agreement is established. We showrepresentative guaranteed payments in the settlementoption section of the Contract. These rates are based ona guaranteed effective annual interest rate of 2.5% usingthe “Annuity 2000 Table” annuitant mortality table.

Option 5: Joint & Survivor Life Income withGuaranteed Period

This settlement option is another form of annuitypayment or life income available when both annuitantsare alive when the settlement option is chosen. We will

pay an income as long as at least one of the twoannuitants is alive. The amount of payments isdetermined based on the lives of both of the annuitants.The payees may select a guaranteed payment period ofnot more than 360 months, or may select noguaranteed payment period at all.

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

The amount of the payments depends on the age and,where permitted, sex of the annuitants at the time weissue the settlement agreement. In addition, anyselection of a guaranteed payment period or anyreduction factor will influence the payments. We showrepresentative guaranteed payments in the settlementoption section of the Contract. These rates are based ona guaranteed effective annual interest rate of 2.5% usingthe “Annuity 2000 Table” annuitant mortality table.

We may also offer other settlement options at ourdiscretion.

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General

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

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

Estate, Gift and Generation-Skipping TransferTax Considerations

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

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

Tax Status of the Variable Account

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

Taxation of the Contract—In General

Tax Status of the Contract

Section 7702 of the Code establishes a statutorydefinition of life insurance for federal tax purposes.While the requirements of this section of the Code arecomplex and limited guidance has been provided fromthe Internal Revenue Service (the “IRS”) or otherwise,Thrivent believes that the Contract will meet thecurrent statutory definition of life insurance, whichplaces limitations on the amount of premiums that maybe paid and the Accumulated Values that canaccumulate relative to the Death Benefit. As a result, theDeath Benefit payable under the Contract will generallybe excludable from the Beneficiary’s gross income, andgains and other income credited under the Contract willnot be taxable unless certain withdrawals are made (ordeemed to be made) from the Contract prior to theInsured’s death, as discussed below. This tax treatmentgenerally will only apply, however, if (1) theinvestments of the Variable Account are “adequatelydiversified” in accordance with Treasury Departmentregulations, and (2) Thrivent, rather than the ContractOwner, is considered the owner of the assets of theVariable Account for federal income tax purposes.

The Code and Treasury Department regulationsprescribe the manner in which the investments of asegregated asset account, such as the Variable Account,are to be “adequately diversified.” If the VariableAccount fails to comply with these diversificationstandards, the Contract will not be treated as a life

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insurance contract for federal income tax purposes andthe Contract Owner would generally be taxed currentlyon the income on the Contract (as defined in the taxlaw). We expect that the Variable Account, through theFunds, will comply with the diversificationrequirements prescribed by the Code and TreasuryDepartment regulations.

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

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

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

Tax Treatment of Death Proceeds

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

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

Death Proceeds may be subject to state and/or federalestate and/or inheritance tax. The entire amount ofDeath Proceeds will be included in the taxable estate ofan Insured if the Insured possesses control (referred to as“incidents of ownership”) over the Contract at the timeof death or control has not been transferred more thanthree years prior to death. Many factors determine if anestate is subject to estate and/or inheritance tax such asthe size of the taxable estate, timing of death and theapplicable state law.

Tax Deferral During Accumulation Period

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


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for the Contract, less the aggregate amount receivedunder the Contract previously to the extent suchamounts received were excludable from gross income.

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

Taxation of Contracts that Are Not MECs

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

If the Contract is not a MEC (described below), theamount of any partial surrender from the Contractgenerally will be treated first as a non-taxable recoveryof premium and then as income received from theContract. Thus, a partial surrender from a Contract thatis not a MEC generally will not be includible in incomeexcept to the extent it exceeds the investment in thecontract immediately before the partial surrender.

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

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

Tax Treatment of Loans from Contracts that AreNot MECs

If a Contract is not a MEC, a Contract loan generallywill be treated as indebtedness of the Contract Owner.As a result, no part of any Contract loan will constituteincome to the Contract Owner so long as the Contractremains in force. However, in those situations where theinterest rate credited to the Loan Account equals or isnearly the same as the interest rate charged for the loan,it is possible that some or all of the loan proceeds maybe includible in income. If a Contract lapses or issurrendered when a Contract loan is outstanding, theportion of the Accumulated Value applied to repay theContract loan outstanding, including any accrued andunpaid loan interest, will be treated as the proceeds of asurrender for purposes of determining whether anyamounts are includible in the Contract Owner’s income.The amount of Debt over and above that secured byAccumulated Value is “excess debt” taxable as“cancellation of indebtedness”.

Generally, interest paid on any Contract loans will notbe tax deductible. A limited exception to this rule existsfor certain interest paid in connection with certain “keyperson” insurance. Contract Owners should consult atax advisor regarding the deductibility of interestincurred in connection with this Contract.

Taxation of Contracts that Are MECs

Characterization of a Contract as a MEC

In general, a Contract will be considered a “modifiedendowment contract” under section 7702A of the Code(i.e., as a MEC) if (1) the Contract is received inexchange for a life insurance contract that was a MEC,or (2) the Contract is entered into on or after June 21,1988 and premiums are paid into the Contract morerapidly than the rate defined by a “7-Pay Test.” This testgenerally provides that a Contract will fail this test (andthus be considered a MEC) if the accumulated amountpaid under the Contract at any time during the first 7Contract Years exceeds the cumulative sum of the netlevel premiums which would have been paid to thattime if the Contract provided for paid-up future benefitsafter the payment of 7 level annual premiums. Amaterial change of the Contract (as defined in the taxlaw) will generally result in a reapplication of the 7-PayTest. In addition, any reduction in benefits during a7-Pay testing period, including a Contract that lapses


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due to nonpayment of premiums (unless it is reinstatedwithin 90 days) will affect the application of this test.We will monitor the Contracts and will attempt tonotify Contract Owners on a timely basis if a Contractbecomes a MEC. The Contract Owner may then requestthat we take any steps that may be available to avoidtreatment of the Contract as a MEC, if that is desired.

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

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

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

If the Contract Owner assigns or pledges any portion ofthe Accumulated Value (or agrees to assign or pledgeany portion), such portion will be treated as awithdrawal for tax purposes. The Contract Owner’sinvestment in the Contract is increased by the amountincludible in income with respect to any assignment,pledge, or loan, though it is not affected by any otheraspect of the assignment, pledge, or loan (including itsrelease or repayment). Before assigning, pledging, orrequesting a loan under a Contract treated as a MEC, aContract Owner should consult a tax advisor.

Penalty Tax

Generally, proceeds of a full or partial surrender (or theamount of any deemed withdrawal, such as in the caseof loans, assignments and pledges) from a MEC aresubject to a penalty tax equal to 10% of the portion ofthe proceeds that is includible in income. This penaltytax does not apply where the surrender or deemed

withdrawal is made (1) after the Contract Owner attainsage 591⁄2, (2) because the Contract Owner has becomedisabled (as defined in the tax law), or (3) assubstantially equal periodic payments over the life orlife expectancy of the Contract Owner (or the joint livesor life expectancies of the Contract Owner and his orher Beneficiary, as defined in the tax law).

Aggregation of Contracts that Are MECs

All life insurance contracts which are treated as MECsand which are purchased by the same person(s) fromThrivent, or any of our affiliates, within the samecalendar year will be aggregated and treated as onecontract for purposes of determining the tax onwithdrawals (including deemed withdrawals). Contractsissued by different companies that subsequently mergeare not aggregated. The effects of such aggregation arenot always clear; however, it could affect the amount ofa full or partial surrender (or a deemed withdrawal) thatis taxable and the amount which might be subject tothe 10% penalty tax described above.

Contracts Not Owned by Individuals

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

Section 1035 Exchanges

Section 1035 of the Code provides that no gain or losswill be recognized on the exchange of a life insurancecontract for another life insurance contract, endowmentcontract, annuity contract, or qualified long-term careinsurance contract, provided that certain requirementsare met. If the Contract is being issued in exchange foranother life insurance contract, the requirements thatmust be met to receive tax-free treatment under


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Section 1035 of the Code include, but are not limitedto: (1) the contracts must have the same insured, and(2) your old contract must be exchanged for the newcontract either through an assignment of your oldcontract to the new insurer or by a direct transfer of theaccount value of the old contract to the new insurer. Ifyour old contract was a MEC, the new life insurancecontract also will be a MEC. You cannot exchange anendowment, annuity, or qualified long-term careinsurance contract for a life insurance contract tax-free.If any money or other property is received in theexchange (“boot”) that satisfies the requirements ofsection 1035 of the Code, gain (but not loss) will berecognized equal to the lesser of the gain realized on theexchange or the amount of the boot received.

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

Accelerated Death Benefits

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

Amounts paid under the accelerated benefits forterminal illness rider incorporated into this Contractwill in most circumstances, satisfy this requirement.

Actions to Ensure Compliance with the Tax Law

We believe that the maximum amount of premiums andother values that we have determined for the Contractswill comply with the federal tax definition of life

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

Other Considerations

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

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


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Federal Income Tax Withholding

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

Nonresident Aliens and Other Foreign Persons

The discussion above provides general informationregarding U.S. federal withholding tax consequences tolife insurance purchasers that are U.S. citizens orresidents. Purchasers or Beneficiaries that are not U.S.

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

FATCA Withholding

If the payee of a distribution (including the DeathBenefit) from the Contract is a foreign financialinstitution (“FFI”) or a non-financial foreign entity(“NFFE”) within the meaning of the Code as amendedby the Foreign Account Tax Compliance Act (“FATCA”),the distribution could be subject to U.S. federalwithholding tax on the taxable amount of thedistribution at a 30% rate irrespective of the status ofany beneficial owner of the Contract or the nature ofthe distribution. The rules relating to FATCA arecomplex, and a tax advisor should be consulted if an FFIor NFFE is or may be designated as a payee with respectto the Contract.

ADDITIONAL BENEFITS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

We offer Additional Benefits that you can add to yourContract. Certain of these riders are subject to age andunderwriting requirements and may be added orcancelled at any time. We generally deduct any monthlycosts for these Additional Benefits from AccumulatedValue as part of the monthly deduction. (See Fee Tablefor more information regarding rider expenses.) YourThrivent Financial professional can help you determinewhether certain Additional Benefits are appropriate foryou. We describe any Additional Benefits included withyour Contract more fully in your Contract. Accordingly,the following summaries do not include all the terms,limitations and conditions.

Accidental Death Benefit

This benefit generally provides an additional DeathBenefit when the Insured dies from accidental bodilyinjury. Subject to our overall limit on accidental Death

Benefits, you may select the amount of coverage up tothe same amount as the Face Amount of your Contract.Any accidental Death Benefit payable would be inaddition to your basic Death Benefit. The charge for thisrider, based on Issue Age, is a per-thousand ratemultiplied by the accidental death amount.

Disability Waivers

You may select one of two different disability waivers,Disability Waiver of Monthly Deductions and DisabilityWaiver of Selected Amount.

Disability Waiver of Monthly Deductions

Waiver of monthly deductions provides that, in theevent of the Insured’s qualifying disability, we will waiveyour cost of insurance and expense deductions until theearlier of the Insured’s age 121 or recovery from total


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disability. Having this optional rider guarantees that theContract and Additional Benefits will continue whilethe Insured is disabled. The charge for this rider is apercentage based on Attained Age multiplied by theamount of each monthly deduction.

Disability Waiver of Selected Amount

Waiver of selected amount credits the amount selectedat issue. This benefit is payable until the earlier of theInsured’s age 121 or recovery from total disability. Therider ensures that your planned premiums continueduring the Insured’s disability and the Contractfunctions as if you were paying the planned premium.Having this optional rider does not always guaranteethat the Contract and Additional Benefits will continuewhile the Insured is disabled. The charge for this rider isa percentage based on Attained Age multiplied by theselected amount.

Applicant Waiver of Selected Amount

This benefit enables the applicant on a Contract on thelife of a minor to have selected amounts credited to theContract in the event of the applicant’s qualifyingdisability or death. Amounts will be credited until theend of the benefit period as defined in the rider. Thecharge for this benefit is a percentage based on attainedage of the applicant and Issue Age of the Insuredmultiplied by the selected amount. The charge willapply until the rider terminates. The rider will terminateon the earliest of the following dates:

1. The date the applicant dies as a result of a risknot covered by the rider.

2. The date the applicant reaches age 65 or theend of a benefit period, if later.

3. The date control of the Contract transfers tothe Insured.

4. The date the Contract terminates.

5. The first Monthly Anniversary on or after thedate we receive Notice to cancel the rider.

Guaranteed Increase Option

Purchasing this option allows you to increase theamount of coverage without having to show evidence ofinsurability at certain pre-defined opportunities. Thecharge is a per-thousand rate multiplied by the size of

the guaranteed increase amount. A new No-LapseGuarantee Premium will be determined for any NoLapse Guarantee in effect on the date of increase.

Child Term Life Insurance

This rider generally pays a benefit to the Beneficiary inthe event of the death of a covered child of the Insuredprior to the rider anniversary following the child’s 25thbirthday. Conversely, in the event of the death of theInsured, the rider for any covered child will becomechild paid-up term insurance in force to the child’s 25thbirthday. Beginning on the rider anniversary on or afterthe covered child’s 21st birthday until the rideranniversary on or after that child’s 25th birthday, thechild will have the option to purchase his or her ownlife Contract without having to provide evidence ofinsurability. The charge for this benefit is aper-thousand rate multiplied by the amount of ridercoverage. The charge does not depend upon the numberof children Insured.

This rider may be issued even if there are no eligiblechildren at the time the Contract is issued. In this case,there is no charge for this rider while there are nocovered children. If you notify us within six months ofthe first birth or adoption, your child, and anysubsequent children, will be covered without evidenceof insurability. Charges will begin six months after thedate of birth or adoption.

Term Life Insurance and Spouse Term LifeInsurance

These riders provide additional term life insurance. Theriders are available on the life of the Insured and/or onthe life of the spouse of the Insured for 10, 20 or 30years. The charge for this benefit is a per-thousand costof insurance rate multiplied by the amount of ridercoverage.

Annual Increase Benefit

This benefit annually increases the Face Amount of theContract by a percentage selected by you and the sumof the increases under the rider cannot exceed the FaceAmount of the Contract on the issue date of the rider.The increase is automatic and not subject to evidence ofinsurability. The amount of increase will be rounded upto the next $100. There is no charge for this benefit.


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However, as the Face Amount increases, your overallcost of insurance charge increases and the cost ofinsurance charge for the increase will be based on theInsured’s Attained Age on the effective date of theincrease. A new No-Lapse Guarantee Premium will bedetermined for any No Lapse Guarantee in effect on thedate of increase.

Accelerated Death Benefit for Terminal IllnessRider

This rider pays a portion of the Death Benefit whenrequested if the Insured has a life expectancy of 24months or less in most states. The rider is designed to

provide an income-tax free benefit under IRC section101(g). In rare circumstances, tax consequences mayresult. See Federal Tax Matters. The fee to exercise thisbenefit is up to $150.


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

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

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

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

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

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

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

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

Compensation consists of commissions, bonuses andpromotional incentives. Commissions pay at a first-yearcommission rate of 0% to 94% of commissionablepremiums paid into the Contract. Your financialprofessional also receives a premium based trailcompensation ranging from 0% to 7% annually.

Your financial professional may receive asset-basedcompensation in the amount of 0.0% to 0.3% of theAccumulated Value, if eligible. If you elect a settlementoption, we pay commissions to the financialprofessional ranging from 0.25% to 0.99% of thepremium applied to the settlement option, if eligible.

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

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

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

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

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

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

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

registered representative. You may ask registeredrepresentatives how they will be personallycompensated. The compensation described above is notcharged directly to you or your Contract.

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

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

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

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

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

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

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

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Additional Premiums (variable products):

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

Transfers, Surrenders, Withdrawals or Other Requests:

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

Express Mail:

Thrivent4321 N. Ballard RoadAppleton, WI 54919-3400

For Wire Transfer Instructions, please contact 1-800-847-4836.

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

Account Ratio: The Account Ratio is used to allocatemonthly deductions, partial surrenders, transfers andcontract loans among Subaccounts and Fixed Accounts.The Account Ratio for any Subaccount or FixedAccounts is the ratio of the Accumulated Value in thatSubaccount or Fixed Accounts to the Accumulated Valueof the Contract less any Debt.

Accumulated Value: The total value of the Contract.Accumulated Value equals the sum of the Subaccounts,the Fixed Accounts, and the Loan Account.

Accumulation Unit: A unit of measure used tocalculate the Accumulated Value in each Subaccount ofthe Variable Account.

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

Additional Benefits: Benefits provided by riders, ifany, attached to the Contract.

Applicant Controller: If the Issue Age is less than 16,an Applicant Controller may apply for the Contract andexercise ownership rights on behalf of the Insured untilcontrol is transferred to the Insured.

Application: The form completed by the applicant(s)for the Contract or requesting a change to the Contract.The completed Application includes informationneeded by Thrivent in order to evaluate and classifyrisk. The Application includes the original applicationand all amendments and supplements to theapplication.

Attained Age: Attained Age on any day is theInsured’s age on the Contract Anniversary on orimmediately prior to that day.

Automatic Asset Rebalancing: An elective featureof the Contract that provides an automatic rebalancingof Accumulated Values of Subaccounts in accordancewith rebalancing percentages that you elect.

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

Cash Surrender Value: The Accumulated Value of theContract less any applicable Decrease Charges;outstanding Debt; and any unpaid monthly deductions.

Commuted Value: The present value of anyremaining future payments for the rest of a guaranteedpayment period.

Contract: The flexible premium variable adjustable lifeinsurance contract (Thrivent Variable Universal Life II)offered by us (Thrivent) and described in thisprospectus. The entire Contract consists of the Contract,any Additional Benefits, amendments, endorsements,Application and our Articles of Incorporation andBylaws.

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

Contract Date: The latest of the (1) Date of Issue; (2)the date we receive in Good Order the first premiumpayment at our Service Center; or (3) the date weapprove this Contract to be issued.

Contract Year: The 12-month period following theDate of Issue or a Contract Anniversary. The ContractYear is always based upon the time elapsed since theDate of Issue.

Date of Issue: The date when we issue the Contract.This date will be specified in the Contract and may bedifferent from the Contract Date. The Date of Issue isthe date as of which we begin to apply deductions fromyour Accumulated Value.

DCA Fixed Account: This account is established whenyou set up the Dollar Cost Averaging plan. NetPremiums are directed to this account for subsequentmonthly transfers into Subaccounts according to yourallocation instructions. The amount in the DCA FixedAccount is credited with an interest rate that isdetermined when the payment is allocated to the DCAFixed Account. The interest rate is effective for 12months from the date of allocation. The DCA FixedAccount is part of our General Account and is not aSubaccount. The DCA Fixed Account is included as partof the Accumulated Value of your Contract.

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Death Benefit: The amount of benefit that providesthe basis for the Death Proceeds calculation. The DeathBenefit on any day depends upon the Death BenefitOption in effect on that day.

Death Benefit Option: Either of the two methodsused to determine the Death Benefit. The option isselected in the Application and may be changed anytime prior to Attained Age 121.

Death Proceeds: The amount paid upon the death ofthe Insured. The amount is paid to a Beneficiarydesignated by the Contract Owner.

Debt: All unpaid contract loans plus accrued interest.

Decrease Charge: A Decrease Charge compensates usfor expenses associated with underwriting, issuing anddistributing the Contract. The charge applies todecreases in the Face Amount or partial surrenders thatresult in a decrease in Face Amount during the first 10Contract Years (or first 10 years following an increase inFace Amount on the increased amount). We calculatethe amount of the Decrease Charge at the time of thereduction in Face Amount or surrender. We do notdeduct this amount until the next Monthly Anniversaryor upon surrender or lapse, if earlier.

Dollar Cost Averaging: An elective program thatsystematically moves dollars from either the DCA FixedAccount or the Money Market Subaccount.

Face Amount: The amount of life insurance providedby the Contract exclusive of any Additional Benefits.The Face Amount of your Contract may change, asdescribed in your Contract.

Fixed Account: An investment allocation option thatcredits an interest rate. The Fixed Account is part of ourGeneral Account. The Fixed Account is not aSubaccount.

Fixed Accounts: Amounts held in the Fixed Accountand DCA Fixed Account.

Free Look Period: The period of time during whichyou have the right to examine and cancel your Contractand receive, in most states, a refund equal to theContract’s Accumulated Value plus any Percent ofPremium Charge and any monthly deduction made.

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

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

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

Insurance Coverage Amount: The Face Amountplus any amount of insurance on the Insured providedby a term life insurance rider attached to this contract.

Insured: The person on whose life the Contract isissued.

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

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

Loan Account: When you obtain a loan, AccumulatedValue equal to the amount of the loan is taken from theSubaccounts and moved to a Loan Account. Amountstransferred to the Loan Account are invested with ourGeneral Account assets. The Loan Account is equal tothe amount transferred from any Subaccount, and/orFixed Accounts to secure the loan less accumulatedvalue transferred from the Loan Account to aSubaccount and the Fixed Accounts as a result ofrepayment of Debt plus the amount by which theaccrued interest charged exceeds the amount of interestcredited.

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

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

Monthly Anniversary: The date each month onwhich we deduct charges from Accumulated Value.These monthly deductions occur once each month onthe Valuation Date, on or next following the day of themonth which corresponds to the day of the month thatwe issued the Contract.

Net Premium: The amount of each premium that isapplied to the Subaccounts of the Variable Account or tothe Fixed Accounts. The Net Premium is equal to thepremium paid less the Percent of Premium Charge. ThePercent of Premium Charge may not be deducted incertain situations.

No-Lapse Guarantee: A Contract provision thatguarantees that insurance coverage will not lapse in theevent your Cash Surrender Value is not adequate tocover the current monthly deductions. There are twolevels of No-Lapse Guarantees available: 10-year andextended. You must meet the premium requirements ofa No-Lapse Guarantee for the Contract to remain inforce in the event your Cash Surrender Value is notadequate.

No-Lapse Guarantee Premium: The minimummonthly premium required to keep the No-LapseGuarantees in effect. Different combinations of age, sex,risk class, Face Amount, Death Benefit Option andadditional benefits will result in different No-LapseGuarantee Premiums.

Notice: A request signed by the Contract Owner,received in Good Order by us at our Service Center andsatisfactory in form and content to us.

Owner: The person or entity who owns the Contract.

Percent of Premium Charge: 5% of each premiumwhile the Face Amount is less than $250,000 otherwise4% of each premium.

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

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

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

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

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

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

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

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

we, us, our: Thrivent.

you, your: The Owner of the Contract.

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

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

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

STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS

GENERAL INFORMATION AND HISTORYDepositorRegistrant

SERVICESService Agreements and Other Service Providers

PREMIUMSAdministrative ProceduresAutomatic Premium Loans

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

PRINCIPAL UNDERWRITERIdentificationOffering and Commissions

ADDITIONAL INFORMATION ABOUT CHARGESSales LoadSpecial Purchase PlansUnderwriting ProceduresIncreases in Face Amount

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

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

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

Online:thrivent.com

E-Mail Address:[email protected]

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

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

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

Thrivent Variable Life Account I1933 Act Registration No. 333-1485781940 Act Registration No. 811-08289

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

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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

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

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

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

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

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

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

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

THRIVENT AGGRESSIVE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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

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

SHAREHOLDER FEES(fees paid directly from your investment)

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

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

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

Management Fees 0.70%

Other Expenses 0.04%

Acquired Fund Fees and Expenses 0.19%

Total Annual Portfolio Operating Expenses 0.93%

Less Fee Waivers and/or ExpenseReimbursements1 0.17%

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

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

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

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

1 Year 3 Years 5 Years 10 Years

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

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

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

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

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

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

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

Broad Asset CategoryTarget

AllocationAllocation

Range

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

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

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

Equity SecuritiesSmall Cap

Thrivent Small Cap Stock PortfolioMid Cap

Thrivent Mid Cap Stock PortfolioLarge Cap

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

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

Debt SecuritiesHigh Yield Bonds

Thrivent High Yield PortfolioIntermediate/Long-Term Bonds

Thrivent Income PortfolioShort-Term/Intermediate Bonds

Thrivent Limited Maturity Bond PortfolioOther

Thrivent Core Emerging Markets Debt Fund

Short-Term Debt SecuritiesMoney Market

Thrivent Cash Management TrustOther

Thrivent Core Short-Term Reserve Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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circumstances where it might not have done sootherwise.

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

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

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

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

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

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

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

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

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

YEAR-BY-YEAR TOTAL RETURN

17.53%

(3.93)%

12.25%

27.05%

6.02%

(0.45)%

10.11%

21.51%

(6.46)%

25.34%

-10

-5

0

5

10

15

20

25

30

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

An

nu

al R

etu

rn (

%)

Best Quarter: Q1 ’19 +12.83%

Worst Quarter: Q3 ’11 (17.16)%

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

1 Year 5 Years 10 Years

Thrivent Aggressive AllocationPortfolio 25.34% 9.33% 10.30%

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

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

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

Management

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

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

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

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

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

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

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

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THRIVENT ALL CAP PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-7

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









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


Thrivent All CapPortfolio $73 $227 $395 $883


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

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

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

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


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

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TSF-8

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






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



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

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



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TSF-9


16.34%

(4.82)%

14.74%

32.85%

12.26%

2.26%5.77%

20.24%

(9.89)%

30.27%

-20

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Thrivent All Cap Portfolio 30.27% 8.83% 11.21%

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

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

Management


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






3

32065T R4-20

TSF-10









THRIVENT BALANCED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-11

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

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











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


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



Range


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

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

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

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

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

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



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

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

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




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

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

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




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

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

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

3

TSF-14

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



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




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

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

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


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



13.29%

4.18%

12.42%

17.95%

6.07%

(0.14)%

7.06%

11.67%

(4.87)%

17.11%

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Thrivent Balanced Income PlusPortfolio 17.11% 5.87% 8.24%

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

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

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

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

Management


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

5

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THRIVENT DIVERSIFIED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-18

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












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


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



Range

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

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

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


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

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





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

2

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

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


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

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



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

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






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

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




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

4

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





15.85%

2.31%

14.48%

11.17%

4.27%

0.08%

7.08%

9.35%

(2.70)%

13.73%

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Thrivent Diversified IncomePlus Portfolio 13.73% 5.34% 7.39%



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


Management


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

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32065G R4-20

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THRIVENT ESG INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-25

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







Other Expenses1 2.78%




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

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

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

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

1 Year 3 Years

Thrivent ESG Index Portfolio $39 $675

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

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

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

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

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

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

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

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

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

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

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

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

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




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THRIVENT GLOBAL STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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











Thrivent Global StockPortfolio $65 $205 $357 $798

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

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

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

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



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

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




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

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may not accurately track the value of the underlyinginstrument.





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

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



10.82%

(4.57)%

14.90%

29.60%

5.29%3.11%

5.42%

21.15%

(8.33)%

22.95%

-10

-5

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20

25

30

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Thrivent Global Stock Portfolio 22.95% 8.22% 9.43%

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

Management


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

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






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THRIVENT GOVERNMENT BOND PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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











Thrivent GovernmentBond Portfolio $47 $148 $258 $579


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

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


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

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

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


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

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

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



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

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





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

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


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

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

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

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9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

0.18%

5.86%

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Thrivent Government BondPortfolio 5.86% 2.24% 3.71%

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

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

Management


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






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THRIVENT HIGH YIELD PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-39

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











Thrivent High YieldPortfolio $45 $141 $246 $555


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

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


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

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

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

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

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




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

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




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

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



14.57%

4.70%

16.28%

6.91%

1.96%

(2.69)%

12.78%

7.55%

(3.39)%

14.34%

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Thrivent High Yield Portfolio 14.34% 5.45% 7.08%

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

Management


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

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






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THRIVENT INCOME PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-44

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











Thrivent IncomePortfolio $45 $141 $246 $555


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


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

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

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

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


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





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

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




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

2

TSF-46

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


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

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

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




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

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

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



11.55%

5.94%

10.98%

(0.07)%

6.68%

(0.68)%

6.09% 6.29%

(2.33)%

13.60%

-4

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8

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Thrivent Income Portfolio 13.60% 4.44% 5.68%

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


Management


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






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THRIVENT INTERNATIONAL ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-49

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











Thrivent InternationalAllocation Portfolio $74 $230 $401 $894

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

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

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

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

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

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

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

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

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

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









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

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




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

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



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


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

3

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


13.43%

(12.12)%

18.67%16.31%

(5.35)% (0.78)%

3.35%

23.84%

(15.39)%

20.48%

-20

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Thrivent InternationalAllocation Portfolio 20.48% 5.30% 5.36%


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

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

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





4

32065AL R4-20

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THRIVENT INTERNATIONAL INDEXPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-54

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












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

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

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

1 Year 3 Years

Thrivent International IndexPortfolio $47 $327


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

1

TSF-55

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








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


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

2

TSF-56

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


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

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

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

Management


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






3

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THRIVENT LARGE CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-58

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











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


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

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

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


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

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




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




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


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




10.73%

(5.27)%

19.18%

36.14%

10.99% 10.48%

(1.48)%

28.93%

2.51%

32.90%

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Thrivent Large Cap GrowthPortfolio 32.90% 13.84% 13.70%

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

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

Management


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






3

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THRIVENT LARGE CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-62

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











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


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



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

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




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

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

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

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



14.63%

1.71%

15.54%

31.81%

13.25%

1.12%

11.68%

21.46%

(4.61)%

31.15%

-10

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25

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35

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Thrivent Large Cap IndexPortfolio 31.15% 11.41% 13.19%


Management


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






3

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THRIVENT LARGE CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-66

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











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

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

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

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

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




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

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






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




12.61%

(3.08)%

17.57%

31.82%

9.03%

(3.53)%

17.44% 17.65%

(8.69)%

24.39%

-10

-5

0

5

10

15

20

25

30

35

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

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Thrivent Large Cap ValuePortfolio 24.39% 8.64% 10.81%

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

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

Management


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






3

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THRIVENT LIMITED MATURITY BONDPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-70

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











Thrivent LimitedMaturity BondPortfolio $45 $141 $246 $555



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

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

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

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

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




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

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





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

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



5.25%

0.90%

4.32%

0.45%

1.68%

0.73%

2.84%2.62%

1.02%

4.75%

0

1

2

3

4

5

6

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

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Thrivent Limited MaturityBond Portfolio 4.75% 2.38% 2.44%

Bloomberg BarclaysGovernment/Credit 1-3 YearBond Index(reflects no deduction for fees,expenses or taxes) 4.03% 1.67% 1.54%


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive),Gregory R. Anderson, CFA, and Cortney L.Swensen, CFA are jointly and primarily responsible forthe day-to-day management of the Portfolio. Mr.Landreville has served as a portfolio manager of the

3

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Portfolio since November 2001, Mr. Anderson hasserved as a portfolio manager of the Portfolio sinceFebruary 2005, and Ms. Swensen has served as aportfolio manager of the Portfolio since April 2020. Mr.Landreville has been with Thrivent Financial since 1983and has served as a portfolio manager since 1998. Mr.Anderson is Vice President, Fixed Income GeneralAccounts. He has been with Thrivent Financial since1997 and has served as a portfolio manager since 2000.Ms. Swensen has been with Thrivent Financial since2011 and is currently a Senior Portfolio Manager.






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THRIVENT LOW VOLATILITY EQUITYPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-75

Thrivent Low Volatility Equity PortfolioInvestment ObjectiveThrivent Low Volatility Equity Portfolio (the �Portfolio�)seeks long-term capital appreciation with lowervolatility relative to the global equity markets. ThePortfolio’s investment objective may be changedwithout shareholder approval.











1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Low Volatility Equity Portfolio in orderto limit the Total Annual Portfolio Operating Expenses After FeeWaivers and/or Expense Reimbursements to an annual rate of0.80% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.




Thrivent LowVolatility EquityPortfolio $82 $333 $604 $1,377


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securities.The Portfolio’s investments are diversified globally. ThePortfolio may invest in securities denominated in U.S.dollars and the currencies of the foreign countries inwhich it may invest. The Portfolio typically has fullcurrency exposure to those markets in which it invests.The Portfolio may buy or sell equity index futures forinvestment exposure or hedging purposes. The Portfoliomay invest in securities of any market capitalization,including small- and mid-cap securities.

In seeking to achieve the Portfolio’s investmentobjective, the Adviser employs investment managementtechniques to identify securities that exhibit lowvolatility returns. Volatility refers to the variation insecurity and market prices over time. Over a full marketcycle, the Portfolio seeks to produce returns similar tothe MSCI World Minimum Volatility Index – USD NetReturns. It is expected that the Portfolio will generallyunderperform the global equity markets during periodsof strong market performance.

In buying and selling securities for the Portfolio, theAdviser uses an active strategy. This strategy consists of adisciplined approach that involves computer-aided,quantitative analysis of fundamental, technical andrisk-related factors. The Adviser’s factor model (a

1

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method of analyzing and combining multiple datasources) systematically reviews thousands of stocks,using data such as historical earnings growth andexpected future growth, valuation, price momentum,and other quantitative factors to forecast returnpotential. Then, risk characteristics of potentialinvestments and covariation among securities areanalyzed along with the return forecasts in determiningthe Portfolio’s holdings to produce a portfolio withreduced volatility.





Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,including interruptions in the global supply chain,

natural disasters and outbreak of infectious diseases. ThePortfolio’s investment in any country could be subjectto governmental actions such as capital or currencycontrols, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome. Foreign securities may also be more difficult toresell than comparable U.S. securities because themarkets for foreign securities are often less liquid. Evenwhen a foreign security increases in price in its localcurrency, the appreciation may be diluted by adversechanges in exchange rates when the security’s value isconverted to U.S. dollars. Foreign withholding taxes alsomay apply and errors and delays may occur in thesettlement process for foreign securities.





2

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

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



(2.90)%

23.13%

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1 Year

SinceInception(4/28/17)

Thrivent Low Volatility EquityPortfolio 23.13% 10.82%

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


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

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Portfolio since April 2017 and April 2018, respectively.Mr. Monsen has been with Thrivent Financial since2000 and has served in an investment managementcapacity since 2008. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a SeniorPortfolio Manager.






4

32065P R4-20

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THRIVENT MID CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-80

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












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



1 Year 3 Years

Thrivent Mid Cap GrowthPortfolio $87 $908


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

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

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






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

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





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

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Management


Portfolio Manager(s)David J. Lettenberger, CFA is primarily responsiblefor the day-to-day management of the Portfolio. Mr.Lettenberger has served as portfolio manager of thePortfolio since April 2020. Mr. Lettenberger has been aportfolio manager at Thrivent Financial since 2013,when he joined the firm.






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THRIVENT MID CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-84

Thrivent Mid Cap Index PortfolioInvestment ObjectiveThrivent Mid Cap Index Portfolio (the �Portfolio�) seekstotal returns that track the performance of the S&PMidCap 400 Index.











Thrivent Mid CapIndex Portfolio $27 $84 $146 $331


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in mid-sized company stocksincluded in the S&P MidCap 400 Index in theproportions in which they are represented in the Index.This is a passively managed Portfolio, which means thatthe Adviser does not actively choose the securities thatshould make up the Portfolio. The S&P MidCap 400Index is a capitalization weighted index of 400 mediumcapitalization stocks chosen for market size, liquidity,and industry representation. Accordingly, the Portfolioinvests in stocks of medium-sized companies from abroad range of industries. The S&P MidCap 400 Index isadjusted quarterly and when changes to the indexoccur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from the index.The Portfolio may buy and sell equity index futures forinvestment exposure. For liquidity reasons, the Portfoliomay invest, to some degree, in money marketinstruments.



Market Risk. Over time, securities markets generallytend to move in cycles with periods when securityprices rise and periods when security prices decline. The

1

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value of the Portfolio’s investments may move withthese cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry or due to impacts from the spread ofinfectious illness, public health threats or similar issues.










25.91%

(2.23)%

17.38%

32.92%

9.28%

(2.52)%

20.43%

15.98%

(11.28)%

25.86%

-20

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Thrivent Mid Cap IndexPortfolio 25.86% 8.74% 12.30%

S&P MidCap 400® Index(reflects no deduction for fees,expenses or taxes) 26.20% 9.03% 12.72%

Management








3

32065AD R4-20

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THRIVENT MID CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-88

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











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



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

The Portfolio seeks to achieve its investment objectiveby investing in common stocks. The Adviser usesfundamental, quantitative, and technical investmentresearch techniques to determine what securities to buyand sell. Fundamental techniques assess a security’svalue based on an issuer’s financial profile,management, and business prospects while quantitativeand technical techniques involve a more data-orientedanalysis of financial information, market trends andprice movements. The Adviser generally looks formid-sized companies that, in its opinion:

• have prospects for growth in their sales andearnings;

• are in an industry with a good economic outlook;• have high-quality management; and/or• have a strong financial position.



Mid Cap Risk. Medium-sized companies often havegreater price volatility, lower trading volume, and less

1

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






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




25.59%

(6.28)%

14.29%

35.50%

11.93%

0.08%

28.71%

18.99%

(10.96)%

26.16%

-20

-10

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30

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Thrivent Mid Cap StockPortfolio 26.16% 11.48% 13.39%

Russell Midcap Index(reflects no deduction for fees,expenses or taxes) 30.54% 9.33% 13.19%

S&P MidCap 400® Index(reflects no deduction for fees,expenses or taxes) 26.20% 9.03% 12.72%

Management


Portfolio Manager(s)Brian J. Flanagan, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr.Flanagan has been a portfolio manager of the Portfoliosince December 2004. He has been with ThriventFinancial since 1994 and a portfolio manager since2000.






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THRIVENT MID CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-92

Thrivent Mid Cap Value PortfolioInvestment ObjectiveThrivent Mid Cap Value Portfolio (the �Portfolio�) seekslong-term capital growth. The Portfolio’s investmentobjective may be changed without shareholderapproval.












2 The Adviser has contractually agreed, through at least April 30,2021, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Mid Cap Value Portfolioin order to limit the Total Annual Portfolio Operating ExpensesAfter Fee Waivers and/or Expense Reimbursements to an annualrate of 0.90% of the average daily net assets of the shares. Thiscontractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.



1 Year 3 Years

Thrivent Mid Cap Value Portfolio $92 $909


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

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

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Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets. There is also no guarantee that

the Adviser will be able to effectively implement thePortfolio’s investment objective.



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

Management


Portfolio Manager(s)Graham Wong, CFA is primarily responsible for theday-to-day management of the Portfolio. Mr. Wong hasserved as portfolio manager of the Portfolio since April2020. Mr. Wong has been a portfolio manager atThrivent Financial since 2013, when he joined the firm.




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32065AP N4-20

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THRIVENT MODERATE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-96

Thrivent Moderate Allocation PortfolioInvestment ObjectiveThrivent Moderate Allocation Portfolio (the �Portfolio�)seeks long-term capital growth while providingreasonable stability of principal.













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

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


Thrivent ModerateAllocation Portfolio $65 $242 $433 $986


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek moderatelong-term capital growth with reasonable stability ofprincipal and are comfortable with moderate levels ofrisk and volatility. The Portfolio uses a prescribed assetallocation strategy involving a two-step process that isdesigned to achieve its desired risk tolerance. The firststep is the construction of a model for the allocation ofthe Portfolio’s assets across broad asset categories(namely, equity securities and debt securities). Thesecond step involves the determination of sub-classeswithin the broad asset categories and target weightings(i.e., what the Adviser determines is the strategicallocation) for these sub-classes. Sub-classes for equitysecurities may be based on market capitalization,investment style (such as growth or value), or economicsector. Sub-classes for debt securities may be based onmaturity, duration, security type or credit rating (highyield—commonly known as “junk bonds”—orinvestment grade).


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Range











Thrivent Income Portfolio

Short-Term/Intermediate BondsThrivent Limited Maturity Bond Portfolio

OtherThrivent Core Emerging Markets Debt Fund








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Foreign Securities Risk. Foreign securities generallycarry more risk and are more volatile than theirdomestic counterparts, in part because of potential forhigher political and economic risks, lack of reliableinformation and fluctuations in currency exchange rateswhere investments are denominated in currencies otherthan the U.S. dollar. Certain events in foreign marketsmay adversely affect foreign and domestic issuers,

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



Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have small

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revenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.











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

4

TSF-100

returns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.




13.68%

(1.02)%

11.72%

15.12%

5.88%

(0.56)%

8.89%

12.95%

(4.44)%

18.75%

-5

0

5

10

15

20

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

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Thrivent Moderate AllocationPortfolio 18.75% 6.78% 7.84%











5

32065C R4-20

TSF-101









THRIVENT MODERATELY AGGRESSIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-102

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
















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


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


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

1

TSF-103

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




Range























2

TSF-104







Foreign Currency Risk. The value of a foreigncurrency may decline against the U.S. dollar, whichwould reduce the dollar value of securities denominatedin that currency. The overall impact of such a decline offoreign currency can be significant, unpredictable, andlong lasting, depending on the currencies represented,how each one appreciates or depreciates in relation tothe U.S. dollar, and whether currency positions arehedged. Under normal conditions, the Portfolio doesnot engage in extensive foreign currency hedgingprograms. Further, exchange rate movements arevolatile, and it is not possible to effectively hedge thecurrency risks of many developing countries.Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. Changes by the Federal Reserve tomonetary policies could affect interest rates and thevalue of some securities. In addition, the phase out ofLIBOR (the offered rate for short-term Eurodollardeposits between major international banks) by the endof 2021 could lead to increased volatility and illiquidityin certain markets that currently rely on LIBOR todetermine interest rates.Credit Risk. Credit risk is the risk that an issuer of adebt security to which the Portfolio is exposed may nolonger be able or willing to pay its debt. As a result ofsuch an event, the debt security may decline in priceand affect the value of the Portfolio.Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategy

3

TSF-105

depends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets. There is also no guarantee thatthe Adviser will be able to effectively implement thePortfolio’s investment objective.Conflicts of Interest Risk. An investment in thePortfolio will be subject to a number of actual orpotential conflicts of interest.For example, the Adviseror its affiliates may provide services to the Portfolio forwhich the Portfolio would compensate the Adviserand/or such affiliates. The Portfolio may invest in otherpooled investment vehicles sponsored, managed, orotherwise affiliated with the Adviser, including otherPortfolios. The Adviser may have an incentive (financialor otherwise) to enter into transactions or arrangementson behalf of the Portfolio with itself or its affiliates incircumstances where it might not have done sootherwise.The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation ofinvestments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.Issuer Risk. Issuer risk is the possibility that factorsspecific to an issuer to which the Portfolio is exposedwill affect the market prices of the issuer’s securities andtherefore the value of the Portfolio.Quantitative Investing Risk. Quantitative InvestingRisk is the risk that securities selected according to aquantitative analysis methodology can performdifferently from the market as a whole based on themodel and the factors used in the analysis, the weightplaced on each factor and changes in the factor’shistorical trends. Such models are based on assumptionsof these and other market factors, and the models maynot take into account certain factors, or perform asintended, and may result in a decline in the value of thePortfolio’s portfolio.Derivatives Risk. The use of derivatives (such asfutures) involves additional risks and transaction costswhich could leave the Portfolio in a worse position thanif it had not used these instruments. The Portfolioutilizes equity futures in order to increase or decrease itsexposure to various asset classes at a lower cost thantrading stocks directly. The use of derivatives can lead tolosses because of adverse movements in the price orvalue of the underlying asset, index or rate, which maybe magnified by certain features of the contract.Changes in the value of the derivative may not correlateas intended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is the risk

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.How a Portfolio has performed in the past is notnecessarily an indication of how it will perform in thefuture. Performance information provides someindication of the risks of investing in the Portfolio byshowing changes in the Portfolio’s performance overtime.


15.43%

(2.86)%

12.87%

21.30%

6.05%

(0.75)%

10.23%

16.79%

(5.90)%

22.11%

-10

-5

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5

10

15

20

25

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

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4

TSF-106





Thrivent Moderately AggressiveAllocation Portfolio 22.11% 7.99% 9.11%




Management








5

32065AK R4-20

TSF-107









THRIVENT MODERATELY CONSERVATIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-108

Thrivent Moderately Conservative Allocation PortfolioInvestment ObjectiveThrivent Moderately Conservative Allocation Portfolio(the �Portfolio�) seeks long-term capital growth whileproviding reasonable stability of principal.
















Thrivent ModeratelyConservativeAllocation Portfolio $61 $220 $393 $894


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio is designed for investors who seek long-termcapital growth with reasonable stability of principal andmore conservative levels of risk and volatility. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achieveits desired risk tolerance. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,debt securities and equity securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes for debt securities may bebased on maturity, duration, security type or creditrating (high yield—commonly known as “junkbonds”—or investment grade) and may includeleveraged loans, which are senior secured loans that aremade by banks or other lending institutions tocompanies that are rated below investment grade.Sub-classes for equity securities may be based on marketcapitalization, investment style (such as growth orvalue), or economic sector.

The use of target weightings for various sub-classeswithin broad asset categories is intended as a multi-styleapproach to reduce the risk of investing in securitieshaving common characteristics. The Portfolio may buy

1

TSF-109

and sell futures contracts to either hedge its exposure orobtain exposure to certain investments.





Range

Debt Securities. . . . . . . . . . . . . . . . . . . . . . . . . 63% 35-85%Equity Securities . . . . . . . . . . . . . . . . . . . . . . . 37% 15-65%




















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

2

TSF-110

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




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

securities may be affected by changes in the credit ratingof the U.S. government.





Emerging Markets Risk. The economic and politicalstructures of developing countries in emerging markets,in most cases, do not compare favorably with the U.S.

3

TSF-111

or other developed countries in terms of wealth andstability, and their financial markets often lack liquidity.Portfolio performance will likely be negatively affectedby portfolio exposure to countries and corporationsdomiciled in or with revenue exposures to countries inthe midst of, among other things, hyperinflation,currency devaluation, trade disagreements, suddenpolitical upheaval, or interventionist governmentpolicies. Portfolio performance may also be negativelyaffected by portfolio exposure to countries andcorporations domiciled in or with revenue exposures tocountries with less developed legal, tax, regulatory, andaccounting systems. Significant buying or selling actionsby a few major investors may also heighten thevolatility of emerging markets. These factors makeinvesting in emerging market countries significantlyriskier than in other countries, and events in any onecountry could cause the Portfolio’s share price todecline.




The Adviser or its affiliates manage other investmentfunds and/or accounts (including proprietary accounts)

and have other clients with investment objectives andstrategies that are similar to, or overlap with, theinvestment objective and strategy of the Portfolio,creating conflicts of interest in investment andallocation decisions regarding the allocation ofinvestments that could be appropriate for the Portfolioand other clients of the Adviser or their affiliates.




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

4

TSF-112

the assets that were prepaid. Prepayment generallyreduces the yield to maturity and the average life of thesecurity.





The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against your

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



11.41%

0.20%

9.59% 9.02%

5.32%

(0.46)%

7.24%

9.52%

(3.30)%

15.18%

-5

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10

15

20

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

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Thrivent ModeratelyConservative AllocationPortfolio 15.18% 5.42% 6.22%





5

TSF-113







6

32065D R4-20

TSF-114









THRIVENT MONEY MARKET PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-115

Thrivent Money Market PortfolioInvestment ObjectiveThrivent Money Market Portfolio (the �Portfolio�) seeksto achieve the maximum current income that isconsistent with stability of capital and maintenance ofliquidity.











Thrivent MoneyMarket Portfolio $46 $144 $252 $567

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

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

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

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

1

TSF-116

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


Interest Rate Risk. A weak economy, strong equitymarkets, or changes by the Federal Reserve in itsmonetary policies may cause short-term interest rates toincrease and affect the Portfolio’s ability to maintain astable share price.


Redemption Risk. The Portfolio may need to sellportfolio securities to meet redemption requests. ThePortfolio could experience a loss when selling portfoliosecurities to meet redemption requests if there is (i)significant redemption activity by shareholders,including, for example, when a single investor or fewlarge investors make a significant redemption ofPortfolio shares, (ii) a disruption in the normaloperation of the markets in which the Portfolio buysand sells portfolio securities or (iii) the inability of thePortfolio to sell portfolio securities because suchsecurities are illiquid. In such events, the Portfolio couldbe forced to sell portfolio securities at unfavorable pricesin an effort to generate sufficient cash to pay redeemingshareholders. Although the Portfolio generally does nothave the ability to impose liquidity fees or temporarilysuspend redemptions, the payment of redemptionproceeds could be delayed or denied if the Portfolio isliquidated, to the extent permitted by applicableregulations.

Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 has resulted

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing the Portfolio’s average annual returnsfor one-, five- and ten-year periods. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.

The bar chart and table include the effects of Portfolioexpenses and assume that you sold your investment atthe end of the period. On February 1, 2016, thePortfolio changed its investment strategies from those ofa prime money market fund to those of a governmentmoney market fund. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



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

0.50%

1.48%

1.83%

0

0.5

1.0

1.5

2.0

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

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

2

TSF-117



Thrivent Money MarketPortfolio 1.83% 0.76% 0.38%

The 7-day yield for the period ended December 31, 2019was 1.36%. You may call 800-847-4836 to obtain thePortfolio’s current yield information.

Management


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






3

32065W R4-20

TSF-118









THRIVENT MULTIDIMENSIONAL INCOMEPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-119

Thrivent Multidimensional Income PortfolioInvestment ObjectiveThrivent Multidimensional Income Portfolio (the�Portfolio�) seeks a high level of current income and,secondarily, growth of capital. The Portfolio’sinvestment objectives may be changed withoutshareholder approval.












1 The Adviser has contractually agreed, through at least April 30,2021, to waive a portion of the management fees associated withthe shares of the Thrivent Multidimensional Income Portfolio inorder to limit the Total Annual Portfolio Operating Expenses AfterFee Waivers and/or Expense Reimbursements to an annual rate of0.95% of the average daily net assets of the shares. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.

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

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


ThriventMultidimensionalIncome Portfolio $127 $496 $889 $1,991


Principal StrategiesThe Portfolio seeks to achieve its investment objectivesby allocating assets across multiple income and growthproducing asset classes and strategies. Debt securities inwhich the Portfolio invests include high yield, high riskbonds, notes, debentures and other debt obligationscommonly known as “junk bonds.” At the time ofpurchase, these high-yield securities are rated within orbelow the “BB” major rating category by S&P or the“Ba” major rating category by Moody’s or are unratedbut considered to be of comparable quality by theAdviser. The Portfolio will also implement itsinvestment strategy by investing in convertible bondsand U.S. dollar denominated emerging marketssovereign debt.

The Portfolio also plans to invest in income-producingequity securities, including preferred stock and realestate investment trusts (“REITs”). The Portfolio willinvest in other income-producing securities such asshares of closed-end funds (“CEFs”), publicly-tradedbusiness development companies (“BDCs”), masterlimited partnerships (“MLPs”), and exchange-tradedfunds (“ETFs”). CEFs are investment companies thatissue a fixed number of shares that trade on a stockexchange or over-the-counter, typically at a premium ora discount to their net asset value. BDCs are publiclyheld investment funds that invest primarily in private

1

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

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




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

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


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

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

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

2

TSF-121

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



Mortgage-Backed and Other Asset-BackedSecurities Risk. The value of mortgage-backed andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,

mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid. In addition, bothmortgage-backed and asset-backed securities aresensitive to changes in the repayment patterns of theunderlying security. If the principal payment on theunderlying asset is repaid faster or slower than theholder of the asset-backed or mortgage-backed securityanticipates, the price of the security may fall,particularly if the holder must reinvest the repaidprincipal at lower rates or must continue to hold thesecurity when interest rates rise. This effect may causethe value of the Portfolio to decline and reduce theoverall return of the Portfolio.





3

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

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

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

owning the underlying investments that the otherinvestment company holds.





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

4

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

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




(5.38)%

15.09%

-10

-5

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1 Year

SinceInception(4/28/17)

Thrivent Multidimensional IncomePortfolio 15.09% 4.58%

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

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

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

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

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

Management


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

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THRIVENT OPPORTUNITY INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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












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


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

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



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


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

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





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

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





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

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




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

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

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



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

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

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

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


12.09%

4.52%

5.99%

(1.39)%

3.48%

(0.03)%

6.38%

4.63%

(1.03)%

8.53%

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Thrivent Opportunity IncomePlus Portfolio 8.53% 3.63% 4.24%




Management


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

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






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THRIVENT PARTNER EMERGING MARKETSEQUITY PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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











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

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

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


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


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

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

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

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

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

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

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

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

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

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


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

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



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

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

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







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


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

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


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



27.33%

(10.82)%

25.98%

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

11.58%

27.64%

(14.88)%

20.15%

-20

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Thrivent Partner EmergingMarkets Equity Portfolio 20.15% 4.71% 5.01%

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

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

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





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THRIVENT PARTNER GROWTH STOCKPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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











Thrivent PartnerGrowth StockPortfolio $75 $233 $406 $906


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

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

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

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

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

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




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

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




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

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


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




16.62%

(1.48)%

18.66%

38.84%

8.52%10.65%

1.35%

33.61%

(1.25)%

31.38%

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Thrivent Partner Growth StockPortfolio 31.38% 14.22% 14.85%

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

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

Management

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

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

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THRIVENT PARTNER HEALTHCAREPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

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











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

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

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


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


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

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

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


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

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


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

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





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

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




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

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




11.13%

(3.79)%

20.68%

31.09%

24.23%

4.61%

(16.01)%

19.42%

8.32%

25.85%

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Thrivent Partner HealthcarePortfolio 25.85% 7.42% 11.63%

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

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Management

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

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






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THRIVENT REAL ESTATE SECURITIESPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-147

Thrivent Real Estate Securities PortfolioInvestment ObjectiveThe Thrivent Real Estate Securities Portfolio (the�Portfolio�) seeks to provide long-term capitalappreciation and high current income.











Thrivent Real EstateSecurities Portfolio $87 $271 $471 $1,049


Principal StrategiesIn seeking to achieve its investment objective, thePortfolio focuses on income-producing common stocksand other equity securities of U.S. real estate companies.Under normal circumstances, the Portfolio invests atleast 80% of its net assets (plus any borrowings forinvestment purposes) in companies that are primarilyengaged in the real estate industry. This includescompanies such as real estate investment trusts (REITs)and other real estate related investments. A real estatecompany generally derives at least 50% of its revenuefrom real estate ownership, leasing, management,development, financing or sale of residential,commercial or industrial real estate—or has at least 50%of its assets in real estate. Should the Adviser determinethat the Portfolio would benefit from reducing thepercentage of assets invested in companies that areprimarily engaged in the real estate industry from 80%to a lesser amount, it will notify you at least 60 daysprior to such a change.

This Portfolio may invest up to 20% of its assets inequity and fixed income securities of companies whichare not principally engaged in the real estate industry orwhich are not income producing equity securities ofcompanies principally engaged in the U.S. real estateindustry.


Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, whilemortgage REITs may be affected by the credit quality ofthe mortgage loans they hold. All REIT types may be

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

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


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

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




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


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27.56%

8.83%

17.54%

2.18%

30.82%

2.75%

7.50%5.95%

(5.30)%

27.94%

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30

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Thrivent Real Estate SecuritiesPortfolio 27.94% 7.23% 11.95%

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

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

Management


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






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THRIVENT SMALL CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-151

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












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




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


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

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

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

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




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

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

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



28.41%

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1 Year

SinceInception

(4/27/2018)

Thrivent Small Cap Growth Portfolio 28.41% 9.81%

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

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

Management


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






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THRIVENT SMALL CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-155

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











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


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



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25.88%

0.54%

15.95%

40.83%

5.36%

(2.17)%

26.12%

13.13%

(8.65)%

22.49%

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40

50

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Thrivent Small Cap IndexPortfolio 22.49% 9.33% 13.02%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management








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THRIVENT SMALL CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2020

TSF-159

Thrivent Small Cap Stock PortfolioInvestment ObjectiveThe Thrivent Small Cap Stock Portfolio (the �Portfolio�)seeks long-term capital growth.











Thrivent Small CapStock Portfolio $75 $233 $406 $906



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

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques to determine whatsecurities to buy and sell. Fundamental techniquesassess a security’s value based on an issuer’s financialprofile, management, and business prospects whilequantitative and technical techniques involve a moredata-oriented analysis of financial information, markettrends and price movements. The Adviser looks forsmall companies that, in its opinion:

• have an improving fundamental outlook;• have capable management; and• are financially sound.



Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have small

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revenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Suchcompanies seldom pay significant dividends that couldsoften the impact of a falling market on returns.






PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indexdescriptions appear in the �Index Descriptions� sectionof the prospectus. The Portfolio now compares itsreturns to the Russell 2000 Index because it iscommonly used by funds with the same investmentobjective and principal strategies as the Portfolio. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




25.09%

(5.31)%

9.42%

35.90%

4.76%

(3.13)%

25.94%

21.23%

(10.13)%

27.77%

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Thrivent Small Cap StockPortfolio 27.77% 11.17% 12.10%

Russell 2000 Index(reflects no deduction for fees,expenses or taxes) 25.52% 8.23% 11.83%

S&P SmallCap 600® Index(reflects no deduction for fees,expenses or taxes) 22.78% 9.56% 13.35%

Management


Portfolio Manager(s)Matthew D. Finn, CFA and James M. Tinucci, CFAare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Finn has served aslead portfolio manager for the Portfolio since April2013. Mr. Tinucci has served as the associate portfoliomanager of the Portfolio since March 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since2004, when he joined Thrivent Financial. Mr. Tinuccihas been with Thrivent Financial since 2014.






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

Important notice regarding delivery of documents!In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copyof a prospectus to each household. This process is known as householding. This consolidation helps reduce printing andpostage costs, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, orcall us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

No Need for Paper?Go paperless and start accessing prospectuses, reports and other documents online. An email is sent to you whennew documents are available.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

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

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

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

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

Contract Forms V-VM-VUL (07) and ICC07 V-VM-VUL

Thrivent.com • 800-847-483632015PR R4-20

NONPROFIT ORG.US POSTAGEPAID

ThriventFinancial

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

Important notice regarding delivery of documents!In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copy of aprospectus to each household. This process is known as householding. This consolidation helps reduce printing and postagecosts, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, or callus at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

No Need for Paper?Go paperless and start accessing prospectuses, reports and other documents online. An email is sent to you when newdocuments are available.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

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

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

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

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

Contract Forms V-VM-VUL (07) and ICC07 V-VM-VUL

Thrivent.com • 800-847-483632015PR R4-20

THRIVENT VARIABLE UNIVERSAL LIFE INSURANCE II · THRIVENT VARIABLE LIFE ACCOUNT I PROSPECTUS FOR...

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