Single Premium Immediate Variable Annuity · PDF fileSingle Premium Immediate Variable Annuity...

Single Premium ImmediateVariable Annuity

Issued between 7/26/1999 and4/29/2016.

ProspectusesApril 30, 2018Thrivent Variable AnnuityAccount IIThrivent Series Fund, Inc.

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TABLE OF CONTENTS

Product Prospectus

Thrivent Variable Annuity Account II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Summary Prospectuses

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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THRIVENT VARIABLE ANNUITY ACCOUNT IIPROSPECTUS FOR

SINGLE PREMIUM IMMEDIATE VARIABLE ANNUITYISSUED BY THRIVENT FINANCIAL FOR LUTHERANS

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

625 Fourth Avenue SouthMinneapolis, MN 55415-1665

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

This Prospectus describes the individual single premium immediate variable annuity Contract (the “Contract”) which was issuedby Thrivent Financial for Lutherans (“Thrivent Financial,” “we,” “us,” or “our”), a fraternal benefit society organized underWisconsin law. We no longer issue new Contracts.

We allocate net premiums based on your designation to one or more Subaccounts of Thrivent Variable Annuity Account II (the“Variable Account”), and/or to the Fixed Account (which is the general account of ours, and which pays guaranteed periodicpayments).

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

Thrivent Aggressive Allocation PortfolioThrivent Balanced Income Plus Portfolio

Thrivent Diversified Income Plus PortfolioThrivent Government Bond Portfolio

Thrivent Growth and Income Plus Portfolio*Thrivent High Yield Portfolio

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

Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Portfolio

Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock Portfolio

Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Portfolio

Thrivent Moderately Conservative Allocation PortfolioThrivent Money Market Portfolio

Thrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus Portfolio

Thrivent Partner All Cap Portfolio(subadvised by FIAM LLC)

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

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

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

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

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

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

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

Additional information about us, the Contract and the Variable Account is contained in a Statement of Additional Information(“SAI”) dated April 30, 2018. That SAI was filed with the Securities and Exchange Commission and is incorporated by referencein this Prospectus. You may obtain a copy of the SAI and all other documents required to be filed with the SEC without chargeby calling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent Financial for Lutherans, 4321 NorthBallard Road, Appleton, Wisconsin, 54919-0001. In addition, the Securities and Exchange Commission maintains a website(http://www.sec.gov) that contains the SAI and all other documents required to be filed with the SEC. The Table of Contents forthe SAI may be found on Page 34 of this Prospectus.

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

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

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

The date of this Prospectus is April 30, 2018.

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

Fee and Expense Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7The Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Free Look Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Withdrawals and Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Annuity Payment Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Federal Tax Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Thrivent Financial and the Variable Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Thrivent Financial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8The Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Investment Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Crediting and Allocating Your Premium Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Telephone and Online Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Timely Processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Owners, Payees and Annuitants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Adult and Juvenile Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Assignment of Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Annuity Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Selecting an Annuity Payment Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Annuity Payment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Annuity Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Fixed Account Annuity Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Variable Annuity Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Transfers Among Subaccounts and/or the Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Transfers Among Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Surrenders and Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Death of the Owner and/or Annuitant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Contract Fees and Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Withdrawal or Surrender Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Transfer Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Mortality and Expense Risk Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

General Information About the Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26The Entire Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Gender Neutral Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

TABLE OF CONTENTS

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

State Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Reports to Contract Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Anti-Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Federal Tax Status. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Taxation of Annuities in General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Tax Treatment as an Annuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Taxation of Annuity Income Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Taxation of Withdrawals and Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Tax Treatment of Life Income with Guaranteed Payment Period After Annuitant’s Death . . . . . . . . . . . . . . 30Penalty Tax on Premature Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Exchanges of Annuity Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Qualified Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Direct Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Appendix A—Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

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

Annuitant. The person on whose life or lifeexpectancy the Contract is based.

Annuity Payment. One of a series of periodicdistributions.

Annuity Payment Date. The date of the month onwhich you elect to receive Annuity Payments.

Annuity Payment Period. The period during whichAnnuity Payments are made.

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

Contract. The Contract between you and us providingthe single premium immediate variable annuity.

Contract Anniversary. The same date in each year asthe Issue Date.

Contract Year. A period beginning on a ContractAnniversary and ending on the day immediatelypreceding the next Contract Anniversary.

Code. The Internal Revenue Code of 1986, as amended.

Fixed Account. Part of the general account ofThrivent Financial, which includes all of ThriventFinancials assets other than those in any VariableAccount of Thrivent Financial.

Funds. Thrivent Series Fund, Inc.

Issue Date. The effective date of the Contract,generally the date on which we apply your premium.

Medallion Signature Guarantee. A stamp providedby a financial institution that guarantees your signature.An eligible guarantor institution, such as a national

bank, brokerage firm, commercial bank, trust company,credit union, or a savings association participating inthe Medallion Signature Guarantee Program providesthat service.

Qualified Plan. A retirement plan that receivesfavorable tax treatment under Section 401, 403(b), 408or 408A of the Code.

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

Subaccount. A division of the Variable Account thatinvests exclusively in shares of a single portfolio of thefund.

Valuation Date. Any date we are open for businessand the New York Stock Exchange is open for regulartrading. The Valuation Date ends at the close of regulartrading on the New York Stock Exchange, usually4:00 p.m. Eastern Time.

Valuation Period. The period of time from the end ofone Valuation Date to the end of the next ValuationDate.

Variable Account. Thrivent Variable Annuity AccountII, which is separate from Thrivent Financial’s generalaccount.

Written Request. A written request or notice providedby the owner, received in good order by ThriventFinancial at its Service Center and satisfactory in formand content to Thrivent Financial.

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

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

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

Contract Owner Transaction Expenses

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

Transfer Charge (after 12 free transfers per Contract Year) $251

Maximum Commuted Value Charge (if surrendered) 2%2

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

Periodic Fees and Expenses other than Fund Expenses

Mortality and Expense Risk Charge 1.25%

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

Total Annual Portfolio Operating Expenses3

Maximum Minimum

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

3.61% 0.25%

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

If a Portfolio is structured as a “fund of funds,” the Portfolio will indirectly bear its proportionate share of any feesand expenses (like investment advisory fees and operating expenses) of the investment companies in which itinvests. However, Thrivent Financial has contractually agreed, for as long as the current fee structure is in place, towaive an amount equal to any investment advisory fees indirectly incurred by an Asset Allocation Portfolio as aresult of its investment in any other mutual fund for which the Adviser or an affiliate serves as investment adviser,other than Thrivent Cash Management Trust. For a list of the “fund of funds” portfolios available through theContract, see the chart of portfolios available in the prospectus for the Fund.

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Examples4

The following two examples are intended to help you compare the cost of investing in the Contract with the costof investing in other variable annuity contracts. These costs include Contract Owner transaction expenses,Contract fees, separate account annual expenses, and Portfolio fees and expenses. The following two examplesassume that you invest $10,000 in the Contract for the time periods indicated and that your investment has a 5%return each year and assumes both the minimum and the maximum fees and expenses of the Portfolios. Althoughyour actual costs may be higher or lower, based on these assumptions, your costs would be:

Example 1: If you select a life income payment option with a 10-year guaranteed Payment

Years

1 3 5 10

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

Minimum Portfolio Expenses: $196 $ 448 $ 700 $1,337

Maximum Portfolio Expenses: $577 $1,410 $2,187 $3,908

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

Minimum Portfolio Expenses: $138 $ 412 $ 682 $1,337

Maximum Portfolio Expenses: $467 $1,346 $2,157 $3,908

Example 2: If you select a 20-year fixed period income payment option

Years

1 3 5 10

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

Minimum Portfolio Expenses: $ 504 $ 698 $ 875 $1,231

Maximum Portfolio Expenses: $1,149 $1,818 $2,393 $3,450

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

Minimum Portfolio Expenses: $ 134 $ 389 $ 624 $1,108

Maximum Portfolio Expenses: $ 454 $1,273 $1,977 $3,277

Notes to Fee and Expense Tables:1 You are allowed 12 free transfers between the Subaccounts in each Contract Year. Subsequent transfers will incur a $25 transfercharge.2 If you surrender or withdraw from the Contract, we will pay you the commuted value of the future payments for theremaining guaranteed payment period. We calculate the commuted value you receive for the Fixed Account using an interestrate that is currently 0.5% greater than the rate used to determine the Annuity Payments. For variable Subaccounts, we currentlyuse an interest rate that is 0.5% greater than the assumed investment return that you selected. Since we use a higher interest ratein calculating the commuted value, the contract has an indirect surrender charge. Also, the amount that you will receive upon awithdrawal or surrender of the Contract will be less than you would receive had you chosen to continue receiving AnnuityPayments.3 Thrivent Financial has agreed to reimburse certain expenses other than the advisory fees for certain of the Portfolios. Aftertaking these contractual and voluntary arrangements into account, the actual range (minimum and maximum) of totaloperating expenses charged by the Portfolios was between 0.25% to 1.20%. The reimbursements may be discontinued at anytime.4 For both examples, the following assumptions are used: portfolio operating expenses ranging from 3.61% to 0.25%.

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

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

The Contract

The Contract along with any riders or endorsements,amendments, application, and our Articles ofIncorporation and Bylaws constitutes your entireagreement. The Contract is an individual singlepremium immediate variable annuity that allows you toreceive periodic payments whose amounts are adjustedup or down according to the performance of variousunderlying Subaccounts you select.

Investment Options

The Contract offers a choice of a number of variableinvestment options. You bear the investment risk as tothe performance of the variable investment options.The Contract also offers a Fixed Account option.Premiums allocated to the Fixed Account will fundguaranteed periodic payments.

Free Look Period

You may cancel your Contract within 10 days startingon the day you receive it. This 10-day period is calledthe free look period. Some states require that we provideyou a longer free look period. In some states we mayrestrict the initial premium allocation to the ThriventMoney Market Subaccount during the Free Look Period.

Withdrawals and Surrenders

Unless your Contract is irrevocable, you may withdrawfrom or surrender the Contract for its commuted value.If you take a withdrawal from or surrender the Contractbefore attaining age 591⁄2, you may be subject to a 10%premature distribution penalty tax in addition toordinary income tax.

Transfers

You may transfer all or a part of your Contract’s valueamong the Subaccounts or from the Subaccounts to theFixed Account subject to certain limitations. We do notallow transfers from the Fixed Account. You may makeup to twelve transfers per contract year without a fee.Certain other restrictions apply to transfers.

Annuity Payment Amount

We determine the amount of your Annuity Paymentbased upon your premium, the Annuity Paymentoption you choose, and the investment allocations thatyou select.

Federal Tax Status

All or a portion of every distribution or AnnuityPayment will generally be taxable as ordinary income.The taxable portion of most distributions will be subjectto withholding unless the payee elects otherwise. Theremay be tax penalties if you take a distribution beforereaching age 591⁄2. Current tax laws may change at anytime.

Death proceeds are taxable and generally are included inthe income of the recipient as follows:

� If payments from a life income with a guaranteedpayment period are continued, they are taxed onlyafter the remaining investment in the contract hasbeen recovered.

� Other payments are taxed as annuity incomepayments.

� If distributed in a lump sum, they are taxed in thesame manner as a full surrender.

Condensed Financial Information

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

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

Thrivent Financial

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

For more information, visit Thrivent.com.

The Variable Account

The Variable Account is a separate account of ours,which was established in 1999. The Variable Accountmeets the definition of a “separate account” under thefederal securities laws. We have caused the VariableAccount to be registered with the Securities andExchange Commission (the “SEC”) as a unit investmenttrust under the Investment Company Act of 1940 (the“1940 Act”). This registration does not involvesupervision by the SEC of the management orinvestment policies or practices of the Variable Account.

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

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

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

Variable Investment Options and the Subaccounts

You may allocate the premiums paid under the Contract and transfer from the Variable Account to the Subaccountsof the Variable Account. We invest the assets of each Subaccount in a corresponding Portfolio of the Fund. Notethat the italicized Portfolios below are “fund of funds” which are comprised of investments in other Portfolioswithin the Fund. The Subaccounts and the corresponding Portfolios are listed below.

Subaccount Corresponding Portfolio

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

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

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Emerging Markets Equity PortfolioThrivent Partner Growth Stock Subaccount . . . . . . . . Thrivent Partner Growth Stock PortfolioThrivent Partner Healthcare Subaccount . . . . . . . . . . . Thrivent Partner Healthcare PortfolioThrivent Partner Worldwide Allocation

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

The following table summarizes each Portfolio’s investment objective:

Portfolio Investment Objective

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

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

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

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

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

considering growth of capital as a secondaryobjective.

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

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

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

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

volatility relative to the global equity markets.Thrivent Mid Cap Index Portfolio . . . . . . . . . . . . . . . . . To seek total returns that track the performance of

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

reasonable stability of principal.Thrivent Moderately Aggressive Allocation

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

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

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

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

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

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

Portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Partner Growth Stock Portfolio . . . . . . . . . . . To achieve long-term growth of capital and,

secondarily, increase dividend income.Thrivent Partner Healthcare Portfolio . . . . . . . . . . . . . To seek long-term capital growth.Thrivent Partner Worldwide Allocation Portfolio . . . To seek long-term capital growth.


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

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

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

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

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

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUTNOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&PDOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&PDOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT FINANCIAL,OWNERS OF THE THRIVENT FINANCIAL VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THES&P 500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITINGANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL,INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOSTTIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT,STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&PDOW JONES INDICES AND THRIVENT FINANCIAL, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

Each Portfolio has its own investment objective,investment program, policies and restrictions. Althoughthe investment objectives and policies of certainPortfolios may be similar to the investment objectivesand policies of other Portfolios that we manage or

sponsor or that an affiliate of ours may manage orsponsor, we do not represent or assure you that theinvestment results will be comparable to any otherPortfolio, even where the investment adviser ormanager is the same. Differences in portfolio size, actual


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investments held, fund expenses, and other factors allcontribute to differences in Portfolio performance. Forall of these reasons, you should expect investmentresults to differ. In particular, certain Portfolios availableonly through the Contract may have names similar toportfolios not available through the Contract. Theperformance of a Portfolio not available through theContract does not indicate performance of the similarlynamed Portfolio available through the Contract.

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

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

� Changes in state insurance laws;

� Changes in Federal income tax law;

� Changes in the investment management of theFund; or

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

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

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

The Variable Account will purchase and redeem sharesfrom the Fund at net asset value. Shares will beredeemed to the extent necessary for us to collectcharges under the Contracts, to make payments uponsurrenders, to provide benefits under the Contracts, orto transfer assets from one Subaccount to another asrequested by Contract Owners. Any dividend or capitalgain distribution received from a Portfolio of the Fundswill be reinvested immediately at net asset value inshares of that Portfolio and retained as assets of thecorresponding Subaccount.


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Investment Management

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

Subadviser Portfolio Name

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

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

FIAM LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner All Cap PortfolioT. Rowe Price Associates, Inc. . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Growth Stock Portfolio

We, as investment adviser, pay each of the above subadvisers an annual fee for subadvisory services. Subadvisoryfees are described fully in the Statement of Additional Information for the Fund.

Addition, Deletion, Combination, orSubstitution of Investments

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

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

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

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

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

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

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

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

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

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


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

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

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

Voting Privileges

To the extent required by law, we will vote the Fund’sshares held in the Variable Account at regular andspecial shareholder meetings of the Fund in accordancewith instructions received from persons having votinginterests in the corresponding Subaccounts of the

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

The number of votes which a Contract Owner or personentitled to receive Annuity Payments has the right toinstruct will be calculated separately for eachSubaccount. The number of votes which each ContractOwner has the right to instruct will be determined bydividing a Contract’s value in a Subaccount by the netasset value per share of the corresponding Portfolio inwhich the Subaccount invests. The number of voteswhich each person entitled to receive Annuity Paymentshas the right to instruct will be determined by dividingthe Contract’s reserves in a Subaccount by the net assetvalue per share of the corresponding Portfolio in whichthe Subaccount invests. Fractional shares will becounted. The number of votes of the Portfolio whichthe Contract Owner or person entitled to receiveAnnuity Payments has the right to instruct will bedetermined as of the date coincident with the dateestablished by the Portfolio for determiningshareholders eligible to vote at the meeting of the Fund.Voting instructions will be solicited by writtencommunications prior to such meeting in accordancewith procedures established by the Fund.

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

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


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Fixed Account

You may allocate the premiums paid under the Contractand transfers from the Subaccounts to the FixedAccount. Any amounts allocated to the Fixed Accountare invested in our general account assets. Because ofexemptive and exclusionary provisions, interests in theFixed Account have not been registered under theSecurities Act of 1933 (“1933 Act”), and the FixedAccount has not been registered as an investmentcompany under the Investment Company Act of 1940(“1940 Act”). Accordingly neither the Fixed Account,nor any interests therein are generally subject to theprovisions of the 1933 or 1940 Acts. Disclosuresregarding the Fixed Account, however, may be subjectto certain generally applicable provisions of the federalsecurities laws relating to the accuracy andcompleteness of statements in prospectuses. We havebeen advised that the staff of the Securities andExchange Commission has not reviewed disclosurerelating to the Fixed Account.

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

A Maintenance of Solvency provision is a legalrequirement of a fraternal benefit society. Please seeMaintenance of Solvency for more information. TheMaintenance of Solvency provision applies to the FixedAccount in this Contract. The provision is only invokedin the event the reserves of our fraternal benefit societybecome impaired. If our reserves become impaired, youmay be required to make an extra payment. Our Boardof Directors will determine the amount of any extrapayment based on each member’s fair share of thedeficiency. If the payment is not made, it will becharged as a debt against the Contract with an interestrate of 5% per year. You may choose an equivalentreduction in benefits instead of or in combination withthe debt. Any indebtedness and interest charged againstthe Contract, or any agreement for a reduction inbenefits, shall have priority over the interest of anyowner, beneficiary, or collateral assignee under theContract.

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Crediting and Allocating Your PremiumPayment

You may allocate your premium to any Subaccount ofthe Variable Account and/or the Fixed Account. Yourallocation must be in whole percentages and total 100%of the premium. You may not allocate less than $50 toany Subaccount or the Fixed Account. We will allocateyour premium according to your allocation instructionson your application. If you do not designate premiumallocation percentages, we will treat your application asnot in good order. We reserve the right to limit thenumber of allocations to subaccounts and fixed accountto no more than 40.

If your application is in good order, we will allocate thepremium to your chosen Subaccount(s) and/or FixedAccount (or in certain states, to the Thrivent MoneyMarket Subaccount, as discussed below) within two daysof receipt of the completed application and premium atour Service Center. If we determine the application is

not in good order, we will attempt to complete theapplication within five business days. If the applicationis not complete at the end of this period, we will informyou of the reason for the delay and the premium will bereturned immediately unless you specifically consent toour keeping the premium until the application iscomplete. We determine the annuity unit value (AUV)of each Subaccount at the close of regular trading on theNew York Stock Exchange (generally 4 p.m., Easterntime). We do not purchase or redeem any annuity unitson any day that Thrivent Financial is not open forbusiness. Requests received after the close of the NewYork Stock Exchange are processed the next ValuationDate.

Telephone and Online Transactions

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


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We have adopted reasonable security procedures toensure the authenticity of instructions, includingrequiring identifying information, recording telephoneconversations and providing written confirmations oftransactions. Nevertheless, we honor telephoneinstructions from any person who provides the correctidentifying information. Be aware that there is a risk ofpossible loss to the Owner if an unauthorized personuses this service in the Owner’s name. ThriventFinancial disclaims any liability for losses resulting fromsuch transactions by not having been properlyauthorized. However, if Thrivent Financial does not takereasonable steps to help ensure that such authorizationsare valid, Thrivent Financial may be liable for suchlosses. Certain circumstances may prevent you fromconducting transactions including but not limited tothe event of a disaster, equipment malfunction, oroverload of telephone system circuits. Shouldcircumstances prevent you from conducting a telephoneor online transaction, we recommend you provide uswith a written request. If due to malfunction or othercircumstances, the recording of the Contract Owner’stelephone request is incomplete or not fullycomprehensible, we will not process the transaction. Wereserve the right to suspend or limit telephonetransactions.

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

Timely Processing

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

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

Owners, Payees and Annuitants

You, as owner, are typically the recipient of alldistributions under the Contract. Unless the owner is anentity, the owner is also the Annuitant. As owner, youcan name beneficiaries, and make transfers betweenSubaccounts and to the Fixed Account. You will receiveall Annuity Payments during the Annuitant’s lifetime,unless you designate another person or entity as thepayee. Keep in mind that if you designate anotherperson or entity as payee, you may still be responsiblefor any income tax payable on the payments.

In the event the Annuitant(s) dies during theguaranteed payment period, the death proceeds will bepayable to the named beneficiary. We use theAnnuitant’s life to determine the amount and durationof any Annuity Payments.

Under certain circumstances other entities, such astrusts, may purchase Thrivent Financial products but arenot eligible for membership.

Adult and Juvenile Contracts

We issue adult Contracts to applicants who are age 16 orolder who become benefit members of ThriventFinancial. We issue juvenile Contracts when theproposed Annuitant is younger than age 16, but isotherwise eligible for benefit membership. JuvenileContracts will only be issued with a Fixed Periodincome.

In the case of the adult Contract, the Annuitant must be16 years of age or older. Typically, the applicant of theContract is the owner and Annuitant of the Contract.While the Annuitant is alive, the owner of the Contractmay exercise every right and enjoy every benefitprovided in the Contract. The person who applies for

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the Contract becomes a benefit member of ThriventFinancial upon our approval of the membershipapplication.

For the juvenile Contract, a juvenile is named as theAnnuitant and owner of the Contract. However, becauseof age, the juvenile cannot exercise the rights ofownership. Therefore, an adult must apply on behalf ofthe juvenile and retain control over the Contract. Theadult applicant controller exercises certain rights ofownership on behalf of the juvenile Annuitant. Theserights are described in the Contract. The adult controllermay transfer control to another eligible person, butcannot transfer ownership of the Contract.

Transfer of control to the juvenile Annuitant will takeplace at the first Contract Anniversary date followingthe earlier of:

� the Annuitant’s 21st birthday; or

� the Annuitant’s 16th birthday after the adultcontroller transfers control to the Annuitant inwriting; or

� the death of the adult controller after theAnnuitant’s 16th birthday.

If the person who has control of the Contract diesbefore the Annuitant gains control, control will bevested in an eligible person according to our bylaws. Ifwe determine that it is best for the Annuitant, we maytransfer control of the Contract to some other eligibleperson according to our bylaws.

The juvenile Annuitant will become a benefit memberof Thrivent Financial on the first Contract Anniversarydate on or following the juvenile’s 16th birthday.

Beneficiaries

You may name one or more beneficiaries to receive thedeath proceeds payable under the Contract, if any. If nobeneficiary has been named or the beneficiary does not

survive the Annuitant, the death proceeds will be paidto you, if living, otherwise to your estate (in accordancewith applicable state law). Thrivent Financial bylaws listpersons eligible to be beneficiaries. You may designatebeneficiaries as either first, second or third class. Unlessotherwise specified, we will distribute death proceeds inthe following order to beneficiaries:

� equally to the beneficiaries in the first class. If noneare living, then;

� equally to the beneficiaries in the second class. Ifnone are living, then;

� equally to the beneficiaries in the third class.

If a beneficiary dies within 15 days after the death of theAnnuitant, we will consider the beneficiary to have diedbefore the Annuitant for purposes of paying the deathproceeds.

No beneficiary change shall take effect unless receivedby Thrivent Financial at its principal office or corporateheadquarters. When it is received, any change shall takeeffect as of the date the request for beneficiary changewas signed, as long as the request for change was mailedor actually delivered to Thrivent Financial while theinsured was alive. Such beneficiary change shall be nulland void where Thrivent Financial has made a goodfaith payment of the proceeds or has taken other actionbefore receiving the change.

If you elect not to have a guaranteed payment period orall Annuitants live beyond the guaranteed paymentperiod, no death proceeds will be payable.

Assignment of Ownership

The Contract cannot be sold, assigned, discounted, orpledged as collateral for a loan or as surety forperformance of an obligation or for any other purpose.

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Selecting an Annuity Payment Option

The annuity payment option specifies the type ofannuity to be paid and determines how long theannuity will be paid, the frequency of payment, and theamount of the first Annuity Payment. You must selectthe Annuity Payment option when applying for theContract. You may not change the type of AnnuityPayment option once we issue the Contract.

If you choose a life income payment option, you mustelect to characterize your Contract and its AnnuityPayments as either revocable or irrevocable. (However,some states do not allow the characterization of aContract as revocable.) For all other payment options,your Contract will be revocable. If you elect theirrevocable option, you cannot later change the AnnuityPayments, or receive a withdrawal or surrender from theContract. If you elect the irrevocable option, you cannotlater change to the revocable option once we issue theContract. If your Contract is revocable you can:

� change the duration of the guaranteed paymentperiod (to a shorter period);

� receive withdrawals; and

� surrender the Contract.

If your Contract is revocable and you have chosen a lifeincome payment option, you can later characterize yourContract as irrevocable. However, once you characterizeyour Contract as irrevocable, you cannot later change itto a revocable Contract once the change is made.

If you do not have any other sources of funds foremergencies or other financial needs which may arise,an irrevocable Contract may be inappropriate for you.In addition, even though you can take withdrawalsfrom or surrender a revocable Contract, a revocableContract may be inappropriate for you if you intend ontaking additional withdrawals from or surrendering theContract, particularly in the short term. Withdrawals orsurrenders from a revocable Contract result in theassessment of indirect withdrawal or surrender charges,and the calculation of new commuted values. SeeContract Fees and Charges for more informationregarding the calculation of commuted values and theassessment of indirect withdrawal or surrender charges.

You must also select the Subaccounts and/or the FixedAccount to which we will apply your premium. Wereserve the right to limit the number of allocations tosubaccounts and fixed account. Except as discussed inFree Look Period, the annuity unit value for eachSubaccount selected as of the Valuation Date when wereceive your premium, will be used to calculate thenumber of annuity units which determine your firstvariable Annuity Payment. Your total Annuity Paymentwill be the Fixed Account Annuity Payment, if any, plusthe Variable Account Annuity Payment.

If you do not specify an Annuity Payment option, wewill treat your application as not being in good order. Ifyou do not specify whether or not the Contract and itsAnnuity Payments will be irrevocable or revocable, wewill issue the Contract as revocable.

You must also tell us at time of application whichfinancial institution and account you would like yourpayments sent to or if you wish to receive your paymentby check. If you select a financial institution, we willsend your Annuity Payments via electronic fundstransfer to the financial institution that you request. Ifthe owner of the Contract is not named on the accountat the financial institution receiving the AnnuityPayments, we will require a Medallion SignatureGuarantee.

Annuity Payment Options

Fixed Period Income

Subject to our approval, we make Annuity Payments atregular intervals for a fixed number of payments, not toexceed 30 years. We call this payment period the“guaranteed payment period.” At the end of theguaranteed payment period, all of the AnnuityPayments will have been paid, the commuted value ofthe Contract will be zero, and the Contract willterminate.

Life Income with Guaranteed Payment Period

We make Annuity Payments at regular intervals for thelifetime of the Annuitant. If the Annuitant dies duringthe guaranteed payment period, we will continuepayments to the beneficiary to the end of theguaranteed payment period. You may generally choose aguaranteed payment period of 0 to 30 years at the time

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we issue the Contract. The amount of the paymentsdepends upon the sex and age of the Annuitant, at thetime we issue the Contract. If you select a shorterguaranteed payment period, you will receive largerAnnuity Payments. Both the commuted value and deathproceeds, however, will be smaller if the guaranteedpayment period is shorter. If you die after the end of theguaranteed payment period, no death proceeds will bepayable. Also, no surrenders or withdrawals arepermitted after the end of the guaranteed paymentperiod. If you have poor health or have a shortened lifeexpectancy, you may want to consider selecting a longerguaranteed payment period.

Joint and Survivor Life Income with GuaranteedPayment Period

We make Annuity Payments at regular intervals for thelifetime of both Annuitants. The Annuitants will alsoown the Contract as joint owners. For an IRA orqualified plan, the IRA owner or qualified plan willremain the owner. Upon the death of one of theAnnuitants, we will continue payments for the lifetimeof the surviving Annuitant. If both Annuitants dieduring the guaranteed payment period, we willcontinue payments to the beneficiary to the end of thatperiod. You may generally choose a guaranteed paymentperiod of 0 to 30 years at the time of issue. You may alsochoose to have the Annuity Payment reduced after thedeath of the first Annuitant. The Annuity Payment maybe reduced by a factor of 1⁄2, 1⁄3, or 1⁄4. We will reduce thepayments immediately after the later of the first deathof one of the Annuitants and the end of the guaranteedpayment period. A higher reduction amount will resultin a higher payment while both Annuitants are alive.The amount of the payments depends upon the age andsex of the Annuitants at the time of issue.

Annuity Payment Dates

Annuity Payments may be made monthly, quarterly,semi-annually and annually. In addition, payments maybe made annually but paid monthly. Under thispayment option, the Annuity Payment will bedistributed from the variable Subaccounts annually, butwill be placed in the Fixed Account to earn interest. Wewill then make monthly payments from the FixedAccount for the remainder of the year.

You may select the Annuity Payment Date. If you do notselect a payment date, the Annuity Payment Date willbe the same day of the month as the Issue Date. In theevent that you do not select a payment frequency,Annuity Payments will be made monthly. Once youselect the Annuity Payment frequency or the AnnuityPayment Date, neither may be changed.

After the first Annuity Payment, we computesubsequent payments on the date you elect to receiveAnnuity Payments.

Fixed Account Annuity Payments

You may choose to deposit some or none of yourpremium in the Fixed Account portion of the Contract.

Premiums deposited in the Fixed Account will fundguaranteed periodic payments. We will determine theguaranteed Annuity Payment at the time we issue theContract. We may pay more than the guaranteedAnnuity Payment if the investment experience of theFixed Account is more favorable than the guaranteedinterest rate shown in the Contract. We may also paymore than the guaranteed payment if our mortalityexperience or administration expenses are favorable. Wemay change the amount of the Fixed Account AnnuityPayment at any time, but will not pay an amount lowerthan the guaranteed payment.

Premiums placed in the Fixed Account may not betransferred to the Subaccounts.

Variable Annuity Payments

First Variable Annuity Payment

Variable Annuity Payments are periodic payments wemake, the amount of which varies from one AnnuityPayment Date to the next as a function of the netinvestment performance of the Subaccounts youselected. The dollar amount of the first variable AnnuityPayment depends on the Annuity Payment optionchosen, the age of the Annuitant, the gender of theAnnuitant (if applicable), the amount of premiumapplied to purchase the variable Annuity Payments, andan assumed investment return that you select.


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The dollar value of the first variable Annuity Payment isthe sum of the first variable Annuity Paymentsattributable to each Subaccount. The dollar amount ofthe first total Annuity Payment is the sum of the firstvariable Annuity Payment and the Fixed AccountAnnuity Payment.

The first payment is made at the time of issue. Thesecond payment is made on the next Annuity PaymentDate. However, if this results in the second paymentbeing received in the same month as the Issue Date, thesecond payment will be made on the requested date ofthe next Annuity Payment thereafter.

Annuity Units

We initially determine the number of annuity units foreach Subaccount on the Issue Date. We calculate thenumber of annuity units for each Subaccount bydividing the amount of the first variable AnnuityPayment allocable to that Subaccount by the annuityunit value for that Subaccount on the Issue Date. Thenumber of annuity units attributable to eachSubaccount under a Contract remains fixed unless thereis a transfer of annuity units between Subaccounts.

Subsequent Variable Annuity Payments

We determine the dollar amount of each subsequentvariable Annuity Payment attributable to eachSubaccount by multiplying the number of annuity unitsof that Subaccount by the annuity unit value for thatSubaccount for the Valuation Period ending on theAnnuity Payment Date, or during which the AnnuityPayment Date falls. We aggregate the subsequentvariable Annuity Payments for each Subaccount todetermine the variable Annuity Payment. When anAnnuity Payment Date would fall on a day that is not aValuation Date, we calculate the variable AnnuityPayment as of the Valuation Date immediatelypreceding what would have been the Annuity PaymentDate.

The annuity unit value of each Subaccount for anyValuation Period is equal to:

� the annuity unit value for the preceding ValuationPeriod; multiplied by the Subaccount investmentfactor for the current Valuation Period; multipliedby

� a daily discount factor which adjusts the annuityunit value to reflect the assumed investmentreturn. This factor is compounded to reflect thenumber of days in the Valuation Period.

Subaccount Investment Factor

The Subaccount investment factor for any ValuationPeriod 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 paid by the Portfolio if the“ex-dividend” date occurs during the ValuationPeriod;

� plus or minus any cumulative credit or charge fortaxes reserved from the operation of the portfolio;

� minus the dollar amount of the mortality andexpense risk charge we deduct each day in theValuation Period; and

� divided by the net asset value of the correspondingPortfolio at the beginning of the Valuation Period.

Assumed Investment Return

The annuity unit value for each Subaccount willincrease or decrease from one Annuity Payment Date tothe next in direct proportion to the net investmentreturn of that Subaccount less an adjustment forassumed investment return that you selected. Thepurpose of the adjustment is to ensure the annuity unitvalue only changes when the Subaccount investmentfactor represents a rate of return greater than or lessthan the assumed investment return you selected.

The Contract permits you to select one of three assumedinvestment returns: 3%, 4% or 5%. A higher assumedinvestment return will result in a higher initialpayment, a more slowly rising series of subsequentpayments when actual investment performance(annualized, less deductions and expenses) exceeds theassumed investment return, and a more rapid drop insubsequent payments when actual investmentperformance (annualized, less any deductions andexpenses) is less than the assumed investment return.


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For example, if you select a 5% assumed investmentreturn and if the net investment return of theSubaccount is equal to 5% annualized, the variableAnnuity Payment attributable to that Subaccount forthat period will be the same as the previous variableAnnuity Payment. To the extent that the Subaccount’snet investment return exceeds an annualized rate of

return of 5% for a payment period, the variable AnnuityPayment for that period will be more than the previousvariable Annuity Payment. To the extent that theSubaccount’s return is less than an annualized rate of5%, the variable Annuity Payment for that period willbe less than the previous variable Annuity Payment.

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Except for certain restrictions mentioned below, youmay transfer the annuity units of one or moreSubaccounts to one or more other Subaccounts and/orthe Fixed Account. We will process requests for transferthat we receive in good order at our Service Centerbefore 4:00 p.m. Eastern Time as of the close of businesson that Valuation Date. We will process requests wereceive at our Service Center after that time as of theclose of business on the following Valuation Date.

To accomplish a transfer from a Subaccount, we willredeem the annuity units in that Subaccount andreinvest that value in annuity units of the otherSubaccounts and/or the Fixed Account you specified.We impose the following restrictions on transfers:

� You may make up to twelve transfers in eachContract Year. We consider all amounts transferredin the same Valuation Period to be one transfer. Itis not dependent upon the number of originatingor destination Subaccounts.

� You may not transfer from the Fixed Account.

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Frequent Trading Policies

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

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

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

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


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We reserve the right, in our sole discretion, to identifyother trading practices as 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 Portfolios may have adoptedrestrictions designed to discourage frequent tradingpractices, and we reserve the right to enforce thesepolicies and procedures.

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

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

You may be able to withdraw or surrender the Contractif you elect the revocable life income payment option atthe time you purchase your Contract. However, youmay not surrender or withdraw from the Contract if youelect the irrevocable life income payment option.

If you elected the revocable life income paymentoption, you may surrender the Contract at any timewhile an Annuitant is alive and the payment option iswithin the period certain. If you elected a fixed periodincome, you may withdraw up to the commuted valueof the Contract. If you elected a Single or Joint LifeIncome, you may withdraw up to the commuted valueof the Contract less all previous withdrawals.Withdrawals decrease subsequent Annuity Payments. Tocompletely surrender the Contract you must submit asigned Written Request on an approved surrender formto our Service Center.

To make a withdrawal you may submit an approvedform, or if you have authorized telephone transactions,you may phone in your request. The surrender orwithdrawal will not be processed until we receive yoursurrender request in good order at our Service Center.You may obtain the approved Thrivent Financial formby contacting your Thrivent Financial representative or

calling our Service Center at (800) THRIVENT. We donot accept telephone requests for full surrenders. Wemust receive a withdrawal or surrender request by4:00 p.m. Eastern Time on a Valuation Date in order toprocess it on the same day. We will send yourwithdrawal or surrender amount by electronic fundstransfer to the financial institution that you request orby check to address of record.

Generally, we will pay you the requested withdrawal orsurrender amount within seven days of our receipt ofyour request. In certain cases we may postpone paymentof your withdrawal or surrender beyond the seven days.Please see Postponement of Payments for moreinformation.

You may select the source of a withdrawal by specificallyindicating the Subaccount or Fixed Account. However,we must agree to any selection. If you request awithdrawal and do not specify the source of thewithdrawal (the specific Subaccount(s) or FixedAccount), we will take the withdrawal on a pro ratabasis from each Subaccount and the Fixed Account. Youmay not withdraw less than $1,000 at one time. If youtake a withdrawal, we will issue you a supplementalContract for the remaining Annuity Payments.

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

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

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

� Certain other transactions as determined by us.

A Medallion Signature Guarantee is a stamp provided bya financial institution that guarantees your signature.You sign the Thrivent Financial approved form andhave the signature(s) guaranteed by an eligibleguarantor institution such as a commercial bank, trustcompany, brokerage firm, credit union, or a savings

bank participating in the Medallion SignatureGuarantee Program. We may waive the MedallionSignature Guarantee in limited circumstances. A NotaryPublic is an individual who is authorized toauthenticate signatures and can be found in law firms ormany of the same places that an individual whoprovides Medallion Signature Guarantees can be found.Attestation by a financial representative requires theverification and witness of your signature by a ThriventFinancial representative. A partial surrender or surrendermay result in adverse tax consequences, including theimposition of a 10% federal premature distributionpenalty. For all surrenders, you should consider the taximplications of a surrender before you make a surrenderrequest. See Federal Tax Status.

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

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DEATH OF THE OWNER AND/OR ANNUITANT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

If you are a joint Annuitant and joint owner, and dieduring the guaranteed payment period, we willcontinue making payments to the surviving jointowner, if any. The surviving joint owner, if any, willbecome the sole Annuitant and owner. If you are a jointAnnuitant and joint owner and die after the end of theguaranteed payment period, we will make payments tothe surviving joint owner, if any, based upon thereduction factor you selected.

If you are the only Annuitant and owner and die duringthe guaranteed payment period, we will continuemaking payments to your beneficiary for the remainderof the guaranteed payment period, if any. Yourbeneficiary will have the option of receiving thecommuted value as a single lump sum in lieu ofcontinuing to receive payments.

If you are the only Annuitant and owner and die afterthe guaranteed payment period, no death proceedswould be payable.

If the owner is an entity, upon the Annuitant’s death,we will continue making payments to the beneficiaryfor the remainder of the guaranteed payment period, ifany. Generally, the owner will also be the beneficiary.The beneficiary will have the option of receiving thecommuted value as a single lump sum in lieu ofcontinuing to receive payments. If the Annuitant diedafter the guaranteed payment period, no death proceedswould be payable.

Upon your death, any remaining Annuity Payments willbe distributed at least as rapidly as under the method ofdistribution being used as of the date of your death.

We will calculate the death proceeds payable as of thedate of death when we receive notice of the death at ourService Center.

We will not recover from the payee or recipient anyAnnuity Payments made on or after the date of deathbut before we receive notice of the death at our ServiceCenter if the Annuity Payment(s) is made within aguaranteed payment period.

Before we can process any death proceeds, we mustreceive at our Service Center:

� proof that the Annuitant or owner died;

� a completed claim form; and

� any other information that we reasonably requireto process the claim.

Upon receipt at our Service Center of instructions inproper form from the beneficiary or owner to resumeAnnuity Payments, we will make any Annuity Paymentsthat had gone unpaid since we received notice of thedeath. We will then resume making Annuity Payments.If we receive instructions to pay the death proceeds in alump sum, we will calculate the commuted value as ofthe date of death, plus interest, minus any AnnuityPayments made before we were notified of the death.

CONTRACT FEES AND CHARGES••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

We may profit from one or more of the chargesdeducted under the Contract. We may use these profitsfor any corporate purpose, including financing thedistribution of the Contracts.

Withdrawal or Surrender Charge

There is no sales charge deducted from your premiumpayment. There also is no direct withdrawal orsurrender charge applicable to the Contract, but if youwithdraw from or surrender the Contract, we will payyou the commuted value of the Contract. We calculatethe commuted value you receive for the Fixed Accountusing an interest rate that is 0.5% higher than the rate

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used to determine the Annuity Payments. For variableSubaccounts, we currently use an interest rate that is0.5% greater than the assumed investment return thatyou selected. Since we use a higher interest rate incalculating the commuted value, the Contract has anindirect withdrawal and surrender charge. Also, theamount that you will receive upon a withdrawal orsurrender of the Contract will be less than you wouldhave received had you chosen to continue receivingAnnuity Payments. While there is no direct surrendercharge, the computation of the commuted valueassumes an indirect charge that varies with eachsituation. However, this indirect charge will neverexceed 9%.

Transfer Charge

You may make twelve free transfers in each ContractYear. We will charge you $25 for each subsequenttransfer.

Mortality and Expense Risk Charge

To compensate us for assuming mortality and expenserisks, we deduct a daily mortality and expense riskcharge from the net assets of each Subaccount in theVariable Account. We impose a mortality and expenserisk charge at an annual rate of 1.25% of the averagedaily net assets of such Subaccount in the VariableAccount for the mortality and expense risks it assumesunder the Contract.

In assuming the mortality risk, we incur the risks thatour actuarial estimate of mortality rates may proveerroneous, and Annuitants will live longer thanexpected. If the mortality and expense risk charge andother charges under a Contract are insufficient to cover

the actual mortality costs and administrative expensesincurred by us, we will bear the loss. Conversely, if themortality and expense risk charge proves more thansufficient, we will keep the excess for any propercorporate purpose including, among other things,payment of sales expenses. We expect to make a profitfrom this charge.

Notwithstanding this charge, contract owners may beasked to add money under the Maintenance of Solvencyprovision described in General Information About theContract – Maintenance of Solvency section.

Miscellaneous

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

We reserve the right to impose charges or establishreserves for any federal or local taxes that we incurtoday or may incur in the future and that we deemattributable to the Contract.

Taxes

Currently, we do not assess a charge against the VariableAccount for federal income taxes or state premiumtaxes. We may assess such a charge in the future ifincome or gains within the Variable Account result inany federal income tax liability to us or we becomesubject to state premium taxes. Charges for any othertaxes attributable to the Variable Account may also bemade. See Federal Tax Status.

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GENERAL INFORMATION ABOUT THE CONTRACT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The Entire Contract

The entire Contract between you and us consists of:

� the Contract;

� the application;

� endorsements or amendments, if any; and

� the Thrivent Financial Articles of Incorporationand Bylaws in force as of the Issue Date of yourContract.

We treat any statements you make in the application asrepresentations and not warranties. We will not use astatement to void the Contract or to deny a claim unlessit appears in the application. No representative of oursexcept the president or the secretary may change anypart of the Contract on our behalf. We will not be ableto contest the Contract after it has been in effect for twoyears from its Issue Date, provided that the Annuitant isstill living.

Gender Neutral Benefits

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

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

� Contracts used in an employer sponsoredretirement plan;

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

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

State Variations

Any state variations in the Contract are covered in aspecial policy form for use in that state. This Prospectusprovides a general description of the Contract. Youractual Contract and any endorsements are thecontrolling documents. If you would like to review acopy of the Contract and endorsements, contact ourService Center.

Reports to Contract Owners

At least annually, we will mail you a report showing theAnnuity Payments for your Contract as of a date notmore than two months prior to the date of mailing andany further information required by any applicable law.We will mail your report to your last known addressunless prior mailings have been returned undeliverableto us. We will make a reasonable effort in thesesituations to locate you in order to continue mailingyour report and other related documents. Please notifythe Service Center if your address has changed.

Postponement of Payments

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

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

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

Transfers and allocations among the Subaccounts andthe Fixed Account may also be postponed under thesecircumstances.

Anti-Money Laundering

In order to protect against the possible misuse of ourproducts in money laundering or terrorist financing, wehave adopted an anti-money laundering programsatisfying the requirements of federal law. Among otherthings, this program requires us, our financial

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representatives and customers to comply with certainprocedures and standards that serve to ensure that ourcustomers’ identities are properly verified and thatpremiums are not derived from improper sources. Wereserve the right to verify any information received byaccessing information maintained in databasesinternally or externally.

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

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

Maintenance of Solvency

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

This provision applies only to values in the FixedAccount.

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

GENERAL INFORMATION ABOUT THE CONTRACT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Fax:

1-800-225-2264

New Applications:

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

Transfers, Surrenders, or Withdrawals:

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

Express Mail:

Thrivent Financial4321 N. Ballard RoadAppleton, WI 54919-3400

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

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

General

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

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

Tax Status of the Variable Account

The Variable Account is not separately taxed as a“regulated investment company” under the Code, butrather is treated as our separate account. Under currentlaw, both the investment income and realized capitalgains of the Variable Account (i.e., the income and

capital gains distributed to the Variable Account by theFund) are reinvested without taxation to us. However,we reserve the right in the future to make a chargeagainst the Variable Account or the Contract for anyfederal, state, or local income taxes that we incur anddetermine to be attributable to the Variable Account orthe Contract.

Taxation of Annuities in General

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

Tax Treatment as an Annuity

Under current law, a Contract is eligible to be taxed asan annuity contract as described below only if certainrequirements are met. These requirements are: (1) theinvestments of the Variable Account are “adequatelydiversified” in accordance with Treasury Departmentregulations; (2) the Company, rather than the ContractOwner, is considered the owner of the assets of theVariable Account for federal income tax purposes; and(3) the Contract Owner is an individual, an individual istreated as the Contract Owner for tax purposes, oranother exception in the tax law (such as the exceptionfor an “immediate annuity”) applies.

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Diversification Requirements. The Code andTreasury Department regulations prescribe the mannerin which the investments of a segregated asset account,such as the Variable Account, are to be “adequatelydiversified.” If the Variable Account fails to comply withthese rules, the Contract will not be treated as anannuity Contract for federal income tax purposes, withthe result that the contract owner may be subject toincome tax treatment that is more adverse thandescribed below. We expect that the Variable Account,through the Fund, will comply with these rules.

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

The ownership rights under the Contract are similar to,but different in certain respects from, the ownershiprights described in IRS rulings in which the contractowners were determined not to be the owners of theassets of a segregated asset account. For example, thecontract owner has the choice of more investmentoptions to which to allocate the single premiumpayment and to reallocate annuity unit values thanwere addressed in those rulings. These differences couldresult in the contract owner being treated as the ownerof all or a portion of the assets of the Variable Accountand thus 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.

Contracts Not Owned by Individuals. As a generalrule, Contracts held by “nonnatural persons” such as acorporation, trust, or other similar entity are not treatedas annuity contracts for federal tax purposes. Theincome on such Contracts (as defined in the tax law) istaxed as ordinary income that is received or accrued bythe Contract Owner during the taxable year. However,this rule generally will not apply to a Contract held by atrust or other entity which holds the Contract as anagent for a natural person. In addition, this rule will notapply to a Contract purchased with a single premiumpayment when the annuity starting date is no later thanone year from the purchase of the Contract andsubstantially equal periodic payments are made, not lessfrequently than annually, during the annuity incomeperiod. The rule also will not apply to: (1) a Contractacquired by the estate of a decedent by reason of thedeath of the decedent; (2) Contracts used in connectionwith certain Qualified Plans; (3) Contracts purchased byemployers upon the termination of certain QualifiedPlans; and (4) certain Contracts used in connection withstructured settlement agreements.

Distribution Requirements. The Code requires thatnonqualified Contracts contain specific provisions fordistribution of proceeds upon the death of any owner.In order to be treated as an annuity Contract for federalincome tax purposes, the Code requires that suchContracts provide that if any owner dies on or after theannuity commencement date and before the entireinterest in the Contract has been distributed, theremaining portion must be distributed at least as rapidlyas under the method in effect on such owner’s death.Under the Contract, the beneficiary is the designatedbeneficiary of an owner/Annuitant and the successorowner is the designated beneficiary of an owner who isnot the Annuitant. If any owner is not a natural person,then for purposes of these distribution requirements,the primary Annuitant shall be treated as an owner andany death or change of such primary Annuitant shall betreated as the death of an owner. The nonqualifiedContracts contain provisions intended to comply withthese requirements of the Code.

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


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Taxation of Annuity Income Payments

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

Once the total amount of the investment in theContract is excluded using the above formulas, annuityincome payments will be fully taxable. All amountsincludible in income with respect to the Contract aretaxed as ordinary income; no amounts are taxed at thelower rates currently applicable to long-term capitalgains and corporate dividends. If annuity incomepayments cease because of the death of the Annuitantand before the total amount of the investment in theContract is recovered, the unrecovered amountgenerally will be allowed as a deduction.

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

Taxation of Withdrawals and Surrenders

In the case of a withdrawal, the amount received may beincludible in income for federal tax purposes in wholeor part. While the amount so includible is not entirelyclear, it may equal the amount by which the commutedvalue of the Contract before the withdrawal exceeds theinvestment in the contract (defined above). In the caseof a surrender, the amount received is includible inincome to the extent that it exceeds the investment inthe contract.

Tax Treatment of Life Income with GuaranteedPayment Period After Annuitant’s Death

Where a guaranteed payment period exists under a lifeincome option and the Annuitant dies before the end ofthat period, payments made to the beneficiary for theremainder of that period are includible in income asfollows: (1) if received as the commuted value in a lumpsum, the payment is includible to the extent that itexceeds the unrecovered investment in the contract; or(2) if distributed in accordance with the existingannuity income option, they are fully excluded fromincome until the remaining investment in the contractis deemed to be recovered, and all payments thereafterare fully includible in income.

Penalty Tax on Premature Distributions

Technically, the amount of any payment from theContract that is includible in income is subject to a 10%penalty tax. However, this penalty tax does not apply toany payment: (1) received on or after the ContractOwner attains age 591⁄2; (2) attributable to the ContractOwner’s becoming disabled (as defined in the tax law);(3) made on or after the death of the Contract Owneror, if the Contract Owner is not an individual, on orafter the death of the primary annuitant (as defined inthe tax law); (4) that is part of a series of substantiallyequal periodic payments, not less frequently thanannually, for the life or life expectancy of the ContractOwner or the joint lives or joint life expectancies of theContract Owner and a designated beneficiary (asdefined in the tax law); or, (5) made under a Contractpurchased with a single premium payment when theannuity starting date is no later than one year from thepurchase of the Contract and substantially equalperiodic payments are made, not less frequently thanannually, during the annuity period.


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Exchanges of Annuity Contracts

We may issue the Contract in exchange for all or part ofanother annuity contract. Such an exchange will beincome tax free if certain requirements are satisfied (a1035 Exchange). If the exchange is tax free, theinvestment in the Contract immediately after theexchange will generally be the same as that of theannuity contract exchanged, increased by anyadditional premium payment made as part of theexchange. You should consult your tax advisor inconnection with an exchange of all or part of anannuity contract for the Contract.

Qualified Plans

The Contracts also are designed for use with severaltypes of Qualified Plans. Participants under suchQualified Plans as well as Contract Owners, Annuitants,and beneficiaries are cautioned that the rights of anyperson to any benefits under such Qualified Plans maybe subject to the terms and conditions of the plansthemselves regardless of the terms and conditions of theContracts issued in connection with them. Those whointend to use the Contract in connection with QualifiedPlans should seek competent advice.

The tax rules applicable to Qualified Plans, and to aContract when used in connection with a QualifiedPlan, vary according to the type of plan and the termsand conditions of the plan itself, and they takeprecedence over the general annuity tax rules describedabove. For example, for annuity income payments,withdrawals, and surrenders under Contracts used inQualified Plans, there may be no “investment in thecontract,” with the result that the total amount receivedmay be includible in income. The includible amount istaxed at ordinary income tax rates, and a 10% penaltytax also may apply. Exceptions to this penalty tax varydepending on the type of Qualified Plan involved; inthe case of an Individual Retirement Annuity (discussedbelow), exceptions comparable to those described aboveare available.

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

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

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

Section 403(b) Plans. Section 403(b) of the Codepermits public school employees and employees ofcertain types of charitable, educational, and scientificorganizations to have their employers purchase annuityContracts for them and, subject to certain limitations,to exclude the amount of premium payments fromincome for federal tax purposes. Subject to planprovisions, distributions from a Contract purchasedunder section 403(b) may be paid only when theemployee reaches age 591⁄2, separates from service, dies,or becomes disabled, the 403(b) plan terminates, or inthe case of financial hardship. As a result, the ContractOwner will not be entitled to exercise withdrawal orsurrender rights under the Contract unless one of theabove conditions is satisfied. For contracts maintainedpursuant to an employer sponsored 403(b) plan, we mayrequire the employer’s signature to process any requestsfor withdrawal, surrender, rollover or transfers toanother contract.


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Direct Rollovers

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

Federal Income Tax Withholding

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


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

There are no legal proceedings to which the VariableAccount is a party or to which the assets of the VariableAccount are subject. Neither Thrivent Financial norThrivent Investment Management Inc. is involved in

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

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

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

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

TABLE OF CONTENTS

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

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

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

THRIVENT VARIABLE ANNUITY ACCOUNT II1933 Act Registration No. 333-718531940 Act Registration No. 811-09225

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

Single Premium Immediate Variable AnnuityThrivent Variable Annuity Account II

(Name) (Date)

(Street Address)

(City) (State) (Zip Code)

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

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

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

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $18.87 $17.36 $17.65 $16.86 $13.34 $12.12 $12.78 $11.01 $8.53 $13.77value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22.65 $18.87 $17.36 $17.65 $16.86 $13.34 $12.12 $12.78 $11.01 $8.53number outstanding at end of period (000 omitted) . . . . 44 52 76 88 104 112 121 128 141 154

Thrivent Balanced Income Plus Subaccount (August 2, 1999)1

Accumulation Unit:value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $33.48 $31.66 $32.10 $30.65 $26.31 $23.70 $23.03 $20.59 $17.12 $23.45value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36.92 $33.48 $31.66 $32.10 $30.65 $26.31 $23.70 $23.03 $20.59 $17.12number outstanding at end of period (000 omitted) . . . . 67 79 94 109 125 143 167 195 242 296

Thrivent Diversified Income Plus Subaccount (August 2, 1999)2


Thrivent Government Bond Subaccount (August 2, 1999)3


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


Thrivent High Yield Subaccount (April 30, 2002)Accumulation Unit:


Thrivent Income Subaccount (April 30, 2002)Accumulation Unit:


Thrivent Large Cap Growth Subaccount (April 30, 2002)Accumulation Unit:


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

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

Thrivent Large Cap Index Subaccount (August 2, 1999)Accumulation Unit:


Thrivent Large Cap Stock Subaccount (March 2, 2001)Accumulation Unit:


Thrivent Large Cap Value Subaccount (April 25, 2003)Accumulation Unit:


Thrivent Limited Maturity Bond Subaccount (April 30, 2002)Accumulation Unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $12.80 $12.60 $12.67 $12.61 $12.71 $12.34 $12.39 $11.91 $10.58 #REF!value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.97 $12.80 $12.60 $12.67 $12.61 $12.71 $12.34 $12.39 $11.91 $10.58number outstanding at end of period (000 omitted) . . . . 24 28 34 42 49 68 68 82 92 112

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.92number outstanding at end of period (000 omitted) . . . . —

Thrivent Mid Cap Index Subaccount (March 2, 2001)Accumulation Unit:


Thrivent Mid Cap Stock Subaccount (March 2, 2001)Accumulation Unit:


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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $17.21 $16.01 $16.30 $15.59 $13.71 $12.43 $12.71 $11.32 $9.04 $12.66value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.20 $17.21 $16.01 $16.30 $15.59 $13.71 $12.43 $12.71 $11.32 $9.04number outstanding at end of period (000 omitted) . . . . 731 832 964 1,055 1,135 1,190 1,297 1,346 1,434 1,557

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


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



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

Thrivent Money Market Subaccount (April 25, 2003)Accumulation Unit:

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.02 $1.03 $1.04 $1.05 $1.07 $1.08 $1.09 $1.10 $1.09value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00 $1.02 $1.03 $1.04 $1.05 $1.07 $1.08 $1.09 $1.10number outstanding at end of period (000 omitted) . . . . 135 159 181 203 245 281 407 493 811 1,107

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

value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $—value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.26number outstanding at end of period (000 omitted) . . . . —

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


Thrivent Partner All Cap Subaccount (April 30, 2002)Accumulation Unit:


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


Thrivent Partner Growth Stock Subaccount (April 30, 2002)Accumulation Unit:


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


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


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


Thrivent Small Cap Index Subaccount (August 2, 1999)Accumulation Unit:


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


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

Thrivent Small Cap Stock Subaccount (March 2, 2001)Accumulation Unit:



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

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

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

The Portfolio’s prospectus and statement of additional information, both dated April 30, 2018, are incorporated byreference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number oremail address noted above.

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

THRIVENT AGGRESSIVE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

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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 percentage of offering price) N/A

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

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

Management Fees 0.70%

Other Expenses 0.05%

Acquired Fund Fees and Expenses 0.22%

Total Annual Portfolio Operating Expenses 0.97%

Less Fee Waivers and/or ExpenseReimbursements1 0.21%

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

1 The Adviser has contractually agreed, for as long as the current feestructure is in place and through at least April 30, 2019, to waive anamount equal to any investment advisory fees indirectly incurredby the Portfolio as a result of its investment in any other mutualfund for which the Adviser or an affiliate serves as investmentadviser, other than Thrivent Cash Management Trust. Thiscontractual provision may be terminated upon the mutualagreement between the Independent Directors of the Portfolio andthe Adviser.

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

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

1 Year 3 Years 5 Years 10 Years

Thrivent AggressiveAllocation Portfolio $78 $288 $516 $1,171

Portfolio TurnoverThe Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 63% ofthe average value of its portfolio.

Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achievea desired risk tolerance generally aligned with its peergroup as published by Lipper, Inc. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,equity securities and debt securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes may be based on marketcapitalization, investment style (such as growth orvalue), or economic sector for equity securities.Sub-classes for debt securities may be based on maturity,duration, security type or credit rating (high yield—commonly known as “junk bonds”—or investmentgrade) and may include leveraged loans, which aresenior secured loans that are made by banks or otherlending institutions to companies that are rated belowinvestment grade.

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

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

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

Broad Asset CategoryTarget

AllocationAllocation

Range

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

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

The Portfolio also pursues its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate. The names ofthe funds managed by the Adviser or an affiliate whichare currently available for investment by the Portfolioare shown in the list below. The list is provided forinformation purposes only. The Adviser may change theavailability of the funds managed by the Adviser or anaffiliate for investment by the Portfolio withoutshareholder approval or advance notice to shareholders.

Equity SecuritiesSmall Cap

Thrivent Small Cap Stock PortfolioMid Cap

Thrivent Mid Cap Stock PortfolioLarge Cap

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

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

Debt SecuritiesHigh Yield Bonds

Thrivent High Yield PortfolioIntermediate/Long-Term Bonds

Thrivent Income PortfolioShort-Term/Intermediate Bonds

Thrivent Limited Maturity Bond PortfolioOther

Thrivent Core Emerging Markets Debt Fund

Short-Term Debt SecuritiesMoney Market

Thrivent Cash Management TrustOther

Thrivent Core Short-Term Reserve Fund

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

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

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

Derivatives Risk. The use of derivatives (such asfutures and credit default swaps) involves additionalrisks and transaction costs which could leave thePortfolio in a worse position than if it had not usedthese instruments. The use of derivatives can lead tolosses because of adverse movements in the price orvalue of the underlying asset, index or rate, which maybe magnified by certain features of the contract.Changes in the value of the derivative may not correlateas intended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is that theother party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

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

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

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

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

Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. Changes by the Federal Reserve tomonetary policies could affect interest rates and thevalue of some securities.

Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets.

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

Large Cap Risk. Large-sized companies may be unableto respond quickly to new competitive challenges suchas changes in technology. They may also not be able toattain the high growth rate of successful smaller

companies, especially during extended periods ofeconomic expansion.

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

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

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

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

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

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

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

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. These indices arethe S&P 500 Index, which measures the performance of500 widely held, publicly traded stocks, the BloombergBarclays U.S. Aggregate Bond Index, which measures theperformance of U.S. investment grade bonds, and theMSCI All Country World Index ex-USA—USD NetReturns, which measures the performance of stockmarkets in developed and emerging markets countriesthroughout the world (excluding the U.S.). Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.

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

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

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

YEAR-BY-YEAR TOTAL RETURN

(37.23)%

30.62%

17.53%

(3.93)%

12.25%

27.05%

6.02%

(0.45)%

10.11%

21.51%

-40

-30

-20

-10

0

10

20

30

40

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

nn

ual

Ret

urn

(%

)

Best Quarter: Q2 ’09 +17.99%

Worst Quarter: Q4 ’08 (21.69)%

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

Thrivent Aggressive AllocationPortfolio 1 Year 5 Years 10 Years

21.51% 12.40% 6.43%

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

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

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

Management

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

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

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of the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.

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

• Separate accounts of Thrivent Financial and ThriventLife Insurance Company;

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

• Other Portfolios of the Fund.

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

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

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THRIVENT BALANCED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

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

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









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


Thrivent BalancedIncome Plus Portfolio $69 $218 $379 $847


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



Range


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

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

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

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

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

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

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

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


Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to both equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.

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

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

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


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

ETF Risk. An ETF is subject to the risks of theunderlying investments that it holds. In addition, forindex-based ETFs, the performance of an ETF maydiverge from the performance of such index (commonlyknown as tracking error). ETFs are subject to fees andexpenses (like management fees and operatingexpenses) that do not apply to an index, and thePortfolio will indirectly bear its proportionate share ofany such fees and expenses paid by the ETFs in which itinvests.

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

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


Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in therepayment patterns of the underlying security. If theprincipal payment on the underlying asset is repaidfaster or slower than the holder of the asset-backed ormortgage-backed security anticipates, the price of thesecurity may fall, particularly if the holder must reinvestthe repaid principal at lower rates or must continue tohold the security when interest rates rise. This effectmay cause the value of the Portfolio to decline andreduce the overall return of the Portfolio. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.


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

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

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

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


Mortgage-Related and Other Asset-BackedSecurities Risk. The value of mortgage-related andasset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid.

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

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

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

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

Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, whilemortgage REITs may be affected by the credit quality ofthe mortgage loans they hold. All REIT types may beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. In

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

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

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. These indices arethe MSCI World Index—USD Net Returns, whichmeasures the performance of stock markets indeveloped countries throughout the world, theBloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged Loan Index, which reflectsthe performance of the largest facilities in the leveragedloan market. Call 800-847-4836 or visit Thrivent.comfor performance results current to the most recentmonth-end.

The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for information

4

TSF-11

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

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



(26.06)%

21.76%

13.29%

4.18%

12.42%

17.95%

6.07%

(0.14)%

7.06%

11.67%

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-20

-10

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10

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30

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

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Thrivent Balanced Income PlusPortfolio 1 Year 5 Years 10 Years

11.67% 8.36% 5.96%

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

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

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

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

Management


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


5

TSF-12






6

32065B R4-18TSF-13






THRIVENT DIVERSIFIED INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-14

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












Thrivent DiversifiedIncome Plus Portfolio $55 $173 $302 $677





Range

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




1

TSF-15







Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. In particular, underperformance in the fixedincome markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to fixed income securities. Therefore, aprincipal risk of investing in the Portfolio is that theallocation strategies used and the allocation decisionsmade will not produce the desired results.


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

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





2

TSF-16






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

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




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

3

TSF-17

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



Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, whilemortgage REITs may be affected by the credit quality ofthe mortgage loans they hold. All REIT types may beaffected by changes in interest rates. REITs are subject toadditional risks, including the fact that they aredependent on specialized management skills that mayaffect the REITs’ abilities to generate cash flows foroperating purposes and for making investordistributions. REITs may have limited diversificationand are subject to the risks associated with obtainingfinancing for real property. As with any investment,there is a risk that REIT securities and other real estateindustry investments may be overvalued at the time ofpurchase. In addition, a REIT can pass its incomethrough to its investors without any tax at the entitylevel if it complies with various requirements under theInternal Revenue Code. There is the risk, however, thata REIT held by the Portfolio will fail to qualify for thistax-free pass-through treatment of its income. In

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


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. These indices arethe MSCI World Index—USD Net Returns, whichmeasures the performance of stock markets indeveloped countries throughout the world, theBloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged loan Index, which reflectsthe performance of the largest facilities in the leveragedloan market.

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

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


4

TSF-18


(23.30)%

33.06%

15.85%

2.31%

14.48%11.17%

4.27%0.08%

7.08%9.34%

-30

-20

-10

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10

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30

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

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Thrivent Diversified IncomePlus Portfolio 1 Year 5 Years 10 Years

9.34% 6.32% 6.53%





Management


Portfolio Manager(s)Mark L. Simenstad, CFA, Stephen D. Lowe, CFA,Noah J. Monsen, CFA, Reginald L. Pfeifer, CFAand John T. Groton, Jr., CFA are jointly andprimarily responsible for the day-to-day management ofthe Portfolio. Mr. Simenstad has served as a portfoliomanager of the Portfolio since March 2006. Mr. Lowe,Mr. Monsen and Mr. Pfeifer have served as portfoliomanagers of the Portfolio since April 2015. Mr. Grotonhas served as a portfolio manager of the Portfolio sinceMarch 2016. Mr. Simenstad is Chief InvestmentStrategist and has been with Thrivent Financial since

1999. Mr. Lowe is Vice President of Fixed IncomeMutual Funds and Separate Accounts and has been withThrivent Financial since 1997. He has served as aportfolio manager since 2009. Mr. Monsen has beenwith Thrivent Financial since 2000 and has served in aninvestment management capacity since 2008. Mr. Pfeiferhas been with Thrivent Financial since 1990 and hasserved as an equity portfolio manager since 2003. Mr.Groton is Director of Equity Research and has been withThrivent Financial in an investment managementcapacity since 2007.







5

32065G R4-18TSF-19






THRIVENT GOVERNMENT BOND PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-20

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











Thrivent GovernmentBond Portfolio $46 $144 $252 $567


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

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


1

TSF-21




Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as GinnieMae, Fannie Mae or Freddie Mac securities). Securitiesissued or guaranteed by Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S.corporation that is authorized to guarantee, with thefull faith and credit of the U.S. government, the timelypayment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S.government-related organizations such as Fannie Maeand Freddie Mac are not backed by the full faith andcredit of the U.S. government. No assurance can begiven that the U.S. government would provide financialsupport to its agencies and instrumentalities if notrequired to do so by law. In addition, the value of U.S.government securities may be affected by changes in thecredit rating of the U.S. government.

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

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

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

Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. Some municipal bonds may be repaidprior to maturity if interest rates decrease. Changes bythe Federal Reserve to monetary policies could affectinterest rates and the value of some securities.


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

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

2

TSF-22



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


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

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

and by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. The indices areBloomberg Barclays U.S. Agency Index and theBloomberg Barclays U.S. Treasury Index. The BloombergBarclays U.S. Agency Index measures the performance ofthe agency sector of the U.S. government bond market.The Bloomberg Barclays U.S. Treasury Index measuresthe performance of the U.S. Treasury bond market. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.

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

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

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

3

TSF-23

(0.82)%

8.47%9.24%

8.21%

4.94%

(2.47)%

6.52%

0.80%1.49%

2.96%

-4

-2

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2

4

6

8

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Thrivent Government BondPortfolio 1 Year 5 Years 10 Years

2.96% 1.82% 3.86%

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

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


Management


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







4

32065U R4-18TSF-24






THRIVENT GROWTH AND INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-25

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

Investment ObjectiveThe Portfolio seeks long-term capital growth andincome.












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

shares. This contractual provision, however, may be terminatedbefore the indicated termination date upon the mutual agreementbetween the Independent Directors of the Portfolio and the Adviser.

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


Thrivent Growth andIncome Plus Portfolio $95 $309 $541 $1,208





Range



1

TSF-26


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






Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. In particular, underperformance in the equitymarkets would have a material adverse effect on thePortfolios’ total return given their significant allocationto equity securities. Therefore, a principal risk ofinvesting in the Portfolio is that the allocation strategiesused and the allocation decisions made will not producethe desired results.




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

2

TSF-27

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


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



Interest Rate Risk. Interest rate risk is the risk thatprices of debt securities decline in value when interestrates rise for debt securities that pay a fixed rate ofinterest. Debt securities with longer durations (ameasure of price sensitivity of a bond or bond fund tochanges in interest rates) or maturities (i.e., the amountof time until a bond’s issuer must pay its principal orface value) tend to be more sensitive to changes ininterest rates than debt securities with shorter durationsor maturities. In addition, both mortgage-backed andasset-backed securities are sensitive to changes in the

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




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

3

TSF-28

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





Preferred Securities Risk. There are certainadditional risks associated with investing in preferredsecurities, including, but not limited to, preferredsecurities may include provisions that permit the issuer,at its discretion, to defer or omit distributions for astated period without any adverse consequences to theissuer; preferred securities are generally subordinated tobonds and other debt instruments in a company’scapital structure in terms of having priority to corporateincome and liquidation payments, and therefore will besubject to greater credit risk than more senior debtinstruments; preferred securities may be substantiallyless liquid than many other securities, such as commonstocks or U.S. Government securities; generally,traditional preferred securities offer no voting rightswith respect to the issuing company unless preferred

dividends have been in arrears for a specified number ofperiods, at which time the preferred security holdersmay elect a number of directors to the issuer’s board;and in certain varying circumstances, an issuer ofpreferred securities may redeem the securities prior to aspecified date.

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



4

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

Effective August 16, 2013, based on approval of thePortfolio’s Board of Directors, the Portfolio’s investmentobjective and principal strategies were changed, whichhad the effect of converting the Portfolio from onewhich invested at least 80% of its assets inincome-producing equity securities to one which investsin a combination of equity securities and debt securities.At the same time, the Portfolio’s name changed fromThrivent Equity Income Plus Portfolio to ThriventGrowth and Income Plus Portfolio. As a result,performance information presented below with respectto periods prior to August 16, 2013, reflects theperformance of an investment portfolio that wasmaterially different from the investment portfolio ofThrivent Growth and Income Plus Portfolio.

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

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


16.68% 16.23%

(2.45)%

13.17%

21.24%

2.21%

(0.81)%

6.63%

14.01%

-5

0

5

10

15

20

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‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

An

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Thrivent Growth and IncomePlus Portfolio 1 Year 5 Years

SinceInception(4/30/08)

14.01% 8.36% 4.81%





Management


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

5

TSF-30

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







6

32065AB R4-18TSF-31






THRIVENT HIGH YIELD PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-32

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











Thrivent High YieldPortfolio $46 $144 $252 $567


Principal StrategiesUnder normal market conditions, the Portfolio investsat least 80% of its net assets (plus the amount of anyborrowing for investment purposes) in high yield, highrisk bonds, notes, debentures and other debt obligations(including leveraged loans, mortgage-backed securities,convertible bonds, and convertible stock), or preferredstocks. These securities are commonly known as “junkbonds.” At the time of purchase these securities arerated within or below the “BB” major rating category byStandard & Poor’s Corporation or the “Ba” major ratingcategory by Moody’s Investor Services, Inc. or areunrated but considered to be of comparable quality bythe Adviser. The Portfolio invests in securities regardlessof the securities’ maturity average and may also investin foreign securities. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in junk bonds from 80% to a lesser amount, wewill notify you at least 60 days prior to the change.

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


1

TSF-33

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




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

High Yield Risk. High yield securities – commonlyknown as “junk bonds” – to which the Portfolio isexposed are considered predominantly speculative withrespect to the issuer’s continuing ability to makeprincipal and interest payments. If the issuer of the

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



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


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

2

TSF-34

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






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



(21.19)%

43.49%

14.57%

4.70%

16.28%

6.91%

1.96% (2.69)%

12.78%

7.47%

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Thrivent High Yield Portfolio 1 Year 5 Years 10 Years

7.47% 5.15% 7.34%

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

Management


3

TSF-35

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







4

32065R R4-18TSF-36






THRIVENT INCOME PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-37

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











Thrivent IncomePortfolio $45 $141 $246 $555


Principal StrategiesThe principal strategies of the Portfolio are to invest ininvestment-grade corporate bonds, government bonds,asset-backed securities, and mortgage-backed securities.(Asset-backed securities are securities backed by notes orreceivables originated by banks, credit card companiesor other providers of credit).

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

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

The Adviser uses fundamental, quantitative, andtechnical investment research techniques to determinewhat debt obligations to buy and sell. Fundamentaltechniques assess a security’s value based on an issuer’sfinancial profile, management, and business prospectswhile quantitative and technical techniques involve amore data-oriented analysis of financial information,market trends and price movements. The Adviser maypurchase bonds of any maturity and generally focuseson U.S. companies that it believes are financially soundand have strong cash flow, asset values and interest ordividend earnings. The Adviser purchases bonds offoreign issuers as well. Additionally, the Portfolio mayinvest in leveraged loans, which are senior secured loansthat are made by banks or other lending institutions tocompanies that are rated below investment grade. Pleasenote that the Portfolio will likely use an interest rate

1

TSF-38

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

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




Financial Sector Risk. To the extent that thefinancials sector continues to represent a significantportion of the Portfolio, the Portfolio will be sensitive tochanges in, and its performance may depend to agreater extent on, factors impacting this sector.Performance of companies in the financials sector maybe adversely impacted by many factors, including,among others, government regulations, economicconditions, credit rating downgrades, changes in

interest rates, and decreased liquidity in credit markets.The impact of more stringent capital requirements,recent or future regulation of any individual financialcompany or recent or future regulation of the financialssector as a whole cannot be predicted. In recent years,cyber attacks and technology malfunctions and failureshave become increasingly frequent in this sector andhave caused significant losses.

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



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

2

TSF-39

depends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments mayprove incorrect, resulting in losses or poor performance,even in rising markets.





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

such securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid.




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

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

3

TSF-40

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



(10.85)%

21.29%

11.55%

5.94%

10.98%

(0.07)%

6.68%

(0.68)%

6.09% 6.28%

-15

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Thrivent Income Portfolio 1 Year 5 Years 10 Years

6.28% 3.61% 5.41%


Management


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

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







4

32065S R4-18TSF-41






THRIVENT LARGE CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-42

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











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


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof large companies. The Adviser focuses mainly on theequity securities of large domestic and internationalcompanies which have market capitalizationsequivalent to those included in widely known indicessuch as the S&P 500 Index, the MSCI USA Large CapIndex, or the large company market capitalizationclassifications published by Lipper, Inc. Thesecompanies typically have a market capitalization ofapproximately $8 billion or more. Should the Adviserdetermine that the Portfolio would benefit fromreducing the percentage of its assets invested in equitysecurities of large cap companies from 80% to a lesseramount, we will notify you at least 60 days prior to thechange.

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

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

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

1

TSF-43

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




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

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



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

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theS&P 500 Growth Index, which measures theperformance of the growth stocks in the S&P 500 Index.Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.

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

2

TSF-44

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



(42.00)%

41.40%

10.73%

(5.27)%

19.18%

36.14%

10.99% 10.48%

(1.48)%

28.93%

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Thrivent Large Cap GrowthPortfolio 1 Year 5 Years 10 Years

28.93% 16.22% 8.07%

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

Management


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







3

32065M R4-18TSF-45






THRIVENT LARGE CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-46

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











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


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


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

Issuer Risk. Issuer risk is the possibility that factorsspecific to a company to which the Portfolio is exposed

1

TSF-47

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




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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theS&P 500 Index, which measures the performance of 500widely held, publicly traded stocks. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.



(37.12)%

26.20%

14.63%

1.71%

15.54%

31.81%

13.25%

1.12%

11.68%

21.46%

-40

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Thrivent Large Cap IndexPortfolio 1 Year 5 Years 10 Years

21.46% 15.41% 8.15%


Management


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


2

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3

32065AC R4-18TSF-49






THRIVENT LARGE CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-50

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











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

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

over” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result inhigher taxes when Portfolio shares are held in a taxableaccount. These costs, which are not reflected in annualfund operating expenses or in the example, affect thePortfolio’s performance. During the most recent fiscalyear, the Portfolio’s portfolio turnover rate was 59% ofthe average value of its portfolio.

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof large companies. The Adviser focuses mainly on theequity securities of large domestic and internationalcompanies which have market capitalizationsequivalent to those in widely known indices such as theS&P 500 Index, the MSCI USA Large Cap Index, or thelarge company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $8 billionor more. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notifyyou at least 60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in domestic and internationalcommon stocks. The Portfolio may buy and sell futurescontracts to either hedge its exposure or obtainexposure to certain investments. The Portfolio may alsopursue its investment strategy by investing in othermutual funds, including funds managed by the Adviseror an affiliate. The Adviser uses fundamental,quantitative, and technical investment researchtechniques to determine what stocks to buy and sell.Fundamental techniques assess a security’s value basedon an issuer’s financial profile, management, andbusiness prospects while quantitative and technicaltechniques involve a more data-oriented analysis offinancial information, market trends and pricemovements. The Portfolio may sell securities for avariety of reasons, such as to secure gains, limit losses,or reposition assets into more promising opportunities.


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

1

TSF-51

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


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

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


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

may also decline because of factors that affect aparticular industry.



PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared toa broad-based securities market index. The index is theMSCI World Large Cap Index—USD Net Returns, whichmeasures the performance of large cap stocks indeveloped countries throughout the world. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.



(37.68)%

27.59%

10.82%

(4.57)%

14.90%

29.60%

5.29%3.11%

5.42%

21.16%

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Thrivent Large Cap StockPortfolio 1 Year 5 Years 10 Years

21.16% 12.44% 5.67%

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

Management


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







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THRIVENT LARGE CAP VALUE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-54

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











Thrivent Large CapValue Portfolio $65 $205 $357 $798

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

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

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof large companies. The Adviser focuses mainly on theequity securities of large domestic and internationalcompanies which have market capitalizationsequivalent to those included in widely known indicessuch as the S&P 500 Index, the MSCI USA Large CapIndex, or the large company market capitalizationclassifications published by Lipper, Inc. Thesecompanies typically have a market capitalization ofapproximately $8 billion or more. The Portfolio mayalso pursue its investment strategy by investing in othermutual funds, including funds managed by the Adviseror an affiliate. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in equity securities of large capcompanies from 80% to a lesser amount, we will notifyyou at least 60 days prior to the change.

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


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

1

TSF-55

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

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






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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared toa broad-based securities market index. The index is theS&P 500 Value Index, which measures the performanceof the value stocks in the S&P 500 Index. Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.




(34.33)%

21.11%

12.61%

(3.08)%

17.57%

31.82%

9.03%

(3.53)%

17.44% 17.65%

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Thrivent Large Cap ValuePortfolio 1 Year 5 Years 10 Years

17.65% 13.88% 6.93%

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

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

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







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THRIVENT LIMITED MATURITY BONDPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-58

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











Thrivent LimitedMaturity BondPortfolio $46 $144 $252 $567


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

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

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

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


Collateralized Debt Obligations Risk. The risks ofan investment in a collateralized debt obligation(“CDO”) depend largely on the quality and type of thecollateral and the tranche of the CDO in which thePortfolio invests. In addition to the typical risksassociated with fixed income securities and asset-backedsecurities, CDOs carry additional risks including, butnot limited to: (i) the possibility that distributions fromcollateral securities will not be adequate to makeinterest or other payments; (ii) the risk that thecollateral may default, decline in value, and/or bedowngraded; (iii) the Portfolio may invest in tranches ofCDOs that are subordinate to other tranches; (iv) thestructure and complexity of the transaction and thelegal documents could lead to disputes among investorsregarding the characterization of proceeds; (v) theinvestment return achieved by the Portfolio could besignificantly different than those predicted by financialmodels; (vi) the lack of a readily available secondarymarket for CDOs; (vii) risk of forced “fire sale”liquidation due to technical defaults such as coveragetest failures; and (viii) the CDO’s manager may performpoorly.





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

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

asset-backed securities will be influenced by the factorsaffecting the housing market and the assets underlyingsuch securities. As a result, during periods of decliningasset value, difficult or frozen credit markets, swings ininterest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities maydecline in value, face valuation difficulties, becomemore volatile and/or become illiquid.




PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theBloomberg Barclays Government/Credit 1-3 Year BondIndex, which measures the performance of governmentand corporate fixed-rate debt securities with maturitiesof 1-3 years. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.

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(6.46)%

14.04%

5.25%

0.90%

4.32%

0.45%1.68%

0.73%

2.84% 2.62%

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Thrivent Limited MaturityBond Portfolio 1 Year 5 Years 10 Years

2.61% 1.66% 2.52%

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

Management


Portfolio Manager(s)Michael G. Landreville, CFA, CPA (inactive) andGregory R. Anderson, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Landreville and Mr. Anderson have servedas portfolio managers of the Portfolio since November2001 and February 2005, respectively. Mr. Landreville

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







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THRIVENT LOW VOLATILITY EQUITYPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-63

Thrivent Low Volatility Equity PortfolioInvestment ObjectiveThrivent Low Volatility Equity Portfolio (the �Portfolio�)seeks long-term capital appreciation with lowervolatility relative to the global equity markets. ThePortfolio’s investment objective may be changedwithout shareholder approval.







Other Expenses1 2.46%




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

2 The Adviser has contractually agreed, through at least April 30,2019, to waive certain fees and/or reimburse certain expensesassociated with the shares of the Thrivent Low Volatility Portfolioin order to limit the Total Annual Portfolio Operating ExpensesAfter Fee Waivers and/or Expense Reimbursements, if any, to anannual rate of 0.80% of the average daily net assets of the shares.This contractual provision, however, may be terminated before theindicated termination date upon the mutual agreement betweenthe Independent Directors of the Portfolio and the Adviser.

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

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


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

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

From inception on April 28, 2017 through the mostrecent fiscal year, the Portfolio’s portfolio turnover ratewas 35% of the average value of its portfolio.

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securities.The Portfolio’s investments are diversified globally. ThePortfolio may invest in securities denominated in U.S.dollars and the currencies of the foreign countries inwhich it may invest. The Portfolio typically has fullcurrency exposure to those markets in which it invests.The Portfolio may buy or sell equity index futures forinvestment exposure or hedging purposes. The Portfoliomay invest in securities of any market capitalization,including small- and mid-cap securities. The Portfoliomay also pursue its investment strategy by investing inother mutual funds, including funds managed by theAdviser or an affiliate.

In seeking to achieve the Portfolio’s investmentobjective, the Adviser employs investment managementtechniques to identify securities that exhibit lowvolatility returns. Volatility refers to the variation insecurity and market prices over time. Over a full marketcycle, the Portfolio seeks to produce returns similar tothe MSCI World Index but with less volatility. It isexpected that the Portfolio will generally underperformthe global equity markets during periods of strongmarket performance.

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In buying and selling securities for the Portfolio, theAdviser uses an active strategy. This strategy consists of adisciplined approach that involves computer-aided,quantitative analysis of fundamental, technical andrisk-related factors. The Adviser’s factor model (amethod of analyzing and combining multiple datasources) systematically reviews thousands of stocks,using data such as historical earnings growth andexpected future growth, valuation, price momentum,and other quantitative factors to forecast returnpotential. Then, risk characteristics of potentialinvestments and covariation among securities areanalyzed along with the return forecasts in determiningthe Portfolio’s holdings to produce a portfolio withreduced volatility.










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

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

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

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Portfolio Manager(s)Noah J. Monsen, CFA and Brian W. Bomgren, CQFare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Monsen and Mr.Bomgren have served as portfolio managers of thePortfolio since April 2017 and April 2018, respectively.Mr. Monsen has been with Thrivent Financial since2000 and has served in an investment managementcapacity since 2008. Mr. Bomgren has been withThrivent Financial since 2006 and is currently a SeniorEquity Portfolio Manager.







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THRIVENT MID CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-67

Thrivent Mid Cap Index PortfolioInvestment ObjectiveThrivent Mid Cap Index Portfolio (the �Portfolio�) seekstotal returns that track the performance of the S&PMidCap 400 Index.











Thrivent Mid CapIndex Portfolio $28 $87 $152 $343


Principal StrategiesUnder normal circumstances, the Portfolio investssubstantially all of its assets (more than 80% of its netassets, plus the amount of any borrowings forinvestment purposes) in mid-sized company stocksincluded in the S&P MidCap 400 Index in theproportions in which they are represented in the Index.This is a passively managed Portfolio, which means thatthe Adviser does not actively choose the securities thatshould make up the Portfolio. The S&P MidCap 400Index is a capitalization weighted index of 400 mediumcapitalization stocks chosen for market size, liquidity,and industry representation. Accordingly, the Portfolioinvests in stocks of medium-sized companies from abroad range of industries. The S&P MidCap 400 Index isadjusted quarterly and when changes to the indexoccur, the Adviser will attempt to replicate thesechanges within the Portfolio. However, any suchchanges may result in slight variations from the index.The Portfolio may buy and sell equity index futures forinvestment exposure. For liquidity reasons, the Portfoliomay invest, to some degree, in money marketinstruments. The Portfolio may also pursue itsinvestment strategy by investing in other mutual funds,including funds managed by the Adviser or an affiliate.



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



PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theS&P MidCap 400 Index, which measures theperformance of 400 mid-cap stocks. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.

The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insuranceand variable annuity contracts, you should carefullyreview the variable contract prospectus for information

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



(36.29)%

36.69%

25.91%

(2.23)%

17.38%

32.92%

9.28%

(2.52)%

20.43%15.98%

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Thrivent Mid Cap IndexPortfolio 1 Year 5 Years 10 Years

15.98% 14.61% 9.55%

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

Management


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

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THRIVENT MID CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-71

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











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



Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof mid-sized companies. The Adviser focuses mainly onthe equity securities of mid-sized U.S. companies whichhave market capitalizations equivalent to thoseincluded in widely known indices such as the S&PMidCap 400 Index, MSCI USA Mid Cap Index, or themid-sized company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of approximately $2 billionto $25 billion. Should the Adviser determine that thePortfolio would benefit from reducing the percentage ofits assets invested in mid cap equity securities from 80%to a lesser amount, we will notify you at least 60 daysprior to the change.

The Portfolio seeks to achieve its investment objectiveby investing in common stocks. The Adviser usesfundamental, quantitative, and technical investmentresearch techniques to determine what securities to buyand sell. Fundamental techniques assess a security’svalue based on an issuer’s financial profile,management, and business prospects while quantitativeand technical techniques involve a more data-orientedanalysis of financial information, market trends andprice movements. The Adviser generally looks formid-sized companies that, in its opinion:

• have prospects for growth in their sales andearnings;

• are in an industry with a good economic outlook;• have high-quality management; and/or• have a strong financial position.


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

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




(40.75)%

39.10%

25.59%

(6.28)%

14.29%

35.50%

11.93%

0.08%

28.71%

19.00%

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Thrivent Mid Cap StockPortfolio 1 Year 5 Years 10 Years

19.00% 18.38% 9.93%

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

Management


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Portfolio Manager(s)Brian J. Flanagan, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr.Flanagan has been a portfolio manager of the Portfoliosince December 2004. He has been with ThriventFinancial since 1994 and a portfolio manager since2000.







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THRIVENT MODERATE ALLOCATIONPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-75

Thrivent Moderate Allocation PortfolioInvestment ObjectiveThrivent Moderate Allocation Portfolio (the �Portfolio�)seeks long-term capital growth while providingreasonable stability of principal.













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

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


Thrivent ModerateAllocation Portfolio $65 $242 $433 $986



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

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




Range


















Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to both equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.




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3

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(27.74)%

26.89%

13.68%

(1.02)%

11.72%15.12%

5.88%

(0.56)%

8.89%

12.95%

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Thrivent Moderate AllocationPortfolio 1 Year 5 Years 10 Years

12.95% 8.31% 5.56%




Management


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Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

32065C R4-18TSF-80






THRIVENT MODERATELY AGGRESSIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-81

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
















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




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Range


















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




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(33.40)%

29.80%

15.43%

(2.86)%

12.87%

21.30%

6.05%

(0.75)%

10.23%

16.79%

-40

-30

-20

-10

0

10

20

30

40

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

An

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Thrivent Moderately AggressiveAllocation Portfolio 1 Year 5 Years 10 Years

16.79% 10.45% 6.04%




Management


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Portfolio Manager(s)David C. Francis, CFA, Mark L. Simenstad, CFA,Darren M. Bagwell, CFA, Stephen D. Lowe, CFAand David S. Royal are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

32065AK R4-18TSF-86






THRIVENT MODERATELY CONSERVATIVEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-87

Thrivent Moderately Conservative Allocation PortfolioInvestment ObjectiveThrivent Moderately Conservative Allocation Portfolio(the �Portfolio�) seeks long-term capital growth whileproviding reasonable stability of principal.













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

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


Thrivent ModeratelyConservativeAllocation Portfolio $61 $220 $393 $894


Principal StrategiesThe Portfolio pursues its objective by investing in acombination of other funds managed by the Adviser oran affiliate and directly held financial instruments. ThePortfolio uses a prescribed asset allocation strategyinvolving a two-step process that is designed to achievea desired risk tolerance generally aligned with its peergroup as published by Lipper, Inc. The first step is theconstruction of a model for the allocation of thePortfolio’s assets across broad asset categories (namely,debt securities and equity securities). The second stepinvolves the determination of sub-classes within thebroad asset categories and target weightings (i.e., whatthe Adviser determines is the strategic allocation) forthese sub-classes. Sub-classes may be based on maturity,duration, security type or credit rating (high yield—commonly known as “junk bonds”—or investmentgrade) for debt securities. Sub-classes for equitysecurities may be based on market capitalization,investment style (such as growth or value), or economicsector and may include leveraged loans, which aresenior secured loans that are made by banks or otherlending institutions to companies that are rated belowinvestment grade.


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Range

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






Thrivent Government Bond PortfolioThrivent Limited Maturity Bond Portfolio

OtherThrivent Core Emerging Markets Debt Fund










Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. Underperformance in the equity markets ordebt markets would have a material adverse effect onthe Portfolio’s total returns given its significantallocation to equity securities and debt securities.Therefore, a principal risk of investing in the Portfolio isthat the allocation strategies used and the allocationdecisions made will not produce the desired results.




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

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




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


The bar chart and table include the effects of Portfolioexpenses, but not charges or deductions against yourvariable contract, and assume that you sold yourinvestment at the end of the period. Because shares ofthe Portfolio are offered through variable life insurance

and variable annuity contracts, you should carefullyreview the variable contract prospectus for informationon applicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



(20.61)%

22.53%

11.41%

0.20%

9.59% 9.02%

5.32%

(0.46)%

7.24%9.51%

-30

-20

-10

0

10

20

30

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

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Thrivent ModeratelyConservative AllocationPortfolio 1 Year 5 Years 10 Years

9.51% 6.06% 4.80%





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

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Portfolio. Mr. Francis and Mr. Simenstad have served asportfolio managers of the Portfolio since April 2005. Mr.Bagwell and Mr. Lowe have served as portfolio managersof the Portfolio since April 2016. Mr. Royal has served asportfolio manager of the Portfolio since April 2018. Mr.Francis is Vice President of Investment Equities and hasbeen with Thrivent Financial since 2001. Mr. Simenstadis Chief Investment Strategist and has been withThrivent Financial since 1999. Mr. Bagwell has beenwith Thrivent Financial since 2002 in an investmentmanagement capacity and currently is a Senior EquityPortfolio Manager. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997. He has servedas a portfolio manager since 2009. Mr. Royal is ChiefInvestment Officer and has been with ThriventFinancial since 2006.







5

32065D R4-18TSF-92






THRIVENT MONEY MARKET PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-93

Thrivent Money Market PortfolioInvestment ObjectiveThrivent Money Market Portfolio (the �Portfolio�) seeksto achieve the maximum current income that isconsistent with stability of capital and maintenance ofliquidity.











Thrivent MoneyMarket Portfolio $46 $144 $252 $567

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

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

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

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

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

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

Government Securities Risk. The Portfolio invests insecurities issued or guaranteed by the U.S. governmentor its agencies and instrumentalities (such as FederalHome Loan Bank Ginnie Mae, Fannie Mae or FreddieMac securities). Securities issued or guaranteed byFederal Home Loan Bank Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S.government. Ginnie Mae is a wholly owned U.S.corporation that is authorized to guarantee, with thefull faith and credit of the U.S. government, the timelypayment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S.government-related organizations such as Federal HomeLoan Bank Fannie Mae and Freddie Mac are not backedby the full faith and credit of the U.S. government. Noassurance can be given that the U.S. government wouldprovide financial support to its agencies andinstrumentalities if not required to do so by law. Inaddition, the value of U.S. government securities may beaffected by changes in the credit rating of the U.S.government.

Interest Rate Risk. A weak economy, strong equitymarkets, or changes by the Federal Reserve in itsmonetary policies may cause short-term interest rates toincrease and affect the Portfolio’s ability to maintain astable share price.

Redemption Risk. The Portfolio may need to sellportfolio securities to meet redemption requests. ThePortfolio could experience a loss when selling portfoliosecurities to meet redemption requests if there is (i)significant redemption activity by shareholders,including, for example, when a single investor or fewlarge investors make a significant redemption ofPortfolio shares, (ii) a disruption in the normaloperation of the markets in which the Portfolio buysand sells portfolio securities or (iii) the inability of thePortfolio to sell portfolio securities because suchsecurities are illiquid. In such events, the Portfolio couldbe forced to sell portfolio securities at unfavorable pricesin an effort to generate sufficient cash to pay redeemingshareholders. Although the Portfolio does not have theability to impose liquidity fees or temporarily suspendredemptions, the Portfolio may deny the payment ofredemption proceeds or suspend redemptions during itsliquidation when permitted by applicable regulations.

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing the Portfolio’s average annual returnsfor one-, five- and ten-year periods. Call 800-847-4836or visit Thrivent.com for performance results current tothe most recent month-end.

The bar chart and table include the effects of Portfolioexpenses and assume that you sold your investment atthe end of the period. On February 1, 2016, thePortfolio changed its investment strategies from those ofa prime money market fund to those of a governmentmoney market fund. Because shares of the Portfolio areoffered through variable life insurance and variableannuity contracts, you should carefully review thevariable contract prospectus for information onapplicable charges and expenses. If the charges anddeductions against your variable contract were included,returns would be lower than those shown.



2.95%

0.43%

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

0.50%

0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

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%)


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


1 Year 5 Years 10 Years

Thrivent Money MarketPortfolio 0.50% 0.10% 0.39%

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

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Management


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







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32065W R4-18TSF-96






THRIVENT MULTIDIMENSIONAL INCOMEPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-97

Thrivent Multidimensional Income PortfolioInvestment ObjectiveThrivent Multidimensional Income Portfolio (the�Portfolio�) seeks a high level of current income and,secondarily, growth of capital. The Portfolio’sinvestment objectives may be changed withoutshareholder approval.












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

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

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

example assumes that you invest $10,000 in thePortfolio for the time periods indicated and thenredeem all of your shares at the end of those periods. Inaddition, the example for the 1 Year period reflects theeffect of the contractual fee waiver and/or expensereimbursement. The example also assumes that yourinvestment has a 5% return each year, and that thePortfolio’s operating expenses remain the same.Although your actual cost may be higher or lower, basedon the foregoing assumptions, your cost would be:


ThriventMultidimensionalIncome Portfolio $117 $459 $824 $1,852

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

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

Principal StrategiesThe Portfolio seeks to achieve its investment objectivesby allocating assets across multiple income and growthproducing asset classes and strategies. Debt securities inwhich the Portfolio invests include high yield, high riskbonds, notes, debentures and other debt obligationscommonly known as “junk bonds.” At the time ofpurchase, these high-yield securities are rated within orbelow the “BB” major rating category by S&P or the“Ba” major rating category by Moody’s or are unratedbut considered to be of comparable quality by theAdviser. The Portfolio also invests in leveraged loans,which are senior secured loans that are made by banksor other lending institutions to companies that are ratedbelow investment grade. In addition, the Portfolio mayinvest in investment-grade corporate bonds,asset-backed securities, mortgage-backed securities(including commercially backed ones), convertiblebonds, and U.S. dollar denominated emerging marketssovereign debt.

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

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funds (“ETFs”). CEFs are investment companies thatissue a fixed number of shares that trade on a stockexchange or over-the-counter, typically at a premium ora discount to their net asset value. BDCs are publiclyheld investment funds that invest primarily in privateand thinly traded public U.S. businesses. MLPs arepublicly-traded limited partnerships that are limited bythe Internal Revenue Code to only apply to enterprisesthat engage in certain businesses, mostly pertaining tothe use of natural resources. ETFs are investmentcompanies generally designed to track the performanceof a securities or other index or benchmark. ThePortfolio may also pursue its investment strategy byinvesting in other mutual funds, including fundsmanaged by the Adviser or an affiliate.

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

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



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

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

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





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

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




Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser inassessing the potential of the investments in which thePortfolio invests. This assessment of investments may

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

Investment in Other Investment Companies Risk.Investing in other investment companies, includingCEFs and BDCs, could result in the duplication ofcertain fees, including management and administrativefees, and may expose the Portfolio to the risks ofowning the underlying investments that the otherinvestment company holds.



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


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




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

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

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


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

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Portfolio’s shares may fluctuate significantly in theshort term.

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

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

Management


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







5

32065Q R4-18TSF-102






THRIVENT OPPORTUNITY INCOME PLUSPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-103

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












Thrivent OpportunityIncome Plus Portfolio $70 $221 $384 $859


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


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



1

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Allocation Risk. The Portfolio’s investmentperformance depends upon how its assets are allocatedacross broad asset categories and applicable sub-classeswithin such categories. Some broad asset categories andsub-classes may perform below expectations or thesecurities markets generally over short and extendedperiods. In particular, underperformance in the fixedincome markets would have a material adverse effect onthe Portfolio’s total return given its significantallocation to fixed income securities. Therefore, aprincipal risk of investing in the Portfolio is that theallocation strategies used and the allocation decisionsmade will not produce the desired results.



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

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




High Yield Risk. High yield securities – commonlyknown as “junk bonds” – to which the Portfolio isexposed are considered predominantly speculative withrespect to the issuer’s continuing ability to make

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principal and interest payments. If the issuer of thesecurity is in default with respect to interest or principalpayments, the value of the Portfolio may be negativelyaffected.




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

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






Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, while

3

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



PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared tobroad-based securities market indices. These indices arethe Bloomberg Barclays U.S. Mortgage-Backed SecuritiesIndex, which covers the mortgage-backed securitiescomponent of the Bloomberg Barclays U.S. AggregateBond Index, the Bloomberg Barclays U.S. High YieldBa/B 2% Issuer Capped Index, which represents theperformance of high yield corporate bonds rated Ba orB, with a maximum allocation of 2% to any one issuer,and the S&P/LSTA Leveraged Loan Index, which reflects

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

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

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



(4.96)%

13.02%12.09%

4.52%5.99%

(1.39)%

3.48%

(0.03)%

6.38%

4.62%

-10

-5

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10

15

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

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Thrivent Opportunity IncomePlus Portfolio 1 Year 5 Years 10 Years

4.62% 2.57% 4.24%




Management


Portfolio Manager(s)Gregory R. Anderson, CFA, Conrad E. Smith,CFA, Paul J. Ocenasek, CFA, Kent L. White, CFAand Stephen D. Lowe, CFA are jointly and primarilyresponsible for the day-to-day management of thePortfolio. Mr. Anderson has served as a portfoliomanager of the Portfolio since April 2003. Mr. Smith hasserved as a portfolio manager of the Portfolio since theAugust 2013. Mr. Ocenasek and Mr. White have servedas portfolio managers of the Portfolio since April 2015.Stephen D. Lowe, CFA has served as a portfolio managerof the Portfolio since April 2018. Mr. Anderson has beenwith Thrivent Financial since 1997 and has served as aportfolio manager since 2000. Mr. Smith has been withThrivent Financial since 2004 and also manages theleveraged loan portfolio and the high yield bondportfolio of Thrivent Financial’s general account. Mr.Ocenasek has been with Thrivent Financial since 1987and has served in a portfolio management capacitysince 1997. Mr. White is the Director of InvestmentGrade Research at Thrivent Financial and has been withthe firm since 1999. Mr. Lowe is Vice President of FixedIncome Mutual Funds and Separate Accounts and hasbeen with Thrivent Financial since 1997.







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THRIVENT PARTNER ALL CAP PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-109

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











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


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

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

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

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


ETF Risk. An ETF is subject to the risks of theunderlying investments that it holds. In addition, forindex-based ETFs, the performance of an ETF maydiverge from the performance of such index (commonlyknown as tracking error). ETFs are subject to fees andexpenses (like management fees and operatingexpenses) that do not apply to an index, and the

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



Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser orsubadviser in assessing the potential of the investmentsin which the Portfolio invests. This assessment ofinvestments may prove incorrect, resulting in losses orpoor performance, even in rising markets.



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

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

these cycles and, in some instances, increase or decreasemore than the applicable market(s) as measured by thePortfolio’s benchmark index(es). The securities marketsmay also decline because of factors that affect aparticular industry.

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



PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared toa broad-based securities market index. The index is theS&P Composite 1500 Index, which combines the S&P500 Index, the S&P MidCap 400 Index, and the S&PSmallCap 600 Index to cover approximately 90% of theU.S. market capitalization. Call 800-847-4836 or visitThrivent.com for performance results current to themost recent month-end.



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(42.91)%

28.48%

16.34%

(4.82)%

14.74%

32.85%

12.26%

2.26%5.77%

20.24%

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Thrivent Partner All CapPortfolio 1 Year 5 Years 10 Years

20.24% 14.17% 6.10%

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

Management

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

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

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

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

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







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THRIVENT PARTNER EMERGING MARKETSEQUITY PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-114

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











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




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


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

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

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

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

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

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

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

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

The Portfolio’s subadviser, Aberdeen Asset ManagersLimited (“Aberdeen”), uses a disciplined investmentprocess based on its proprietary research to determinesecurity selection. Aberdeen seeks to identify “quality”companies, based on factors such as strength ofmanagement and business, that trade at reasonablevaluations, based on factors such as earnings growthand other key financial measurements. Aberdeen alsoconsiders how a company’s corporate governance andrisk management practices may affect that company’slong-term value. Aberdeen makes investments for thelong-term, although it may sell a security when itperceives a company’s business direction or growthprospects to have changed or the company’s valuationsare no longer attractive.

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


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

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

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

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

Foreign Securities Risk. Securities of foreigncompanies in which the Portfolio invests generally carrymore risk than securities of U.S. companies. Theeconomies and financial markets of certain regions –such as Latin America, Asia, Europe, and theMediterranean region – can be highly interdependentand may decline at the same time. Other risks resultfrom the varying stages of economic and politicaldevelopment of foreign countries; the differingregulatory environments, trading days, and accountingstandards of foreign markets; and higher transactioncosts. The Portfolio’s investment in any country couldbe subject to governmental actions such as capital orcurrency controls, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome.

Investment Adviser Risk. The Portfolio is activelymanaged and the success of its investment strategydepends significantly on the skills of the Adviser orsubadviser in assessing the potential of the investmentsin which the Portfolio invests. This assessment of

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TSF-116

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



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



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

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

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


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the MSCI Emerging Markets Index -USD Net Returns, which measures the performance ofstock markets in developing countries throughout theworld. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.



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74.70%

27.33%

(10.82)%

25.98%

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

11.58%

27.65%

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Thrivent Partner EmergingMarkets Equity Portfolio 1 Year 5 Years


27.65% 2.19% 4.78%

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

Management

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

Portfolio Manager(s)Aberdeen uses a team-based approach, with thefollowing team members being jointly and primarilyresponsible for day-to-day management. Hugh Young,Head of Asia Pacific/Managing Director – Asia, hasmanaged the Portfolio since April 2008. Devan Kaloo,Global Head of Equities/Head of Global EmergingMarkets Equities, has managed the Portfolio since April2008. Joanne Irvine, Head of Emerging Markets(ex-Asia), has managed the Portfolio since April 2008.Mark Gordon-James, CFA, Senior InvestmentManager, has managed the Portfolio since April 2008.Flavia Cheong, CFA, Head of Equities – Asia(ex-Japan), has managed the Portfolio since April 2008.







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THRIVENT PARTNER GROWTH STOCKPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-119

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











Thrivent PartnerGrowth StockPortfolio $81 $252 $439 $978


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

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

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

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

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

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

Derivatives Risk. The use of derivatives (such asfutures and options) involves additional risks andtransaction costs which could leave the Portfolio in aworse position than if it had not used theseinstruments. The use of derivatives can lead to lossesbecause of adverse movements in the price or value ofthe underlying asset, index or rate, which may bemagnified by certain features of the contract. Changesin the value of the derivative may not correlate asintended with the underlying asset, rate or index, andthe Portfolio could lose much more than the originalamount invested. Derivatives can be highly volatile,illiquid and difficult to value. Certain derivatives mayalso be subject to counterparty risk, which is that theother party in the transaction will not fulfill itscontractual obligations due to its financial condition,market events, or other reasons.

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


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

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





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

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




(42.13)%

43.17%

16.62%

(1.48)%

18.66%

38.84%

8.52% 10.65%

1.35%

33.61%

-60

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Thrivent Partner Growth StockPortfolio 1 Year 5 Years 10 Years

33.61% 17.69% 9.81%

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

Management

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

which has engaged T. Rowe Price Associates, Inc. (“T.Rowe Price”) to subadvise the Portfolio.

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







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THRIVENT PARTNER HEALTHCARE PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-123

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











1 The Adviser has contractually agreed, through at least April 30,2019, to waive a portion of the management fees associated withthe shares of the Thrivent Partner Healthcare Portfolio equal in theaggregate to 0.05% of the average daily net assets. This contractualprovision, however, may be terminated before the indicatedtermination date upon the mutual agreement between theIndependent Directors of the Portfolio and the Adviser.

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

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


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


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

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

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





Healthcare Industry Risk. As a sector fund thatinvests primarily in the healthcare industry, thePortfolio is subject to the risk that the companies in that

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


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



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

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resources, and less competitive strength than largercompanies.


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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the S&P Composite 1500® Index,which measures the performance of stocks in the S&P1500® Index that are classified as members of the GICS®

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




23.83%

11.13%

(3.79)%

20.68%

31.09%

24.23%

4.61%

(16.01)%

19.42%

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Thrivent Partner HealthcarePortfolio 1 Year 5 Years


19.42% 11.31% 9.68%

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

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

Management

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

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


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THRIVENT PARTNER WORLDWIDEALLOCATION PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

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











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



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

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

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

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

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

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


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


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


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

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

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

Foreign Securities Risk. Securities of foreigncompanies in which the Portfolio invests generally carrymore risk than securities of U.S. companies. Theeconomies and financial markets of certain regions –such as Latin America, Asia, Europe, and theMediterranean region – can be highly interdependentand may decline at the same time. Other risks resultfrom the varying stages of economic and politicaldevelopment of foreign countries; the differingregulatory environments, trading days, and accountingstandards of foreign markets; and higher transactioncosts. The Portfolio’s investment in any country couldbe subject to governmental actions such as capital orcurrency controls, nationalizing a company or industry,expropriating assets, or imposing punitive taxes thatwould have an adverse effect on security prices, andimpair the Portfolio’s ability to repatriate capital orincome.



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


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

holding positions in certain types of securities,industries or sectors. These positions may bedetrimental to a Portfolio’s performance dependingupon the performance of those securities and the overalleconomic environment. The multi-manager approachcould result in a high level of portfolio turnover,resulting in higher brokerage expenses and increased taxliability from a Portfolio’s realization of capital gains. Itis also possible that one subadviser could be selling aparticular security or security from a certain countrywhile another subadviser could be purchasing the samesecurity or a security from that same country.





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

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

PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one- and five-year periods and sinceinception compared to a broad-based securities marketindex. The index is the MSCI All Country World Indexex-USA—USD Net Returns which measures theperformance of developed and emerging stock marketsthroughout the world (excluding the U.S.). Call800-847-4836 or visit Thrivent.com for performanceresults current to the most recent month-end.


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


31.67%

13.43%

(12.12)%

18.67%16.31%

(5.35)% (0.78)%3.35%

23.85%

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Thrivent Partner WorldwideAllocation Portfolio 1 Year 5 Years


23.85% 6.93% 2.96%


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

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

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

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

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

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

The Adviser manages the Portfolio’s internationallarge-cap value assets and the assets allocated to U.S.securities. David C. Francis, CFA, Noah J. Monsen,CFA and Brian W. Bomgren, CQF are jointly andprimarily responsible for day-to-day management of thePortfolio’s international large-cap value assets and theassets allocated to U.S. securities. Mr. Francis, VicePresident of Investment Equities of Thrivent Asset Mgt.,has served as lead portfolio manager for the portion ofthe Portfolio’s assets allocated to U.S. securities sinceApril 2011. Mr. Francis has been with Thrivent Financialsince 2001. Mr. Monsen and Mr. Bomgren have servedas portfolio co-managers of the international large-capvalue assets of the Portfolio since March 2016. Mr.Monsen has been with Thrivent Financial since 2000and has served in an investment management capacitysince 2008. Mr. Bomgren has been with ThriventFinancial since 2006 and is currently a Senior EquityPortfolio Manager.







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THRIVENT REAL ESTATE SECURITIESPORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-134

Thrivent Real Estate Securities PortfolioInvestment ObjectiveThe Thrivent Real Estate Securities Portfolio (the�Portfolio�) seeks to provide long-term capitalappreciation and high current income.











Thrivent Real EstateSecurities Portfolio $87 $271 $471 $1,049


Principal StrategiesIn seeking to achieve its investment objective, thePortfolio focuses on income-producing common stocksand other equity securities of U.S. real estate companies.Under normal circumstances, the Portfolio invests atleast 80% of its net assets (plus any borrowings forinvestment purposes) in companies that are primarilyengaged in the real estate industry. This includescompanies such as real estate investment trusts (REITs)and other real estate related investments. A real estatecompany generally derives at least 50% of its revenuefrom real estate ownership, leasing, management,development, financing or sale of residential,commercial or industrial real estate—or has at least 50%of its assets in real estate. Should the Adviser determinethat the Portfolio would benefit from reducing thepercentage of assets invested in companies that areprimarily engaged in the real estate industry from 80%to a lesser amount, it will notify you at least 60 daysprior to such a change.

This Portfolio may invest up to 20% of its assets inequity and fixed income securities of companies whichare not principally engaged in the real estate industry orwhich are not income producing equity securities ofcompanies principally engaged in the U.S. real estateindustry.



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

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





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

Real Estate Investment Trust (“REIT”) Risk. REITsgenerally can be divided into three types: equity REITs,mortgage REITs, and hybrid REITs (which combine thecharacteristics of equity REITs and mortgage REITs).Equity REITs will be affected by changes in the values of,and income from, the properties they own, whilemortgage REITs may be affected by the credit quality of

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


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five-, and ten-year periods compared toa broad-based securities market index. The index is theS&P Composite 1500® Equity REITs Index, whichmeasures the performance of the stocks in the S&PComposite 1500® Index that are classified as membersof the GICS® Equity Real Estate Investment Trustsindustry. The Portfolio now compares its returns to theS&P Composite 1500® Equity REITs Index because thePortfolio’s complex no longer uses FTSE as an indexprovider. Call 800-847-4836 or visit Thrivent.com forperformance results current to the most recentmonth-end.


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(37.24)%

29.08% 27.56%

8.83%

17.54%

2.18%

30.82%

2.75%7.50% 5.96%

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Thrivent Real Estate SecuritiesPortfolio 1 Year 5 Years 10 Years

5.96% 9.36% 7.54%

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

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

Management


Portfolio Manager(s)Reginald L. Pfeifer, CFA is primarily responsible forthe day-to-day management of the Portfolio. Mr. Pfeiferhas served as portfolio manager of the Portfolio since itsinception in April 2003. Mr. Pfeifer has been withThrivent Financial since 1990 and has served as anequity portfolio manager since 2003. Previously, he wasthe Head of Mortgages and Real Estate from 2002 to2003 and the Head of Fixed Income from 1998 to 2002.







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THRIVENT SMALL CAP GROWTH PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-138

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











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

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

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

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

1 Year 3 Years

Thrivent Small Cap GrowthPortfolio $99 $861

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

Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof small companies. The Adviser focuses mainly in theequity securities of smaller U.S. companies which havemarket capitalizations equivalent to those companiesincluded in widely known indices such as the S&PSmallCap 600 Index, the MSCI USA Small Cap Index, orthe small company market capitalization classificationpublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in equity securities of small companies stocksfrom 80% to a lesser amount, we will notify you at least60 days prior to the change.

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

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







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







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

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

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

Management


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







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THRIVENT SMALL CAP INDEX PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-142

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











Thrivent Small CapIndex Portfolio $28 $87 $152 $343


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



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





PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theS&P SmallCap 600 Index, which measures the

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




(31.07)%

25.29% 25.88%

0.54%

15.95%

40.83%

5.36%(2.17)%

26.12%

13.13%

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0

10

20

30

40

50

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

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etu

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%)




Thrivent Small Cap IndexPortfolio 1 Year 5 Years 10 Years

13.13% 15.68% 10.13%

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

Management


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

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day-to-day management of the Portfolio. Mr. Bomgrenand Ms. Wang have served as portfolio managers of thePortfolio since January 2018. Mr. Bomgren has beenwith Thrivent Financial since 2006 and is currently aSenior Equity Portfolio Manager. Ms. Wang has beenwith Thrivent Financial since 2017 and is currently anIntermediate Equity Portfolio Manager. Prior to joiningThrivent Financial, Ms. Wang worked at Bryn MawrCapital Management as a portfolio manager from 2009to 2016.







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THRIVENT SMALL CAP STOCK PORTFOLIOSUMMARY PROSPECTUS

APRIL 30, 2018

TSF-146

Thrivent Small Cap Stock PortfolioInvestment ObjectiveThe Thrivent Small Cap Stock Portfolio (the �Portfolio�)seeks long-term capital growth.












Thrivent Small CapStock Portfolio $75 $233 $406 $906


Principal StrategiesUnder normal circumstances, the Portfolio invests atleast 80% of its net assets (plus the amount of anyborrowing for investment purposes) in equity securitiesof small companies. The Adviser focuses mainly in theequity securities of smaller U.S. companies which havemarket capitalizations equivalent to those companiesincluded in widely known indices such as the S&PSmallCap 600 Index, MSCI USA Small Cap Index, or thesmall company market capitalization classificationspublished by Lipper, Inc. These companies typicallyhave a market capitalization of less than $6 billion.Should the Adviser determine that the Portfolio wouldbenefit from reducing the percentage of its assetsinvested in equity securities of small companies stocksfrom 80% to a lesser amount, we will notify you at least60 days prior to the change.

The Portfolio seeks to achieve its investment objectiveby investing primarily in common stocks. The Adviseruses fundamental, quantitative, and technicalinvestment research techniques to determine whatsecurities to buy and sell. Fundamental techniquesassess a security’s value based on an issuer’s financialprofile, management, and business prospects whilequantitative and technical techniques involve a moredata-oriented analysis of financial information, markettrends and price movements. The Adviser looks forsmall companies that, in its opinion:

• have an improving fundamental outlook;• have capable management; and• are financially sound.



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



Small Cap Risk. Smaller, less seasoned companiesoften have greater price volatility, lower trading volume,and less liquidity than larger, more establishedcompanies. These companies tend to have smallrevenues, narrower product lines, less managementdepth and experience, small shares of their product orservice markets, fewer financial resources, and lesscompetitive strength than larger companies. Such

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


PerformanceThe following bar chart and table provide an indicationof the risks of investing in the Portfolio by showingchanges in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annualreturns for one-, five- and ten-year periods compared toa broad-based securities market index. The index is theS&P SmallCap 600 Index, which measures the small-capsegment of the U.S. equity market. Call 800-847-4836 orvisit Thrivent.com for performance results current to themost recent month-end.




(37.52)%

20.38%25.09%

(5.31)%

9.42%

35.90%

4.76%(3.13)%

25.94%21.23%

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0

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30

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An

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rn (

%)



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Thrivent Small Cap StockPortfolio 1 Year 5 Years 10 Years

21.23% 16.06% 7.46%

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

Management


Portfolio Manager(s)Matthew D. Finn, CFA and James M. Tinucci, CFAare jointly and primarily responsible for the day-to-daymanagement of the Portfolio. Mr. Finn has served aslead portfolio manager for the Portfolio since April2013. Mr. Tinucci has served as the associate portfoliomanager of the Portfolio since March 2015. Mr. Finn hasbeen a portfolio manager at Thrivent Financial since2004, when he joined Thrivent Financial. Mr. Tinuccihas been with Thrivent Financial since 2014, andpreviously held various positions at Thrivent Financialfrom 2007 to 2012. Prior to rejoining ThriventFinancial, Mr. Tinucci was a manager at DeloitteConsulting.






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

or visit your financial intermediary’s website for moreinformation.

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

Important notice regarding delivery of shareholder documents!In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copy of aprospectus to each household. This process is known as householding. This consolidation helps reduce printing and postagecosts, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, or call usat 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

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

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

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

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

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

The variable annuity contract described herein was issued by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans,4321 N. Ballard Rd., Appleton, WI 54919, and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN55415, a subsidiary of Thrivent Financial for Lutherans.

Contract Forms 4470

32076PR R4-18

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