Thrivent Flexible Premium Deferred Variable Annuity

THRIVENT FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY

Issued by Thrivent Life Insurance Company, formerly LBVIP, between 2/18/1988 and 4/30/2003. Thrivent replaced Thrivent Life as the issuer on July 1, 2019. Prospectuses April 30, 2020 Thrivent Variable Annuity Account C Thrivent Series Fund, Inc.

Thrivent Series Fund, Inc.

Supplement to Prospectus and Thrivent Partner Growth Stock Portfolio Summary Prospectus each dated April 30, 2020

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

The date of this Supplement is June 24, 2020.

Please include this Supplement with your Prospectus.

36049

THRIVENT VARIABLE LIFE ACCOUNT I THRIVENT VARIABLE INSURANCE ACCOUNT A THRIVENT VARIABLE INSURANCE ACCOUNT B THRIVENT VARIABLE ANNUITY ACCOUNT I THRIVENT VARIABLE ANNUITY ACCOUNT II THRIVENT VARIABLE ANNUITY ACCOUNT A THRIVENT VARIABLE ANNUITY ACCOUNT B THRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to the Prospectus dated April 30, 2020 with respect to Thrivent Partner Growth Stock Portfolio

The date of this Supplement is June 24, 2020.

36049A

Thrivent Series Fund, Inc.

Supplement to Prospectus and Thrivent Partner Healthcare Portfolio Summary Prospectus, each dated April 30, 2020

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

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

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

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

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

The date of this Supplement is July 24, 2020.

Please include this Supplement with your Prospectus or Summary Prospectus.

36079 Thrivent Series Fund, Inc.

Supplement to the Prospectuses, Summary Prospectuses and Statement of Additional Information, each dated April 30, 2020 Thrivent Aggressive Allocation Portfolio Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Portfolio Thrivent Balanced Income Plus Portfolio Thrivent Diversified Income Plus Portfolio Thrivent Global Stock Portfolio Thrivent International Allocation Portfolio (the “Portfolios”)

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

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

The date of this Supplement is August 4, 2020.

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

36129 Thrivent Series Fund, Inc.

Supplement to Prospectus and Thrivent Partner Growth Stock Portfolio Summary Prospectus each dated April 30, 2020

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

The date of this Supplement is August 24, 2020.

Please include this Supplement with your Prospectus or Summary Prospectus.

36132 THRIVENT VARIABLE LIFE ACCOUNT I THRIVENT VARIABLE INSURANCE ACCOUNT A THRIVENT VARIABLE INSURANCE ACCOUNT B THRIVENT VARIABLE ANNUITY ACCOUNT I THRIVENT VARIABLE ANNUITY ACCOUNT II THRIVENT VARIABLE ANNUITY ACCOUNT A THRIVENT VARIABLE ANNUITY ACCOUNT B THRIVENT VARIABLE ANNUITY ACCOUNT C

Supplement to Prospectus each dated April 30, 2020 with respect to Thrivent Partner Growth Stock Portfolio

The date of this Supplement is August 24, 2020.

Please include this Supplement with your Prospectus.

36132A Supplement dated January 4, 2021 to the Thrivent Series Fund, Inc. Prospectus, Summary Prospectuses, and Statement of Additional Information, each dated April 30, 2020, for the following Portfolios:

Thrivent Mid Cap Growth Portfolio Thrivent Partner Emerging Markets Equity Portfolio

Thrivent Mid Cap Growth Portfolio

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

Effective December 31, 2020, Mark Gordon-James no longer serves as a portfolio manager of Thrivent Partner Emerging Markets Equity Portfolio. All references to Mr. Gordon-James are hereby deleted from the Prospectus, Summary Prospectus and Statement of Additional Information for the Portfolio. Please include this Supplement with your Prospectus, Summary Prospectus, or Statement of Additional Information. 36195 TABLE OF CONTENTS

Product Prospectus

Thrivent Variable Annuity Account C ...... 1

Summary Prospectuses Thrivent Aggressive Allocation Portfolio ...... TSF-1 Thrivent All Cap Portfolio ...... TSF-7 Thrivent Balanced Income Plus Portfolio ...... TSF-11 Thrivent Diversified Income Plus Portfolio ...... TSF-18 Thrivent ESG Index Portfolio ...... TSF-25 Thrivent Global Stock Portfolio ...... TSF-29 Thrivent Government Bond Portfolio ...... TSF-34 Thrivent High Yield Portfolio ...... TSF-39 Thrivent Income Portfolio ...... TSF-44 Thrivent International Allocation Portfolio ...... TSF-49 Thrivent International Index Portfolio ...... TSF-54 Thrivent Large Cap Growth Portfolio ...... TSF-58 Thrivent Large Cap Index Portfolio ...... TSF-62 Thrivent Large Cap Value Portfolio ...... TSF-66 Thrivent Limited Maturity Bond Portfolio ...... TSF-70 Thrivent Low Volatility Equity Portfolio ...... TSF-75 Thrivent Mid Cap Growth Portfolio ...... TSF-80 Thrivent Mid Cap Index Portfolio ...... TSF-84 Thrivent Mid Cap Stock Portfolio ...... TSF-88 Thrivent Mid Cap Value Portfolio ...... TSF-92 Thrivent Moderate Allocation Portfolio ...... TSF-96 Thrivent Moderately Aggressive Allocation Portfolio ...... TSF-102 Thrivent Moderately Conservative Allocation Portfolio ...... TSF-108 Thrivent Money Market Portfolio ...... TSF-115 Thrivent Multidimensional Income Portfolio ...... TSF-119 Thrivent Opportunity Income Plus Portfolio ...... TSF-126 Thrivent Partner Emerging Markets Equity Portfolio ...... TSF-132 Thrivent Partner Growth Stock Portfolio ...... TSF-137 Thrivent Partner Healthcare Portfolio ...... TSF-142 Thrivent Real Estate Securities Portfolio ...... TSF-147 Thrivent Small Cap Growth Portfolio ...... TSF-151 Thrivent Small Cap Index Portfolio ...... TSF-155 Thrivent Small Cap Stock Portfolio ...... TSF-159 [THIS PAGE INTENTIONALLY LEFT BLANK] THRIVENT VARIABLE ANNUITY ACCOUNT C THRIVENT SERIES FUND,INC. PROSPECTUS FOR FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT ISSUED BY THRIVENT FINANCIAL FOR LUTHERANS

Service Center: Corporate Office: 4321 North Ballard Road 625 Fourth Avenue South Appleton, WI 54919-0001 Minneapolis, MN 55415-1665 Telephone: (800) 847-4836 Telephone: (800) 847-4836 E-mail: [email protected] E-mail: [email protected] This Prospectus describes an individual flexible premium deferred variable annuity contract (the “Contract”) where the issuer is Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law. Even though we no longer issue new Contracts, the Contract Owner (“you”) may continue to allocate premiums among investment alternatives with different investment objectives.

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

The assets of each Subaccount will be invested solely in a corresponding Portfolio of Thrivent Series Fund, Inc. (the “Fund”), which is an open-end management investment company (commonly known as a “mutual fund”). The accompanying Prospectus for the Fund describes the investment objectives and attendant risks of the following Portfolios: Thrivent Aggressive Allocation Portfolio Thrivent Mid Cap Stock Portfolio Thrivent All Cap Portfolio Thrivent Mid Cap Value Portfolio Thrivent Balanced Income Plus Portfolio Thrivent Moderate Allocation Portfolio Thrivent Diversified Income Plus Portfolio Thrivent Moderately Aggressive Allocation Portfolio Thrivent ESG Index Portfolio Thrivent Moderately Conservative Allocation Portfolio Thrivent Global Stock Portfolio Thrivent Money Market Portfolio Thrivent Government Bond Portfolio Thrivent Multidimensional Income Portfolio Thrivent High Yield Portfolio Thrivent Opportunity Income Plus Portfolio Thrivent Income Portfolio Thrivent Partner Emerging Markets Equity Portfolio Thrivent International Allocation Portfolio (subadvised by Aberdeen Asset Managers Limited) (subadvised by Goldman Sachs Asset Management, L.P.) Thrivent Partner Growth Stock Portfolio Thrivent International Index Portfolio (subadvised by T. Rowe Price Associates, Inc.) Thrivent Large Cap Growth Portfolio Thrivent Partner Healthcare Portfolio Thrivent Large Cap Index Portfolio (subadvised by BlackRock Investment Management, LLC ) Thrivent Large Cap Value Portfolio Thrivent Real Estate Securities Portfolio Thrivent Limited Maturity Bond Portfolio Thrivent Small Cap Growth Portfolio Thrivent Low Volatility Equity Portfolio Thrivent Small Cap Index Portfolio Thrivent Mid Cap Growth Portfolio Thrivent Small Cap Stock Portfolio Thrivent Mid Cap Index Portfolio Additional information about us, the Contract and the Variable Account is contained in a Statement of Additional Information (“SAI”) dated April 30, 2020. That SAI was filed with the Securities and Exchange Commission and is incorporated by reference in this Prospectus. You may obtain a copy of the SAI and all other documents required to be filed with the SEC without charge by calling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent, 4321 North Ballard 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 for the SAI may be found on Page 39 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 Federal Deposit Insurance Corporation or any other government agency. An investment in the Contract involves investment risk including the possible loss of principal.

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this 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 to know before investing, and should be read and kept for future reference. We have not authorized anyone to provide you with information that is different.

Beginning on Jan. 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports for portfolios available under your contract will no longer be sent by mail, unless you specifically request paper copies of the reports from Thrivent or from your financial professional. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive reports and other communications from Thrivent electronically by calling our Service Center at (800) 847-4836 or by signing up for electronic delivery on our website at www.thrivent.com/gopaperless.

You may elect to receive all future reports in paper free of charge. You can inform Thrivent that you wish to continue receiving paper copies of your reports by calling our Service Center or by signing up at our website. Your election to receive reports in paper will apply to all portfolios available under your Contract. The date of this Prospectus is April 30, 2020. TABLE OF CONTENTS

Definitions ...... 5

Fee and Expense Tables ...... 7

Summary ...... 9 The Contract ...... 9 Annuity Provisions ...... 9 Federal Tax Status ...... 9 Condensed Financial Information ...... 10 Exchange Program ...... 10

Thrivent and the Variable Account ...... 10 Thrivent ...... 10 The Variable Account ...... 10

Investment Options ...... 10 Variable Investment Options and the Subaccounts ...... 10 Investment Management ...... 15 Addition, Deletion, Combination, or Substitution of Investments ...... 15 Voting Privileges ...... 16 Fixed Account ...... 17

Risks ...... 18

The Contract...... 19 Allocation of Premium...... 19 Accumulated Value of Your Contract ...... 19 Subaccount Valuation ...... 19 Net Investment Factor ...... 20 Minimum Accumulated Value ...... 20 Death Benefit Before the Annuity Commencement Date ...... 20 Death Benefit After the Annuity Commencement Date ...... 21 Surrender ...... 21 Transfers ...... 22 Frequent Trading Policies ...... 23 Dollar Cost Averaging ...... 24 Asset Rebalancing ...... 24 Telephone and Online Transactions...... 24 Timely Processing ...... 24 Assignments ...... 25 Contract Owner, Beneficiaries and Annuitants ...... 25

Charges and Deductions ...... 25 Surrender Charge (Contingent Deferred Sales Charge) ...... 25 Administrative Charge ...... 26 Mortality and Expense Risk Charge...... 26 Expenses of the Fund ...... 27 Other Taxes ...... 27 Sufficiency of Charges ...... 27

Annuity Provisions...... 28 Annuity Commencement Date...... 28 Annuity Proceeds ...... 28 Settlement Options ...... 28 Partial Annuitization ...... 28 Frequency of Annuity Payments...... 29 Amount of Variable Annuity Payments ...... 29

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 3 Subaccount Annuity Unit Value ...... 29

General Provisions ...... 30 Entire Contract ...... 30 Postponement of Payments ...... 30 Purchase Payments ...... 30 Date of Receipt ...... 30 Anti-Money Laundering ...... 30 Maintenance of Solvency ...... 30 Reports to Contract Owners ...... 31 State Variations ...... 31 Gender Neutral Benefits ...... 31

How to Contact Us ...... 31

Federal Tax Status...... 32 General ...... 32 Tax Status of the Variable Account ...... 32 Taxation of Annuities in General ...... 32 Tax Deferral During Accumulation Period ...... 32 Taxation of Partial and Full Surrenders ...... 33 Taxation of Annuity Income Payments ...... 33 Tax Treatment of Death Benefit ...... 34 Assignments, Pledges, and Gratuitous Transfers...... 34 Penalty Tax on Premature Distributions ...... 34 Aggregation of Contracts ...... 34 Exchanges of Annuity Contracts...... 35 Qualified Plans ...... 35 Direct Rollovers ...... 36 Federal Income Tax Withholding ...... 36

Distribution of the Contracts ...... 37

Legal Proceedings ...... 38

Financial Statements ...... 38

Statement of Additional Information ...... 39 Table of Contents ...... 39

Appendix A—Condensed Financial Information ...... 40

4 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• DEFINITIONS ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Accumulated Value. The sum of the accumulated Fund. Thrivent Series Fund, Inc., which is described in values for your Contract in Subaccounts and the Fixed the accompanying prospectus. Account on or before the Annuity Commencement Date. Medallion Signature Guarantee. A stamp provided by a financial institution that verifies your signature. An Annuitant. The person named in the Contract whose eligible guarantor institution, such as a national bank, life is used to determine the duration of annuity brokerage firm, commercial bank, trust company, credit payments involving life contingencies. union, or savings association participating in the Medallion Signature Guarantee Program provides that Annuity Commencement Date. The date when service. Annuity income payments will begin if an Annuitant is living on that date. Portfolio. Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund. Annuity Unit. A unit of measure which is used in the calculation of the second and each subsequent variable Qualified Plan. A retirement plan that receives annuity payment. favorable tax treatment under Section 401, 403 408 or 408A or similar provisions of the Internal Revenue Commuted Value. The amount expressed as a lump Code. sum payment which represents the present value of the future payments for the remaining guaranteed period. Service Center. Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone, Contract. The individual flexible premium variable 1-800-847-4836, or such other office as we may specify annuity Contract offered by Thrivent and described in in a notice to the Contract Owner. this Prospectus. Spouse. An individual lawfully married to another Contract Anniversary. The same date in each individual as defined by federal tax law. The marriage succeeding year as the Date of Issue of the Contract. must be recognized by the state, possession, or territory of the United States in which the marriage is entered Contract Owner. The person who controls all the into, regardless of domicile. Individuals who enter into rights under the Contract while the Annuitant is alive. a marriage under the laws of a foreign jurisdiction are The Annuitant is the Contract Owner, unless another recognized as married for federal tax law purposes if the owner is named in the Contract application. relationship would be recognized as marriage under the laws of at least one state, possession, or territory of the United States, regardless of domicile. Contract Year. The period from one Contract Anniversary to the next. The first Contract Year will be the period beginning on the Date of Issue of the Subaccount. Subdivision of the Variable Account. Contract and ending on the first Contract Anniversary. Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the Fund. Fixed Account. The Fixed Account is the general account of Thrivent, which consists of all assets of Valuation Day. Each day the New York Stock Thrivent other than those allocated to a separate Exchange is open for trading. The Valuation Day ends at account of Thrivent. Premium payments allocated to the close of regular trading on the New York Stock the Fixed Account will be paid a fixed rate of interest Exchange, usually 4:00 p.m. Eastern Time. (which may not be less than 4.0%) declared by Thrivent at least annually. Amounts accumulated in the Fixed Valuation Period. The period commencing at the Account are guaranteed by Thrivent. close of business of a Valuation Date and ending at the close of business of the next Valuation Date.

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 5 DEFINITIONS ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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

Written Notice. A written request or notice provided by the Contract Owner and received in good order at our Service Center and satisfactory in form and content to Thrivent.

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

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

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

Contract Owner Transaction Expenses

Sales Load Imposed on Purchase (as a percentage of purchase payments) 0% Maximum Deferred Sales Load (as a percentage of excess amount surrendered) 6.00%1 Transfer Charge (after 12 free transfers per Contract Year) 0%

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

Annual Contract Fee $30 2 Annual Subaccount Expenses (as a percentage of average daily Accumulated Value or Annuity Unit Value) Current3 Maximum Mortality & Expense Risk Charge 1.10% 1.25% Total Subaccount Annual Expenses 1.10% 1.25%

The next table shows the minimum and maximum Total Annual Portfolio Operating Expenses charged by the Portfolios that you pay indirectly during the time you own the Contract. This table shows the range (minimum and maximum) of fees and expenses (including management fees and other expenses) charged by any of the Portfolios, expressed as an annual percentage of average daily net assets. The amounts are based on the arithmetic average of expenses paid in the year ended December 31, 2019, for all of the available Portfolios, adjusted to reflect anticipated changes in fees and expenses. With respect to new Portfolios, amounts are based on estimates for the current fiscal year. The amounts shown reflect expenses before any applicable expense reimbursement or fee waiver.

Total Annual Portfolio Operating Expenses4

Maximum Minimum (expenses that are deducted from Fund Assets, including management fees 3.90% 0.24% and other expenses)

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 the Portfolio. The advisory fees and other expenses are not fixed or specified under the terms of the Contract, and they may vary from year to year. More detail concerning the fees and expenses of the Portfolios is contained in the prospectus for the Fund.

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

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 7 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 the Contract, see the chart of portfolios available in the prospectus for the Fund.

See Charges and Deductions in this prospectus for a discussion of these other charges.

Example5

The following example is intended to help you compare the cost of investing in the Contract with the cost of 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 example assumes 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Years 13510 If you surrender your Contract at the end of the applicable time period with Minimum Portfolio Expenses: $ 711 $ 870 $1,027 $1,779 Maximum Portfolio Expenses: $1,054 $1,900 $2,744 $5,112 If you annuitize your Contract at the end of the applicable time period with Minimum Portfolio Expenses: $ 711 $ 870 $1,027 $1,779 Maximum Portfolio Expenses: $1,054 $1,900 $2,744 $5,112 If you do not surrender your Contract at end of the applicable time period with Minimum Portfolio Expenses: $ 152 $ 471 $ 813 $1,779 Maximum Portfolio Expenses: $ 515 $1,542 $2,565 $5,112

Notes to Fee and Expense Tables: 1 In each Contract Year, you may surrender without a surrender charge up to 10% of the Accumulated Value existing at the time the first surrender is made in a Contract Year; only the amount in excess of that amount (the “Excess Amount”) will be subject to a surrender charge. A surrender charge is deducted if a full or partial surrender occurs during the first six Contract Years. The surrender charge is 6% during the first Contract Year and decreases by 1% each subsequent Contract Year. No surrender charge is deducted for surrenders occurring in Contract Years seven and later. The surrender charge also will be deducted if the annuity payments begin during the first six Contract Years, except under certain circumstances as described in Surrender Charge (Contingent Deferred Sales Charge). 2 A $30 annual administrative charge is deducted on each Contract Anniversary only if, on that Contract Anniversary, the total of premiums paid under the Contract minus all prior surrenders is less than $5,000 and the Accumulated Value is less than $5,000. The $30 fee is a Contract charge and is deducted proportionately from the Subaccounts and the Fixed Account that make up the Contract’s Accumulated Value. 3 The current charge for the mortality and expense risk charge is equal to an annual rate of 1.10%, and we guarantee that this charge will never exceed an annual rate of 1.25%. See Charges and Deductions—Mortality and Expense Risk Charge. A contract pending payout due to a death claim is charged based on the average daily net assets of the Variable Account and is equal to an annual rate of 0.95%. 4 Thrivent Financial has agreed to reimburse certain expenses other than the advisory fees for certain Portfolios. After taking these contractual and voluntary arrangements into account, the range (minimum and maximum) of total operating expenses charged by the Portfolios would have been 0.24% to 1.25%. The reimbursements may be discontinued at any time. 5 For this example, the following assumptions are used: 1.25% mortality and expense risk charge and portfolio operating expenses ranging from 3.90% to 0.24%.

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Please see Definitions at the beginning of this Prospectus be for at least $200 and may be requested only if the for definitions of several technical terms, which can remaining Accumulated Value is not less than $1,000. help you understand details about your Contract. The Under certain circumstances the Contract Owner may Summary is an introduction to various topics related to make surrenders after the Annuity Commencement the Contract. For more detailed information on each Date. subject, refer to the appropriate section of this Prospectus. Transfers. On or before the Annuity Commencement Date, you may request the transfer of all or a part of The Contract your Contract’s Accumulated Value to other Subaccounts or to the Fixed Account. The total amount Allocation of Premiums. You may allocate transferred each time must be at least $200 (unless the premiums under the Contract to one or more of the total value in the Subaccount or the Fixed Account is Subaccounts of the Variable Account and to the Fixed less than $200, in which case the entire amount may be Account. Some of the Subaccounts may be unavailable transferred). We reserve the right to limit the number of in some states. transfers in any Contract Year, although we will always allow at least 12 transfers a year. With respect to the The Accumulated Value of the Contract in the Fixed Account, transfers out of the Fixed Account are Subaccounts and, except to the extent fixed amount limited to only one each Contract Year and must be annuity payments have been elected, the amount of made on or within 45 days after a Contract Anniversary. annuity payments will vary, primarily based on the investment experience of the Portfolios whose shares Annuity Provisions are held in the Subaccounts designated. Premiums allocated to the Fixed Account will accumulate at fixed You may select an annuity settlement option or options, rates of interest declared by us, and will never be less and you may select whether payments are to be made than an effective rate of 4% per year. on a fixed or variable (or a combination of fixed and variable) basis. See Annuity Provisions for more detail. Premiums will be allocated among the Subaccounts and the Fixed Account according to your allocation Federal Tax Status instructions, at the end of the Valuation Period in which we receive the premium. For a description of the Federal income tax status of annuities, see Federal Tax Status. Generally, a distribution from a Contract before the taxpayer attains Surrenders. If a Written Notice from you requesting a age 591⁄2 may result in a penalty tax of 10% of the surrender is received on or before the Annuity amount of the distribution which is included in gross Commencement Date, we will pay to you all or part of income. Death proceeds paid to beneficiaries are also the Accumulated Value of a Contract after deducting subject to income tax. any applicable surrender charge. Partial surrenders must

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Condensed Financial Information consider whether an exchange is appropriate for you by comparing the death benefits, living benefits, and other Condensed financial information containing the guarantees that are provided by the contract you accumulated unit value history appears at the end of currently own to the benefits and guarantees provided this Prospectus in Appendix A. by the new contract being offered. You should also compare the fees and charges of your current contract to Exchange Program the new contract being offered as they may be higher From time to time, we may offer programs for certain than your current contract. The programs we offer will variable annuities issued by Thrivent to be exchanged be made available on terms and conditions determined for contracts we currently sell. Such exchange offers will by us and any such program will comply with be made available only for contracts that have not yet applicable law. started making annuity payments. You should carefully

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

Thrivent We own the assets of the Variable Account, and we are not a trustee with respect to such assets. However, the Thrivent is a not-for-profit financial services Minnesota laws under which the Variable Account was membership organization of Christians helping our established provide that the Variable Account shall not members achieve financial security and give back to be chargeable with liabilities arising out of any other their communities. We were organized in 1902 as a business we may conduct. The Variable Account will be fraternal benefit society under Wisconsin law, and fully funded at all times for the purposes of federal comply with Internal Revenue Code Section 501(c)(8). securities laws. We may transfer to our general account We are licensed to sell insurance in all states and the assets of the Variable Account which exceed the reserves District of Columbia. and other liabilities of the Variable Account.

The Variable Account Income and realized and unrealized gains and losses The Variable Account is a separate account established from each Subaccount of the Variable Account are in 1988. The Variable Account meets the definition of a credited to or charged against that Subaccount without “separate account” under the federal securities laws. The regard to any of our other income, gains or losses. We Variable Account is registered with the Securities and may accumulate in the Variable Account the charge for Exchange Commission (the “SEC”) as a unit investment expense and mortality risk, mortality gains and losses trust under the Investment Company Act of 1940 (the and investment results applicable to those assets that “1940 Act”). This registration does not involve are in excess of net assets supporting the Contracts. supervision by the SEC of the management or investment policies or practices of the Variable Account.

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

Variable Investment Options and the Subaccounts We select the Portfolios offered through the Contract based on several factors. We generally select the Portfolios to provide a range of investment options for the Contracts from conservative to more aggressive investment strategies.

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

Subaccount Corresponding Portfolio Thrivent Aggressive Allocation Subaccount...... Thrivent Aggressive Allocation Portfolio Thrivent All Cap Subaccount ...... ThriventAllCapPortfolio Thrivent Balanced Income Plus Subaccount ...... ThriventBalancedIncome Plus Portfolio Thrivent Diversified Income Plus Subaccount ...... ThriventDiversified Income Plus Portfolio Thrivent ESG Index Subaccount...... ThriventESGIndex Portfolio Thrivent Global Stock Subaccount ...... ThriventGlobal Stock Portfolio Thrivent Government Bond Subaccount ...... ThriventGovernment Bond Portfolio Thrivent High Yield Subaccount ...... ThriventHighYieldPortfolio Thrivent Income Subaccount ...... ThriventIncomePortfolio Thrivent International Allocation Subaccount...... ThriventInternationalAllocation Portfolio Thrivent International Index Subaccount ...... ThriventInternationalIndex Portfolio Thrivent Large Cap Growth Subaccount ...... ThriventLargeCapGrowthPortfolio Thrivent Large Cap Index Subaccount ...... ThriventLargeCapIndex Portfolio Thrivent Large Cap Value Subaccount ...... ThriventLargeCapValuePortfolio Thrivent Limited Maturity Bond Subaccount...... ThriventLimitedMaturity Bond Portfolio Thrivent Low Volatility Equity Subaccount ...... ThriventLowVolatility Equity Portfolio Thrivent Mid Cap Growth Subaccount ...... ThriventMidCapGrowthPortfolio Thrivent Mid Cap Index Subaccount ...... ThriventMidCapIndex Portfolio Thrivent Mid Cap Stock Subaccount...... ThriventMidCapStockPortfolio Thrivent Mid Cap Value Subaccount ...... ThriventMidCapValuePortfolio Thrivent Moderate Allocation Subaccount ...... Thrivent Moderate Allocation Portfolio Thrivent Moderately Aggressive Allocation Subaccount.. Thrivent Moderately Aggressive Allocation Portfolio Thrivent Moderately Conservative Allocation Subaccount ...... Thrivent Moderately Conservative Allocation Portfolio Thrivent Money Market Subaccount...... ThriventMoney Market Portfolio Thrivent Multidimensional Income Subaccount .... ThriventMultidimensional Income Portfolio Thrivent Opportunity Income Plus Subaccount .... ThriventOpportunity Income Plus Portfolio Thrivent Partner Emerging Markets Equity Subaccount ...... ThriventPartnerEmergingMarketsEquity Portfolio Thrivent Partner Growth Stock Subaccount ...... ThriventPartnerGrowthStockPortfolio Thrivent Partner Healthcare Subaccount ...... ThriventPartnerHealthcare Portfolio Thrivent Real Estate Securities Subaccount ...... ThriventReal Estate Securities Portfolio Thrivent Small Cap Growth Subaccount ...... ThriventSmallCapGrowthPortfolio Thrivent Small Cap Index Subaccount ...... ThriventSmallCapIndexPortfolio Thrivent Small Cap Stock Subaccount ...... ThriventSmallCapStockPortfolio

The following table summarizes each Portfolio’s investment objective:

Portfolio Investment Objective Thrivent Aggressive Allocation Portfolio ...... Toseeklong-term capital growth.

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Portfolio Investment Objective Thrivent All Cap Portfolio ...... Toseeklong-term growth of capital. Thrivent Balanced Income Plus Portfolio ...... Toseeklong-term total return through a balance between income and the potential for long-term capital growth. Thrivent Diversified Income Plus Portfolio ...... Toseektomaximizeincome while maintaining prospects for capital appreciation. Thrivent ESG Index Portfolio ...... Toseektotrack the investment results of an index composed of companies selected by the index provider based on environmental, social and governance characteristics. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Global Stock Portfolio ...... Toseeklong-term capital growth. Thrivent Government Bond Portfolio ...... Toseektotalreturn,consistentwithpreservationof capital. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent High Yield Portfolio ...... Toachieve a higher level of income, while also considering growth of capital as a secondary objective. Thrivent Income Portfolio ...... Toachieve a high level of income over the longer term while providing reasonable safety of capital. Thrivent International Allocation Portfolio ...... Toseeklong-term growth of capital. Thrivent International Index Portfolio...... Toseektotalreturnsthattrack the performance of the MSCI EAFE Index.** The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Large Cap Growth Portfolio ...... Toachieve long-term growth of capital. Thrivent Large Cap Index Portfolio...... Toseektotalreturnsthattrack the performance of the S&P 500 Index*. Thrivent Large Cap Value Portfolio ...... Toachieve long-term growth of capital. Thrivent Limited Maturity Bond Portfolio ...... Toseekahighlevelofcurrent income consistent with stability of principal. Thrivent Low Volatility Equity Portfolio ...... Toseeklong-term capital appreciation with lower volatility relative to the global equity markets. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Mid Cap Growth Portfolio ...... Toseeklong-term capital growth. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Mid Cap Index Portfolio ...... Toseektotalreturnsthattrack the performance of the S&P MidCap 400 Index*. Thrivent Mid Cap Stock Portfolio ...... Toseeklong-term capital growth. Thrivent Mid Cap Value Portfolio ...... Toseeklong-term capital growth. The Portfolio’s investment objective may be changed without shareholder approval.

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Portfolio Investment Objective Thrivent Moderate Allocation Portfolio ...... Toseeklong-term capital growth while providing reasonable stability of principal. Thrivent Moderately Aggressive Allocation Portfolio...... Toseeklong-term capital growth. Thrivent Moderately Conservative Allocation To seek long-term capital growth while providing Portfolio...... reasonable stability of principal. Thrivent Money Market Portfolio ...... Toachieve the maximum current income that is consistent with stability of capital and maintenance of liquidity. Thrivent Multidimensional Income Portfolio...... Toseekahighlevelofcurrent income and, secondarily, growth of capital. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Opportunity Income Plus Portfolio ...... Toseekacombination of current income and long-term capital appreciation. Thrivent Partner Emerging Markets Equity Portfolio...... Toseeklong-term capital growth. Thrivent Partner Growth Stock Portfolio ...... Toachieve long-term growth of capital and, secondarily, increase dividend income. Thrivent Partner Healthcare Portfolio ...... Toseeklong-term capital growth. Thrivent Real Estate Securities Portfolio...... Toseektoprovidelong-term capital appreciation and high current income. Thrivent Small Cap Growth Portfolio...... Toseeklong-term capital growth. The Portfolio’s investment objective may be changed without shareholder approval. Thrivent Small Cap Index Portfolio ...... Toseekcapitalgrowththattracks the performance of the S&P SmallCap 600 Index*. Thrivent Small Cap Stock Portfolio ...... Toseeklong-term capital growth.

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

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

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500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT, OWNERS OF THE THRIVENT VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME 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&P DOW JONES INDICES AND THRIVENT, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

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

Each Portfolio has its own investment objective, Shares of the Fund are sold to other Portfolios of the investment program, policies and restrictions. Although Fund, to other insurance company separate accounts of the investment objectives and policies of certain ours, and to other insurance company separate accounts Portfolios may be similar to the investment objectives not affiliated with us. The Fund may, in the future, and policies of other Portfolios that we manage or create new Portfolios. It is conceivable that in the future sponsor or that an affiliate of ours may manage or it may be disadvantageous for both variable annuity sponsor, we do not represent or assure you that the separate accounts and variable life insurance separate investment results will be comparable to any other accounts to invest simultaneously in the Fund, although Portfolio, even where the investment adviser or we do not foresee any such disadvantages to either manager is the same. Differences in portfolio size, actual variable annuity or variable life insurance contract investments held, fund expenses, and other factors all owners. The Fund’s management intends to monitor contribute to differences in Portfolio performance. For events in order to identify any material conflicts all of these reasons, you should expect investment between such Contract Owners and to determine what results to differ. In particular, certain Portfolios available action, if any, should be taken in response. Material only through the Contract may have names similar to conflicts could result from, for example: portfolios not available through the Contract. The Changes in state insurance laws; performance of a Portfolio not available through the Contract does not indicate performance of the similarly Changes in Federal income tax law; named Portfolio available through the Contract. Changes in the investment management of the Fund; or Before selecting any Subaccount, you should carefully read the accompanying prospectus for Differences in voting instructions between those the Fund attached to this prospectus and found given by the Contract Owners from the different in the back of this book. You should separate accounts. periodically consider your allocation among Subaccounts in light of current market If we believe the responses of the Fund to any of those conditions and your investment goals, risk events or conflicts insufficiently protects Contract tolerance and financial circumstances. The Owners, we may take appropriate action on our own. Fund prospectus provides more complete information about the Portfolios of the Fund in which the Subaccounts invest, including investment objectives and policies, risks, charges, and expenses.

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Such action could include the sale of Fund shares by charges under the Contracts, to make payments upon one or more of the separate accounts, which could have surrenders, to provide benefits under the Contracts, or adverse consequences. to transfer assets from one Subaccount to another as requested by Contract Owners. Any dividend or capital The Fund is a Minnesota corporation registered with the gain distribution received from a Portfolio of the Funds SEC under the 1940 Act as an open-end management will be reinvested immediately at net asset value in investment company (commonly called a “mutual shares of that Portfolio and retained as assets of the fund”). That registration does not involve supervision corresponding Subaccount. by the SEC of the management or investment practices or policies of the Fund.

The Variable Account will purchase and redeem shares from the Fund at net asset value. Shares will be redeemed to the extent necessary for us to collect

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

Subadviser Portfolio Name Goldman Sachs Asset Management, L.P...... ThriventInternationalAllocation Portfolio Aberdeen Asset Managers Limited ...... ThriventPartnerEmergingMarketsEquity Portfolio T.RowePriceAssociates,Inc...... ThriventPartnerGrowthStockPortfolio BlackRock Investment Management, LLC ...... ThriventPartnerHealthcare Portfolio

Thrivent, as investment adviser, pays each of the above subadvisers an annual fee for subadvisory services. Subadvisory fees are described fully in the Statement of Additional Information for the Fund.

Addition, Deletion, Combination, or Substitute shares of another Portfolio, which may Substitution of Investments have differences such as (among other things) different fees and expenses, objectives, and risks, Where permitted by applicable law and business need, for shares of an existing Portfolio in which your we reserve the right to make certain changes to the Subaccount invests at our discretion; structure and operation of the Variable Account, including, among others, the right to: Substitute or close Subaccounts to allocations of premiums or Accumulated Value, or both, and to Remove, combine, or add Subaccounts and make existing investments or the investment of future the new Subaccounts available to you at our premiums, or both, at any time in our discretion; discretion; Transfer assets supporting the Contract from one Subaccount to another or from the Variable Account to another Variable Account;

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Combine the Variable Account with other variable specified date: 1) existing Accumulated Value; 2) future accounts, and/or create new variable accounts; payments; and 3) existing and/or future Contract Owners. The Fund sells its shares to the Subaccounts Deregister the Variable Account under the 1940 pursuant to a participation agreement and may Act, or operate the Variable Account as a terminate the agreement and discontinue offering its management investment company under the 1940 shares to the Subaccounts. Act, or as any other form permitted by law; and

Modify the provisions of the Contract to reflect In addition, we reserve the right to make other changes to the Subaccounts and the Variable structural and operational changes affecting the Variable Account and to comply with applicable law. Account.

The Portfolios, which sell their shares to the We do not guarantee any money you place in Subaccounts, also may terminate these arrangements the Subaccounts. The value of each Subaccount and discontinue offering their shares to the will increase or decrease, depending on the Subaccounts. We will not make any changes without investment performance of the corresponding receiving any necessary approval of the SEC and Portfolio and fees and charges under the applicable state insurance departments. We will notify Contract. You could lose some or all of your you of any changes. money.

Income, gains and losses, whether or not realized, from Voting Privileges the assets in each Subaccount are credited to or charged against that Subaccount without regard to any of our To the extent required by law, we will vote the Fund’s other income, gains or losses. The value of the assets in shares held in the Variable Account at regular and the Variable Account is determined at the end of each special shareholder meetings of the Fund in accordance Valuation Date. with instructions received from persons having voting interests in the corresponding Subaccounts of the If investment in the Fund or in any particular Portfolio Variable Account. If, however, the 1940 Act or any is no longer possible, in our judgment becomes regulation thereunder should be amended or if the inappropriate for the purposes of the Contract, or for present interpretation thereof should change, and as a any other reason in our sole discretion, we may close or result we determine that we are permitted to vote the combine any of the current Portfolios. We may close a Fund’s shares in our own right, we may elect to do so. Portfolio to new investment, but continue to allow current investors to add additional premium payments, Before the Annuity Commencement Date, the Contract or we may combine the Portfolio with another Portfolio. Owner shall have the voting interest with respect to The substituted investment option may have different shares of the Fund attributable to the Contract. On and fees and expenses. We will not make any substitutions after the Annuity Commencement Date, the person without receiving any necessary approval of the SEC entitled to receive annuity payments shall have the and state insurance departments, if applicable. You will voting interest with respect to such shares, which voting be notified of any substitutions. This notification will interest will generally decrease during the annuity include the name of the Portfolio being modified, the period. approximate date of the shareholder vote, the date any combination will be completed (if approved and if The number of votes which a Contract Owner or person applicable), the date that the Portfolio will be closed to entitled to receive annuity payments has the right to new investment selections, the date that funds can no instruct will be calculated separately for each longer be applied to the Portfolio and the description of Subaccount. The number of votes which each Contract where the current value will move to (if applicable) and Owner has the right to instruct will be determined by where future premium payments (if any) will be dividing a Contract’s Accumulated Value in a applied. Subaccounts may be opened, closed or Subaccount by the net asset value per share of the substituted with regard to any of the following as of any

16 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• INVESTMENT OPTIONS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• corresponding Portfolio in which the Subaccount such allocation or transfer is guaranteed for 12 months, invests. The number of votes which each person entitled and subsequent interest rates will not change more to receive annuity payments has the right to instruct frequently than every 12 months. Interest will be will be determined by dividing the Contract’s reserves in compounded daily and will never be less than an a Subaccount by the net asset value per share of the effective annual interest rate of 4% per year. corresponding Portfolio in which the Subaccount invests. Fractional shares will be counted. The number In any Contract Year, only one of your allowed transfers of votes of the Portfolio which the Contract Owner or may be from the Fixed Account. Any transfer from the person entitled to receive annuity payments has right to Fixed Account must be made on or within 45 days after instruct will be determined as of the date coincident a Contract Anniversary. with the date established by the Portfolio for determining shareholders eligible to vote at the meeting Because of exemptive and exclusionary provisions, of the Fund. Voting instructions will be solicited by interests in the Fixed Account have not been registered written communication prior to such meeting in under the Securities Act of 1933 (“1933 Act”), and the accordance with procedures established by the Fund. Fixed Account has not been registered as an investment company under the Investment Company Act of 1940 Any Portfolio shares held in the Variable Account for (“1940 Act”). Accordingly, neither the Fixed Account, which we do not receive timely voting instructions, or nor any interests therein are generally subject to the which are not attributable to Contract Owners, will be provisions of the 1933 or 1940 Acts. Disclosures voted by us in proportion to the instructions received regarding the Fixed Account, however, may be subject from all Contract Owners. Any Portfolio shares held by to certain generally applicable provisions of the federal us or our affiliates in General Accounts will, for voting securities laws relating to the accuracy and purposes, be allocated to all separate accounts of ours completeness of statements in prospectuses. and our affiliates having a voting interest in that Portfolio in proportion to each such separate account’s Contract Owners have no voting rights in the Variable votes. Voting instructions to abstain on any item to be Account with respect to Fixed Account values. voted upon will be applied on a pro rata basis to reduce the votes eligible to be cast. A Maintenance of Solvency provision is a legal requirement of a fraternal benefit society. Please see Each person having a voting interest in a Subaccount Maintenance of Solvency for more information. will receive proxy materials, reports and other materials relating to the appropriate Portfolio. The Maintenance of Solvency provision applies to the Fixed Account in this Contract. The provision is only Fixed Account invoked in the event the reserves of our fraternal benefit On or before the Annuity Commencement Date, you society become impaired. If our reserves become may allocate the premiums paid under the Contract and impaired, you may be required to make an extra transfers from the Subaccounts to the Fixed Account. payment. Our Board of Directors will determine the After the Annuity Commencement Date, you may no amount of any extra payment based on each member’s longer transfer out of the Fixed Account. Any amounts fair share of the deficiency. If the payment is not made allocated to the Fixed Account are invested with our within 60 days from the date we notify you, it will be general account assets. Interest will be credited on charged as a debt against the Contract with interest premiums allocated to the Fixed Account and on compounded at a rate of 5% per year. You may choose amounts transferred to the Fixed Account from the date an equivalent reduction in benefits instead of or in combination with the debt. of allocation or transfer. The initial interest rate for each

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 17 RISKS ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

This annuity has some risks which may include the Health Crisis Risk. The global pandemic following: outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market The investment options you choose may lose value, volatility and global business disruption. The and the Accumulated Value of your contract can go duration and full effects of the outbreak are down; uncertain and may result in trading suspensions In addition to taxes on gain, there may be a tax and market closures, limit liquidity and the ability penalty if you withdraw money from the annuity of the Fund to process contract owner redemptions, prior to age 591⁄2; and negatively impact Fund performance. The If you elect a Settlement Option, you will only COVID-19 outbreak and future pandemics could receive periodic annuity payments as frequently as affect the global economy in ways that cannot be you selected. There is a risk that your annuity foreseen and may exacerbate other types of risks, payments will not keep pace with your personal negatively impacting the value of the Fund. expenses. If you choose a life income with no guaranteed period, there is a risk that you will die prematurely, and no death proceeds will be paid to your beneficiaries.

18 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• THE CONTRACT ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Allocation of Premium Subaccount Valuation We will allocate the premiums among the Subaccount(s) On any Valuation Day, the Accumulated Value of your and/or the Fixed Account according to the instructions investment in a Subaccount is equal to the number of you provided in your application for the Contract or Accumulation Units attributable to that Subaccount subsequently. We reserve the right to limit the number multiplied by the Accumulation Unit Value for that of allocations to subaccounts. Subaccount. On any day that is not a Valuation Day, the Accumulated Value for a Subaccount will be determined The allocation percentages which you select must be in on the next Valuation Day. whole numbers and their sum must be 100%. We reserve the right to adjust allocation percentages to Accumulation Units. Transactions in and out of a eliminate fractional percentages. Premiums which you Subaccount are made by crediting or reducing the pay are allocated at the end of the Valuation Period in Accumulation Units of the Subaccount. which we receive them using the allocation percentages you have specified. You may change the allocation We credit your Contract with Accumulation Units in a percentages for future premiums without charge and at Subaccount when: any time by giving us Written Notice or over the You allocate premiums to that Subaccount; telephone if we receive proper authorization from you. Any change will apply to all future premiums unless you You transfer Accumulated Value into that request another change. Subaccount from another Subaccount or the Fixed Account. The values in the Subaccounts of the Variable Account will vary with the investment experience of the We reduce the Accumulation Units in a Subaccount corresponding Portfolios. You bear the entire when: investment risk of the amounts allocated to You transfer Accumulated Value out of that Subaccounts of the Variable Account. You should Subaccount into another Subaccount or the Fixed periodically review your allocations of premiums in Account; light of market conditions and your overall financial objectives. You make a surrender from that Subaccount; or We deduct all or part of the administrative charge Accumulated Value of Your Contract from that Subaccount. On or before the Annuity Commencement Date, your Contract’s value is expressed as its Accumulated Value. Accumulation Unit Value. A Subaccount’s Your Contract’s Accumulated Value is the sum of the Accumulation Unit Value is the unit price that is used accumulated values in Subaccounts and the Fixed whenever we credit or reduce Accumulation Units of the Account. Subaccount. We re-determine the Accumulation Unit Value for each Subaccount at the end of each Valuation Period. At the end of each Valuation Period, the Your Contract’s Accumulated Value will reflect the Accumulation Unit Value for a Subaccount is equal to investment experience of the chosen Subaccounts, any (a) multiplied by (b) where: amount of value in the Fixed Account, any premiums that you pay, any surrenders you make, and any charges (a) Is the Accumulation Unit Value for that we assess in connection with the Contract. There is no Subaccount at the end of the prior Valuation guaranteed minimum Accumulated Value, and, because Period. a Contract’s Accumulated Value on any future date (b) Is the Net Investment Factor for that depends upon a number of variables, it cannot be Subaccount for that period. predetermined.

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 19 THE CONTRACT ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Net Investment Factor If we know that your Contract will not meet these requirements on an upcoming Contract Anniversary, we The Net Investment Factor for a Subaccount measures will notify you 60 days before that anniversary and investment performance of that Subaccount. The Net inform you of the minimum dollar amount which you Investment Factor for a Subaccount for a Valuation must pay to keep the Contract in force. If you fail to pay Period is determined by dividing (a) by (b) and then at least that amount, we will terminate your Contract subtracting (c) where: on the Contract Anniversary. If we do so because your (a) Is the sum of: Contract failed to meet Requirement (1) above, we will (i) The net asset value per share of the pay you the remaining Accumulated Value. If your corresponding Portfolio of the Subaccount Contract fails to meet Requirement (2) above, your at the end of the Valuation Period; plus Contract terminates without value. (ii) The per share amount of any dividend or Death Benefit Before the Annuity capital gain distribution made by the Commencement Date Portfolio if the “ex-dividend” date occurs during the Valuation Period; plus or minus. If the Annuitant dies before the Annuity Commencement Date, the beneficiary will be entitled to (iii) A per share charge or credit for any taxes receive the Contract’s death benefit. reserved for that we determine to be a result of the investment operation of the Portfolio. The amount of the death benefit will be the greatest of: (b) Is the net asset value per share of the The Accumulated Value on the date we calculate corresponding Portfolio of the Subaccount at the death benefit; the end of the prior Valuation Period. The sum of all premiums we received for the (c) Is the mortality and expense risk charge we Contract, less the amount of all partial surrenders deduct for each day in the Valuation Period and (including any applicable charges) which you is based upon the total Accumulated Value in made; and the Subaccount. The mortality and expense risk The Accumulated Value on the preceding charge is currently 1.10% and guaranteed never Minimum Death Benefit Date plus the sum of the to exceed 1.25%. premiums we received for the Contract after that date, less the amount of any partial surrenders Minimum Accumulated Value (including any applicable charges) which you made after that date. We require your Contract to maintain a minimum Accumulated Value. The amount which must be The Minimum Death Benefit Dates occur every six years maintained depends on your premium paying history as on the Contract Anniversary. follows:

(1) At the end of any 24-month period in which We calculate the death benefit at the end of the you pay no premiums, your Accumulated Value Valuation Period during which we receive at our Service must be at least $1,000 after all Contract Center satisfactory proof of the death of an Annuitant. charges have been applied. Any amount of the death benefit in excess of the (2) If you pay at least one premium every Accumulated Value will be allocated to the Subaccounts 24-months, we require only that the and the Fixed Account according to the ratio of the Accumulated Value always be sufficient to Accumulated Value in each to the Accumulated Value in cover the Contract’s administrative charge. the Contract. Once calculated, death proceeds may continue to be subject to the investment experience of the Variable Account. When based on the investment experience of the Variable Account, death proceeds may

20 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• THE CONTRACT •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• increase or decrease daily and are not guaranteed for a If your Contract was issued in connection with a minimum dollar amount. Surrender charges do not Qualified Plan, additional restrictions on the manner of apply to death proceeds. payment of the death benefit may apply. Any such restrictions will be stated in the Contract or the plan If the beneficiary requests a single sum payment, we will documents. Purchasers acquiring contracts pursuant to pay the death proceeds within seven days after the date Qualified Plans should consult qualified pension or tax we calculate them. If the beneficiary requests a advisers. settlement option, it must be an option that you could have selected before the Annuity Commencement Date, Death Benefit After the Annuity and the option must provide that either: Commencement Date (1) The principal and interest are completely If the Annuitant dies while we are paying you an distributed within five years after the date of annuity income under a settlement option, any death death; or benefit payable will depend on the terms of the (2) If the beneficiary is a natural person, settlement option. If a death benefit is payable, the distribution of the principal and interest is beneficiary may elect to receive the proceeds in the made by means of a periodic payment which form of a settlement option, but only if the payments begins within one year after the date of death are paid at least as rapidly as payments were being paid and is not guaranteed for a period which under the settlement option in effect on the date of extends beyond the life expectancy of the death. If your Contract was issued in connection with a beneficiary. Qualified Plan, additional restrictions on the manner of payment of the death benefit may apply. Any proceeds not subsequently withdrawn will be paid in a lump sum on the date five years after the date of Surrender death. On or before the Annuity Commencement Date, you may surrender all or part of your Contract’s If an Annuitant dies before annuity payments begin and Accumulated Value. The surrender or partial surrender that Annuitant’s Spouse is the sole primary beneficiary, will not be processed until we receive your surrender he or she may, to the extent permitted by law and the request at our Service Center, in good order. Any Contract, elect to continue the Contract in force, in surrender which you request will be made at the end of which case the surviving Spouse will become and be the Valuation Period during which the requirements for treated as the Annuitant and owner effective on the surrender are completed. We will pay you the proceeds date that the death proceeds are calculated (“Exchange from a surrender within seven days after the surrender is Date”). Any amount of death proceeds in excess of the made. The proceeds will be the amount surrendered less Accumulated Value of the Contract will be allocated to any surrender charge. See Charges and Deductions— the Subaccounts and the Fixed Account according to the Surrender Charge (Contingent Deferred Sales Charges). ratio of the Accumulated Value in each to the Accumulated Value of the Contract. Where allowed by A surrender reduces your Accumulated Value by the the Contract, the Spouse will have 60 days from the amount surrendered. For amounts surrendered from a date we receive proof of your death in which to elect to Subaccount, this is done by selling Accumulation Units receive proceeds or to continue the Contract. If an of the Subaccount. For partial surrenders, we allocate election to receive death proceeds or to continue the the surrender among the Subaccounts and the Fixed Contract is not made within 60 days, the surviving Account so that all accounts are reduced in value by the Spouse will be deemed to have elected to continue the same percentage. With our approval, you may specify a Contract effective on the Exchange Date. If the different allocation for a partial surrender. If you have surviving Spouse elects to continue the Contract, the less than the amount of the allocation, we will allocate death benefit will be determined according to your Contract based on the Accumulated Value on the Exchange Date.

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 21 THE CONTRACT •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• the partial surrender among the Subaccounts and the You must have a Medallion Signature Guarantee if you Fixed Account so that all accounts are reduced in value want to surrender or withdraw a value of $500,000 or by the same percentage. more. Certain surrender requests of less than $500,000 require either a Medallion Signature Guarantee, a A partial surrender must be at least $200, unless it is notarized signature, or an attestation of your signature being used to pay a premium or loan on another by a financial professional. These authentication Thrivent product, and must not reduce the remaining procedures are designed to protect against fraud. Such Accumulated Value to less than $1,000. (If the amount an authentication procedure may be required for: you request as a partial surrender would reduce the Surrender of a value of $100,000 or more; remaining Accumulated Value to less than $1,000, we may contact you to determine whether you would like a Request to withdraw or surrender if there has been partial surrender of an amount that would result in a change of address on the account within the remaining Accumulated Value of at least $1,000 or preceding 15 days; and whether instead you would like to make a full surrender Certain other transactions as determined by us. of your Contract. If we are unable to contact you within seven days, we reserve the right to treat your request as A Medallion Signature Guarantee is a stamp provided by a request for a full surrender.) When you request a a financial institution that guarantees your signature. partial surrender, you specify the amount which you You sign the Thrivent approved form and have the want to receive as a result of the surrender. If there are signature(s) guaranteed by an eligible guarantor no surrender charges, or tax withholding associated institution such as a commercial bank, trust company, with the surrender, the amount surrendered will be the brokerage firm, credit union, or a savings bank amount which you request. Otherwise, the amount participating in the Medallion Signature Guarantee surrendered will be the amount necessary to provide the Program. We may waive the Medallion Signature amount requested after we apply the surrender charge Guarantee in limited circumstances. A Notary Public is and any withholding. You may make partial surrenders an individual who is authorized to authenticate by telephone. (Contracts used in a tax-sheltered annuity signatures and can be found in law firms or many of the under Section 403(b) of the Internal Revenue Code will same places that an individual who provides Medallion be subject to certain restrictions regarding surrenders. Signature Guarantees can be found. Attestation by a See Federal Tax Status—Qualified Plans.) Any surrender financial professional requires the verification and which you request will be made at the end of the witness of your signature by a financial professional. Valuation Period during which the requirements for surrender are completed. We will pay you the proceeds A partial surrender or surrender may result in adverse from a surrender within seven days after the surrender is tax consequences, including the imposition of a 10% made. federal premature distribution penalty. For all surrenders, you should consider the tax implications of After the Annuity Commencement Date, your Contract a surrender before you make a surrender request. See does not have an Accumulated Value which can be Federal Tax Status. surrendered. However, if you are receiving annuity payments under certain settlement options, surrender For more complete instructions pertaining to your may be allowed. Surrender is not allowed if you agreed individual circumstances, please contact our Service not to revoke or change the option once annuity Center at (800) 847-4836. payments begin. For other settlement options, the amount available for surrender will be the commuted value of any unpaid annuity payments computed on Transfers the basis of the assumed interest rate incorporated in On or before the Annuity Commencement Date, you the annuity payments. may request the transfer of all or a part of your Contract’s Accumulated Value among the Subaccounts of the Variable Account and the Fixed Account.

22 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• THE CONTRACT ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

You can request a transfer in two ways: Frequent Trading Policies (1) By giving us Written Notice; or Because short-term or frequent transfers, purchases and redemptions of Contract value among Subaccounts pose (2) By telephone. risks to Contract Owners, we place limits on frequent trading practices. Such risks include potentially We will make the transfer without charge at the end of impaired investment performance due to disruption of the Valuation period during which we receive your portfolio management strategies, increased transactions request. For transfers from the Fixed Account to a costs, and dilution of fund shares (and therefore unit Subaccount of the Variable Account, the amount taken values) thereby negatively impacting the performance of from the Fixed Account is used to buy Accumulation the corresponding Subaccount. Units of the chosen Subaccount. For transfers from a Subaccount, Accumulation Units of the Subaccount are We have policies and procedures to discourage frequent sold and the resulting dollar amount is, depending on transfers of value among Subaccounts. We use your request, either transferred to the Fixed Account or reasonable efforts to apply the policies and procedures used to buy Accumulation Units of another Subaccount. uniformly. Several different tactics are used to detect and prevent excessive trading within the Subaccounts. Transfers are subject to the following conditions: The total amount transferred must be at least $200. As described in other sections, we impose a fee if the However, if the total value in a Subaccount or the transfers made within a given time period exceed a Fixed Account is less than $200, the entire amount maximum contractual number. See Fee Tables may be transferred. We reserve the right to limit the number of We also use a combination of monitoring Contract transfers in each Contract Year. However, we will Owner activity and further restricting certain Contract always allow at least 12 transfers per Contract Year. Owner transfers based on a history of frequent transfers We consider all amounts transferred in the same among Subaccounts. When monitoring Contract Owner Valuation Period to be one transfer. It is not activity, we may consider several factors to evaluate dependent upon the number of originating or transfer activity including, but not limited to, the destination Subaccounts. amount and frequency of transfers, the amount of time between transfers and trading patterns. In making this In any Contract Year, only one of your allowed evaluation, we may consider trading in multiple transfers may be from the Fixed Account. Any Contracts under common ownership or control. transfer from the Fixed Account must be made on or within 45 days after a Contract Anniversary. Exceptions may apply to Dollar Cost Averaging, automatic investment plans, systematic withdrawal Transfers will also be subject to any conditions that may plans or non-abusive re-balancing. We reserve the right, be imposed by the Portfolio whose shares are involved. in our sole discretion, to identify other trading practices as abusive. After the Annuity Commencement Date, you may change the percentage allocation of variable annuity If we determine that you are engaging in excessive payments among the available Subaccounts; trading activity, we will request that you cease such (1) By giving us Written Notice; or activity immediately. If we determine that you are continuing to engage in excessive trading, we will (2) By telephone if we receive proper restrict your Contract so that you can make transfers on authorization from you. only one business day each calendar month and any such transfers must be separated by at least 20 calendar days. We reserve the right to reject or restrict any transfer request, without notice for any reason.

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 23 THE CONTRACT ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

In addition, the underlying Portfolios may have adopted in the rebalancing program. To participate in the asset restrictions designed to discourage frequent trading rebalancing program, complete the Asset Rebalancing practices, and we reserve the right to enforce these Form at the time of your application or call policies and procedures. 1-800-847-4836 to request an Asset Rebalancing Form.

Although we seek to deter and prevent frequent trading Telephone and Online Transactions practices, there are no guarantees that all activity can be detected or prevented. Contract Owners engaging in You may perform certain transactions online or over the such trading practices use an evolving variety of telephone. strategies to avoid detection and it may not be possible for operational and technological systems to reasonably We have adopted reasonable security procedures to identify all frequent trading activity. Contract Owners ensure the authenticity of instructions, including still may be subject to their harmful effects if Thrivent is requiring identifying information, recording telephone unable to detect and deter abusive trading practices. conversations and providing written confirmations of transactions. Nevertheless, we honor telephone instructions from any person who provides the correct Dollar Cost Averaging identifying information. Be aware that there is a risk of You may establish a dollar cost averaging program to possible loss to the Contract Owner if an unauthorized make periodic transfers of at least the minimum amount person uses this service in the Contract Owner’s name. required from the Thrivent Money Market Subaccount We disclaim any liability for losses resulting from such to the other Subaccounts except the Fixed Account. If transactions by not having been properly authorized. the remaining amount to be transferred drops below the However, if we do not take reasonable steps to help amount you established, the entire remaining balance ensure that such authorizations are valid, we may be will be transferred on the next transfer date and the liable for such losses. Certain circumstances may dollar cost averaging program will terminate. Transfers prevent you from conducting transactions including but will be made automatically on the date you choose not limited to the event of a disaster, equipment (except the 29th, 30th, or 31st of a month). Transfers malfunction, or overload of telephone system circuits. will continue until the entire amount in the Thrivent Should circumstances prevent you from conducting a Money Market Subaccount has been depleted or until telephone or online transaction, we recommend you you notify us to discontinue the program. In order to provide us with a written request. If due to malfunction begin, terminate or resume the program, we must or other circumstances, the recording of the Contract receive Written Notice or notice by telephone (if you Owner’s telephone request is incomplete or not fully have such authorization). comprehensible, we will not process the transaction. We reserve the right to suspend or limit telephone and online transactions. Asset Rebalancing

On or before the Annuity Date, you may participate in Contract Owners can go online at www.thrivent.com an optional asset rebalancing program that allows you to conduct online transactions or call the Service Center to elect a specific asset allocation to maintain over time. at (800) 847-4836 for telephone transactions. The sum of the rebalancing percentages must be 100% and each rebalancing allocation percentage must be a whole number not greater than 100%. You may select Timely Processing th th st any date (except the 29 ,30 ,or31 of a month) to We will process all requests in a timely fashion. Requests begin the asset rebalancing program and whether to received in good order prior to 4:00 p.m. Eastern Time have your Subaccounts reallocated semiannually or (or sooner if the NYSE closes prior to 4:00 p.m. Eastern annually. The rebalancing will be done after all other Time) on a Valuation Day will use the Accumulation transfers and allocations to or from the Subaccounts for Unit Value as of the close of regular trading on the NYSE the Valuation Day. The asset rebalancing program does on that Valuation Day. We will process requests received not allow you to include the Fixed Account Allocation after that time using the Accumulation Unit Value as of

24 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• THE CONTRACT •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• the close of regular trading on the NYSE of the We are not bound by an assignment unless it is in following Valuation Day. An online transaction writing and filed at our Service Center. We are not payment will be applied on the effective date you select. responsible for the validity or effect of any assignment. This date can be the same day you perform the transaction as long as the request is received prior to You should consider the tax implications of an 4:00 p.m. Eastern Time. The effective date cannot be a assignment. See Federal Tax Status. date prior to the date of the online transaction.

Contract Owner, Beneficiaries and Annuitants Once we issue your Contract, we will process payment of any amount due from any Subaccount within seven Unless another owner is named in the application, the calendar days after we receive Notice. Payment may be Annuitant is the owner of the Contract and may postponed if the NYSE is closed. Postponement may exercise all of the owner’s rights under the Contract. also result for such other periods as the SEC may permit. Payment from the Fixed Account may be deferred up to The Contract Owner may name a beneficiary to receive six months. the death benefit payable under the Contract. If the beneficiary is not living on the date payment is due or if Assignments no beneficiary has been named, the death benefit will be paid to the estate of the Annuitant. Assignment is the transfer of Contract ownership from one party to another. If a Contract is used in a Qualified The owner may change the beneficiary by giving us Plan and the Contract Owner is a trust, custodian or Written Notice of the change. The change will not be employer, then the Contract Owner may transfer effective until we receive your Written Notice at our ownership to the Annuitant. Otherwise, the Contract Service Center. Once we receive it, the change will be may not be sold, assigned, discounted or pledged as effective as of the date on which you signed the notice. collateral for a loan or as security for performance of an However, the change will not affect any payments made obligation or for any other purpose to any person other or actions taken by us before we received your notice, than us. and we will not be responsible for the validity of any change. If the Contract is not used in a Qualified Plan, then ownership may be transferred, but not to a natural person, and the Contract may be assigned as collateral.

CHARGES AND DEDUCTIONS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Surrender Charge (Contingent Deferred Sales Surrender Charges Charge) We do not deduct a charge for sales expenses from Contract Year Percent Applied premiums at the time premiums are paid. Instead, we 16% deduct a charge at the time you surrender all or part of 25% your Accumulated Value. This surrender charge applies 34% only during the first six Contract Years. During those 43% years, we calculate the surrender charge as a percentage 52% of the amount which you surrender, subject to certain 61% exceptions noted below. After Contract Year six there is no charge for making surrenders. In addition, during the first six Contract Years we will limit or waive surrender charges as follows:

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Cumulative Percent-of-Premium Limit. For If surrender charges are not sufficient to cover our sales all surrenders, we will limit the surrender charge so expenses, we will bear the loss; conversely, if the that on any date, the sum of all surrender charges amount of such charges proves more than enough, we applied to that date will not exceed 6.5% of the will retain the excess. See Sufficiency of Charges below. total of premiums you have paid to that date. We do not currently believe that the surrender charges we impose will cover our expected costs of distributing Surrenders Paid Under Certain Settlement the Contracts. Options. For surrenders which you make after Contract Year three, there is no surrender charge applied to amounts which you elect to have paid Administrative Charge under: Your Contract includes an annual administrative charge (1) A settlement option for a fixed amount or a of $30 (or less, if required by the state where your fixed period (including Option 3V described Contract is issued) to help us cover the expenses we under Annuity Provisions—Settlement Options)if incur in administrating your Contract, the Variable the payment period and the accumulation Account and the Subaccounts. On each Contract period will equal or exceed the surrender charge Anniversary prior to and including the Annuity period and you agree at the time of settlement Commencement Date, we will determine if this charge that after the first payment is made, you may will be applied to your Contract. We apply the charge not revoke or change the settlement option. only on Contract Anniversaries on which the sum of premiums you have paid less the amount of any partial (2) Options which involve a life income, surrenders you have made is less than $5,000 and the including Option 4V described under Annuity Accumulated Value is less than $5,000. We deduct the Provisions—Settlement Options. charge from your Accumulated Value, allocating the Ten Percent Free Each Contract Year. In each deduction among the Subaccounts and the Fixed Contract Year, you may surrender without a Account so that all accounts are reduced in value by the surrender charge up to 10% of the Accumulated same percentage. Any such deduction from a Value existing at the time of your first surrender Subaccount is made by selling Accumulation Units of made in that Contract Year. This “Ten Percent Free” the Subaccount. With our approval, you may specify a is not cumulative. For example, if you make no different allocation for the administrative charge. surrenders during the first three Contract Years, the percentage of Accumulated Value which you may Mortality and Expense Risk Charge surrender without charge in the fourth Contract Year is 10%, not 40%. We assume certain financial risks associated with the Contracts. Those risks are of two basic types: Total Disability of the Annuitant. There is no surrender charge if the Annuitant is totally disabled Mortality Risk. This includes our risk that (1) (as defined in your Contract) on the date of a death benefits paid before the Annuity surrender. Commencement Date will be greater than the Accumulated Value available to pay those benefits, Series of Substantially Equal Periodic and (2) Annuitant payments involving life incomes Payments for Life. There is no surrender charge will continue longer than we expected due to lower if you receive payments made as one of a series of than expected death rates of the persons receiving substantially equal periodic payments for your life them. or your life expectancy or the joint life expectancies of you and your beneficiary made not Expense Risk. This is the risk that the expenses, less frequently than annually. with respect to the Contracts, will exceed Contract charges. Certain surrenders are subject to a 10% Federal tax penalty on the amount of income withdrawn. See Federal Tax Status.

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

As compensation for assuming these risks, we deduct a Sufficiency of Charges daily mortality and expense risk charge from the If the amount of all charges assessed in connection with average daily net assets in the Variable Account. The the Contracts as described above is not enough to cover current charge (0.003014% per day) is equal to an all expenses incurred in connection therewith, we will annual rate of 1.10% of the average daily net assets of bear the loss. Any such expenses borne by us will be each Subaccount in the Variable Account during the paid out of our general account which may include, accumulation period. Contracts pending payout due to among other things, proceeds derived from mortality a death claim are charged at an annual rate of 0.95%. and expense risk charges deducted from the Variable We may change this charge in the future, but we Account. Conversely, if the amount of such charges guarantee that it will never exceed an annual rate of proves more than enough, we will retain the excess. 1.25% (0.003425% per day).

If our reserves become impaired, Contract Owners may If the mortality and expense risk charge is insufficient to be asked to add money under the Maintenance of cover the actual cost of the mortality and expense risk Solvency provision described in General Provisions – assumed by us, we will bear the loss. We will not reduce Maintenance of Solvency section. annuity payments or increase the administrative charge to compensate for the insufficiency. If the mortality and expense risk charge proves more than sufficient, the excess will be profit available to us for any appropriate corporate purpose including, among other things, payment of sales expenses. See Sufficiency of Charges below.

Notwithstanding this charge, Contract Owners may be asked to add money under the Maintenance of Solvency provision described in the General Provisions – Maintenance of Solvency section.

Expenses of the Fund Because the Variable Account purchases shares of the Fund, the net assets of the Variable Account will reflect the investment advisory fees or other expenses incurred by the Fund. See Fee and Expense Tables and the accompanying current prospectus of the Fund.

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

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Annuity Commencement Date Settlement Options The Annuity Commencement Date is the date on which You may elect to have proceeds paid to you under an we begin paying you your Contract’s annuity income. annuity settlement option or a combination of options. This date is based on the maturity age which you specify Under each option, you may choose whether annuity in your application. You may change the Annuity payments are to be made on a fixed or variable basis. Commencement Date by giving us notice in writing or by telephone before both the Annuity Commencement We reserve the right to limit the number of allocations Date currently in effect and the new Annuity to subaccounts. Commencement Date. The new date selected must satisfy our requirements for an Annuity The fixed annuity settlement options available to you Commencement Date and any requirements that may are described in your Contract but are not summarized be imposed by the state in which your Contract was here. The variable annuity settlement options which issued. At the Annuity Commencement Date stated in your Contract offers are as follows: your Contract, we may, at our discretion, allow you to extend the Annuity Commencement Date. Option 3V—Income for a Fixed Period. Under this option, we pay an annuity income for a fixed number of years, not to exceed 30. Your Contract provides for a death benefit if the Annuitant dies before the Annuity Commencement Option 4V—Life Income with Guaranteed Date. After the Annuity Commencement Date, amounts Period. Under this option, we pay an annuity payable, if any, depend upon the terms of the income for the lifetime of the payee. If the payee settlement option dies during the guaranteed period, payments will be continued to the end of that period and will be Annuity Proceeds paid to the beneficiary. You may select a guaranteed period of 10 or 20 years or other guaranteed period The proceeds available on the Annuity Commencement agreedtobyus. Date will be the amount provided by surrendering your Contract’s Accumulated Value on that date. If the In addition to these options, proceeds may be paid Annuity Commencement Date occurs within the first under any other settlement option agreeable to us. six Contract Years, surrender charges will be deducted from the Accumulated Value if they apply. Partial Annuitization We will pay you the proceeds at maturity according to Federal tax law permits taxpayers to annuitize a portion the annuity settlement option which you select. of their annuity while leaving the remaining balance tax However, we will pay the proceeds in a single sum if the deferred. You may elect to have a portion of your Accumulated Value on the Annuity Commencement proceeds ($2,000 or more) paid to you under an annuity Date is less than $2,000 or if you elect to receive the settlement option or a combination of options. The proceeds in a single sum. If we pay you proceeds in a settlement option(s) must be for a fixed amount or fixed single sum, your Contract will terminate on the Annuity period payable for at least ten years, or a single or joint Commencement Date. life income with or without a guaranteed period, or any other option agreeable to us. If this requirement is met, If you have not selected either a settlement option or a the settlement option and the tax-deferred balance will single sum payment by the Annuity Commencement generally be treated as two separate contracts for income Date, we will pay proceeds of $2,000 or more using a tax purposes only. Your after-tax premiums in your fixed annuity, life income with 10-year guarantee contract will be allocated pro-rata between the period. settlement option and the portion that remains deferred.

28 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ANNUITY PROVISIONS ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Frequency of Annuity Payments the procedure described here is repeated for each applicable Subaccount and the sum of the payments Annuity payments under a settlement option will be based on each Subaccount is the amount of the annuity paid at monthly intervals unless you and we agree to a payment. different payment schedule. If annuity payments would be or become less than $25 ($20 for Contracts issued in the state of Texas) if a single settlement option is The annuity tables in the Contracts are based on the chosen, or $25 ($20 for Contracts issued in the state of mortality table specified in the Contract. Under these Texas) on each basis if a combination of variable and tables, the longer the life expectancy of the Annuitant fixed options is chosen, we may change the frequency under any life annuity option or the duration of any of payments to intervals that will result in payments of period for which payments are guaranteed under the at least $25 ($20 for Contracts issued in the state of option, the smaller will be the amount of the first Texas) each from each option chosen. monthly variable annuity payment. We guarantee that the dollar amount of each variable annuity payment after the first payment will not be affected by variations Amount of Variable Annuity Payments in expenses or in mortality experience from the The amount of the first variable annuity payment is mortality assumptions used to determine the first determined by applying the proceeds to be paid under a payment. particular settlement option to the annuity table in the Contract for that option. The table shows the amount of Subaccount Annuity Unit Value the initial annuity payment for each $1,000 applied. A Subaccount’s Annuity Unit Value is used to determine the dollar value of annuity payments based on Annuity Subsequent variable annuity payments vary in amount Units of the Subaccount. Annuity Unit Values may according to the investment experience of the selected increase or decrease during each Valuation Period. We Subaccount(s). Assuming annuity payments are based re-determine the Annuity Unit Value for each on the unit values of a single Subaccount, the dollar Subaccount at the end of each Valuation Period. The amount of the first annuity payment (as determined initial Annuity Unit Value for a Subaccount was equal to above) is divided by the Annuity Unit Value as of the the initial Accumulation Unit Value for that Annuity Commencement Date to establish the number Subaccount. At the end of any subsequent Valuation of Annuity Units representing each annuity payment. Period, each Subaccount’s Annuity Unit Value is equal This number of Annuity Units remains fixed during the to (a) x (b) x (c) where: annuity payment period. The dollar amount of the second and subsequent variable annuity payments is (a) Is that Subaccount’s Annuity Unit Value at the not predetermined and may change from payment to end of the immediately preceding Valuation payment. The dollar amount of the second and each Period. subsequent variable annuity payment is determined by (b) Is that Subaccount’s Net Investment Factor for multiplying the fixed number of Annuity Units by the the current Valuation Period. See The Contract— Annuity Unit Value with respect to such Subaccount at Subaccount Valuation—Net Investment Factor the end of the last Valuation Date of the period with described earlier in this Prospectus. respect to which the payment is due. See Subaccount Annuity Unit Value below. If the payment is based upon (c) Is a discount factor equivalent to an assumed the Annuity Unit Values of more than one Subaccount, investment earnings rate of 3.5% per year.

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Entire Contract received (1) after the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time), or (2) on a Your entire insurance Contract is comprised of: date which is not a Valuation Day. In either of these two the Contract including any attached riders, cases, the date of receipt will be deemed to be the next endorsements or amendments; Valuation Day. the application attached to the Contract. Anti-Money Laundering Postponement of Payments In order to protect against the possible misuse of our We may defer payment of any surrender, death benefit products in money laundering or terrorist financing, we or annuity payment amounts that are in the Variable have adopted an anti-money laundering program Account if: satisfying the requirements of federal law. Among other things, this program requires us, our financial (1) The New York Stock Exchange is closed other professionals and customers to comply with certain than customary weekend and holiday closings, procedures and standards that serve to ensure that our or trading on the New York Stock Exchange is customers’ identities are properly verified and that restricted as determined by the SEC, or premiums are not derived from improper sources. We (2) An emergency exists, as determined by the reserve the right to verify any information received by SEC, as a result of which disposal of securities is accessing information maintained in databases not reasonably practicable or it is not internally or externally. reasonably practicable to determine the value of the Variable Account’s net assets. Applicable laws designed to prevent terrorist financing and money laundering might in certain circumstances, Transfers and allocations of Accumulated Value to and require us to block certain transactions until we receive from the Subaccounts of the Variable Account may also authorization from the appropriate regulator. be postponed under these circumstances. Our anti-money laundering program is subject to If you pay a premium by check, we require a reasonable change without notice to account for changes in time for that check to clear your bank before such funds applicable laws or regulations. We may also make would be available to you. This period of time will not changes as a result of our ongoing assessment of exceed 15 days. exposure to illegal activity.

Purchase Payments Maintenance of Solvency Your payment must be in U.S. dollars drawn on a The maintenance of solvency provision is a legal U.S. Bank. Thrivent does not accept cash, starter checks requirement of a fraternal benefit society. The provision (checks without pre-printed registration), traveler’s is only invoked in the event the reserves of a fraternal checks, credit card, courtesy checks or most third-party benefit society become impaired. checks. If you pay a premium by check, we require a reasonable time for that check to clear your bank before This provision applies only to values in the Fixed such funds would be available to you. This period of Account. time will not exceed 15 days. If our reserves become impaired, you may be required to Date of Receipt make an extra payment. Our Board of Directors will determine the amount of any extra payment based on Except as otherwise stated herein, the date of our receipt each member’s fair share of the deficiency. If the of any Written Notice, premium payment, telephonic payment is not made within 60 days of the date we instructions or other communication is the actual date notify you, it will be charged as a debt against the it is received at our Service Center in good order unless

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Contract with interest compounded at the rate of 5% Gender Neutral Benefits per year. You may choose an equivalent reduction in In 1983, the U.S. Supreme Court held in Arizona benefits instead of or in combination with the debt. Governing Committee v. Norris that the application of sex-distinct actuarial tables to employees based upon Reports to Contract Owners their gender in calculating the amount of retirement At least once each year we will send you a report benefits violates Title VII of the Civil Rights Act of 1963. showing the value of your Contract. The report will Because of this decision, employer-sponsored retirement include the Accumulated Value and any additional plans may not use sex-distinct actuarial annuity rates in information required by law. Values shown will be for a determining benefits. date no more than two months prior to the date we mail the report. We will mail your report to your last Generally, annuity payments described in this known address unless prior mailings have been returned Prospectus are determined using sex-distinct actuarial undeliverable to us. We will make a reasonable effort in tables based on the Annuitant’s gender. However, these situations to locate you in order to continue annuity payments will be based on a gender neutral mailing your report and other related documents. Please basis for the following: notify the Service Center if your address has changed. Contracts used in an employer sponsored retirement plan; State Variations Contracts issued in Massachusetts (beginning Any state variations in the Contracts are covered in a January 1, 2009); and special policy form for use in that state. This Prospectus Contracts issued in Montana (beginning October 1, provides a general description of the Contracts. Your 1985). actual Contract (including the application) and any endorsements, along with our Bylaws, are the controlling documents.

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

Telephone: Transfers, Surrenders, or Withdrawals: 1-800-847-4836 Thrivent P.O. Box 8075 Internet: Appleton, WI 54912-8075 Thrivent.com Express Mail:

Fax: Thrivent 4321 N. Ballard Road 1-800-225-2264 Appleton, WI 54919-3400

Additional Premiums (variable products): For Wire Transfer Instructions, Thrivent Please contact 1-800-847-4836 P.O. Box 8061 Appleton, WI 54912-8061

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General applies only if: (1) the investments of the Variable Account are “adequately diversified” in accordance with The following discussion of the federal income tax Treasury Department regulations; (2) the Company, treatment of the Contract is not exhaustive, does not rather than the Contract Owner, is considered the purport to cover all situations, and is not intended as owner of the assets of the Variable Account for federal tax advice. The federal income tax treatment of the income tax purposes; (3) the Contract Owner is an Contract is unclear in certain circumstances, and a individual (or an individual is treated as the Contract qualified tax advisor should always be consulted with Owner for tax purposes); and (4) the Contract’s Annuity regard to the application of law to individual Date is not unduly delayed. circumstances. This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Department regulations, and interpretations Diversification Requirements. The Code and existing on the date of this Prospectus. These Treasury Department regulations prescribe the manner authorities, however, are subject to change by Congress, in which the investments of a segregated asset account, the Treasury Department, and judicial decisions. such as the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these rules, the Contract will not be treated as an This discussion does not address any federal estate or annuity Contract for federal income tax purposes, and gift tax consequences, or any state or local tax so the interest or earnings credited to the Contract’s consequences, associated with the Contract. In addition, Accumulated Value in any year will be includible in the we make no guarantee regarding any tax treatment— Contract Owner’s income that year for federal tax federal, state, or local—of any Contract or any purposes. We expect that the Variable Account, through transaction involving a Contract. the Fund, will comply with these rules.

Tax Status of the Variable Account Ownership Treatment. In certain circumstances, The Variable Account is not separately taxed as a variable annuity Contract Owners may be considered “regulated investment company” under the Code, but the owners, for federal income tax purposes, of the rather is treated as our separate account. Under current assets of a segregated asset account used to support their law, both the investment income and realized capital Contracts. In those circumstances, the account’s income gains of the Variable Account (i.e., the income and and gains would be currently includible in the Contract capital gains distributed to the Variable Account by the Owners’ gross income. The Internal Revenue Service Fund) are reinvested without taxation to us. However, (the “IRS”) has stated in published rulings that a we reserve the right in the future to make a charge variable Contract Owner will be considered the owner against the Variable Account or the Accumulated Value of the assets of a segregated asset account if the owner of a Contract for any federal, state, or local income taxes possesses incidents of ownership in those assets, such as that we incur and determine to be attributable to the the ability to exercise investment control over the Variable Account or the Contract. assets.

Taxation of Annuities in General The ownership rights under the Contract are similar to, but different in certain respects from, the ownership The following discussion assumes that the Contract is rights described in IRS rulings in which the Contract not used in connection with a Qualified Plan. Owners were determined not to be the owners of the assets of a segregated asset account. For example, the Tax Deferral During Accumulation Period Contract Owner has the choice of more investment options to which to allocate premium payments and In general, under current law, an increase in a Contract’s the Accumulated Value than were addressed in those Accumulated Value is not taxable to the Contract rulings. These differences could result in the Contract Owner until received, either in the form of annuity Owner being treated as the owner of all or a portion of income payments as contemplated by the Contract or the assets of the Variable Account and thus subject to in some other form of distribution. However, this rule

32 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• FEDERAL TAX STATUS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• current taxation on the income and gains from those any amounts previously received from the Contract assets. In addition, we do not know what standards will which were excludable from income. All amounts be set forth in any further regulations or rulings which includible in income with respect to the Contract are the Treasury Department or the IRS may issue. We taxed as ordinary income; no amounts are taxed at the therefore reserve the right to modify the Contract as lower rates currently applicable to long-term capital necessary to attempt to prevent Contract Owners from gains and corporate dividends. being considered the owners of the assets of the Variable Account. However, there is no assurance that such Taxation of Annuity Income Payments efforts would be successful. Normally, the portion of each annuity income payment Contracts Not Owned by Individuals. As a general includible in income for federal tax purposes is the rule, Contracts held by “nonnatural persons” such as a excess of the payment over an exclusion amount. In the corporation, trust, or other similar entity are not treated case of variable income payments, this exclusion as annuity Contracts for federal tax purposes. The amount is the investment in the Contract (defined income on such Contracts (as defined in the tax law) is above) allocated to the Variable Account when taxed as ordinary income that is received or accrued by payments begin, adjusted for any period certain or the Contract Owner during the taxable year. However, refund feature, divided by the number of payments this rule generally will not apply to a Contract held by a expected. In the case of fixed income payments, the trust or other entity which holds the Contract as an exclusion amount is determined by multiplying (1) the agent for a natural person. In addition, this rule will not payment, by (2) the ratio of the investment in the apply to: (1) a Contract acquired by the estate of a Contract allocated to our Fixed Account, adjusted for decedent by reason of the death of the decedent; (2) any period certain or refund feature, to the total Contracts used in connection with certain Qualified expected amount of annuity income payments. For this Plans; (3) Contracts purchased by employers upon the purpose, the expected number or amount of annuity termination of certain Qualified Plans; (4) certain income payments is determined by Treasury Contracts used in connection with structured settlement Department regulations which take into account the agreements; and (5) a Contract purchased with a single Annuitant’s life expectancy and the form of annuity premium payment when the annuity starting date is no benefit selected. later than one year from the purchase of the Contract and substantially equal periodic payments are made, Once the total amount of the investment in the not less frequently than annually, during the annuity Contract is excluded using the above formulas, annuity income period. income payments will be fully taxable. If annuity income payments cease because of the death of the The remainder of this discussion assumes that the Annuitant and before the total amount of the Contract will be treated as an annuity contract for investment in the Contract is recovered, the federal income tax purposes. unrecovered amount generally will be allowed as a deduction.

Taxation of Partial and Full Surrenders Income from annuities will be subject to the Medicare In the case of a partial surrender, the amount received is Tax on Investment Income. This tax will be imposed on generally includible in income for federal tax purposes individuals with a modified adjusted gross income to the extent that the Accumulated Value of the (MAGI) of more than $200,000 and joint filers with an Contract, before the partial surrender, exceeds the MAGI of more than $250,000. Generally, the tax rate “investment in the Contract.” In the case of a full will be 3.8% of the lesser of the net investment income surrender, the amount received is includible in income or the amount the MAGI exceeds the threshold amount. to the extent that it exceeds the investment in the Contract. For these purposes, the investment in the Contract at any time equals the total of the premium payments made under the Contract up to that time less

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

There may be special income tax issues present in Penalty Tax on Premature Distributions situations where the Contract Owner and the Annuitant Technically, the amount of any payment from the are not the same person and are not married to one Contract that is includible in income is subject to a 10% another. In such situations a tax advisor should be penalty tax. However, this penalty tax does not apply to consulted. any payment: (1) received on or after the Contract Owner attains age 591⁄2; (2) attributable to the Contract Tax Treatment of Death Benefit Owner becoming disabled (as defined in the tax law); (3) made on or after the death of the Contract Owner Prior to the Annuity Date, we may distribute amounts or, if the Contract Owner is not an individual, on or from a Contract because of the death of a Contract after the death of the primary annuitant (as defined in Owner or, in certain circumstances, the death of the the tax law); (4) that is part of a series of substantially Annuitant. If distributed in a lump sum, such death equal periodic payments, not less frequently than benefit proceeds are includible in income in the same annually, for the life or life expectancy of the Contract manner as a full surrender, or if distributed under an Owner or the joint lives or joint life expectancies of the annuity income option, such proceeds are includible in Contract Owner and a designated beneficiary (as the same manner as annuity income payments. defined in the tax law).; or, (5) made under a Contract purchased with a single premium payment when the After the Annuity Date, where a guaranteed period annuity starting date is no later than one year from the exists under a life income option and the Annuitant purchase of the Contract and substantially equal dies before the end of that period, payments made to periodic payments are made, not less frequently than the beneficiary for the remainder of that period are annually, during the annuity period. For the purposes of includible in income as follows: (1) if received in a lump substantially equal periodic payments, if there is a sum, the payment is includible to the extent that it significant modification of the payment schedule before exceeds the unrecovered investment in the Contract; or the later of the taxpayer reaching age 591⁄2 or the (2) if distributed in accordance with the existing expiration of five years from the time the payment annuity income option, they are fully excluded from starts, the taxpayer’s income shall be increased by the income until the remaining investment in the Contract amount of tax and deferred interest that otherwise is deemed to be recovered, and all payments thereafter would have been incurred. are fully includible in income.

Aggregation of Contracts Assignments, Pledges, and Gratuitous Transfers In certain circumstances, the IRS may determine the Any assignment or pledge of (or agreement to assign or amount of any distribution from the Contract that is pledge) any portion of the Accumulated Value of the includible in income by combining some or all of the Contract is treated for federal income tax purposes as a annuity contracts a person owns. For example, if a surrender of such amount or portion. The investment in person purchases a contract and also purchases at the Contract is increased by the amount includible in approximately the same time another deferred annuity income with respect to such an assignment or pledge. If issued by us, the IRS may treat the two contracts as one a Contract Owner transfers a Contract without adequate contract. Similarly, if a person transfers part of his or her consideration to a person other than the Contract interest in one annuity contract to purchase another Owner’s Spouse (or a former Spouse incident to divorce), annuity contract, the IRS might treat the two contracts the Contract Owner must include in income the as one contract. In addition, if a person purchases two difference between the Contract’s Accumulated Value or more contracts from us (or an affiliate) during any and the investment in the Contract at the time of the calendar year, all such contracts will be treated as one transfer. In such a case, the transferee’s investment in contract for purposes of determining the amount of any the Contract is increased to reflect the amount full or partial surrender that is includible in income. The includible in the transferor’s income. effects of such aggregation are not always clear; however, such aggregation could affect the amount of a

34 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• FEDERAL TAX STATUS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• surrender or an annuity payment that is taxable and the and a 10% penalty tax also may apply. Exceptions to amount which might be subject to the 10% penalty tax this penalty tax vary depending on the type of Qualified described above. Plan involved; in the case of an Individual Retirement Annuity (discussed below), exceptions comparable to Exchanges of Annuity Contracts those described above are available.

We may issue the Contract in exchange for all or part of The following briefly describes certain types of Qualified another annuity contract. Such an exchange will be Plans in connection with which we may issue a income tax free if certain requirements are satisfied (a Contract. 1035 Exchange). If the exchange is tax free, the investment in the Contract immediately after the Traditional IRAs. Section 408 of the Code permits exchange will generally be the same as that of the eligible individuals to contribute to an Individual annuity contract exchanged, increased by any Retirement Account or an Individual Retirement additional premium payment made as part of the Annuity (collectively known as an “IRA”). IRAs are exchange. If part of an existing contract is exchanged subject to limits on the amounts that may be for the Contract, the IRS might treat the two contracts contributed and deducted, on the persons who may be as one annuity contract in certain circumstances. (See eligible to do so, and on the time when distributions “Aggregation of Contracts.”) You should consult your tax may commence. Also, subject to certain requirements advisor in connection with an exchange of all or part of discussed below, you may “roll over” distributions from an annuity contract for the Contract. certain Qualified Plans on a tax-deferred basis into an IRA. Qualified Plans The Contracts also are designed for use with several Roth IRAs. Section 408A of the Code permits eligible types of Qualified Plans. When used in Qualified Plans, individuals to contribute to a type of IRA known as a deferred annuities like the Contracts do not offer “Roth IRA.” Roth IRAs are generally subject to the same additional tax-deferral benefits, but annuities offer other rules as non-Roth IRAs, but differ in several respects. product benefits to investors in Qualified Plans. Among the differences is that, although contributions Participants under such Qualified Plans as well as to a Roth IRA are not deductible, “qualified Contract Owners, Annuitants, and beneficiaries are distributions” (those that satisfy certain waiting and use cautioned that the rights of any person to any benefits requirements) from a Roth IRA will be excludable from under such Qualified Plans may be subject to the terms income. Subject to certain restrictions, a distribution and conditions of the plans themselves regardless of the from an eligible employer-sponsored qualified plan may terms and conditions of the Contracts issued in be directly moved to a Roth IRA. This movement is connection with them. Those who intend to use the called a “qualified rollover contribution.” Contract in connection with Qualified Plans should seek competent advice. Section 403(b) Plans. Section 403(b) of the Code permits public school employees and employees of The tax rules applicable to Qualified Plans, and to a certain types of charitable, educational, and scientific Contract when used in connection with a Qualified organizations to have their employers purchase annuity Plan, vary according to the type of plan and the terms Contracts for them and, subject to certain limitations, and conditions of the plan itself, and they take to exclude the amount of premium payments from precedence over the general annuity tax rules described income for federal tax purposes. Subject to plan above. For example, for full surrenders, partial provisions, distributions from a Contract purchased surrenders, and annuity income payments under under section 403(b) may be paid only when the Contracts used in Qualified Plans, there may be no employee reaches age 591⁄2, separates from service, dies, “investment in the contract,” with the result that the or becomes disabled, the 403(b) plan terminates, or in total amount received may be includible in income. The the case of financial hardship. As a result, the Contract includible amount is taxed at ordinary income tax rates, Owner will not be entitled to exercise the surrender

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 35 FEDERAL TAX STATUS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• rights described under the heading “The Contract— distribution. However, this 20% withholding will not Surrender” unless one of the above conditions is apply if the distribution is directly rolled over to an IRA satisfied. For contracts maintained pursuant to an or to another eligible retirement plan. employer sponsored 403(b) plan, we may require the employer’s signature to process any requests for Federal Income Tax Withholding withdrawal, surrender, rollover or transfers to another contract. We will withhold and remit to the federal government a part of the taxable portion of each distribution made under a Contract unless the payee notifies us at or Direct Rollovers before the time of the distribution that he or she elects If your Contract is purchased under section 403(b) of not to have any amounts withheld. In certain the Code or is used in connection with certain other circumstances, we may be required to withhold tax. The Qualified Plans, any “eligible rollover distribution” from withholding rates applicable to the taxable portion of the Contract will be subject to direct rollover and annuity income payments (other than eligible rollover mandatory withholding requirements. An eligible distributions made in connection with Qualified Plans) rollover distribution generally is any taxable are the same as the withholding rates generally distribution from certain Qualified Plans (including applicable to payments of wages. Further, a 10% from a Contract purchased under section 403(b)) withholding rate applies to the taxable portion of excluding amounts such as minimum distributions non-periodic payments (including partial and full required under the Code. Under these requirements, surrenders), and as discussed above, the withholding federal income tax equal to 20% of the eligible rollover rate applicable to eligible rollover distributions is 20%. distribution will be withheld from the amount of the Whether or not federal income tax is withheld, the distribution. Unlike withholding on certain other Contract Owner (or other applicable taxpayer) remains amounts distributed from the Contract, discussed below, liable for payment of federal income tax on Contract the Contract Contract Owner cannot elect out of distributions. withholding with respect to an eligible rollover

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

For financial professionals who are registered product or account, your financial professional may also representatives of Thrivent Investment be paid additional compensation based on factors Management Inc., the following applies: including the total volume of product sales, length of time that you continue to pay premiums or keep assets Thrivent Investment Management Inc., 625 Fourth invested in the products sold, and the profitability of Avenue South, Minneapolis, Minnesota 55415, an the products. indirect subsidiary of Thrivent, is a registered broker-dealer and acts as principal underwriter and Compensation consists of commissions, bonuses and distributor of the Contracts pursuant to a distribution promotional incentives. Commissions pay at a range of agreement with us. Thrivent Investment 0% to 1.5% of premiums paid into the contract. Management Inc. also acts as the distributor of a Commission rates are based on the source of funds used number of other variable annuity and variable life to pay the premium and the type of contract. insurance contracts we offer. Your financial professional may receive asset-based The financial professional in this transaction is a duly compensation pay at a range of 0.02% to 0.07% of the licensed registered representative of Thrivent account value if eligible. If you elect a settlement Investment Management Inc. and is also an appointed option, we pay commissions to the financial insurance producer of Thrivent. professional ranging from 0.25% to 0.99% of the premium applied to the settlement option, if eligible. Our financial professionals predominately sell insurance and annuity products of ours. It is more profitable for us Financial professionals are eligible to be paid back a and our affiliates if you purchase products issued by us portion of what they spent on marketing their financial instead of those issued by other insurance companies. services to the public. As a result, we have a financial interest in the sale of the Contract, and an incentive to recommend that you For financial professionals who are registered purchase a contract issued by Thrivent instead of a representatives of Selling Firms, the following contract issued by another company. Sales of Thrivent applies: insurance products, which include variable annuity and variable life insurance contracts, help support our We and the principal underwriter of the Contracts have mission of service to congregations and communities. entered, and may enter, into selling agreements with This gives both the organization and our members an broker-dealers that are unaffiliated with us (“Selling opportunity to promote volunteerism, aid those in Firms”). The financial professional in a transaction need, strengthen non-profit organizations and address through a Selling Firm is a registered representative of critical community needs. the Selling Firm, and an appointed insurance producer of Thrivent Financial. The following paragraphs describe In addition, your financial professional may be paid how payments are made by us to unaffiliated Selling differently depending on the product or service he or Firms. she recommends. As a result, your financial professional in this transaction may have a financial incentive to The terms of any agreement governing compensation recommend that you purchase one product instead of may vary among Selling Firms. The prospect of another. receiving, or the receipt of, compensation may provide Selling Firms and/or their registered representatives with From time to time and in accordance with applicable an incentive to favor sales of the Contracts over other laws and regulations, financial professions are eligible variable contracts (or other investments) with respect to for various incentives. These include cash incentives which the Selling Firms do not receive compensation or such as bonuses and sales incentives, or other economic receive lower compensation. You should take such benefits. In addition to the commissions or other compensation paid when you purchase or invest in a

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 37 DISTRIBUTION OF THE CONTRACTS •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• payment arrangements into account when considering typically receives a portion of the compensation we pay and evaluating any recommendation relating to the to the Selling Firm, based on the agreement between the Contracts. Selling Firm and its registered representative. You may ask registered representatives how they will be The maximum commission we pay to Selling Firms is personally compensated. The compensation described 1.5% of premiums, plus up to 0.05% of a Contract’s above is not charged directly to you or your Contract. Accumulated Value annually. Commissions also may be paid on Accumulated Value moved into an annuity The compensation is paid from our resources, which settlement option. The registered representative include fees and charges imposed on your Contract.

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

There are no legal proceedings to which the Variable Account is a party or to which the assets of the Variable Account are subject. Neither Thrivent nor Thrivent Investment Management Inc. is involved in any litigation that is of material importance in relation to their financial condition or that relates to the Variable Account.

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

The financial statements of Thrivent and the Variable Account are contained in the Statement of Additional Information.

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

TABLE OF CONTENTS

Introduction Administration of the Contracts 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 by calling us at 1-800-THRIVENT (1-800-847-4836), going online at thrivent.com, or by writing us at Thrivent, 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 the Securities and Exchange Commission at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the public reference room may be obtained by calling (202) 551-8090. Reports and other information about Thrivent Variable Annuity Account C are available on the Commission’s web site at www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by writing to the Public Reference Section of the Commission, U.S. Securities & Exchange Commission, 100 F Street, N.E., Washington, DC 20549.

THRIVENT VARIABLE ANNUITY ACCOUNT C 1933 Act Registration No. 333-232464 1940 Act Registration No. 811-05242

------Please send me the Statement of Additional Information (SAI) for the: Flexible Premium Deferred Variable Annuity Contract Thrivent Variable Annuity Account C Thrivent Series Fund, Inc.

(Name) (Date)

(Street Address)

(City) (State) (Zip Code)

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

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

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Thrivent Aggressive Allocation Subaccount (April 29, 2005) Accumulation Unit: valueatbeginningofperiod...... $21.36 $23.09 $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89 $11.09 valueatendofperiod...... $26.48 $21.36 $23.09 $19.21 $17.64 $17.91 $17.08 $13.59 $12.24 $12.89 number outstanding at end of period (000 omitted) .... 1,585 1,735 1,916 2,042 2,271 2,412 2,542 2,637 3,008 3,286

Thrivent All Cap Subaccount (November 30, 2001)1 Accumulation unit: valueatbeginningofperiod...... $19.81 $22.23 $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33 $9.85 valueatendofperiod...... $25.52 $19.81 $22.23 $18.69 $17.86 $17.66 $15.91 $12.11 $10.67 $11.33 number outstanding at end of period (000 omitted) .... 293 322 340 365 419 407 458 509 604 721

Thrivent Balanced Income Plus Subaccount (April 30, 2002)2 Accumulation unit: valueatbeginningofperiod...... $20.38 $21.66 $19.61 $18.52 $18.75 $17.87 $15.32 $13.78 $13.37 $11.93 valueatendofperiod...... $23.61 $20.38 $21.66 $19.61 $18.52 $18.75 $17.87 $15.32 $13.78 $13.37 number outstanding at end of period (000 omitted) .... 342 355 376 381 383 429 399 379 405 479

Thrivent Diversified Income Plus Subaccount (April 30, 2002)3 Accumulation unit: valueatbeginningofperiod...... $24.07 $25.01 $23.12 $21.83 $22.06 $21.39 $19.45 $17.18 $16.98 $14.81 valueatendofperiod...... $27.07 $24.07 $25.01 $23.12 $21.83 $22.06 $21.39 $19.45 $17.18 $16.98 number outstanding at end of period (000 omitted) .... 544 606 598 654 688 784 785 677 496 519

Thrivent Global Stock Subaccount (April 30, 2002)4 Accumulation unit: valueatbeginningofperiod...... $18.09 $19.95 $16.65 $15.97 $15.66 $15.04 $11.73 $10.32 $10.94 $9.98 valueatendofperiod...... $22.00 $18.09 $19.95 $16.65 $15.97 $15.66 $15.04 $11.73 $10.32 $10.94 number outstanding at end of period (000 omitted) .... 490 553 623 682 785 797 869 857 1,051 1,332

Thrivent Government Bond Subaccount (April 30, 2002)5 Accumulation unit: valueatbeginningofperiod...... $15.89 $16.04 $15.75 $15.69 $15.74 $14.94 $15.49 $14.92 $13.94 $12.90 valueatendofperiod...... $16.64 $15.89 $16.04 $15.75 $15.69 $15.74 $14.94 $15.49 $14.92 $13.94 number outstanding at end of period (000 omitted) .... 183 204 251 260 263 352 420 506 505 596

Thrivent High Yield Subaccount (March 8, 1988) Accumulation unit: valueatbeginningofperiod...... $54.23 $56.71 $53.35 $47.83 $49.70 $49.28 $46.61 $40.52 $39.13 $34.53 valueatendofperiod...... $61.33 $54.23 $56.71 $53.35 $47.83 $49.70 $49.28 $46.61 $40.52 $39.13 number outstanding at end of period (000 omitted) .... 1,208 1,345 1,486 1,638 1,824 2,048 2,296 2,597 2,924 3,421

1 Formerly known as Thrivent Partner All Cap Subaccount. 2 Formerly known as Thrivent Balanced Subaccount. 3 Formerly known as Thrivent High Yield Subaccount II. 4 Formerly known as Thrivent Large Cap Stock Subaccount. 5 Formerly known as Thrivent Bond Index Subaccount.

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

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Thrivent Income Subaccount (March 8, 1988) Accumulation unit: valueatbeginningofperiod...... $46.80 $48.44 $46.08 $43.92 $44.71 $42.37 $42.87 $39.05 $37.27 $33.78 valueatendofperiod...... $52.58 $46.80 $48.44 $46.08 $43.92 $44.71 $42.37 $42.87 $39.05 $37.27 number outstanding at end of period (000 omitted) .... 1,126 1,267 1,457 1,597 1,783 2,025 2,309 2,668 3,099 3,705

Thrivent International Allocation Subaccount (April 30, 2008)1 Accumulation unit: valueatbeginningofperiod...... $9.98 $11.92 $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83 $7.87 valueatendofperiod...... $11.89 $9.98 $11.92 $9.73 $9.52 $9.70 $10.37 $9.01 $7.68 $8.83 number outstanding at end of period (000 omitted) .... 2,342 2,617 2,834 2,993 3,339 3,654 4,019 4,444 525 626

Thrivent Large Cap Growth Subaccount (March 8, 1988) Accumulation unit: valueatbeginningofperiod...... $124.98 $123.29 $96.67 $99.21 $90.79 $82.71 $61.42 $52.11 $55.62 $50.79 valueatendofperiod...... $164.29 $124.98 $123.29 $96.67 $99.21 $90.79 $82.71 $61.42 $52.11 $55.62 number outstanding at end of period (000 omitted) .... 2,011 2,215 2,402 2,650 2,955 3,221 3,559 3,968 4,547 5,319

Thrivent Large Cap Index Subaccount (April 30, 2002) Accumulation unit: valueatbeginningofperiod...... $25.89 $27.44 $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32 $10.86 valueatendofperiod...... $33.58 $25.89 $27.44 $22.84 $20.68 $20.67 $18.46 $14.16 $12.39 $12.32 number outstanding at end of period (000 omitted) .... 605 676 702 714 709 673 676 716 776 943

Thrivent Large Cap Value Subaccount (November 30, 2001) Accumulation unit: valueatbeginningofperiod...... $22.33 $24.73 $21.25 $18.30 $19.18 $17.78 $13.64 $11.73 $12.24 $10.99 valueatendofperiod...... $27.47 $22.33 $24.73 $21.25 $18.30 $19.18 $17.78 $13.64 $11.73 $12.24 number outstanding at end of period (000 omitted) .... 936 1,022 1,097 1,196 1,306 1,478 1,645 1,773 2,178 2,685

Thrivent Limited Maturity Bond Subaccount (November 30, 2001) Accumulation unit: valueatbeginningofperiod...... $13.33 $13.34 $13.14 $12.92 $12.97 $12.90 $12.98 $12.58 $12.61 $12.11 valueatendofperiod...... $13.81 $13.33 $13.34 $13.14 $12.92 $12.97 $12.90 $12.98 $12.58 $12.61 number outstanding at end of period (000 omitted) .... 448 520 589 682 738 861 1,011 1,188 1,355 1,659

Thrivent Low Volatility Equity Subaccount (April 28, 2017) Accumulation unit: valueatbeginningofperiod...... $10.50 $10.93 $— valueatendofperiod...... $12.78 $10.50 $10.93 number outstanding at end of period (000 omitted) .... 32 34 14

Thrivent Mid Cap Index Subaccount (April 30, 2002) Accumulation unit: valueatbeginningofperiod...... $30.69 $34.98 $30.49 $25.60 $26.55 $24.57 $18.69 $16.10 $16.65 $13.37 valueatendofperiod...... $38.21 $30.69 $34.98 $30.49 $25.60 $26.55 $24.57 $18.69 $16.10 $16.65 number outstanding at end of period (000 omitted) .... 272 301 303 322 309 304 317 330 356 463

Thrivent Mid Cap Stock Subaccount (April 30, 2002) Accumulation unit: valueatbeginningofperiod...... $33.62 $38.19 $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56 $13.33 valueatendofperiod...... $41.96 $33.62 $38.19 $32.44 $25.48 $25.75 $23.26 $17.35 $15.35 $16.56 number outstanding at end of period (000 omitted) .... 2,130 2,329 2,507 2,766 3,053 351 386 417 501 644

Thrivent Moderate Allocation Subaccount (April 29, 2005) Accumulation Unit: valueatbeginningofperiod...... $18.50 $19.57 $17.52 $16.27 $16.54 $15.79 $13.87 $12.55 $12.82 $11.40 valueatendofperiod...... $21.72 $18.50 $19.57 $17.52 $16.27 $16.54 $15.79 $13.87 $12.55 $12.82 number outstanding at end of period (000 omitted) .... 10,347 11,517 12,629 13,566 15,280 16,321 16,834 17,800 19,355 19,981

1 Formerly known as Thrivent Partner Worldwide Allocation Subaccount.

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

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Thrivent Moderately Aggressive Allocation Subaccount (April 29, 2005) Accumulation Unit: valueatbeginningofperiod...... $19.90 $21.38 $18.51 $16.97 $17.29 $16.49 $13.74 $12.31 $12.81 $11.22 valueatendofperiod...... $24.03 $19.90 $21.38 $18.51 $16.97 $17.29 $16.49 $13.74 $12.31 $12.81 number outstanding at end of period (000 omitted) .... 6,639 7,383 7,946 8,442 9,679 10,197 10,676 11,206 12,079 12,556

Thrivent Moderately Conservative Allocation Subaccount (April 29, 2005) Accumulation Unit: valueatbeginningofperiod...... $16.51 $17.26 $15.93 $15.02 $15.26 $14.65 $13.58 $12.53 $12.65 $11.48 valueatendofperiod...... $18.80 $16.51 $17.26 $15.93 $15.02 $15.26 $14.65 $13.58 $12.53 $12.65 number outstanding at end of period (000 omitted) .... 3,682 4,098 4,640 5,094 5,814 6,366 7,053 7,691 8,206 8,427

Thrivent Money Market Subaccount (February 18, 1988) Accumulation unit: valueatbeginningofperiod...... $1.85 $1.84 $1.86 $1.88 $1.90 $1.92 $1.94 $1.96 $1.98 $2.00 valueatendofperiod...... $1.86 $1.85 $1.84 $1.86 $1.88 $1.90 $1.92 $1.94 $1.96 $1.98 number outstanding at end of period (000 omitted) .... 3,562 2,756 3,395 3,887 3,690 4,367 5,426 5,848 7,555 8,671

Thrivent Multidimensional Income Subaccount (April 28, 2017) Accumulation unit: valueatbeginningofperiod...... $9.62 $10.27 $— valueatendofperiod...... $10.95 $9.62 $10.27 number outstanding at end of period (000 omitted) .... 17 16 16

Thrivent Opportunity Income Plus Subaccount (April 30, 2003)1 Accumulation unit: valueatbeginningofperiod...... $15.00 $15.32 $14.81 $14.08 $14.24 $13.91 $14.26 $13.60 $13.16 $11.87 valueatendofperiod...... $16.10 $15.00 $15.32 $14.81 $14.08 $14.24 $13.91 $14.26 $13.60 $13.16 number outstanding at end of period (000 omitted) .... 126 142 158 125 122 122 120 147 146 173

Thrivent Partner Emerging Markets Equity Subaccount (April 30, 2008)2 Accumulation unit: valueatbeginningofperiod...... $11.89 $14.12 $11.19 $10.14 $11.86 $12.27 $13.39 $10.75 $12.19 $9.68 valueatendofperiod...... $14.13 $11.89 $14.12 $11.19 $10.14 $11.86 $12.27 $13.39 $10.75 $12.19 number outstanding at end of period (000 omitted) .... 155 173 184 151 165 206 221 218 235 264

Thrivent Partner Growth Stock Subaccount (November 30, 2001) Accumulation unit: valueatbeginningofperiod...... $30.85 $31.59 $23.91 $23.85 $21.79 $20.30 $14.78 $12.60 $12.93 $11.21 valueatendofperiod...... $40.09 $30.85 $31.59 $23.91 $23.85 $21.79 $20.30 $14.78 $12.60 $12.93 number outstanding at end of period (000 omitted) .... 278 308 313 316 372 364 381 421 466 603

Thrivent Partner Healthcare Subaccount (April 30, 2008) Accumulation unit: valueatbeginningofperiod...... $23.54 $21.97 $18.60 $22.40 $21.65 $17.62 $13.59 $11.38 $11.96 $10.88 valueatendofperiod...... $29.30 $23.54 $21.97 $18.60 $22.40 $21.65 $17.62 $13.59 $11.38 $11.96 number outstanding at end of period (000 omitted) .... 216 235 251 271 367 261 196 137 129 146

Thrivent Real Estate Securities Subaccount (April 30, 2003) Accumulation unit: valueatbeginningofperiod...... $36.63 $39.11 $37.32 $35.10 $34.54 $26.69 $26.41 $22.72 $21.11 $16.73 valueatendofperiod...... $46.35 $36.63 $39.11 $37.32 $35.10 $34.54 $26.69 $26.41 $22.72 $21.11 number outstanding at end of period (000 omitted) .... 185 206 236 284 291 315 327 363 416 503

Thrivent Small Cap Growth Subaccount (April 27, 2018) Accumulation unit: valueatbeginningofperiod...... $9.04 $— valueatendofperiod...... $11.49 $9.04 number outstanding at end of period (000 omitted) .... 31 29

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

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

Year ended Dec. 31, 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Thrivent Small Cap Index Subaccount (April 30, 2002) Accumulation unit: valueatbeginningofperiod...... $31.98 $35.40 $31.63 $25.36 $26.21 $25.15 $18.06 $15.75 $15.83 $12.72 valueatendofperiod...... $38.74 $31.98 $35.40 $31.63 $25.36 $26.21 $25.15 $18.06 $15.75 $15.83 number outstanding at end of period (000 omitted) .... 248 276 282 287 280 282 308 310 372 440

Thrivent Small Cap Stock Subaccount (April 30, 2002) Accumulation unit: valueatbeginningofperiod...... $26.35 $29.64 $24.72 $19.85 $20.71 $19.99 $14.87 $13.74 $14.68 $11.86 valueatendofperiod...... $33.30 $26.35 $29.64 $24.72 $19.85 $20.71 $19.99 $14.87 $13.74 $14.68 number outstanding at end of period (000 omitted) .... 481 529 577 597 683 291 318 353 437 555

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 43 [THIS PAGE INTENTIONALLY LEFT BLANK] APRIL 30, 2020

THRIVENT AGGRESSIVE ALLOCATION PORTFOLIO SUMMARY PROSPECTUS

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

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

• If you purchased shares of Thrivent Variable Portfolios from a firm other than Thrivent Financial: You can find the Portfolio’s prospectus, reports to shareholders, and other information about the Portfolio online at ThriventPortfolios.com. You can also get this information by calling or emailing your financial advisor. The Portfolio’s prospectus and statement of additional information, both dated April 30, 2020, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or email address noted above.

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Portfolios’ website (ThriventPortfolios.com), and you will be notified by mail each time a report is posted and provided with a website address to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications by enrolling at Thrivent.com/gopaperless. You may elect to receive all future shareholder reports in paper free of charge. You can call 800-847-4836 to let us know you wish to continue receiving paper copies of your shareholder reports. Your election to receive shareholder reports in paper will apply to all Portfolios held in your insurance company separate account.

TSF-1 Thrivent Aggressive Allocation Portfolio

Investment Objective reimbursement. The example also assumes that your Љ Љ investment has a 5% return each year, and that the Thrivent Aggressive Allocation Portfolio (the Portfolio ) Portfolio’s operating expenses remain the same. seeks long-term capital growth. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years 5 Years 10 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Aggressive own a variable annuity contract or variable life Allocation Portfolio $78 $279 $498 $1,127 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 60% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of The Portfolio pursues its objective by investing in a the value of your investment) combination of other funds managed by the Adviser or Management Fees 0.70% an affiliate and directly held financial instruments. The Portfolio is designed for investors who seek greater Other Expenses 0.04% long-term capital growth and are comfortable with Acquired Fund Fees and Expenses 0.19% higher levels of risk and volatility. The Portfolio uses a Total Annual Portfolio Operating Expenses 0.93% prescribed asset allocation strategy involving a two-step Less Fee Waivers and/or Expense process that is designed to achieve its desired risk Reimbursements1 0.17% tolerance. The first step is the construction of a model Total Annual Portfolio Operating Expenses After for the allocation of the Portfolio’s assets across broad Fee Waivers and/or Expense Reimbursements 0.76% asset categories (namely, equity securities and debt securities). The second step involves the determination 1 The Adviser has contractually agreed, for as long as the current fee of sub-classes within the broad asset categories and structure is in place and through at least April 30, 2021, to waive an amount equal to any management fees indirectly incurred by the target weightings (i.e., what the Adviser determines is Portfolio as a result of its investment in any other mutual fund for the strategic allocation) for these sub-classes. Sub-classes which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision for equity securities may be based on market may be terminated upon the mutual agreement between the capitalization, investment style (such as growth or Independent Directors of the Portfolio and the Adviser. value), or economic sector. Sub-classes for debt securities EXAMPLE This example is intended to help you may be based on maturity, duration, security type or compare the cost of investing in the Portfolio with the credit rating (high yield—commonly known as “junk cost of investing in other mutual funds. The Portfolio is bonds”—or investment grade). an investment option for variable contracts, and the The use of target weightings for various sub-classes example does not include charges imposed by variable within broad asset categories is intended as a multi-style contracts. If variable contract charges were imposed, approach to reduce the risk of investing in securities your expenses would be higher than those shown. The having common characteristics. The Portfolio may buy example assumes that you invest $10,000 in the and sell futures contracts to either hedge its exposure or Portfolio for the time periods indicated and then obtain exposure to certain investments. redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the The Portfolio may invest in foreign securities, including effect of the contractual fee waiver and/or expense those of issuers in emerging markets. An “emerging market” country is any country determined by the

TSF-2 Adviser to have an emerging market economy, Principal Risks considering factors such as the country’s credit rating, The Portfolio is subject to the following principal its political and economic stability and the development investment risks, which you should review carefully and of its financial and capital markets. in entirety. The Portfolio may not achieve its Under normal circumstances, the Portfolio invests in investment objective and you could lose money by the following broad asset classes within the ranges investing in the Portfolio. given: Allocation Risk. The Portfolio’s investment Target Allocation performance depends upon how its assets are allocated Broad Asset Category Allocation Range across broad asset categories and applicable sub-classes Equity Securities ...... 95% 75-100% within such categories. Some broad asset categories and Debt Securities...... 5% 0-25% sub-classes may perform below expectations or the securities markets generally over short and extended The Portfolio’s actual holdings in each broad asset periods. Therefore, a principal risk of investing in the category may be outside the applicable allocation range Portfolio is that the allocation strategies used and the from time to time due to differing investment allocation decisions made will not produce the desired performance among asset categories. The Adviser will results. rebalance the Portfolio at least annually so that its holdings are within the ranges for the broad asset Equity Security Risk. Equity securities held by the categories. Portfolio may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods The Portfolio pursues its investment strategy by of time, and such declines may occur because of investing primarily in other mutual funds managed by declines in the equity market as a whole, or because of the Adviser or an affiliate. The names of the funds declines in only a particular country, company, managed by the Adviser or an affiliate which are industry, or sector of the market. From time to time, the currently available for investment by the Portfolio are Portfolio may invest a significant portion of its assets in shown in the list below. The list is provided for companies in one or more related sectors or industries information purposes only. The Adviser may change the which would make the Portfolio more vulnerable to availability of the funds managed by the Adviser or an adverse developments affecting such sectors or affiliate for investment by the Portfolio without industries. Equity securities are generally more volatile shareholder approval or advance notice to shareholders. than most debt securities. Equity Securities Large Cap Risk. Large-sized companies may be unable Small Cap to respond quickly to new competitive challenges such Thrivent Small Cap Stock Portfolio as changes in technology. They may also not be able to Mid Cap attain the high growth rate of successful smaller Thrivent Mid Cap Stock Portfolio Large Cap companies, especially during extended periods of Thrivent Global Stock Portfolio economic expansion. Thrivent Large Cap Growth Portfolio Small Cap Risk. Smaller, less seasoned companies Thrivent Large Cap Value Portfolio often have greater price volatility, lower trading volume, Other and less liquidity than larger, more established Thrivent International Allocation Portfolio Thrivent Core International Equity Fund companies. These companies tend to have small Thrivent Core Low Volatility Equity Fund revenues, narrower product lines, less management depth and experience, small shares of their product or Debt Securities service markets, fewer financial resources, and less High Yield Bonds competitive strength than larger companies. Such Thrivent High Yield Portfolio companies seldom pay significant dividends that could Intermediate/Long-Term Bonds soften the impact of a falling market on returns. Thrivent Income Portfolio Short-Term/Intermediate Bonds Mid Cap Risk. Medium-sized companies often have Thrivent Limited Maturity Bond Portfolio greater price volatility, lower trading volume, and less Other liquidity than larger, more-established companies. These Thrivent Core Emerging Markets Debt Fund companies tend to have smaller revenues, narrower Short-Term Debt Securities product lines, less management depth and experience, Money Market smaller shares of their product or service markets, fewer Thrivent Cash Management Trust financial resources, and less competitive strength than Other larger companies. Thrivent Core Short-Term Reserve Fund

TSF-3 Market Risk. Over time, securities markets generally Emerging Markets Risk. The economic and political tend to move in cycles with periods when security structures of developing countries in emerging markets, prices rise and periods when security prices decline. The in most cases, do not compare favorably with the U.S. value of the Portfolio’s investments may move with or other developed countries in terms of wealth and these cycles and, in some instances, increase or decrease stability, and their financial markets often lack liquidity. more than the applicable market(s) as measured by the Portfolio performance will likely be negatively affected Portfolio’s benchmark index(es). The securities markets by portfolio exposure to countries and corporations may also decline because of factors that affect a domiciled in or with revenue exposures to countries in particular industry or due to impacts from the spread of the midst of, among other things, hyperinflation, infectious illness, public health threats or similar issues. currency devaluation, trade disagreements, sudden political upheaval, or interventionist government Other Funds Risk. Because the Portfolio invests in policies. Portfolio performance may also be negatively other funds managed by the Adviser or an affiliate affected by portfolio exposure to countries and (“Other Funds”), the performance of the Portfolio is corporations domiciled in or with revenue exposures to dependent, in part, upon the performance of Other countries with less developed legal, tax, regulatory, and Funds in which the Portfolio may invest. As a result, the accounting systems. Significant buying or selling actions Portfolio is subject to the same risks as those faced by by a few major investors may also heighten the the Other Funds. In addition, Other Funds may be volatility of emerging markets. These factors make subject to additional fees and expenses that will be investing in emerging market countries significantly borne by the Portfolio. riskier than in other countries, and events in any one Growth Investing Risk. Growth style investing country could cause the Portfolio’s share price to includes the risk of investing in securities whose prices decline. historically have been more volatile than other Foreign Currency Risk. The value of a foreign securities, especially over the short term. Growth stock currency may decline against the U.S. dollar, which prices reflect projections of future earnings or revenues would reduce the dollar value of securities denominated and, if a company’s earnings or revenues fall short of in that currency. The overall impact of such a decline of expectations, its stock price may fall dramatically. foreign currency can be significant, unpredictable, and Value Investing Risk. Value style investing includes long lasting, depending on the currencies represented, the risk that stocks of undervalued companies may not how each one appreciates or depreciates in relation to rise as quickly as anticipated if the market doesn’t the U.S. dollar, and whether currency positions are recognize their intrinsic value or if value stocks are out hedged. Under normal conditions, the Portfolio does of favor. not engage in extensive foreign currency hedging programs. Further, exchange rate movements are Foreign Securities Risk. Foreign securities generally volatile, and it is not possible to effectively hedge the carry more risk and are more volatile than their currency risks of many developing countries. domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable Investment Adviser Risk. The Portfolio is actively information and fluctuations in currency exchange rates managed and the success of its investment strategy where investments are denominated in currencies other depends significantly on the skills of the Adviser in than the U.S. dollar. Certain events in foreign markets assessing the potential of the investments in which the may adversely affect foreign and domestic issuers, Portfolio invests. This assessment of investments may including interruptions in the global supply chain, prove incorrect, resulting in losses or poor performance, natural disasters and outbreak of infectious diseases. The even in rising markets. There is also no guarantee that Portfolio’s investment in any country could be subject the Adviser will be able to effectively implement the to governmental actions such as capital or currency Portfolio’s investment objective. controls, nationalizing a company or industry, Conflicts of Interest Risk. An investment in the expropriating assets, or imposing punitive taxes that Portfolio will be subject to a number of actual or would have an adverse effect on security prices, and potential conflicts of interest.For example, the Adviser impair the Portfolio’s ability to repatriate capital or or its affiliates may provide services to the Portfolio for income. Foreign securities may also be more difficult to which the Portfolio would compensate the Adviser resell than comparable U.S. securities because the and/or such affiliates. The Portfolio may invest in other markets for foreign securities are often less liquid. Even pooled investment vehicles sponsored, managed, or when a foreign security increases in price in its local otherwise affiliated with the Adviser, including other currency, the appreciation may be diluted by adverse Portfolios. The Adviser may have an incentive (financial changes in exchange rates when the security’s value is or otherwise) to enter into transactions or arrangements converted to U.S. dollars. Foreign withholding taxes also on behalf of the Portfolio with itself or its affiliates in may apply and errors and delays may occur in the settlement process for foreign securities.

TSF-4 circumstances where it might not have done so exacerbate other types of risks, negatively impacting the otherwise. value of the Portfolio. The Adviser or its affiliates manage other investment Performance funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and The following bar chart and table provide an indication strategies that are similar to, or overlap with, the of the risks of investing in the Portfolio by showing investment objective and strategy of the Portfolio, changes in the Portfolio’s performance from year to year creating conflicts of interest in investment and and by showing how the Portfolio’s average annual allocation decisions regarding the allocation of returns for one-, five- and ten-year periods compared to investments that could be appropriate for the Portfolio broad-based securities market indices. The index and other clients of the Adviser or their affiliates. descriptions appear in the ЉIndex DescriptionsЉ section of the prospectus. Call 800-847-4836 or visit Issuer Risk. Issuer risk is the possibility that factors Thrivent.com for performance results current to the specific to an issuer to which the Portfolio is exposed most recent month-end. will affect the market prices of the issuer’s securities and therefore the value of the Portfolio. The bar chart and table include the effects of Portfolio expenses, but not charges or deductions against your Quantitative Investing Risk. Quantitative Investing variable contract, and assume that you sold your Risk is the risk that securities selected according to a investment at the end of the period. Because shares of quantitative analysis methodology can perform the Portfolio are offered through variable life insurance differently from the market as a whole based on the and variable annuity contracts, you should carefully model and the factors used in the analysis, the weight review the variable contract prospectus for information placed on each factor and changes in the factor’s on applicable charges and expenses. If the charges and historical trends. Such models are based on assumptions deductions against your variable contract were included, of these and other market factors, and the models may returns would be lower than those shown. not take into account certain factors, or perform as intended, and may result in a decline in the value of the How a Portfolio has performed in the past is not Portfolio’s portfolio. necessarily an indication of how it will perform in the future. Performance information provides some Derivatives Risk. The use of derivatives (such as indication of the risks of investing in the Portfolio by futures) involves additional risks and transaction costs showing changes in the Portfolio’s performance over which could leave the Portfolio in a worse position than time. if it had not used these instruments. The Portfolio utilizes equity futures in order to increase or decrease its YEAR-BY-YEAR TOTAL RETURN exposure to various asset classes at a lower cost than trading stocks directly. The use of derivatives can lead to 30 27.05% losses because of adverse movements in the price or 25.34% 25 value of the underlying asset, index or rate, which may 21.51% be magnified by certain features of the contract. 20 17.53% Changes in the value of the derivative may not correlate 15 12.25% as intended with the underlying asset, rate or index, and 10.11% the Portfolio could lose much more than the original 10 6.02% amount invested. Derivatives can be highly volatile, 5 illiquid and difficult to value. Certain derivatives may (3.93)% (0.45)% (6.46)% also be subject to counterparty risk, which is the risk Annual Return (%) 0 that the other party in the transaction will not fulfill its -5 contractual obligations due to its financial condition, -10 market events, or other reasons. ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19

Health Crisis Risk. The global pandemic outbreak of Best Quarter: Q1 ’19 +12.83% the novel coronavirus known as COVID-19 has resulted Worst Quarter: Q3 ’11 (17.16)% in substantial market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Portfolio to process shareholder redemptions, and negatively impact Portfolio performance. The COVID-19 outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may

TSF-5 AVERAGE ANNUAL TOTAL RETURNS Purchase and Sale of Shares (PERIODS ENDING DECEMBER 31, 2019) Shares of each series of Thrivent Series Fund, Inc. (the 1 Year 5 Years 10 Years “Fund”) may be sold, without any minimum initial or Thrivent Aggressive Allocation subsequent investment requirements, only to: Portfolio 25.34% 9.33% 10.30% • Separate accounts of Thrivent Financial; S&P 500® Index (reflects no deduction for fees, • Separate accounts of other insurance companies not expenses or taxes) 31.49% 11.70% 13.56% affiliated with Thrivent Financial; and Bloomberg Barclays • Other Portfolios of the Fund. U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 8.72% 3.05% 3.75% Tax Information MSCI All Country World Index ex-USA - USD Net Returns For information about certain tax-related aspects of (reflects no deduction for fees, expenses or taxes) 21.51% 5.51% 4.97% investing in the Portfolio through a variable contract, please see the variable product prospectus. Management Payments to Broker-Dealers and Other Investment Adviser(s) Financial Intermediaries The Portfolio is managed by Thrivent Financial for If you purchase the Portfolio through a broker-dealer or Lutherans (“Thrivent Financial” or the “Adviser”). other financial intermediary (such as an insurance company), the Portfolio and its related companies may Portfolio Manager(s) pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of Mark L. Simenstad, CFA, Darren M. Bagwell, interest by influencing the broker-dealer or other CFA, Stephen D. Lowe, CFA, David S. Royal and intermediary and your salesperson to recommend the David R. Spangler, CFA are jointly and primarily Portfolio over another investment. Ask your salesperson responsible for the day-to-day management of the or visit your financial intermediary’s website for more Portfolio. Mr. Simenstad has served as a portfolio information. manager of the Portfolio since April 2005. Mr. Bagwell and Mr. Lowe have served as portfolio managers of the Portfolio since April 2016. Mr. Royal has served as portfolio manager of the Portfolio since April 2018. Mr. Spangler has served as a portfolio manager of the Portfolio since February 2019. Mr. Simenstad is Chief Investment Strategist and has been with Thrivent Financial since 1999. Mr. Bagwell is Vice President, Chief Equity Strategist and has been with Thrivent Financial in an investment management capacity since 2002. Mr. Lowe is Vice President of Fixed Income Mutual Funds and Separate Accounts and has been with Thrivent Financial since 1997. He has served as a portfolio manager since 2009. Mr. Royal is Chief Investment Officer and has been with Thrivent Financial since 2006. Mr. Spangler has been with Thrivent Financial since 2002, in an investment management capacity since 2006 and currently is a Senior Portfolio Manager.

32065A R4-20

TSF-6 APRIL 30, 2020

THRIVENT ALL CAP PORTFOLIO SUMMARY PROSPECTUS

TSF-7 Thrivent All Cap Portfolio

Investment Objective Portfolio Turnover The investment objective of Thrivent Partner All Cap The Portfolio pays transaction costs, such as Portfolio (the ЉPortfolioЉ) is to seek long-term growth of commissions, when it buys and sells securities (or “turns capital. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 128% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. The Portfolio’s principal strategy for achieving its objective is normally to invest the Portfolio’s assets SHAREHOLDER FEES primarily in common stocks of companies of any (fees paid directly from your investment) market capitalization.

Maximum Sales Charge (load) Imposed On The Portfolio’s Adviser is not constrained by any Purchases (as a % of offering price) N/A particular investment style. At any given time, the Maximum Deferred Sales Charge (load) (as a Adviser may tend to buy “growth” stocks or “value” percentage of the lower of the original purchase stocks, or a combination of both types. price or current net asset value) N/A The Portfolio seeks to achieve its objective by investing ANNUAL PORTFOLIO OPERATING EXPENSES in common stocks. The Adviser uses fundamental, (expenses that you pay each year as a percentage of quantitative, and technical investment research the value of your investment) techniques and includes stocks of companies that it believes have demonstrated and will sustain above Management Fees 0.55% average earnings growth in the future when compared Other Expenses 0.16% to the economy and the stock market as a whole. In Total Annual Portfolio Operating Expenses 0.71% addition, the Portfolio may invest in companies that it believes are undervalued in relation to their longterm EXAMPLE This example is intended to help you earnings power or asset value. compare the cost of investing in the Portfolio with the Issuers of potential investments are analyzed using cost of investing in other mutual funds. The Portfolio is fundamental factors such as growth potential, earnings an investment option for variable contracts, and the estimates, and financial condition. The Portfolio may example does not include charges imposed by variable sell securities for a variety of reasons, such as to secure contracts. If variable contract charges were imposed, gains, limit losses, or reposition assets into more your expenses would be higher than those shown. The promising opportunities. example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then Principal Risks redeem all of your shares at the end of those periods. The example also assumes that your investment has a The Portfolio is subject to the following principal 5% return each year, and that the Portfolio’s operating investment risks, which you should review carefully and expenses remain the same. Although your actual cost in entirety. The Portfolio may not achieve its may be higher or lower, based on the foregoing investment objective and you could lose money by assumptions, your cost would be: investing in the Portfolio. Equity Security Risk. Equity securities held by the 1 Year 3 Years 5 Years 10 Years Portfolio may decline significantly in price, sometimes Thrivent All Cap rapidly or unpredictably, over short or extended periods Portfolio $73 $227 $395 $883 of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. From time to time, the Portfolio may invest a significant portion of its assets in 1

TSF-8 companies in one or more related sectors or industries Small Cap Risk. Smaller, less seasoned companies which would make the Portfolio more vulnerable to often have greater price volatility, lower trading volume, adverse developments affecting such sectors or and less liquidity than larger, more established industries. Equity securities are generally more volatile companies. These companies tend to have small than most debt securities. revenues, narrower product lines, less management depth and experience, small shares of their product or Market Risk. Over time, securities markets generally service markets, fewer financial resources, and less tend to move in cycles with periods when security competitive strength than larger companies. Such prices rise and periods when security prices decline. The companies seldom pay significant dividends that could value of the Portfolio’s investments may move with soften the impact of a falling market on returns. these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Health Crisis Risk. The global pandemic outbreak of Portfolio’s benchmark index(es). The securities markets the novel coronavirus known as COVID-19 has resulted may also decline because of factors that affect a in substantial market volatility and global business particular industry or due to impacts from the spread of disruption. The duration and full effects of the outbreak infectious illness, public health threats or similar issues. are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Large Cap Risk. Large-sized companies may be unable Portfolio to process shareholder redemptions, and to respond quickly to new competitive challenges such negatively impact Portfolio performance. The COVID-19 as changes in technology. They may also not be able to outbreak and future pandemics could affect the global attain the high growth rate of successful smaller economy in ways that cannot be foreseen and may companies, especially during extended periods of exacerbate other types of risks, negatively impacting the economic expansion. value of the Portfolio. Growth Investing Risk. Growth style investing includes the risk of investing in securities whose prices Performance historically have been more volatile than other The following bar chart and table provide an indication securities, especially over the short term. Growth stock of the risks of investing in the Portfolio by showing prices reflect projections of future earnings or revenues changes in the Portfolio’s performance from year to year and, if a company’s earnings or revenues fall short of and by showing how the Portfolio’s average annual expectations, its stock price may fall dramatically. returns for one-, five-, and ten-year periods compared to Value Investing Risk. Value style investing includes broad-based securities market indices. The index the risk that stocks of undervalued companies may not descriptions appear in the ЉIndex DescriptionsЉ section rise as quickly as anticipated if the market doesn’t of the prospectus. The Portfolio now compares its recognize their intrinsic value or if value stocks are out returns to the Russell 3000 Index because it is of favor. commonly used by funds with the same investment objective and principal strategies as the Portfolio. Call Issuer Risk. Issuer risk is the possibility that factors 800-847-4836 or visit Thrivent.com for performance specific to an issuer to which the Portfolio is exposed results current to the most recent month-end. will affect the market prices of the issuer’s securities and therefore the value of the Portfolio. The bar chart and table include the effects of Portfolio expenses, but not charges or deductions against your Investment Adviser Risk. The Portfolio is actively variable contract, and assume that you sold your managed and the success of its investment strategy investment at the end of the period. Because shares of depends significantly on the skills of the Adviser or the Portfolio are offered through variable life insurance subadviser in assessing the potential of the investments and variable annuity contracts, you should carefully in which the Portfolio invests. This assessment of review the variable contract prospectus for information investments may prove incorrect, resulting in losses or on applicable charges and expenses. If the charges and poor performance, even in rising markets. There is also deductions against your variable contract were included, no guarantee that the Adviser will be able to effectively returns would be lower than those shown. implement the Portfolio’s investment objective. How a Portfolio has performed in the past is not Mid Cap Risk. Medium-sized companies often have necessarily an indication of how it will perform in the greater price volatility, lower trading volume, and less future. Performance information provides some liquidity than larger, more-established companies. These indication of the risks of investing in the Portfolio by companies tend to have smaller revenues, narrower showing changes in the Portfolio’s performance over product lines, less management depth and experience, time. smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

TSF-9 YEAR-BY-YEAR TOTAL RETURN Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the 40 “Fund”) may be sold, without any minimum initial or 32.85% 30.27% subsequent investment requirements, only to: 30

20.24% • Separate accounts of Thrivent Financial; 20 16.34% 14.74% • Separate accounts of other insurance companies not 12.26% affiliated with Thrivent Financial; and 10 5.77% • Other Portfolios of the Fund. 2.26% (4.82)% (9.89)% 0

Annual Return (%) Tax Information -10 For information about certain tax-related aspects of

-20 investing in the Portfolio through a variable contract, ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 please see the variable product prospectus. Best Quarter: Q1 ’19 +15.62% Payments to Broker-Dealers and Other Worst Quarter: Q3 ’11 (17.59)% Financial Intermediaries If you purchase the Portfolio through a broker-dealer or AVERAGE ANNUAL TOTAL RETURNS other financial intermediary (such as an insurance (PERIODS ENDING DECEMBER 31, 2019) company), the Portfolio and its related companies may 1 Year 5 Years 10 Years pay the intermediary for the sale of Portfolio shares and Thrivent All Cap Portfolio 30.27% 8.83% 11.21% related services. These payments may create a conflict of Russell 3000 Index interest by influencing the broker-dealer or other (reflects no deduction for fees, expenses or taxes) 31.02% 11.24% 13.42% intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson S&P Composite 1500 Index® (reflects no deduction for fees, or visit your financial intermediary’s website for more expenses or taxes) 30.90% 11.46% 13.52% information.

Management Investment Adviser(s) The Portfolio is managed by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”). Portfolio Manager(s) Matthew D. Finn, CFA and John T. Groton, Jr., CFA are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Finn and Mr. Groton have served as portfolio managers of the Portfolio since February 2019. Mr. Finn is Vice President, Head of Equity Funds and has been with Thrivent Financial in an investment management capacity since April 2004. Mr. Groton is the Director of Equity Research and has been with Thrivent Financial in an investment management capacity since July 2007.

32065T R4-20

TSF-10 APRIL 30, 2020

THRIVENT BALANCED INCOME PLUS PORTFOLIO SUMMARY PROSPECTUS

TSF-11 Thrivent Balanced Income Plus Portfolio

Investment Objective Portfolio Turnover Thrivent Balanced Income Plus Portfolio (the The Portfolio pays transaction costs, such as ЉPortfolioЉ) seeks long-term total return through a commissions, when it buys and sells securities (or “turns balance between income and the potential for over” its portfolio). A higher portfolio turnover rate may long-term capital growth. indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Fees and Expenses account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the This table describes the fees and expenses that you may Portfolio’s performance. During the most recent fiscal pay if you buy and hold shares of Thrivent Balanced year, the Portfolio’s portfolio turnover rate was 109% of Income Plus Portfolio. If you own a variable annuity the average value of its portfolio. contract or variable life insurance contract, you will have additional expenses including mortality and Principal Strategies expense risk charges. Please refer to the prospectus for your variable contract for additional information about Under normal circumstances, the Portfolio invests in a charges for those contracts. combination of equity securities and debt securities within the ranges shown in the following table: SHAREHOLDER FEES (fees paid directly from your investment) Target Allocation Broad Asset Category Allocation Range Maximum Sales Charge (load) Imposed On EquitySecurities...... 50% 25-75% Purchases (as a % of offering price) N/A DebtSecurities...... 50% 25-75% Maximum Deferred Sales Charge (load) (as a The equity securities in which the Portfolio invests may percentage of the lower of the original purchase include common stock, preferred stock, securities price or current net asset value) N/A convertible into common stock, or securities or other ANNUAL PORTFOLIO OPERATING EXPENSES instruments the price of which is linked to the value of (expenses that you pay each year as a percentage of common stock. the value of your investment) The debt securities in which the Portfolio invests may Management Fees 0.55% be of any maturity or credit quality, including high Other Expenses 0.09% yield, high risk bonds, notes, debentures and other debt Acquired Fund Fees and Expenses 0.02% obligations commonly known as “junk bonds.” At the time of purchase, these high-yield securities are rated Total Annual Portfolio Operating Expenses 0.66% within or below the “BB” major rating category by S&P or the “Ba” major rating category by Moody’s or are EXAMPLE This example is intended to help you unrated but considered to be of comparable quality by compare the cost of investing in the Portfolio with the the Adviser. The Portfolio may also invest in leveraged cost of investing in other mutual funds. The Portfolio is loans, which are senior secured loans that are made by an investment option for variable contracts, and the banks or other lending institutions to companies that example does not include charges imposed by variable are rated below investment grade. In addition, the contracts. If variable contract charges were imposed, Portfolio may invest in investment-grade corporate your expenses would be higher than those shown. The bonds, asset-backed securities, mortgage-backed example assumes that you invest $10,000 in the securities (including commercially backed ones), Portfolio for the time periods indicated and then convertible bonds, and sovereign and emerging market redeem all of your shares at the end of those periods. debt (both U.S. dollar and non-U.S. dollar The example also assumes that your investment has a denominated). 5% return each year, and that the Portfolio’s operating expenses remain the same. Although your actual cost The Portfolio may invest in foreign securities, including may be higher or lower, based on the foregoing those of issuers in emerging markets. An “emerging assumptions, your cost would be: market” country is any country determined by the Adviser to have an emerging market economy, 1 Year 3 Years 5 Years 10 Years considering factors such as the country’s credit rating, its political and economic stability and the development Thrivent Balanced Income Plus Portfolio $67 $211 $368 $822 of its financial and capital markets.

TSF-12 The Portfolio utilizes derivatives primarily in the form longer be able or willing to pay its debt. As a result of of U.S. Treasury futures contracts in order to manage the such an event, the debt security may decline in price Portfolio’s duration, or interest rate risk. The Portfolio and affect the value of the Portfolio. may enter into derivatives contracts traded on Allocation Risk. The Portfolio’s investment exchanges or in the over the counter market. performance depends upon how its assets are allocated The Portfolio may also pursue its investment strategy by across broad asset categories and applicable sub-classes investing in other mutual funds managed by the within such categories. Some broad asset categories and Adviser or an affiliate. sub-classes may perform below expectations or the securities markets generally over short and extended The Adviser uses fundamental, quantitative and periods. Therefore, a principal risk of investing in the technical investment research techniques to determine Portfolio is that the allocation strategies used and the what to buy and sell. Fundamental techniques assess a allocation decisions made will not produce the desired security’s value based on an issuer’s financial profile, results. management, and business prospects while quantitative and technical techniques involve a more data-oriented Market Risk. Over time, securities markets generally analysis of financial information, market trends and tend to move in cycles with periods when security price movements. prices rise and periods when security prices decline. The value of the Portfolio’s investments may move with Principal Risks these cycles and, in some instances, increase or decrease The Portfolio is subject to the following principal more than the applicable market(s) as measured by the investment risks, which you should review carefully and Portfolio’s benchmark index(es). The securities markets in entirety. The Portfolio may not achieve its may also decline because of factors that affect a investment objective and you could lose money by particular industry or due to impacts from the spread of investing in the Portfolio. infectious illness, public health threats or similar issues. Equity Security Risk. Equity securities held by the Large Cap Risk. Large-sized companies may be unable Portfolio may decline significantly in price, sometimes to respond quickly to new competitive challenges such rapidly or unpredictably, over short or extended periods as changes in technology. They may also not be able to of time, and such declines may occur because of attain the high growth rate of successful smaller declines in the equity market as a whole, or because of companies, especially during extended periods of declines in only a particular country, company, economic expansion. industry, or sector of the market. From time to time, the Leveraged Loan Risk. Leveraged loans (also known as Portfolio may invest a significant portion of its assets in bank loans) are subject to the risks typically associated companies in one or more related sectors or industries with debt securities. In addition, leveraged loans, which which would make the Portfolio more vulnerable to typically hold a senior position in the capital structure adverse developments affecting such sectors or of a borrower, are subject to the risk that a court could industries. Equity securities are generally more volatile subordinate such loans to presently existing or future than most debt securities. indebtedness or take other action detrimental to the Interest Rate Risk. Interest rate risk is the risk that holders of leveraged loans. Leveraged loans are also prices of debt securities decline in value when interest subject to the risk that the value of the collateral, if any, rates rise for debt securities that pay a fixed rate of securing a loan may decline, be insufficient to meet the interest. Debt securities with longer durations (a obligations of the borrower, or be difficult to liquidate. measure of price sensitivity of a bond or bond fund to Some leveraged loans are not as easily purchased or sold changes in interest rates) or maturities (i.e., the amount as publicly-traded securities and others are illiquid, of time until a bond’s issuer must pay its principal or which may make it more difficult for the Portfolio to face value) tend to be more sensitive to changes in value them or dispose of them at an acceptable price. interest rates than debt securities with shorter durations Below investment-grade leveraged loans are typically or maturities. Changes by the Federal Reserve to more credit sensitive. In the event of fraud or monetary policies could affect interest rates and the misrepresentation, the Portfolio may not be protected value of some securities. In addition, the phase out of under federal securities laws with respect to leveraged LIBOR (the offered rate for short-term Eurodollar loans that may not be in the form of “securities.” The deposits between major international banks) by the end settlement period for some leveraged loans may be more of 2021 could lead to increased volatility and illiquidity than seven days. in certain markets that currently rely on LIBOR to Prepayment Risk. When interest rates fall, certain determine interest rates. obligations will be paid off by the obligor more quickly Credit Risk. Credit risk is the risk that an issuer of a than originally anticipated, and a Portfolio may have to debt security to which the Portfolio is exposed may no invest the proceeds in securities with lower yields. In

TSF-13 periods of falling interest rates, the rate of prepayments Foreign Currency Risk. The value of a foreign tends to increase (as does price fluctuation) as borrowers currency may decline against the U.S. dollar, which are motivated to pay off debt and refinance at new would reduce the dollar value of securities denominated lower rates. During such periods, reinvestment of the in that currency. The overall impact of such a decline of prepayment proceeds by the management team will foreign currency can be significant, unpredictable, and generally be at lower rates of return than the return on long lasting, depending on the currencies represented, the assets that were prepaid. Prepayment generally how each one appreciates or depreciates in relation to reduces the yield to maturity and the average life of the the U.S. dollar, and whether currency positions are security. hedged. Under normal conditions, the Portfolio does not engage in extensive foreign currency hedging Foreign Securities Risk. Foreign securities generally programs. Further, exchange rate movements are carry more risk and are more volatile than their volatile, and it is not possible to effectively hedge the domestic counterparts, in part because of potential for currency risks of many developing countries. higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates Mortgage-Backed and Other Asset-Backed where investments are denominated in currencies other Securities Risk. The value of mortgage-backed and than the U.S. dollar. Certain events in foreign markets asset-backed securities will be influenced by the factors may adversely affect foreign and domestic issuers, affecting the housing market and the assets underlying including interruptions in the global supply chain, such securities. As a result, during periods of declining natural disasters and outbreak of infectious diseases. The asset value, difficult or frozen credit markets, swings in Portfolio’s investment in any country could be subject interest rates, or deteriorating economic conditions, to governmental actions such as capital or currency mortgage-related and asset-backed securities may controls, nationalizing a company or industry, decline in value, face valuation difficulties, become expropriating assets, or imposing punitive taxes that more volatile and/or become illiquid. In addition, both would have an adverse effect on security prices, and mortgage-backed and asset-backed securities are impair the Portfolio’s ability to repatriate capital or sensitive to changes in the repayment patterns of the income. Foreign securities may also be more difficult to underlying security. If the principal payment on the resell than comparable U.S. securities because the underlying asset is repaid faster or slower than the markets for foreign securities are often less liquid. Even holder of the asset-backed or mortgage-backed security when a foreign security increases in price in its local anticipates, the price of the security may fall, currency, the appreciation may be diluted by adverse particularly if the holder must reinvest the repaid changes in exchange rates when the security’s value is principal at lower rates or must continue to hold the converted to U.S. dollars. Foreign withholding taxes also security when interest rates rise. This effect may cause may apply and errors and delays may occur in the the value of the Portfolio to decline and reduce the settlement process for foreign securities. overall return of the Portfolio. Emerging Markets Risk. The economic and political High Yield Risk. High yield securities – commonly structures of developing countries in emerging markets, known as “junk bonds” – to which the Portfolio is in most cases, do not compare favorably with the U.S. exposed are considered predominantly speculative with or other developed countries in terms of wealth and respect to the issuer’s continuing ability to make stability, and their financial markets often lack liquidity. principal and interest payments. If the issuer of the Portfolio performance will likely be negatively affected security is in default with respect to interest or principal by portfolio exposure to countries and corporations payments, the value of the Portfolio may be negatively domiciled in or with revenue exposures to countries in affected. High yield securities generally have a less the midst of, among other things, hyperinflation, liquid resale market. currency devaluation, trade disagreements, sudden Sovereign Debt Risk. Sovereign debt securities are political upheaval, or interventionist government issued or guaranteed by foreign governmental entities. policies. Portfolio performance may also be negatively These investments are subject to the risk that a affected by portfolio exposure to countries and governmental entity may delay or refuse to pay interest corporations domiciled in or with revenue exposures to or repay principal on its sovereign debt, due, for countries with less developed legal, tax, regulatory, and example, to cash flow problems, insufficient foreign accounting systems. Significant buying or selling actions currency reserves, political considerations, the relative by a few major investors may also heighten the size of the governmental entity’s debt position in volatility of emerging markets. These factors make relation to the economy or the failure to put in place investing in emerging market countries significantly economic reforms required by the International riskier than in other countries, and events in any one Monetary Fund or other multilateral agencies. If a country could cause the Portfolio’s share price to governmental entity defaults, it may ask for more time decline. in which to pay or for further loans. There is no legal

TSF-14 process for collecting sovereign debts that a government Issuer Risk. Issuer risk is the possibility that factors does not pay nor are there bankruptcy proceedings specific to an issuer to which the Portfolio is exposed through which all or part of the sovereign debt that a will affect the market prices of the issuer’s securities and governmental entity has not repaid may be collected. therefore the value of the Portfolio. Quantitative Investing Risk. Quantitative Investing Derivatives Risk. The use of derivatives (such as Risk is the risk that securities selected according to a futures) involves additional risks and transaction costs quantitative analysis methodology can perform which could leave the Portfolio in a worse position than differently from the market as a whole based on the if it had not used these instruments. The Portfolio model and the factors used in the analysis, the weight utilizes futures on U.S. Treasuries in order to manage placed on each factor and changes in the factor’s duration. The use of derivatives can lead to losses historical trends. Such models are based on assumptions because of adverse movements in the price or value of of these and other market factors, and the models may the underlying asset, index or rate, which may be not take into account certain factors, or perform as magnified by certain features of the contract. Changes intended, and may result in a decline in the value of the in the value of the derivative may not correlate as Portfolio’s portfolio. intended with the underlying asset, rate or index, and the Portfolio could lose much more than the original Investment Adviser Risk. The Portfolio is actively amount invested. Derivatives can be highly volatile, managed and the success of its investment strategy illiquid and difficult to value. Certain derivatives may depends significantly on the skills of the Adviser in also be subject to counterparty risk, which is the risk assessing the potential of the investments in which the that the other party in the transaction will not fulfill its Portfolio invests. This assessment of investments may contractual obligations due to its financial condition, prove incorrect, resulting in losses or poor performance, market events, or other reasons. even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Liquidity Risk. Liquidity is the ability to sell a security Portfolio’s investment objective. relatively quickly for a price that most closely reflects the actual value of the security. Dealer inventories of Conflicts of Interest Risk. An investment in the bonds are at or near historic lows in relation to market Portfolio will be subject to a number of actual or size, which has the potential to decrease liquidity and potential conflicts of interest.For example, the Adviser increase price volatility in the fixed income markets, or its affiliates may provide services to the Portfolio for particularly during periods of economic or market stress. which the Portfolio would compensate the Adviser As a result of this decreased liquidity, the Portfolio may and/or such affiliates. The Portfolio may invest in other have to accept a lower price to sell a security, sell other pooled investment vehicles sponsored, managed, or securities to raise cash, or give up an investment otherwise affiliated with the Adviser, including other opportunity, any of which could have a negative effect Portfolios. The Adviser may have an incentive (financial on performance. or otherwise) to enter into transactions or arrangements on behalf of the Portfolio with itself or its affiliates in Portfolio Turnover Rate Risk. The Portfolio may circumstances where it might not have done so engage in active and frequent trading of portfolio otherwise. securities in implementing its principal investment strategies. A high rate of portfolio turnover (100% or The Adviser or its affiliates manage other investment more) involves correspondingly greater expenses which funds and/or accounts (including proprietary accounts) are borne by the Portfolio and its shareholders and may and have other clients with investment objectives and also result in short-term capital gains taxable to strategies that are similar to, or overlap with, the shareholders. investment objective and strategy of the Portfolio, creating conflicts of interest in investment and Health Crisis Risk. The global pandemic outbreak of allocation decisions regarding the allocation of the novel coronavirus known as COVID-19 has resulted investments that could be appropriate for the Portfolio in substantial market volatility and global business and other clients of the Adviser or their affiliates. disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and Other Funds Risk. Because the Portfolio invests in market closures, limit liquidity and the ability of the other funds managed by the Adviser or an affiliate Portfolio to process shareholder redemptions, and (“Other Funds”), the performance of the Portfolio is negatively impact Portfolio performance. The COVID-19 dependent, in part, upon the performance of Other outbreak and future pandemics could affect the global Funds in which the Portfolio may invest. As a result, the economy in ways that cannot be foreseen and may Portfolio is subject to the same risks as those faced by exacerbate other types of risks, negatively impacting the the Other Funds. In addition, Other Funds may be value of the Portfolio. subject to additional fees and expenses that will be borne by the Portfolio.

TSF-15 Performance Best Quarter: Q1 ’12 +8.37% The following bar chart and table provide an indication Worst Quarter: Q4 ’18 (8.26)% of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual AVERAGE ANNUAL TOTAL RETURNS (PERIODS ENDING DECEMBER 31, 2019) returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index 1 Year 5 Years 10 Years descriptions appear in the ЉIndex DescriptionsЉ section Thrivent Balanced Income Plus of the prospectus. Call 800-847-4836 or visit Portfolio 17.11% 5.87% 8.24% Thrivent.com for performance results current to the MSCI World Index - USD Net Returns most recent month-end. (reflects no deduction for fees, The bar chart and table include the effects of Portfolio expenses or taxes) 27.67% 8.74% 9.47% expenses, but not charges or deductions against your Bloomberg Barclays U.S. Mortgage-Backed Securities variable contract, and assume that you sold your Index investment at the end of the period. Because shares of (reflects no deduction for fees, the Portfolio are offered through variable life insurance expenses or taxes) 6.35% 2.58% 3.15% and variable annuity contracts, you should carefully Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped review the variable contract prospectus for information Index on applicable charges and expenses. If the charges and (reflects no deduction for fees, deductions against your variable contract were included, expenses or taxes) 15.18% 6.05% 7.43% returns would be lower than those shown. S&P/LSTA Leveraged Loan Index Effective August 16, 2013, based on approval of the (reflects no deduction for fees, Portfolio’s Board of Directors and notice to Portfolio expenses or taxes) 8.64% 4.45% 5.01% shareholders, the Portfolio’s principal strategies were changed, which had the effect of converting the Management Portfolio from one which incorporated the strategies of Thrivent Large Cap Index Portfolio and Thrivent Bond Investment Adviser(s) Index Portfolio (now known as Thrivent Government Bond Portfolio) to one which invests in a combination The Portfolio is managed by Thrivent Financial for equity securities and debt securities. At the same time, Lutherans (“Thrivent Financial” or the “Adviser”). the Portfolio’s name changed from Thrivent Balanced Portfolio to Thrivent Balanced Income Plus Portfolio. As Portfolio Manager(s) a result, performance information presented below with Stephen D. Lowe, CFA, Mark L. Simenstad, CFA, respect to periods prior to August 16, 2013, reflects the Noah J. Monsen, CFA, Darren M. Bagwell, CFA performance of an investment portfolio that was and David R. Spangler, CFA are jointly and primarily materially different from the investment portfolio of responsible for the day-to-day management of the Thrivent Balanced Income Plus Portfolio. Portfolio. Mr. Lowe has served as a portfolio manager of How a Portfolio has performed in the past is not the Portfolio since August 2013. Mr. Simenstad and Mr. necessarily an indication of how it will perform in the Monsen have served as portfolio managers of the future. Performance information provides some Portfolio since April 2015. Mr. Bagwell and Mr. Spangler indication of the risks of investing in the Portfolio by have served as portfolio managers of the Portfolio since showing changes in the Portfolio’s performance over February 2019. Mr. Lowe is Vice President of Fixed time. Income Mutual Funds and Separate Accounts and has been with Thrivent Financial since 1997. He has served YEAR-BY-YEAR TOTAL RETURN as a portfolio manager since 2009. Mr. Simenstad is Chief Investment Strategist and has been with Thrivent 20 17.95% 17.11% Financial since 1999. Mr. Monsen has been with Thrivent Financial since 2000 and has served in an 15 13.29% 12.42% 11.67% investment management capacity since 2008. Mr. Bagwell is Vice President, Chief Equity Strategist and has 10 7.06% been with Thrivent Financial in an investment 6.07% 5 4.18% management capacity since 2002. Mr. Spangler has been with Thrivent Financial since 2002, in an investment (0.14)% (4.87)% 0 management capacity since 2006 and currently is a

Annual Return (%) Senior Portfolio Manager. -5

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

TSF-16 Purchase and Sale of Shares Payments to Broker-Dealers and Other Shares of each series of Thrivent Series Fund, Inc. (the Financial Intermediaries “Fund”) may be sold, without any minimum initial or If you purchase the Portfolio through a broker-dealer or subsequent investment requirements, only to: other financial intermediary (such as an insurance • Separate accounts of Thrivent Financial; company), the Portfolio and its related companies may • Separate accounts of other insurance companies not pay the intermediary for the sale of Portfolio shares and affiliated with Thrivent Financial; and related services. These payments may create a conflict of • Other Portfolios of the Fund. interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Tax Information or visit your financial intermediary’s website for more For information about certain tax-related aspects of information. investing in the Portfolio through a variable contract, please see the variable product prospectus.

32065B R4-20

TSF-17 APRIL 30, 2020

THRIVENT DIVERSIFIED INCOME PLUS PORTFOLIO SUMMARY PROSPECTUS

TSF-18 Thrivent Diversified Income Plus Portfolio

Investment Objective Portfolio Turnover Thrivent Diversified Income Plus Portfolio (the The Portfolio pays transaction costs, such as ЉPortfolioЉ) seeks to maximize income while commissions, when it buys and sells securities (or “turns maintaining prospects for capital appreciation. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 157% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio invests in a combination of equity securities and debt securities SHAREHOLDER FEES within the ranges shown in the following table: (fees paid directly from your investment) Target Allocation Maximum Sales Charge (load) Imposed On Broad Asset Category Allocation Range Purchases (as a % of offering price) N/A DebtSecurities...... 75% 55-95% Maximum Deferred Sales Charge (load) (as a EquitySecurities...... 25% 5-45% percentage of the lower of the original purchase The equity securities in which the Portfolio invests may price or current net asset value) N/A include common stock, preferred stock, securities ANNUAL PORTFOLIO OPERATING EXPENSES convertible into common stock, or securities or other (expenses that you pay each year as a percentage of instruments the price of which is linked to the value of the value of your investment) common stock. Management Fees 0.40% The debt securities in which the Portfolio invests may Other Expenses 0.06% be of any maturity or credit quality, including high Acquired Fund Fees and Expenses 0.04% yield, high risk bonds, notes, debentures and other debt obligations commonly known as “junk bonds.” At the Total Annual Portfolio Operating Expenses 0.50% time of purchase, these high-yield securities are rated within or below the “BB” major rating category by S&P EXAMPLE This example is intended to help you or the “Ba” major rating category by Moody’s or are compare the cost of investing in the Portfolio with the unrated but considered to be of comparable quality by cost of investing in other mutual funds. The Portfolio is the Adviser. The Portfolio may also invest in leveraged an investment option for variable contracts, and the loans, which are senior secured loans that are made by example does not include charges imposed by variable banks or other lending institutions to companies that contracts. If variable contract charges were imposed, are rated below investment grade. In addition, the your expenses would be higher than those shown. The Portfolio may invest in investment-grade corporate example assumes that you invest $10,000 in the bonds, asset-backed securities, mortgage-backed Portfolio for the time periods indicated and then securities (including commercially backed ones), redeem all of your shares at the end of those periods. convertible bonds, and sovereign and emerging market The example also assumes that your investment has a debt (both U.S. dollar and non-U.S. dollar 5% return each year, and that the Portfolio’s operating denominated). expenses remain the same. Although your actual cost may be higher or lower, based on the foregoing The Portfolio may invest in foreign securities, including assumptions, your cost would be: those of issuers in emerging markets. An “emerging market” country is any country determined by the 1 Year 3 Years 5 Years 10 Years Adviser to have an emerging market economy, considering factors such as the country’s credit rating, Thrivent Diversified Income Plus Portfolio $51 $160 $280 $628 its political and economic stability and the development of its financial and capital markets.

TSF-19 The Portfolio utilizes derivatives primarily in the form longer be able or willing to pay its debt. As a result of of U.S. Treasury futures contracts in order to manage the such an event, the debt security may decline in price Portfolio’s duration, or interest rate risk. The Portfolio and affect the value of the Portfolio. may enter into derivatives contracts traded on Allocation Risk. The Portfolio’s investment exchanges or in the over the counter market. performance depends upon how its assets are allocated The Portfolio may also pursue its investment strategy by across broad asset categories and applicable sub-classes investing in other mutual funds managed by the within such categories. Some broad asset categories and Adviser or an affiliate. sub-classes may perform below expectations or the securities markets generally over short and extended The Adviser uses fundamental, quantitative and periods. Therefore, a principal risk of investing in the technical investment research techniques to determine Portfolio is that the allocation strategies used and the what to buy and sell. Fundamental techniques assess a allocation decisions made will not produce the desired security’s value based on an issuer’s financial profile, results. management, and business prospects while quantitative and technical techniques involve a more data-oriented Mortgage-Backed and Other Asset-Backed analysis of financial information, market trends and Securities Risk. The value of mortgage-backed and price movements. asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying Principal Risks such securities. As a result, during periods of declining The Portfolio is subject to the following principal asset value, difficult or frozen credit markets, swings in investment risks, which you should review carefully and interest rates, or deteriorating economic conditions, in entirety. The Portfolio may not achieve its mortgage-related and asset-backed securities may investment objective and you could lose money by decline in value, face valuation difficulties, become investing in the Portfolio. more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are Interest Rate Risk. Interest rate risk is the risk that sensitive to changes in the repayment patterns of the prices of debt securities decline in value when interest underlying security. If the principal payment on the rates rise for debt securities that pay a fixed rate of underlying asset is repaid faster or slower than the interest. Debt securities with longer durations (a holder of the asset-backed or mortgage-backed security measure of price sensitivity of a bond or bond fund to anticipates, the price of the security may fall, changes in interest rates) or maturities (i.e., the amount particularly if the holder must reinvest the repaid of time until a bond’s issuer must pay its principal or principal at lower rates or must continue to hold the face value) tend to be more sensitive to changes in security when interest rates rise. This effect may cause interest rates than debt securities with shorter durations the value of the Portfolio to decline and reduce the or maturities. Changes by the Federal Reserve to overall return of the Portfolio. monetary policies could affect interest rates and the value of some securities. In addition, the phase out of Market Risk. Over time, securities markets generally LIBOR (the offered rate for short-term Eurodollar tend to move in cycles with periods when security deposits between major international banks) by the end prices rise and periods when security prices decline. The of 2021 could lead to increased volatility and illiquidity value of the Portfolio’s investments may move with in certain markets that currently rely on LIBOR to these cycles and, in some instances, increase or decrease determine interest rates. more than the applicable market(s) as measured by the Portfolio’s benchmark index(es). The securities markets Equity Security Risk. Equity securities held by the may also decline because of factors that affect a Portfolio may decline significantly in price, sometimes particular industry or due to impacts from the spread of rapidly or unpredictably, over short or extended periods infectious illness, public health threats or similar issues. of time, and such declines may occur because of declines in the equity market as a whole, or because of High Yield Risk. High yield securities – commonly declines in only a particular country, company, known as “junk bonds” – to which the Portfolio is industry, or sector of the market. From time to time, the exposed are considered predominantly speculative with Portfolio may invest a significant portion of its assets in respect to the issuer’s continuing ability to make companies in one or more related sectors or industries principal and interest payments. If the issuer of the which would make the Portfolio more vulnerable to security is in default with respect to interest or principal adverse developments affecting such sectors or payments, the value of the Portfolio may be negatively industries. Equity securities are generally more volatile affected. High yield securities generally have a less than most debt securities. liquid resale market. Credit Risk. Credit risk is the risk that an issuer of a Leveraged Loan Risk. Leveraged loans (also known as debt security to which the Portfolio is exposed may no bank loans) are subject to the risks typically associated

TSF-20 with debt securities. In addition, leveraged loans, which resell than comparable U.S. securities because the typically hold a senior position in the capital structure markets for foreign securities are often less liquid. Even of a borrower, are subject to the risk that a court could when a foreign security increases in price in its local subordinate such loans to presently existing or future currency, the appreciation may be diluted by adverse indebtedness or take other action detrimental to the changes in exchange rates when the security’s value is holders of leveraged loans. Leveraged loans are also converted to U.S. dollars. Foreign withholding taxes also subject to the risk that the value of the collateral, if any, may apply and errors and delays may occur in the securing a loan may decline, be insufficient to meet the settlement process for foreign securities. obligations of the borrower, or be difficult to liquidate. Emerging Markets Risk. The economic and political Some leveraged loans are not as easily purchased or sold structures of developing countries in emerging markets, as publicly-traded securities and others are illiquid, in most cases, do not compare favorably with the U.S. which may make it more difficult for the Portfolio to or other developed countries in terms of wealth and value them or dispose of them at an acceptable price. stability, and their financial markets often lack liquidity. Below investment-grade leveraged loans are typically Portfolio performance will likely be negatively affected more credit sensitive. In the event of fraud or by portfolio exposure to countries and corporations misrepresentation, the Portfolio may not be protected domiciled in or with revenue exposures to countries in under federal securities laws with respect to leveraged the midst of, among other things, hyperinflation, loans that may not be in the form of “securities.” The currency devaluation, trade disagreements, sudden settlement period for some leveraged loans may be more political upheaval, or interventionist government than seven days. policies. Portfolio performance may also be negatively Prepayment Risk. When interest rates fall, certain affected by portfolio exposure to countries and obligations will be paid off by the obligor more quickly corporations domiciled in or with revenue exposures to than originally anticipated, and a Portfolio may have to countries with less developed legal, tax, regulatory, and invest the proceeds in securities with lower yields. In accounting systems. Significant buying or selling actions periods of falling interest rates, the rate of prepayments by a few major investors may also heighten the tends to increase (as does price fluctuation) as borrowers volatility of emerging markets. These factors make are motivated to pay off debt and refinance at new investing in emerging market countries significantly lower rates. During such periods, reinvestment of the riskier than in other countries, and events in any one prepayment proceeds by the management team will country could cause the Portfolio’s share price to generally be at lower rates of return than the return on decline. the assets that were prepaid. Prepayment generally Foreign Currency Risk. The value of a foreign reduces the yield to maturity and the average life of the currency may decline against the U.S. dollar, which security. would reduce the dollar value of securities denominated Large Cap Risk. Large-sized companies may be unable in that currency. The overall impact of such a decline of to respond quickly to new competitive challenges such foreign currency can be significant, unpredictable, and as changes in technology. They may also not be able to long lasting, depending on the currencies represented, attain the high growth rate of successful smaller how each one appreciates or depreciates in relation to companies, especially during extended periods of the U.S. dollar, and whether currency positions are economic expansion. hedged. Under normal conditions, the Portfolio does not engage in extensive foreign currency hedging Foreign Securities Risk. Foreign securities generally programs. Further, exchange rate movements are carry more risk and are more volatile than their volatile, and it is not possible to effectively hedge the domestic counterparts, in part because of potential for currency risks of many developing countries. higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates Preferred Securities Risk. There are certain where investments are denominated in currencies other additional risks associated with investing in preferred than the U.S. dollar. Certain events in foreign markets securities, including, but not limited to, preferred may adversely affect foreign and domestic issuers, securities may include provisions that permit the issuer, including interruptions in the global supply chain, at its discretion, to defer or omit distributions for a natural disasters and outbreak of infectious diseases. The stated period without any adverse consequences to the Portfolio’s investment in any country could be subject issuer; preferred securities are generally subordinated to to governmental actions such as capital or currency bonds and other debt instruments in a company’s controls, nationalizing a company or industry, capital structure in terms of having priority to corporate expropriating assets, or imposing punitive taxes that income and liquidation payments, and therefore will be would have an adverse effect on security prices, and subject to greater credit risk than more senior debt impair the Portfolio’s ability to repatriate capital or instruments; preferred securities may be substantially income. Foreign securities may also be more difficult to less liquid than many other securities, such as common

TSF-21 stocks or U.S. Government securities; generally, the actual value of the security. Dealer inventories of traditional preferred securities offer no voting rights bonds are at or near historic lows in relation to market with respect to the issuing company unless preferred size, which has the potential to decrease liquidity and dividends have been in arrears for a specified number of increase price volatility in the fixed income markets, periods, at which time the preferred security holders particularly during periods of economic or market stress. may elect a number of directors to the issuer’s board; As a result of this decreased liquidity, the Portfolio may and in certain varying circumstances, an issuer of have to accept a lower price to sell a security, sell other preferred securities may redeem the securities prior to a securities to raise cash, or give up an investment specified date. opportunity, any of which could have a negative effect on performance. Other Funds Risk. Because the Portfolio invests in other funds managed by the Adviser or an affiliate Derivatives Risk. The use of derivatives (such as (“Other Funds”), the performance of the Portfolio is futures) involves additional risks and transaction costs dependent, in part, upon the performance of Other which could leave the Portfolio in a worse position than Funds in which the Portfolio may invest. As a result, the if it had not used these instruments. The Portfolio Portfolio is subject to the same risks as those faced by utilizes futures on U.S. Treasuries in order to manage the Other Funds. In addition, Other Funds may be duration. The use of derivatives can lead to losses subject to additional fees and expenses that will be because of adverse movements in the price or value of borne by the Portfolio. the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes Investment Adviser Risk. The Portfolio is actively in the value of the derivative may not correlate as managed and the success of its investment strategy intended with the underlying asset, rate or index, and depends significantly on the skills of the Adviser in the Portfolio could lose much more than the original assessing the potential of the investments in which the amount invested. Derivatives can be highly volatile, Portfolio invests. This assessment of investments may illiquid and difficult to value. Certain derivatives may prove incorrect, resulting in losses or poor performance, also be subject to counterparty risk, which is the risk even in rising markets. There is also no guarantee that that the other party in the transaction will not fulfill its the Adviser will be able to effectively implement the contractual obligations due to its financial condition, Portfolio’s investment objective. market events, or other reasons. Conflicts of Interest Risk. An investment in the Quantitative Investing Risk. Quantitative Investing Portfolio will be subject to a number of actual or Risk is the risk that securities selected according to a potential conflicts of interest.For example, the Adviser quantitative analysis methodology can perform or its affiliates may provide services to the Portfolio for differently from the market as a whole based on the which the Portfolio would compensate the Adviser model and the factors used in the analysis, the weight and/or such affiliates. The Portfolio may invest in other placed on each factor and changes in the factor’s pooled investment vehicles sponsored, managed, or historical trends. Such models are based on assumptions otherwise affiliated with the Adviser, including other of these and other market factors, and the models may Portfolios. The Adviser may have an incentive (financial not take into account certain factors, or perform as or otherwise) to enter into transactions or arrangements intended, and may result in a decline in the value of the on behalf of the Portfolio with itself or its affiliates in Portfolio’s portfolio. circumstances where it might not have done so otherwise. Portfolio Turnover Rate Risk. The Portfolio may engage in active and frequent trading of portfolio The Adviser or its affiliates manage other investment securities in implementing its principal investment funds and/or accounts (including proprietary accounts) strategies. A high rate of portfolio turnover (100% or and have other clients with investment objectives and more) involves correspondingly greater expenses which strategies that are similar to, or overlap with, the are borne by the Portfolio and its shareholders and may investment objective and strategy of the Portfolio, also result in short-term capital gains taxable to creating conflicts of interest in investment and shareholders. allocation decisions regarding the allocation of investments that could be appropriate for the Portfolio Health Crisis Risk. The global pandemic outbreak of and other clients of the Adviser or their affiliates. the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business Issuer Risk. Issuer risk is the possibility that factors disruption. The duration and full effects of the outbreak specific to an issuer to which the Portfolio is exposed are uncertain and may result in trading suspensions and will affect the market prices of the issuer’s securities and market closures, limit liquidity and the ability of the therefore the value of the Portfolio. Portfolio to process shareholder redemptions, and Liquidity Risk. Liquidity is the ability to sell a security negatively impact Portfolio performance. The COVID-19 relatively quickly for a price that most closely reflects outbreak and future pandemics could affect the global

TSF-22 economy in ways that cannot be foreseen and may AVERAGE ANNUAL TOTAL RETURNS exacerbate other types of risks, negatively impacting the (PERIODS ENDING DECEMBER 31, 2019) value of the Portfolio. 1 Year 5 Years 10 Years Thrivent Diversified Income Performance Plus Portfolio 13.73% 5.34% 7.39% The following bar chart and table provide an indication Bloomberg Barclays of the risks of investing in the Portfolio by showing U.S. Mortgage-Backed Securities Index changes in the Portfolio’s performance from year to year (reflects no deduction for fees, and by showing how the Portfolio’s average annual expenses or taxes) 6.35% 2.58% 3.15% returns for one-, five- and ten-year periods compared to Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped broad-based securities market indices. The index Index descriptions appear in the ЉIndex DescriptionsЉ section (reflects no deduction for fees, of the prospectus. Call 800-847-4836 or visit expenses or taxes) 15.18% 6.05% 7.43% Thrivent.com for performance results current to the MSCI World Index - USD Net Returns most recent month-end. (reflects no deduction for fees, expenses or taxes) 27.67% 8.74% 9.47% The bar chart and table include the effects of Portfolio S&P/LSTA Leveraged Loan expenses, but not charges or deductions against your Index variable contract, and assume that you sold your (reflects no deduction for fees, expenses or taxes) 8.64% 4.45% 5.01% investment at the end of the period. Because shares of the Portfolio are offered through variable life insurance and variable annuity contracts, you should carefully Management review the variable contract prospectus for information on applicable charges and expenses. If the charges and Investment Adviser(s) deductions against your variable contract were included, The Portfolio is managed by Thrivent Financial for returns would be lower than those shown. Lutherans (“Thrivent Financial” or the “Adviser”). How a Portfolio has performed in the past is not Portfolio Manager(s) necessarily an indication of how it will perform in the future. Performance information provides some Mark L. Simenstad, CFA, Stephen D. Lowe, CFA, indication of the risks of investing in the Portfolio by Noah J. Monsen, CFA, Gregory R. Anderson, CFA showing changes in the Portfolio’s performance over and Darren M. Bagwell, CFA are jointly and time. primarily responsible for the day-to-day management of the Portfolio. Mr. Simenstad has served as a portfolio YEAR-BY-YEAR TOTAL RETURN manager of the Portfolio since March 2006. Mr. Lowe and Mr. Monsen have served as portfolio managers of 20 the Portfolio since April 2015. Mr. Anderson has served as a portfolio manager of the Portfolio since October 15.85% 14.48% 2018. Mr. Bagwell has served as a portfolio manager of 15 13.73% the Portfolio since February 2019. Mr. Simenstad is 11.17% Chief Investment Strategist and has been with Thrivent 10 9.35% Financial since 1999. Mr. Lowe is Vice President of Fixed 7.08% Income Mutual Funds and Separate Accounts and has 5 4.27% been with Thrivent Financial since 1997. He has served 2.31% as a portfolio manager since 2009. Mr. Monsen has been

Annual Return (%) 0.08% (2.70)% 0 with Thrivent Financial since 2000 and has served in an investment management capacity since 2008. Mr. -5 Anderson is Vice President, Fixed Income General ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 Accounts. He has been with Thrivent Financial since 1997 and has served as a portfolio manager since 2000. Best Quarter: Q3 ’10 +8.01% Mr. Bagwell is Vice President, Chief Equity Strategist and Worst Quarter: Q3 ’11 (7.22)% has been with Thrivent Financial in an investment management capacity since 2002.

TSF-23 Purchase and Sale of Shares Payments to Broker-Dealers and Other Shares of each series of Thrivent Series Fund, Inc. (the Financial Intermediaries “Fund”) may be sold, without any minimum initial or If you purchase the Portfolio through a broker-dealer or subsequent investment requirements, only to: other financial intermediary (such as an insurance • Separate accounts of Thrivent Financial; company), the Portfolio and its related companies may • Separate accounts of other insurance companies not pay the intermediary for the sale of Portfolio shares and affiliated with Thrivent Financial; and related services. These payments may create a conflict of • Other Portfolios of the Fund. interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Tax Information or visit your financial intermediary’s website for more For information about certain tax-related aspects of information. investing in the Portfolio through a variable contract, please see the variable product prospectus.

32065G R4-20

TSF-24 APRIL 30, 2020

THRIVENT ESG INDEX PORTFOLIO SUMMARY PROSPECTUS

TSF-25 Thrivent ESG Index Portfolio

Investment Objective Portfolio for the time periods indicated and then Љ Љ redeem all of your shares at the end of those periods. In Thrivent ESG Index Portfolio (the Portfolio ) seeks to addition, the example for the 1 Year period reflects the track the investment results of an index composed of effect of the contractual fee waiver and/or expense companies selected by the index provider based on reimbursement. The example also assumes that your environmental, social and governance characteristics. investment has a 5% return each year, and that the The Portfolio’s investment objective may be changed Portfolio’s operating expenses remain the same. without shareholder approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years pay if you buy and hold shares of the Portfolio. If you Thrivent ESG Index Portfolio $39 $675 own a variable annuity contract or variable life insurance contract, you will have additional expenses Portfolio Turnover including mortality and expense risk charges. Please refer to the prospectus for your variable contract for The Portfolio pays transaction costs, such as additional information about charges for those commissions, when it buys and sells securities (or “turns contracts. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in SHAREHOLDER FEES higher taxes when Portfolio shares are held in a taxable (fees paid directly from your investment) account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Maximum Sales Charge (load) Imposed On Portfolio’s performance. Because the Portfolio had not Purchases (as a % of offering price) N/A yet commenced operations prior to the date of this Maximum Deferred Sales Charge (load) (as a prospectus, the Portfolio’s portfolio turnover rate for the percentage of the lower of the original purchase most recent fiscal year end is not yet available. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of Under normal circumstances, the Portfolio invests the value of your investment) substantially all of its assets (more than 80% of its net Management Fees 0.20% assets, plus the amount of any borrowings for Other Expenses1 2.78% investment purposes) in the common stocks of companies included in the MSCI KLD 400 Social Index Total Annual Portfolio Operating Expenses 2.98% (the “Index”) in the proportions in which they are Less Fee Waivers and/or Expense represented in the Index. This is a passively managed Reimbursements2 2.60% Portfolio, which means that the Adviser does not Total Annual Portfolio Operating Expenses After actively choose the securities that should make up the Fee Waivers and/or Expense Reimbursements 0.38% Portfolio. The Index is a float-adjusted market capitalization weighted index designed to provide 1 These expenses are based on estimated amounts for the current fiscal year. exposure to U.S. companies with outstanding 2 The Adviser has contractually agreed, through at least April 30, environmental, social and governance (“ESG”) ratings 2021, to waive certain fees and/or reimburse certain expenses associated with the shares of the Thrivent ESG Index Portfolio in and excluding exposure to companies with negative order to limit the Total Annual Portfolio Operating Expenses After social or environmental impacts, all as identified by Fee Waivers and/or Expense Reimbursements to an annual rate of 0.38% of the average daily net assets of the shares. This contractual MSCI Inc. (the “Index Provider” or “MSCI”). As of provision, however, may be terminated before the indicated March 31, 2020, the Index consisted of 404 companies termination date upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser. identified by the Index Provider from the universe of companies included in the MSCI USA IMI Index, which EXAMPLE This example is intended to help you targets 99% of the market coverage of stocks that are compare the cost of investing in the Portfolio with the listed for trading on major exchanges in the U.S., as cost of investing in other mutual funds. The Portfolio is determined by the Index Provider. MSCI constructs the an investment option for variable contracts, and the Index based on considerations of ESG performance, example does not include charges imposed by variable sector alignment and size representation of each eligible contracts. If variable contract charges were imposed, company, as described in more detail below. The your expenses would be higher than those shown. The methodology MSCI uses to construct the Index is as of example assumes that you invest $10,000 in the the date of this prospectus and is subject to change as 1

TSF-26 determined from time to time by MSCI. The Index composed of companies that exhibit positive ESG excludes companies whose products have negative characteristics. social or environmental impacts. Companies that MSCI Equity Security Risk. Equity securities held by the determines have significant involvement in the Portfolio may decline significantly in price, sometimes following businesses are not eligible for the rapidly or unpredictably, over short or extended periods Index: alcohol, gambling, tobacco, military weapons, of time, and such declines may occur because of civilian firearms, nuclear power, adult entertainment declines in the equity market as a whole, or because of and genetically modified organisms. declines in only a particular country, company, industry, or sector of the market. From time to time, the In evaluating ESG performance of eligible companies, Portfolio may invest a significant portion of its assets in MSCI uses proprietary ratings and research covering ESG companies in one or more related sectors or industries criteria. MSCI identifies companies that demonstrate an which would make the Portfolio more vulnerable to ability to manage their ESG risks and opportunities. adverse developments affecting such sectors or MSCI identifies key ESG issues that hold the greatest industries. Equity securities are generally more volatile potential risk or opportunity for each industry sector, than most debt securities. which may include the following: climate change, ETF Risk. An ETF is subject to the risks of the natural resources, pollution and waste, environmental underlying investments that it holds. In addition, for opportunities, human capital, product liability, index-based ETFs, the performance of an ETF may stakeholder opposition, social opportunities, corporate diverge from the performance of such index (commonly governance, and corporate behavior. MSCI calculates a known as tracking error). ETFs are subject to fees and company’s exposure relating to a key issue based on an expenses (like management fees and operating analysis of a company’s business and takes into account expenses) that do not apply to an index, and the a company’s management process of that issue. MSCI’s Portfolio will indirectly bear its proportionate share of any such fees and expenses paid by the ETFs in which it ESG criteria also includes, but is not limited to, an invests. Because ETFs trade on an exchange, there is a analysis of companies involved in very serious risk that an ETF will trade at a discount to net asset controversies, which may result in those companies’ value or that investors will fail to bring the trading price exclusion from the Index. in line with the underlying shares (known as the The Index is reviewed quarterly for adjustments, and arbitrage mechanism). when changes to the Index occur, the Adviser will Futures Contract Risk. Thevalueofafutures attempt to replicate these changes within the Portfolio. contract tends to increase and decrease in tandem with However, any such changes may result in slight the value of the underlying instrument. The price of variations from time to time. The Index may include futures can be highly volatile; using them could lower large, mid or small cap companies. The components of total return, and the potential loss from futures can the Index, and the degree to which these components exceed the Portfolio’s initial investment in such contracts. In addition, the value of the futures contract represent certain industry sectors, are likely to change may not accurately track the value of the underlying over time. The Portfolio may buy and sell equity index instrument. futures and exchange traded funds (“ETF”) for investment exposure. For liquidity reasons, the Portfolio Issuer Risk. Issuer risk is the possibility that factors may invest to some degree in money market specific to an issuer to which the Portfolio is exposed will affect the market prices of the issuer’s securities and instruments. therefore the value of the Portfolio. Principal Risks Large Cap Risk. Large-sized companies may be unable The Portfolio is subject to the following principal to respond quickly to new competitive challenges such investment risks, which you should review carefully and as changes in technology. They may also not be able to in entirety. The Portfolio may not achieve its attain the high growth rate of successful smaller investment objective and you could lose money by companies, especially during extended periods of investing in the Portfolio. economic expansion. ESG (Environmental, Social & Governance) Market Risk. Over time, securities markets generally Investment Strategy Risk. The Portfolio’s ESG tend to move in cycles with periods when security investment strategy limits the types and number of prices rise and periods when security prices decline. The investment opportunities available to the Portfolio and, value of the Portfolio’s investments may move with as a result, the Portfolio may underperform other funds these cycles and, in some instances, increase or decrease that do not have an ESG focus. The Portfolio’s ESG more than the applicable market(s) as measured by the investment strategy may result in the Portfolio investing Portfolio’s benchmark index(es). The securities markets in securities or industry sectors that underperform the may also decline because of factors that affect a market as a whole or underperform other funds particular industry or due to impacts from the spread of screened for ESG standards. In addition, the Index infectious illness, public health threats or similar issues. Provider may be unsuccessful in creating an index Mid Cap Risk. Medium-sized companies often have greater price volatility, lower trading volume, and less

TSF-27 liquidity than larger, more-established companies. These Thrivent.com for performance results current to the companies tend to have smaller revenues, narrower most recent month-end that takes place after April 30, product lines, less management depth and experience, 2020. smaller shares of their product or service markets, fewer How the Portfolio has performed in the past is not financial resources, and less competitive strength than necessarily an indication of how it will perform in the larger companies. future. Performance information provides some Sector Risk. Companies with similar characteristics indication of the risks of investing in the Portfolio by may be grouped together in broad categories called showing changes in the Portfolio’s performance over sectors. From time to time, the Portfolio may have time. significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily Management in particular sectors than others, its performance may be Investment Adviser(s) more susceptible to developments that significantly The Portfolio is managed by Thrivent Financial for affect those sectors. Individual sectors may be more Lutherans (“Thrivent Financial” or the “Adviser”). volatile, and may perform differently, than the broader market. The industries that constitute a sector may all Portfolio Manager(s) react in the same way to economic, political or Brian W. Bomgren, CQF and Sharon Wang, CFA, regulatory events. FRM are jointly and primarily responsible for the Indexing Strategy/Index Tracking Risk. The day-to-day management of the Portfolio. Mr. Bomgren Portfolio is managed with an indexing investment and Ms. Wang have served as portfolio managers of the strategy, attempting to track the performance of an Portfolio since April 2020. Mr. Bomgren has been with unmanaged index of securities, regardless of the current Thrivent Financial since 2006 and is currently a Senior or projected performance of the Index or of the actual Portfolio Manager. Ms. Wang has been with Thrivent securities comprising the Index. The structure and Financial since 2017 and is currently a Senior Portfolio composition of the Index will affect the performance, Manager. Prior to joining Thrivent Financial, Ms. Wang volatility, and risk of the Index and, consequently, the worked at Bryn Mawr Capital Management as a performance, volatility, and risk of the Portfolio. While portfolio manager from 2009 to 2016. the Adviser seeks to track the performance of the Index Purchase and Sale of Shares (i.e., achieve a high degree of correlation with the Index), the Portfolio’s return may not match the return Shares of each series of Thrivent Series Fund, Inc. (the of the Index. The Portfolio incurs a number of operating “Fund”) may be sold, without any minimum initial or expenses not applicable to the Index, and incurs costs in subsequent investment requirements, only to: buying and selling securities. In addition, the Portfolio • Separate accounts of Thrivent Financial; may not be fully invested at times, generally as a result • Separate accounts of other insurance companies not of cash flows into or out of the Portfolio or reserves of affiliated with Thrivent Financial; and cash held by the Portfolio to meet redemptions. The • Other Portfolios of the Fund. Adviser may attempt to replicate the Index return by investing in fewer than all of the securities in the Index, Tax Information or in some securities not included in the Index, For information about certain tax-related aspects of potentially increasing the risk of divergence between the investing in the Portfolio through a variable contract, Portfolio’s return and that of the Index. please see the variable product prospectus. Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted Payments to Broker-Dealers and Other in substantial market volatility and global business Financial Intermediaries disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and If you purchase the Portfolio through a broker-dealer or market closures, limit liquidity and the ability of the other financial intermediary (such as an insurance Portfolio to process shareholder redemptions, and company), the Portfolio and its related companies may negatively impact Portfolio performance. The COVID-19 pay the intermediary for the sale of Portfolio shares and outbreak and future pandemics could affect the global related services. These payments may create a conflict of economy in ways that cannot be foreseen and may interest by influencing the broker-dealer or other exacerbate other types of risks, negatively impacting the intermediary and your salesperson to recommend the value of the Portfolio. Portfolio over another investment. Ask your salesperson Performance or visit your financial intermediary’s website for more information. No performance information for the Portfolio is provided because it had not commenced operations prior to the date of this prospectus and does not yet have a full calendar year of performance history. The index description appears in the ЉIndex DescriptionsЉ section of the prospectus. Call 800-847-4836 or visit

32065AQ N4-20

TSF-28 APRIL 30, 2020

THRIVENT GLOBAL STOCK PORTFOLIO SUMMARY PROSPECTUS

TSF-29 Thrivent Global Stock Portfolio

Investment Objective over” its portfolio). A higher portfolio turnover rate may Љ Љ indicate higher transaction costs and may result in Thrivent Global Stock Portfolio (the Portfolio ) seeks higher taxes when Portfolio shares are held in a taxable long-term capital growth. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fees and Expenses Portfolio’s performance. During the most recent fiscal This table describes the fees and expenses that you may year, the Portfolio’s portfolio turnover rate was 76% of pay if you buy and hold shares of the Portfolio. If you the average value of its portfolio. own a variable annuity contract or variable life insurance contract, you will have additional expenses Principal Strategies including mortality and expense risk charges. Please Under normal circumstances, the Portfolio invests at refer to the prospectus for your variable contract for least 80% of its net assets in equity securities and invests additional information about charges for those at least 40% of its net assets in foreign securities (under contracts. normal market conditions). The Adviser focuses mainly on the equity securities of domestic and international SHAREHOLDER FEES companies. Should the Adviser change the investments (fees paid directly from your investment) used for purposes of this 80% threshold, we will notify Maximum Sales Charge (load) Imposed On you at least 60 days prior to the change. Purchases (as a % of offering price) N/A The Portfolio seeks to achieve its investment objective Maximum Deferred Sales Charge (load) (as a by investing primarily in domestic and foreign common percentage of the lower of the original purchase stocks. The Portfolio may buy and sell futures contracts price or current net asset value) N/A to either hedge its exposure or obtain exposure to ANNUAL PORTFOLIO OPERATING EXPENSES certain investments. The Adviser uses fundamental, (expenses that you pay each year as a percentage of quantitative, and technical investment research the value of your investment) techniques to determine what stocks to buy and sell. Management Fees 0.59% Fundamental techniques assess a security’s value based on an issuer’s financial profile, management, and Other Expenses 0.05% business prospects while quantitative and technical Total Annual Portfolio Operating Expenses 0.64% techniques involve a more data-oriented analysis of financial information, market trends and price EXAMPLE This example is intended to help you movements. The Portfolio may sell securities for a compare the cost of investing in the Portfolio with the variety of reasons, such as to secure gains, limit losses, cost of investing in other mutual funds. The Portfolio is or reposition assets into more promising opportunities. an investment option for variable contracts, and the example does not include charges imposed by variable Principal Risks contracts. If variable contract charges were imposed, The Portfolio is subject to the following principal your expenses would be higher than those shown. The investment risks, which you should review carefully and example assumes that you invest $10,000 in the in entirety. The Portfolio may not achieve its Portfolio for the time periods indicated and then investment objective and you could lose money by redeem all of your shares at the end of those periods. investing in the Portfolio. The example also assumes that your investment has a 5% return each year, and that the Portfolio’s operating Equity Security Risk. Equity securities held by the expenses remain the same. Although your actual cost Portfolio may decline significantly in price, sometimes may be higher or lower, based on the foregoing rapidly or unpredictably, over short or extended periods assumptions, your cost would be: of time, and such declines may occur because of declines in the equity market as a whole, or because of 1 Year 3 Years 5 Years 10 Years declines in only a particular country, company, industry, or sector of the market. From time to time, the Thrivent Global Stock Portfolio $65 $205 $357 $798 Portfolio may invest a significant portion of its assets in companies in one or more related sectors or industries Portfolio Turnover which would make the Portfolio more vulnerable to adverse developments affecting such sectors or The Portfolio pays transaction costs, such as industries. Equity securities are generally more volatile commissions, when it buys and sells securities (or “turns than most debt securities.

TSF-30 Large Cap Risk. Large-sized companies may be unable quantitative analysis methodology can perform to respond quickly to new competitive challenges such differently from the market as a whole based on the as changes in technology. They may also not be able to model and the factors used in the analysis, the weight attain the high growth rate of successful smaller placed on each factor and changes in the factor’s companies, especially during extended periods of historical trends. Such models are based on assumptions economic expansion. of these and other market factors, and the models may not take into account certain factors, or perform as Foreign Securities Risk. Foreign securities generally intended, and may result in a decline in the value of the carry more risk and are more volatile than their Portfolio’s portfolio. domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable Mid Cap Risk. Medium-sized companies often have information and fluctuations in currency exchange rates greater price volatility, lower trading volume, and less where investments are denominated in currencies other liquidity than larger, more-established companies. These than the U.S. dollar. Certain events in foreign markets companies tend to have smaller revenues, narrower may adversely affect foreign and domestic issuers, product lines, less management depth and experience, including interruptions in the global supply chain, smaller shares of their product or service markets, fewer natural disasters and outbreak of infectious diseases. The financial resources, and less competitive strength than Portfolio’s investment in any country could be subject larger companies. to governmental actions such as capital or currency Small Cap Risk. Smaller, less seasoned companies controls, nationalizing a company or industry, often have greater price volatility, lower trading volume, expropriating assets, or imposing punitive taxes that and less liquidity than larger, more established would have an adverse effect on security prices, and companies. These companies tend to have small impair the Portfolio’s ability to repatriate capital or revenues, narrower product lines, less management income. Foreign securities may also be more difficult to depth and experience, small shares of their product or resell than comparable U.S. securities because the service markets, fewer financial resources, and less markets for foreign securities are often less liquid. Even competitive strength than larger companies. Such when a foreign security increases in price in its local companies seldom pay significant dividends that could currency, the appreciation may be diluted by adverse soften the impact of a falling market on returns. changes in exchange rates when the security’s value is converted to U.S. dollars. Foreign withholding taxes also Emerging Markets Risk. The economic and political may apply and errors and delays may occur in the structures of developing countries in emerging markets, settlement process for foreign securities. in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and Foreign Currency Risk. The value of a foreign stability, and their financial markets often lack liquidity. currency may decline against the U.S. dollar, which Portfolio performance will likely be negatively affected would reduce the dollar value of securities denominated by portfolio exposure to countries and corporations in that currency. The overall impact of such a decline of domiciled in or with revenue exposures to countries in foreign currency can be significant, unpredictable, and the midst of, among other things, hyperinflation, long lasting, depending on the currencies represented, currency devaluation, trade disagreements, sudden how each one appreciates or depreciates in relation to political upheaval, or interventionist government the U.S. dollar, and whether currency positions are policies. Portfolio performance may also be negatively hedged. Under normal conditions, the Portfolio does affected by portfolio exposure to countries and not engage in extensive foreign currency hedging corporations domiciled in or with revenue exposures to programs. Further, exchange rate movements are countries with less developed legal, tax, regulatory, and volatile, and it is not possible to effectively hedge the accounting systems. Significant buying or selling actions currency risks of many developing countries. by a few major investors may also heighten the Market Risk. Over time, securities markets generally volatility of emerging markets. These factors make tend to move in cycles with periods when security investing in emerging market countries significantly prices rise and periods when security prices decline. The riskier than in other countries, and events in any one value of the Portfolio’s investments may move with country could cause the Portfolio’s share price to these cycles and, in some instances, increase or decrease decline. more than the applicable market(s) as measured by the Futures Contract Risk. Thevalueofafutures Portfolio’s benchmark index(es). The securities markets contract tends to increase and decrease in tandem with may also decline because of factors that affect a the value of the underlying instrument. The price of particular industry or due to impacts from the spread of futures can be highly volatile; using them could lower infectious illness, public health threats or similar issues. total return, and the potential loss from futures can Quantitative Investing Risk. Quantitative Investing exceed the Portfolio’s initial investment in such Risk is the risk that securities selected according to a contracts. In addition, the value of the futures contract

TSF-31 may not accurately track the value of the underlying Thrivent.com for performance results current to the instrument. most recent month-end. Issuer Risk. Issuer risk is the possibility that factors The bar chart and table include the effects of Portfolio specific to an issuer to which the Portfolio is exposed expenses, but not charges or deductions against your will affect the market prices of the issuer’s securities and variable contract, and assume that you sold your therefore the value of the Portfolio. investment at the end of the period. Because shares of the Portfolio are offered through variable life insurance Investment Adviser Risk. The Portfolio is actively and variable annuity contracts, you should carefully managed and the success of its investment strategy review the variable contract prospectus for information depends significantly on the skills of the Adviser in on applicable charges and expenses. If the charges and assessing the potential of the investments in which the deductions against your variable contract were included, Portfolio invests. This assessment of investments may returns would be lower than those shown. prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that How a Portfolio has performed in the past is not the Adviser will be able to effectively implement the necessarily an indication of how it will perform in the Portfolio’s investment objective. future. Performance information provides some indication of the risks of investing in the Portfolio by Derivatives Risk. The use of derivatives (such as showing changes in the Portfolio’s performance over futures) involves additional risks and transaction costs time. which could leave the Portfolio in a worse position than if it had not used these instruments. The Portfolio utilizes equity futures in order to increase or decrease its 35 29.60% exposure to various asset classes at a lower cost than 30 trading stocks directly. The use of derivatives can lead to 25 22.95% 21.15% losses because of adverse movements in the price or 20 value of the underlying asset, index or rate, which may 14.90% 15 be magnified by certain features of the contract. 10.82% Changes in the value of the derivative may not correlate 10 5.29% 5.42% as intended with the underlying asset, rate or index, and 5 3.11% (4.57)% (8.33)% the Portfolio could lose much more than the original Annual Return (%) 0 amount invested. Derivatives can be highly volatile, -5 illiquid and difficult to value. Certain derivatives may -10 also be subject to counterparty risk, which is the risk ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, Best Quarter: Q1 ’12 +12.91% market events, or other reasons. Worst Quarter: Q3 ’11 (17.58)% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted AVERAGE ANNUAL TOTAL RETURNS in substantial market volatility and global business (PERIODS ENDING DECEMBER 31, 2019) disruption. The duration and full effects of the outbreak 1 Year 5 Years 10 Years are uncertain and may result in trading suspensions and Thrivent Global Stock Portfolio 22.95% 8.22% 9.43% market closures, limit liquidity and the ability of the MSCI All Country World Index Portfolio to process shareholder redemptions, and -USDNetReturns negatively impact Portfolio performance. The COVID-19 (reflects no deduction for fees, expenses or taxes) 26.60% 8.41% 8.79% outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the Management value of the Portfolio. Investment Adviser(s) Performance The Portfolio is managed by Thrivent Financial for The following bar chart and table provide an indication Lutherans (“Thrivent Financial” or the “Adviser”). of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year Portfolio Manager(s) and by showing how the Portfolio’s average annual Kurt J. Lauber, CFA, Noah J. Monsen, CFA, Lauri returns for one-, five- and ten-year periods compared to Brunner, Darren M. Bagwell, CFA and David R. a broad-based securities market index. The index Spangler, CFA are jointly and primarily responsible for description appears in the ЉIndex DescriptionsЉ section the day-to-day management of the Portfolio. Mr. Lauber of the prospectus. Call 800-847-4836 or visit has served as a portfolio manager of the Portfolio since 3

TSF-32 March 2013. Mr. Monsen has served as a portfolio Tax Information manager of the Portfolio since April 2018. Ms. Brunner For information about certain tax-related aspects of has served as a portfolio manager of the Portfolio since investing in the Portfolio through a variable contract, September 2018. Mr. Bagwell and Mr. Spangler have please see the variable product prospectus. served as portfolio managers of the Portfolio since February 2019. Mr. Lauber has been with Thrivent Payments to Broker-Dealers and Other Financial since 2004 and previously served as an associate portfolio manager. Mr. Monsen has been with Financial Intermediaries Thrivent Financial since 2000 and has served in an If you purchase the Portfolio through a broker-dealer or investment management capacity since 2008. Ms. other financial intermediary (such as an insurance Brunner has been with Thrivent Financial since 2007 company), the Portfolio and its related companies may and currently is a Senior Portfolio Manager. Mr. Bagwell pay the intermediary for the sale of Portfolio shares and is Vice President, Chief Equity Strategist and has been related services. These payments may create a conflict of with Thrivent Financial in an investment management interest by influencing the broker-dealer or other capacity since 2002. Mr. Spangler has been with intermediary and your salesperson to recommend the Thrivent Financial since 2002, in an investment Portfolio over another investment. Ask your salesperson management capacity since 2006 and currently is a or visit your financial intermediary’s website for more Senior Portfolio Manager. information. Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065Z R4-20

TSF-33 APRIL 30, 2020

THRIVENT GOVERNMENT BOND PORTFOLIO SUMMARY PROSPECTUS

TSF-34 Thrivent Government Bond Portfolio

Investment Objective Portfolio Turnover Thrivent Government Bond Portfolio (the ЉPortfolioЉ) The Portfolio pays transaction costs, such as seeks total return, consistent with preservation of commissions, when it buys and sells securities (or “turns capital. The Portfolio’s investment objective may be over” its portfolio). A higher portfolio turnover rate may changed without shareholder approval. indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Fees and Expenses account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the This table describes the fees and expenses that you may Portfolio’s performance. During the most recent fiscal pay if you buy and hold shares of the Portfolio. If you year, the Portfolio’s portfolio turnover rate was 354% of own a variable annuity contract or variable life the average value of its portfolio. insurance contract, you will have additional expenses including mortality and expense risk charges. Please Principal Strategies refer to the prospectus for your variable contract for additional information about charges for those Under normal circumstances, the Portfolio invests at contracts. least 80% of its net assets (plus the amount of borrowings for investment purposes) in U.S. SHAREHOLDER FEES government bonds. For purposes of this disclosure, “U.S. (fees paid directly from your investment) government bonds” are debt instruments issued or guaranteed by the U.S. government or its agencies and Maximum Sales Charge (load) Imposed On instrumentalities, including U.S. Treasuries, Treasury Purchases (as a % of offering price) N/A Inflation Protected Securities (TIPS), U.S. Government Maximum Deferred Sales Charge (load) (as a Agency debt, and mortgage-backed securities issued or percentage of the lower of the original purchase guaranteed by the Government National Mortgage price or current net asset value) N/A Association (GNMA or Ginnie Mae), the Federal ANNUAL PORTFOLIO OPERATING EXPENSES National Mortgage Association (FNMA or Fannie Mae) (expenses that you pay each year as a percentage of or the Federal Home Loan Mortgage Corporation the value of your investment) (FHLMC or Freddie Mac). Should the Adviser change the investments used for purposes of this 80% threshold, Management Fees 0.35% you will be notified at least 60 days prior to the change. Other Expenses 0.11% The Portfolio’s portfolio securities may be of any Total Annual Portfolio Operating Expenses 0.46% maturity. The Adviser uses fundamental, quantitative and technical investment research techniques to EXAMPLE This example is intended to help you determine what debt obligations to buy and sell. compare the cost of investing in the Portfolio with the Fundamental techniques assess a security’s value based cost of investing in other mutual funds. The Portfolio is on an issuer’s financial profile, management, and an investment option for variable contracts, and the business prospects while quantitative and technical example does not include charges imposed by variable techniques involve a more data-oriented analysis of contracts. If variable contract charges were imposed, financial information, market trends and price your expenses would be higher than those shown. The movements. The “total return” sought by the Portfolio example assumes that you invest $10,000 in the consists of income earned on the Portfolio’s investments Portfolio for the time periods indicated and then plus capital appreciation, if any. The Portfolio may redeem all of your shares at the end of those periods. invest in U.S. dollar denominated sovereign debt of The example also assumes that your investment has a foreign governments. 5% return each year, and that the Portfolio’s operating expenses remain the same. Although your actual cost The Portfolio utilizes derivatives primarily in the form may be higher or lower, based on the foregoing of U.S. Treasury futures contracts in order to manage the assumptions, your cost would be: Portfolio’s duration, or interest rate risk. The Portfolio may enter into derivatives contracts traded on 1 Year 3 Years 5 Years 10 Years exchanges or in the over the counter market. Thrivent Government Bond Portfolio $47 $148 $258 $579 Principal Risks The Portfolio is subject to the following principal investment risks, which you should review carefully and in entirety. The Portfolio may not achieve its 1

TSF-35 investment objective and you could lose money by ordinary income, even though the Portfolio will not investing in the Portfolio. receive the principal until maturity. Government Securities Risk. The Portfolio invests in There can also be no assurance that the inflation index securities issued or guaranteed by the U.S. government used will accurately measure the real rate of inflation in or its agencies and instrumentalities (such as Federal the prices of goods and services. The Portfolio’s Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie investments in inflation-linked securities may lose value Mac securities). Securities issued or guaranteed by in the event that the actual rate of inflation is different Federal Home Loan Banks, Ginnie Mae, Fannie Mae or than the rate of the inflation index. In addition, Freddie Mac are not issued directly by the U.S. inflation-linked securities are subject to the risk that the government. Ginnie Mae is a wholly owned U.S. Consumer Price Index for All Urban Consumers (CPI-U) corporation that is authorized to guarantee, with the or other relevant pricing index may be discontinued, full faith and credit of the U.S. government, the timely fundamentally altered in a manner materially adverse to payment of principal and interest of its securities. By the interests of an investor in the securities, altered by contrast, securities issued or guaranteed by U.S. legislation or Executive Order in a materially adverse government-related organizations such as Federal Home manner to the interests of an investor in the securities Loan Banks, Fannie Mae and Freddie Mac are not or substituted with an alternative index. backed by the full faith and credit of the U.S. Interest Rate Risk. Interest rate risk is the risk that government. No assurance can be given that the U.S. prices of debt securities decline in value when interest government would provide financial support to its rates rise for debt securities that pay a fixed rate of agencies and instrumentalities if not required to do so interest. Debt securities with longer durations (a by law. In addition, the value of U.S. government measure of price sensitivity of a bond or bond fund to securities may be affected by changes in the credit rating changes in interest rates) or maturities (i.e., the amount of the U.S. government. of time until a bond’s issuer must pay its principal or Mortgage-Backed and Other Asset-Backed face value) tend to be more sensitive to changes in Securities Risk. The value of mortgage-backed and interest rates than debt securities with shorter durations asset-backed securities will be influenced by the factors or maturities. Changes by the Federal Reserve to affecting the housing market and the assets underlying monetary policies could affect interest rates and the such securities. As a result, during periods of declining value of some securities. In addition, the phase out of asset value, difficult or frozen credit markets, swings in LIBOR (the offered rate for short-term Eurodollar interest rates, or deteriorating economic conditions, deposits between major international banks) by the end mortgage-related and asset-backed securities may of 2021 could lead to increased volatility and illiquidity decline in value, face valuation difficulties, become in certain markets that currently rely on LIBOR to more volatile and/or become illiquid. In addition, both determine interest rates. mortgage-backed and asset-backed securities are Market Risk. Over time, securities markets generally sensitive to changes in the repayment patterns of the tend to move in cycles with periods when security underlying security. If the principal payment on the prices rise and periods when security prices decline. The underlying asset is repaid faster or slower than the value of the Portfolio’s investments may move with holder of the asset-backed or mortgage-backed security these cycles and, in some instances, increase or decrease anticipates, the price of the security may fall, more than the applicable market(s) as measured by the particularly if the holder must reinvest the repaid Portfolio’s benchmark index(es). The securities markets principal at lower rates or must continue to hold the may also decline because of factors that affect a security when interest rates rise. This effect may cause particular industry or due to impacts from the spread of the value of the Portfolio to decline and reduce the infectious illness, public health threats or similar issues. overall return of the Portfolio. Sovereign Debt Risk. Sovereign debt securities are Inflation-Linked Security Risk. Inflation-linked debt issued or guaranteed by foreign governmental entities. securities, such as TIPS, are subject to the effects of These investments are subject to the risk that a changes in market interest rates caused by factors other governmental entity may delay or refuse to pay interest than inflation (real interest rates). In general, the price or repay principal on its sovereign debt, due, for of an inflation-linked security tends to decrease when example, to cash flow problems, insufficient foreign real interest rates increase and can increase when real currency reserves, political considerations, the relative interest rates decrease. Interest payments on size of the governmental entity’s debt position in inflation-linked securities are unpredictable and will relation to the economy or the failure to put in place fluctuate as the principal and interest are adjusted for economic reforms required by the International inflation. Any increase in the principal amount of an Monetary Fund or other multilateral agencies. If a inflation-linked debt security will be considered taxable governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal

TSF-36 process for collecting sovereign debts that a government are uncertain and may result in trading suspensions and does not pay nor are there bankruptcy proceedings market closures, limit liquidity and the ability of the through which all or part of the sovereign debt that a Portfolio to process shareholder redemptions, and governmental entity has not repaid may be collected. negatively impact Portfolio performance. The COVID-19 outbreak and future pandemics could affect the global Investment Adviser Risk. The Portfolio is actively economy in ways that cannot be foreseen and may managed and the success of its investment strategy exacerbate other types of risks, negatively impacting the depends significantly on the skills of the Adviser in value of the Portfolio. assessing the potential of the investments in which the Portfolio invests. This assessment of investments may Performance prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that The following bar chart and table provide an indication the Adviser will be able to effectively implement the of the risks of investing in the Portfolio by showing Portfolio’s investment objective. changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual Derivatives Risk. The use of derivatives (such as returns for one-, five- and ten-year periods compared to futures) involves additional risks and transaction costs broad-based securities market indices. The index which could leave the Portfolio in a worse position than descriptions appear in the ЉIndex DescriptionsЉ section if it had not used these instruments. The Portfolio of the prospectus. Call 800-847-4836 or visit utilizes futures on U.S. Treasuries in order to manage Thrivent.com for performance results current to the duration. The use of derivatives can lead to losses most recent month-end. because of adverse movements in the price or value of the underlying asset, index or rate, which may be Effective August 28, 2017, based on approval of the magnified by certain features of the contract. Changes Portfolio’s Board of Directors and shareholders, the in the value of the derivative may not correlate as portfolio’s investment objective and principal strategies intended with the underlying asset, rate or index, and were changed, which had the effect of converting the the Portfolio could lose much more than the original Portfolio from one whose securities were selected based amount invested. Derivatives can be highly volatile, on which securities were in an index to one that is illiquid and difficult to value. Certain derivatives may actively managed and invests primarily in U.S. also be subject to counterparty risk, which is the risk government securities. At the same time, the Portfolio’s that the other party in the transaction will not fulfill its name changed from Thrivent Bond Index Portfolio to contractual obligations due to its financial condition, Thrivent Government Bond Portfolio. As a result, market events, or other reasons. performance information presented below with respect to periods prior to August 28, 2017, reflects the Liquidity Risk. Liquidity is the ability to sell a security performance of an investment portfolio that was relatively quickly for a price that most closely reflects materially different from the investment portfolio of the actual value of the security. Dealer inventories of Thrivent Government Bond Portfolio. bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and The bar chart and the table include the effects of increase price volatility in the fixed income markets, Portfolio expenses, but not charges or deductions particularly during periods of economic or market stress. against your variable contract, and assume that you sold As a result of this decreased liquidity, the Portfolio may your shares at the end of the period. Because shares of have to accept a lower price to sell a security, sell other the Portfolio are offered through variable life insurance securities to raise cash, or give up an investment and variable annuity contracts, you should carefully opportunity, any of which could have a negative effect review the variable contract prospectus for information on performance. on applicable charges and expenses. If the charges and deductions against your variable contract were included, Portfolio Turnover Rate Risk. The Portfolio may returns would be lower than those shown. engage in active and frequent trading of portfolio securities in implementing its principal investment How the Portfolio has performed in the past (before and strategies. A high rate of portfolio turnover (100% or after taxes) is not necessarily an indication of how it will more) involves correspondingly greater expenses which perform in the future. Performance information are borne by the Portfolio and its shareholders and may provides some indication of the risks of investing in the also result in short-term capital gains taxable to Portfolio by showing changes in the Portfolio’s shareholders. performance over time. Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption. The duration and full effects of the outbreak

TSF-37 10 9.24% Purchase and Sale of Shares 8.21% 8 Shares of each series of Thrivent Series Fund, Inc. (the 6.52% “Fund”) may be sold, without any minimum initial or 6 5.86% 4.94% subsequent investment requirements, only to: 4 2.96% • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not 2 1.49% 0.80% affiliated with Thrivent Financial; and (2.47)% 0.18% 0 • Other Portfolios of the Fund. Annual Return (%)

-2 Tax Information -4 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 For information about certain tax-related aspects of investing in the Portfolio through a variable contract, Best Quarter: Q2 ’10 +4.04% please see the variable product prospectus. Worst Quarter: Q4 ’16 (3.49)% Payments to Broker-Dealers and Other AVERAGE ANNUAL TOTAL RETURNS Financial Intermediaries (PERIODS ENDING DECEMBER 31, 2019) If you purchase the Portfolio through a broker-dealer or 1 Year 5 Years 10 Years other financial intermediary (such as an insurance Thrivent Government Bond company), the Portfolio and its related companies may Portfolio 5.86% 2.24% 3.71% pay the intermediary for the sale of Portfolio shares and Bloomberg Barclays U.S. Treasury Index related services. These payments may create a conflict of (reflects no deduction for fees, interest by influencing the broker-dealer or other expenses or taxes) 6.86% 2.36% 3.13% intermediary and your salesperson to recommend the Bloomberg Barclays Portfolio over another investment. Ask your salesperson U.S. Agency Index (reflects no deduction for fees, or visit your financial intermediary’s website for more expenses or taxes) 5.89% 2.32% 2.50% information.

Management Investment Adviser(s) The Portfolio is managed by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”). Portfolio Manager(s) Michael G. Landreville, CFA, CPA (inactive) and Gregory R. Anderson, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Landreville has served as portfolio manager of the Portfolio since December 2005. Mr. Anderson has served as a portfolio manager of the Portfolio since August 2017. Mr. Landreville has been with Thrivent Financial since 1983 and has served as a portfolio manager since 1998. Mr. Anderson is Vice President, Fixed Income General Accounts. He has been with Thrivent Financial since 1997 and has served as a portfolio manager since 2000.

32065U R4-20

TSF-38 APRIL 30, 2020

THRIVENT HIGH YIELD PORTFOLIO SUMMARY PROSPECTUS

TSF-39 Thrivent High Yield Portfolio

Investment Objectives Portfolio Turnover Thrivent High Yield Portfolio (the ЉPortfolioЉ) seeks to The Portfolio pays transaction costs, such as achieve a higher level of income. The Portfolio will also commissions, when it buys and sells securities (or “turns consider growth of capital as a secondary objective. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 48% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus the amount of any SHAREHOLDER FEES borrowing for investment purposes) in high yield, high (fees paid directly from your investment) risk bonds, notes, debentures and other debt obligations (including leveraged loans, mortgage-backed securities, Maximum Sales Charge (load) Imposed On convertible bonds, and convertible stock), or preferred Purchases (as a % of offering price) N/A stocks. These securities are commonly known as “junk Maximum Deferred Sales Charge (load) (as a bonds.” At the time of purchase these securities are percentage of the lower of the original purchase rated within or below the “BB” major rating category by price or current net asset value) N/A Standard & Poor’s Corporation or the “Ba” major rating ANNUAL PORTFOLIO OPERATING EXPENSES category by Moody’s Investor Services, Inc. or are (expenses that you pay each year as a percentage of unrated but considered to be of comparable quality by the value of your investment) the Adviser. The Portfolio invests in securities regardless of the securities’ maturity average and may also invest Management Fees 0.40% in foreign securities. Should the Adviser change the Other Expenses 0.04% investments used for purposes of this 80% threshold, Total Annual Portfolio Operating Expenses 0.44% you will be notified at least 60 days prior to the change. The Adviser uses fundamental, quantitative, and EXAMPLE This example is intended to help you technical investment research techniques to determine compare the cost of investing in the Portfolio with the what securities to buy and sell. Fundamental techniques cost of investing in other mutual funds. The Portfolio is assess a security’s value based on an issuer’s financial an investment option for variable contracts, and the profile, management, and business prospects while example does not include charges imposed by variable quantitative and technical techniques involve a more contracts. If variable contract charges were imposed, data-oriented analysis of financial information, market your expenses would be higher than those shown. The trends and price movements. The Adviser focuses on example assumes that you invest $10,000 in the U.S. companies which it believes have or are expected to Portfolio for the time periods indicated and then achieve adequate cash flows or access to capital markets redeem all of your shares at the end of those periods. for the payment of principal and interest obligations. The example also assumes that your investment has a 5% return each year, and that the Portfolio’s operating The Portfolio utilizes derivatives primarily in the form expenses remain the same. Although your actual cost of U.S. Treasury futures contracts in order to manage the may be higher or lower, based on the foregoing Portfolio’s duration, or interest rate risk. The Portfolio assumptions, your cost would be: may enter into derivatives contracts traded on exchanges or in the over the counter market. 1 Year 3 Years 5 Years 10 Years Thrivent High Yield Principal Risks Portfolio $45 $141 $246 $555 The Portfolio is subject to the following principal investment risks, which you should review carefully and in entirety. The Portfolio may not achieve its investment objectives and you could lose money by investing in the Portfolio.

TSF-40 High Yield Risk. High yield securities – commonly misrepresentation, the Portfolio may not be protected known as “junk bonds” – to which the Portfolio is under federal securities laws with respect to leveraged exposed are considered predominantly speculative with loans that may not be in the form of “securities.” The respect to the issuer’s continuing ability to make settlement period for some leveraged loans may be more principal and interest payments. If the issuer of the than seven days. security is in default with respect to interest or principal Prepayment Risk. When interest rates fall, certain payments, the value of the Portfolio may be negatively obligations will be paid off by the obligor more quickly affected. High yield securities generally have a less than originally anticipated, and a Portfolio may have to liquid resale market. invest the proceeds in securities with lower yields. In Interest Rate Risk. Interest rate risk is the risk that periods of falling interest rates, the rate of prepayments prices of debt securities decline in value when interest tends to increase (as does price fluctuation) as borrowers rates rise for debt securities that pay a fixed rate of are motivated to pay off debt and refinance at new interest. Debt securities with longer durations (a lower rates. During such periods, reinvestment of the measure of price sensitivity of a bond or bond fund to prepayment proceeds by the management team will changes in interest rates) or maturities (i.e., the amount generally be at lower rates of return than the return on of time until a bond’s issuer must pay its principal or the assets that were prepaid. Prepayment generally face value) tend to be more sensitive to changes in reduces the yield to maturity and the average life of the interest rates than debt securities with shorter durations security. or maturities. Changes by the Federal Reserve to Foreign Securities Risk. Foreign securities generally monetary policies could affect interest rates and the carry more risk and are more volatile than their value of some securities. In addition, the phase out of domestic counterparts, in part because of potential for LIBOR (the offered rate for short-term Eurodollar higher political and economic risks, lack of reliable deposits between major international banks) by the end information and fluctuations in currency exchange rates of 2021 could lead to increased volatility and illiquidity where investments are denominated in currencies other in certain markets that currently rely on LIBOR to than the U.S. dollar. Certain events in foreign markets determine interest rates. may adversely affect foreign and domestic issuers, Credit Risk. Credit risk is the risk that an issuer of a including interruptions in the global supply chain, debt security to which the Portfolio is exposed may no natural disasters and outbreak of infectious diseases. The longer be able or willing to pay its debt. As a result of Portfolio’s investment in any country could be subject such an event, the debt security may decline in price to governmental actions such as capital or currency and affect the value of the Portfolio. controls, nationalizing a company or industry, expropriating assets, or imposing punitive taxes that Convertible Securities Risk. Convertible securities are would have an adverse effect on security prices, and subject to the usual risks associated with debt securities, impair the Portfolio’s ability to repatriate capital or such as interest rate risk and credit risk. Convertible income. Foreign securities may also be more difficult to securities also react to changes in the value of the resell than comparable U.S. securities because the common stock into which they convert, and are thus markets for foreign securities are often less liquid. Even subject to market risk. The Portfolio may also be forced when a foreign security increases in price in its local to convert a convertible security at an inopportune currency, the appreciation may be diluted by adverse time, which may decrease the Portfolio’s return. changes in exchange rates when the security’s value is Leveraged Loan Risk. Leveraged loans (also known as converted to U.S. dollars. Foreign withholding taxes also bank loans) are subject to the risks typically associated may apply and errors and delays may occur in the with debt securities. In addition, leveraged loans, which settlement process for foreign securities. typically hold a senior position in the capital structure Market Risk. Over time, securities markets generally of a borrower, are subject to the risk that a court could tend to move in cycles with periods when security subordinate such loans to presently existing or future prices rise and periods when security prices decline. The indebtedness or take other action detrimental to the value of the Portfolio’s investments may move with holders of leveraged loans. Leveraged loans are also these cycles and, in some instances, increase or decrease subject to the risk that the value of the collateral, if any, more than the applicable market(s) as measured by the securing a loan may decline, be insufficient to meet the Portfolio’s benchmark index(es). The securities markets obligations of the borrower, or be difficult to liquidate. may also decline because of factors that affect a Some leveraged loans are not as easily purchased or sold particular industry or due to impacts from the spread of as publicly-traded securities and others are illiquid, infectious illness, public health threats or similar issues. which may make it more difficult for the Portfolio to value them or dispose of them at an acceptable price. Liquidity Risk. Liquidity is the ability to sell a security Below investment-grade leveraged loans are typically relatively quickly for a price that most closely reflects more credit sensitive. In the event of fraud or the actual value of the security. Dealer inventories of

TSF-41 bonds are at or near historic lows in relation to market description appears in the ЉIndex DescriptionsЉ section size, which has the potential to decrease liquidity and of the prospectus. Call 800-847-4836 or visit increase price volatility in the fixed income markets, Thrivent.com for performance results current to the particularly during periods of economic or market stress. most recent month-end. As a result of this decreased liquidity, the Portfolio may The bar chart and table include the effects of Portfolio have to accept a lower price to sell a security, sell other expenses, but not charges or deductions against your securities to raise cash, or give up an investment variable contract, and assume that you sold your opportunity, any of which could have a negative effect investment at the end of the period. Because shares of on performance. the Portfolio are offered through variable life insurance Investment Adviser Risk. The Portfolio is actively and variable annuity contracts, you should carefully managed and the success of its investment strategy review the variable contract prospectus for information depends significantly on the skills of the Adviser in on applicable charges and expenses. If the charges and assessing the potential of the investments in which the deductions against your variable contract were included, Portfolio invests. This assessment of investments may returns would be lower than those shown. prove incorrect, resulting in losses or poor performance, How a Portfolio has performed in the past is not even in rising markets. There is also no guarantee that necessarily an indication of how it will perform in the the Adviser will be able to effectively implement the future. Performance information provides some Portfolio’s investment objective. indication of the risks of investing in the Portfolio by Derivatives Risk. The use of derivatives (such as showing changes in the Portfolio’s performance over futures) involves additional risks and transaction costs time. which could leave the Portfolio in a worse position than if it had not used these instruments. The Portfolio 20 utilizes futures on U.S. Treasuries in order to manage 16.28% duration. The use of derivatives can lead to losses 15 14.57% 14.34% because of adverse movements in the price or value of 12.78% the underlying asset, index or rate, which may be 10 magnified by certain features of the contract. Changes 7.55% 6.91% in the value of the derivative may not correlate as 4.70% intended with the underlying asset, rate or index, and 5 the Portfolio could lose much more than the original 1.96%

Annual Return (%) (2.69)% (3.39)% amount invested. Derivatives can be highly volatile, 0 illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk -5 that the other party in the transaction will not fulfill its ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 contractual obligations due to its financial condition, market events, or other reasons. Best Quarter: Q1 ’19 +7.49% Worst Quarter: Q3 ’11 (6.33)% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business AVERAGE ANNUAL TOTAL RETURNS (PERIODS ENDING DECEMBER 31, 2019) disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and 1 Year 5 Years 10 Years market closures, limit liquidity and the ability of the Thrivent High Yield Portfolio 14.34% 5.45% 7.08% Portfolio to process shareholder redemptions, and Bloomberg Barclays U.S. Corporate High Yield Bond negatively impact Portfolio performance. The COVID-19 Index outbreak and future pandemics could affect the global (reflects no deduction for fees, economy in ways that cannot be foreseen and may expenses or taxes) 14.32% 6.13% 7.57% exacerbate other types of risks, negatively impacting the value of the Portfolio. Management Performance Investment Adviser(s) The following bar chart and table provide an indication The Portfolio is managed by Thrivent Financial for of the risks of investing in the Portfolio by showing Lutherans (“Thrivent Financial” or the “Adviser”). changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual Portfolio Manager(s) returns for one-, five- and ten-year periods compared to Paul J. Ocenasek, CFA is primarily responsible for the a broad-based securities market index. The index day-to-day management of the Portfolio. Mr. Ocenasek

TSF-42 has served as portfolio manager of the Portfolio since Tax Information December 1997. He has been with Thrivent Financial For information about certain tax-related aspects of since 1987 and, since 1997, has served as portfolio investing in the Portfolio through a variable contract, manager to other Thrivent mutual funds. please see the variable product prospectus. Purchase and Sale of Shares Payments to Broker-Dealers and Other Shares of each series of Thrivent Series Fund, Inc. (the Financial Intermediaries “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as an insurance • Separate accounts of Thrivent Financial; company), the Portfolio and its related companies may • Separate accounts of other insurance companies not pay the intermediary for the sale of Portfolio shares and affiliated with Thrivent Financial; and related services. These payments may create a conflict of • Other Portfolios of the Fund. interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065R R4-20

TSF-43 APRIL 30, 2020

THRIVENT INCOME PORTFOLIO SUMMARY PROSPECTUS

TSF-44 Thrivent Income Portfolio

Investment Objective Portfolio Turnover Thrivent Income Portfolio (the ЉPortfolioЉ) seeks to The Portfolio pays transaction costs, such as achieve a high level of income over the longer term commissions, when it buys and sells securities (or “turns while providing reasonable safety of capital. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 101% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. The principal strategies of the Portfolio are to invest in investment-grade corporate bonds, government bonds, SHAREHOLDER FEES asset-backed securities, mortgage-backed securities, and (fees paid directly from your investment) other types of debt securities. Asset-backed securities are securities backed by notes or receivables originated by Maximum Sales Charge (load) Imposed On banks, credit card companies or other providers of Purchases (as a % of offering price) N/A credit. Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase The Portfolio may invest in foreign securities, including price or current net asset value) N/A those of issuers in emerging markets. An “emerging market” country is any country determined by the ANNUAL PORTFOLIO OPERATING EXPENSES Adviser to have an emerging market economy, (expenses that you pay each year as a percentage of considering factors such as the country’s credit rating, the value of your investment) its political and economic stability and the development Management Fees 0.40% of its financial and capital markets. Other Expenses 0.04% Under normal conditions, at least 65% of the Portfolio’s Total Annual Portfolio Operating Expenses 0.44% assets will be invested in debt securities or preferred stock that is rated investment grade (Baa3/BBB-/BBB- or EXAMPLE This example is intended to help you higher) using the middle rating of Moody’s, S&P and compare the cost of investing in the Portfolio with the Fitch; when a rating from only two agencies is available, cost of investing in other mutual funds. The Portfolio is the lower is used; when only one agency rates a bond, an investment option for variable contracts, and the that rating is used. In cases where explicit bond level example does not include charges imposed by variable ratings may not be available, the Adviser may use other contracts. If variable contract charges were imposed, sources to classify securities by credit quality. your expenses would be higher than those shown. The The Portfolio may also invest in high yield, high risk example assumes that you invest $10,000 in the bonds, notes, debentures and other debt obligations or Portfolio for the time periods indicated and then preferred stock commonly known as “junk bonds.” At redeem all of your shares at the end of those periods. the time of purchase these securities are rated within or The example also assumes that your investment has a below the “BB” major rating category by S&P or the 5% return each year, and that the Portfolio’s operating “Ba” major rating category by Moody’s or are unrated expenses remain the same. Although your actual cost but considered to be of comparable quality by the may be higher or lower, based on the foregoing Adviser. assumptions, your cost would be: The Adviser uses fundamental, quantitative, and 1 Year 3 Years 5 Years 10 Years technical investment research techniques to determine Thrivent Income what debt obligations to buy and sell. Fundamental Portfolio $45 $141 $246 $555 techniques assess a security’s value based on an issuer’s financial profile, management, and business prospects while quantitative and technical techniques involve a more data-oriented analysis of financial information, market trends and price movements. The Adviser may

TSF-45 purchase bonds of any maturity and generally focuses Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie on U.S. companies that it believes are financially sound Mac securities). Securities issued or guaranteed by and have strong cash flow, asset values and interest or Federal Home Loan Banks, Ginnie Mae, Fannie Mae or dividend earnings. The Adviser purchases bonds of Freddie Mac are not issued directly by the U.S. foreign issuers as well. government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the The Portfolio utilizes derivatives primarily in the form full faith and credit of the U.S. government, the timely of U.S. Treasury futures contracts in order to manage the payment of principal and interest of its securities. By Portfolio’s duration, or interest rate risk. The Portfolio contrast, securities issued or guaranteed by U.S. may enter into derivatives contracts traded on government-related organizations such as Federal Home exchanges or in the over the counter market. Loan Banks, Fannie Mae and Freddie Mac are not The Portfolio may invest in securities of any market backed by the full faith and credit of the U.S. sector and may hold a significant amount of securities government. No assurance can be given that the U.S. of companies, from time to time, within a single sector government would provide financial support to its such as financials. agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government Principal Risks securities may be affected by changes in the credit rating The Portfolio is subject to the following principal of the U.S. government. investment risks, which you should review carefully and Mortgage-Backed and Other Asset-Backed in entirety. The Portfolio may not achieve its Securities Risk. The value of mortgage-backed and investment objective and you could lose money by asset-backed securities will be influenced by the factors investing in the Portfolio. affecting the housing market and the assets underlying Interest Rate Risk. Interest rate risk is the risk that such securities. As a result, during periods of declining prices of debt securities decline in value when interest asset value, difficult or frozen credit markets, swings in rates rise for debt securities that pay a fixed rate of interest rates, or deteriorating economic conditions, interest. Debt securities with longer durations (a mortgage-related and asset-backed securities may measure of price sensitivity of a bond or bond fund to decline in value, face valuation difficulties, become changes in interest rates) or maturities (i.e., the amount more volatile and/or become illiquid. In addition, both of time until a bond’s issuer must pay its principal or mortgage-backed and asset-backed securities are face value) tend to be more sensitive to changes in sensitive to changes in the repayment patterns of the interest rates than debt securities with shorter durations underlying security. If the principal payment on the or maturities. Changes by the Federal Reserve to underlying asset is repaid faster or slower than the monetary policies could affect interest rates and the holder of the asset-backed or mortgage-backed security value of some securities. In addition, the phase out of anticipates, the price of the security may fall, LIBOR (the offered rate for short-term Eurodollar particularly if the holder must reinvest the repaid deposits between major international banks) by the end principal at lower rates or must continue to hold the of 2021 could lead to increased volatility and illiquidity security when interest rates rise. This effect may cause in certain markets that currently rely on LIBOR to the value of the Portfolio to decline and reduce the determine interest rates. overall return of the Portfolio. Credit Risk. Credit risk is the risk that an issuer of a Market Risk. Over time, securities markets generally debt security to which the Portfolio is exposed may no tend to move in cycles with periods when security longer be able or willing to pay its debt. As a result of prices rise and periods when security prices decline. The such an event, the debt security may decline in price value of the Portfolio’s investments may move with and affect the value of the Portfolio. these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the High Yield Risk. High yield securities – commonly Portfolio’s benchmark index(es). The securities markets known as “junk bonds” – to which the Portfolio is may also decline because of factors that affect a exposed are considered predominantly speculative with particular industry or due to impacts from the spread of respect to the issuer’s continuing ability to make infectious illness, public health threats or similar issues. principal and interest payments. If the issuer of the security is in default with respect to interest or principal Issuer Risk. Issuer risk is the possibility that factors payments, the value of the Portfolio may be negatively specific to an issuer to which the Portfolio is exposed affected. High yield securities generally have a less will affect the market prices of the issuer’s securities and liquid resale market. therefore the value of the Portfolio. Government Securities Risk. The Portfolio invests in Foreign Securities Risk. Foreign securities generally securities issued or guaranteed by the U.S. government carry more risk and are more volatile than their or its agencies and instrumentalities (such as Federal domestic counterparts, in part because of potential for 2

TSF-46 higher political and economic risks, lack of reliable magnified by certain features of the contract. Changes information and fluctuations in currency exchange rates in the value of the derivative may not correlate as where investments are denominated in currencies other intended with the underlying asset, rate or index, and than the U.S. dollar. Certain events in foreign markets the Portfolio could lose much more than the original may adversely affect foreign and domestic issuers, amount invested. Derivatives can be highly volatile, including interruptions in the global supply chain, illiquid and difficult to value. Certain derivatives may natural disasters and outbreak of infectious diseases. The also be subject to counterparty risk, which is the risk Portfolio’s investment in any country could be subject that the other party in the transaction will not fulfill its to governmental actions such as capital or currency contractual obligations due to its financial condition, controls, nationalizing a company or industry, market events, or other reasons. expropriating assets, or imposing punitive taxes that Emerging Markets Risk. The economic and political would have an adverse effect on security prices, and structures of developing countries in emerging markets, impair the Portfolio’s ability to repatriate capital or in most cases, do not compare favorably with the U.S. income. Foreign securities may also be more difficult to or other developed countries in terms of wealth and resell than comparable U.S. securities because the stability, and their financial markets often lack liquidity. markets for foreign securities are often less liquid. Even Portfolio performance will likely be negatively affected when a foreign security increases in price in its local by portfolio exposure to countries and corporations currency, the appreciation may be diluted by adverse domiciled in or with revenue exposures to countries in changes in exchange rates when the security’s value is the midst of, among other things, hyperinflation, converted to U.S. dollars. Foreign withholding taxes also currency devaluation, trade disagreements, sudden may apply and errors and delays may occur in the political upheaval, or interventionist government settlement process for foreign securities. policies. Portfolio performance may also be negatively Investment Adviser Risk. The Portfolio is actively affected by portfolio exposure to countries and managed and the success of its investment strategy corporations domiciled in or with revenue exposures to depends significantly on the skills of the Adviser in countries with less developed legal, tax, regulatory, and assessing the potential of the investments in which the accounting systems. Significant buying or selling actions Portfolio invests. This assessment of investments may by a few major investors may also heighten the prove incorrect, resulting in losses or poor performance, volatility of emerging markets. These factors make even in rising markets. There is also no guarantee that investing in emerging market countries significantly the Adviser will be able to effectively implement the riskier than in other countries, and events in any one Portfolio’s investment objective. country could cause the Portfolio’s share price to decline. Financial Sector Risk. To the extent that the financials sector continues to represent a significant Liquidity Risk. Liquidity is the ability to sell a security portion of the Portfolio, the Portfolio will be sensitive to relatively quickly for a price that most closely reflects changes in, and its performance may depend to a the actual value of the security. Dealer inventories of greater extent on, factors impacting this sector. bonds are at or near historic lows in relation to market Performance of companies in the financials sector may size, which has the potential to decrease liquidity and be adversely impacted by many factors, including, increase price volatility in the fixed income markets, among others, government regulations, economic particularly during periods of economic or market stress. conditions, credit rating downgrades, changes in As a result of this decreased liquidity, the Portfolio may interest rates, and decreased liquidity in credit markets. have to accept a lower price to sell a security, sell other The impact of more stringent capital requirements, securities to raise cash, or give up an investment recent or future regulation of any individual financial opportunity, any of which could have a negative effect company or recent or future regulation of the financials on performance. sector as a whole cannot be predicted. In recent years, Portfolio Turnover Rate Risk. The Portfolio may cyber attacks and technology malfunctions and failures engage in active and frequent trading of portfolio have become increasingly frequent in this sector and securities in implementing its principal investment have caused significant losses. strategies. A high rate of portfolio turnover (100% or Derivatives Risk. The use of derivatives (such as more) involves correspondingly greater expenses which futures) involves additional risks and transaction costs are borne by the Portfolio and its shareholders and may which could leave the Portfolio in a worse position than also result in short-term capital gains taxable to if it had not used these instruments. The Portfolio shareholders. utilizes futures on U.S. Treasuries in order to manage Health Crisis Risk. The global pandemic outbreak of duration. The use of derivatives can lead to losses the novel coronavirus known as COVID-19 has resulted because of adverse movements in the price or value of in substantial market volatility and global business the underlying asset, index or rate, which may be disruption. The duration and full effects of the outbreak

TSF-47 are uncertain and may result in trading suspensions and Best Quarter: Q3 ’10 +5.39% market closures, limit liquidity and the ability of the Portfolio to process shareholder redemptions, and Worst Quarter: Q2 ’13 (2.97)% negatively impact Portfolio performance. The COVID-19 outbreak and future pandemics could affect the global AVERAGE ANNUAL TOTAL RETURNS economy in ways that cannot be foreseen and may (PERIODS ENDING DECEMBER 31, 2019) exacerbate other types of risks, negatively impacting the 1 Year 5 Years 10 Years value of the Portfolio. Thrivent Income Portfolio 13.60% 4.44% 5.68% Bloomberg Barclays Performance U.S. Corporate Bond Index (reflects no deduction for fees, The following bar chart and table provide an indication expenses or taxes) 14.54% 4.60% 5.54% of the risks of investing in the Portfolio by showing Bloomberg Barclays changes in the Portfolio’s performance from year to year U.S. Aggregate Bond Index (reflects no deduction for fees, and by showing how the Portfolio’s average annual expenses or taxes) 8.72% 3.05% 3.75% returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index descriptions appear in the ЉIndex DescriptionsЉ section Management of the prospectus. The Portfolio now compares its Investment Adviser(s) returns to the Bloomberg Barclays US Corporate Bond Index because the Portfolio believes it more accurately The Portfolio is managed by Thrivent Financial for represents the Portfolio’s investment objective and Lutherans (“Thrivent Financial” or the “Adviser”). principal strategies. Call 800-847-4836 or visit Portfolio Manager(s) Thrivent.com for performance results current to the most recent month-end. Kent L. White, CFA is primarily responsible for the day-to-day management of the Portfolio. Mr. White has The bar chart and table include the effects of Portfolio served as a portfolio manager of the Portfolio since June expenses, but not charges or deductions against your 2017. Mr. White is the Director of Investment Grade variable contract, and assume that you sold your Research, and he has been with Thrivent Financial since investment at the end of the period. Because shares of 1999. the Portfolio are offered through variable life insurance and variable annuity contracts, you should carefully Purchase and Sale of Shares review the variable contract prospectus for information Shares of each series of Thrivent Series Fund, Inc. (the on applicable charges and expenses. If the charges and “Fund”) may be sold, without any minimum initial or deductions against your variable contract were included, subsequent investment requirements, only to: returns would be lower than those shown. • Separate accounts of Thrivent Financial; How a Portfolio has performed in the past is not • Separate accounts of other insurance companies not necessarily an indication of how it will perform in the affiliated with Thrivent Financial; and future. Performance information provides some • Other Portfolios of the Fund. indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance over Tax Information time. For information about certain tax-related aspects of investing in the Portfolio through a variable contract, 16 please see the variable product prospectus. 14 13.60% 11.55% Payments to Broker-Dealers and Other 12 10.98% 10 Financial Intermediaries 8 If you purchase the Portfolio through a broker-dealer or 6.68% 5.94% 6.09% 6.29% 6 other financial intermediary (such as an insurance company), the Portfolio and its related companies may 4 pay the intermediary for the sale of Portfolio shares and 2 related services. These payments may create a conflict of Annual Return (%) (0.07)% (0.68)% (2.33)% 0 interest by influencing the broker-dealer or other -2 intermediary and your salesperson to recommend the -4 Portfolio over another investment. Ask your salesperson ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 or visit your financial intermediary’s website for more information.

32065S R4-20

TSF-48 APRIL 30, 2020

THRIVENT INTERNATIONAL ALLOCATION PORTFOLIO SUMMARY PROSPECTUS

TSF-49 Thrivent International Allocation Portfolio

Investment Objective indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Thrivent International Allocation Portfolio (the account. These costs, which are not reflected in annual ЉPortfolioЉ) seeks long-term capital growth. fund operating expenses or in the example, affect the Fees and Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 106% of This table describes the fees and expenses that you may the average value of its portfolio. pay if you buy and hold shares of the Portfolio. If you own a variable annuity contract or variable life Principal Strategies insurance contract, you will have additional expenses The Portfolio seeks to achieve its objective by investing including mortality and expense risk charges. Please primarily in equity securities of issuers throughout the refer to the prospectus for your variable contract for world. The Portfolio seeks to diversify its portfolio additional information about charges for those broadly among developed and emerging countries and contracts. among multiple asset classes. Under normal market conditions, the Portfolio invests at least 40% of its net SHAREHOLDER FEES assets in foreign assets. If market conditions are not (fees paid directly from your investment) deemed favorable by the Adviser, the Portfolio could Maximum Sales Charge (load) Imposed On invest a lower percentage, but at least 30% of its net Purchases (as a % of offering price) N/A assets in foreign assets. A foreign asset could be an Maximum Deferred Sales Charge (load) (as a investment in an issuer that is organized under the laws percentage of the lower of the original purchase of a foreign jurisdiction; that is traded principally in a price or current net asset value) N/A foreign country; that derives at least 50% of its revenues or profits from goods produced or sold, investments ANNUAL PORTFOLIO OPERATING EXPENSES made, or services performed in a foreign country or has (expenses that you pay each year as a percentage of at least 50% of its assets in a foreign country; or that the value of your investment) otherwise exposes the Portfolio’s portfolio to the Management Fees 0.64% economic fortunes and risks of a foreign country. The Other Expenses 0.08% Portfolio may also pursue its investment strategy by investing in equity derivatives such as futures contracts Total Annual Portfolio Operating Expenses 0.72% to either hedge its exposure or gain exposure to certain investments. EXAMPLE This example is intended to help you compare the cost of investing in the Portfolio with the The Adviser will make asset allocation decisions among cost of investing in other mutual funds. The Portfolio is the various asset classes and has engaged Goldman an investment option for variable contracts, and the Sachs Asset Management, L.P. (“GSAM”) to manage the example does not include charges imposed by variable Portfolio’s international small- and midcap equity contracts. If variable contract charges were imposed, assets. The Adviser will directly manage the remaining your expenses would be higher than those shown. The assets in the Portfolio. example assumes that you invest $10,000 in the The Portfolio will generally make the following Portfolio for the time periods indicated and then allocations among the broad asset classes listed below: redeem all of your shares at the end of those periods. The example also assumes that your investment has a International large-cap growth...... 0-50% 5% return each year, and that the Portfolio’s operating International large-cap value...... 0-50% expenses remain the same. Although your actual cost International small- and mid-cap equities ...... 0-30% may be higher or lower, based on the foregoing Emergingmarketsequity...... 0-25% assumptions, your cost would be: U.S. securities ...... 0-10% The Portfolio’s actual holdings in each broad asset 1 Year 3 Years 5 Years 10 Years category may be outside the applicable allocation range Thrivent International from time to time due to differing investment Allocation Portfolio $74 $230 $401 $894 performances among asset classes. These allocations may change without shareholder approval or advance Portfolio Turnover notice to shareholders to the extent consistent with applicable law. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns In buying and selling securities for the Portfolio, the over” its portfolio). A higher portfolio turnover rate may Adviser uses an active strategy. This strategy consists of a

TSF-50 disciplined approach that involves computer-aided, Foreign Securities Risk. Foreign securities generally quantitative analysis of fundamental, technical and carry more risk and are more volatile than their risk-related factors. The Adviser’s factor model (a domestic counterparts, in part because of potential for method of analyzing and combining multiple data higher political and economic risks, lack of reliable sources) systematically reviews thousands of stocks, information and fluctuations in currency exchange rates using data such as historical earnings growth and where investments are denominated in currencies other expected future growth, valuation, price momentum, than the U.S. dollar. Certain events in foreign markets and other quantitative factors to forecast return may adversely affect foreign and domestic issuers, potential. Then, risk characteristics of potential including interruptions in the global supply chain, investments and covariation among securities are natural disasters and outbreak of infectious diseases. The analyzed along with the return forecasts in determining Portfolio’s investment in any country could be subject the Portfolio’s holdings. to governmental actions such as capital or currency controls, nationalizing a company or industry, GSAM uses a quantitative style of management, in expropriating assets, or imposing punitive taxes that combination with a qualitative overlay, that emphasizes would have an adverse effect on security prices, and fundamentally-based stock selection, careful portfolio impair the Portfolio’s ability to repatriate capital or construction and efficient implementation. The income. Foreign securities may also be more difficult to Portfolio’s investments are selected using fundamental resell than comparable U.S. securities because the research and a variety of quantitative techniques based markets for foreign securities are often less liquid. Even on certain investment themes. The Portfolio may make when a foreign security increases in price in its local investment decisions that deviate from those generated currency, the appreciation may be diluted by adverse by GSAM’s proprietary models, at the discretion of changes in exchange rates when the security’s value is GSAM. In addition, GSAM may, in its discretion, make converted to U.S. dollars. Foreign withholding taxes also changes to its quantitative techniques, or use other may apply and errors and delays may occur in the quantitative techniques that are based on GSAM’s settlement process for foreign securities. proprietary research. Large Cap Risk. Large-sized companies may be unable Principal Risks to respond quickly to new competitive challenges such The Portfolio is subject to the following principal as changes in technology. They may also not be able to investment risks, which you should review carefully and attain the high growth rate of successful smaller in entirety. The Portfolio may not achieve its companies, especially during extended periods of investment objective and you could lose money by economic expansion. investing in the Portfolio. Growth Investing Risk. Growth style investing Allocation Risk. The Portfolio’s investment includes the risk of investing in securities whose prices performance depends upon how its assets are allocated historically have been more volatile than other across broad asset categories and applicable sub-classes securities, especially over the short term. Growth stock within such categories. Some broad asset categories and prices reflect projections of future earnings or revenues sub-classes may perform below expectations or the and, if a company’s earnings or revenues fall short of securities markets generally over short and extended expectations, its stock price may fall dramatically. periods. Therefore, a principal risk of investing in the Value Investing Risk. Value style investing includes Portfolio is that the allocation strategies used and the the risk that stocks of undervalued companies may not allocation decisions made will not produce the desired rise as quickly as anticipated if the market doesn’t results. recognize their intrinsic value or if value stocks are out Equity Security Risk. Equity securities held by the of favor. Portfolio may decline significantly in price, sometimes Quantitative Investing Risk. Quantitative Investing rapidly or unpredictably, over short or extended periods Risk is the risk that securities selected according to a of time, and such declines may occur because of quantitative analysis methodology can perform declines in the equity market as a whole, or because of differently from the market as a whole based on the declines in only a particular country, company, model and the factors used in the analysis, the weight industry, or sector of the market. From time to time, the placed on each factor and changes in the factor’s Portfolio may invest a significant portion of its assets in historical trends. Such models are based on assumptions companies in one or more related sectors or industries of these and other market factors, and the models may which would make the Portfolio more vulnerable to not take into account certain factors, or perform as adverse developments affecting such sectors or intended, and may result in a decline in the value of the industries. Equity securities are generally more volatile Portfolio’s portfolio. than most debt securities. Emerging Markets Risk. The economic and political structures of developing countries in emerging markets,

TSF-51 in most cases, do not compare favorably with the U.S. companies tend to have smaller revenues, narrower or other developed countries in terms of wealth and product lines, less management depth and experience, stability, and their financial markets often lack liquidity. smaller shares of their product or service markets, fewer Portfolio performance will likely be negatively affected financial resources, and less competitive strength than by portfolio exposure to countries and corporations larger companies. domiciled in or with revenue exposures to countries in Issuer Risk. Issuer risk is the possibility that factors the midst of, among other things, hyperinflation, specific to an issuer to which the Portfolio is exposed currency devaluation, trade disagreements, sudden will affect the market prices of the issuer’s securities and political upheaval, or interventionist government therefore the value of the Portfolio. policies. Portfolio performance may also be negatively affected by portfolio exposure to countries and Investment Adviser Risk. The Portfolio is actively corporations domiciled in or with revenue exposures to managed and the success of its investment strategy countries with less developed legal, tax, regulatory, and depends significantly on the skills of the Adviser or accounting systems. Significant buying or selling actions subadviser in assessing the potential of the investments by a few major investors may also heighten the in which the Portfolio invests. This assessment of volatility of emerging markets. These factors make investments may prove incorrect, resulting in losses or investing in emerging market countries significantly poor performance, even in rising markets. There is also riskier than in other countries, and events in any one no guarantee that the Adviser will be able to effectively country could cause the Portfolio’s share price to implement the Portfolio’s investment objective. decline. Multi-Manager Risk. The investment style employed Foreign Currency Risk. The value of a foreign by the subadviser may not be complementary to that of currency may decline against the U.S. dollar, which the Adviser. The interplay of the strategy employed by would reduce the dollar value of securities denominated the subadviser and the Adviser may result in the in that currency. The overall impact of such a decline of Portfolio indirectly holding positions in certain types of foreign currency can be significant, unpredictable, and securities, industries or sectors. These positions may be long lasting, depending on the currencies represented, detrimental to a Portfolio’s performance depending how each one appreciates or depreciates in relation to upon the performance of those securities and the overall the U.S. dollar, and whether currency positions are economic environment. The multi-manager approach hedged. Under normal conditions, the Portfolio does could result in a high level of portfolio turnover, not engage in extensive foreign currency hedging resulting in higher brokerage expenses and increased tax programs. Further, exchange rate movements are liability from a Portfolio’s realization of capital gains. volatile, and it is not possible to effectively hedge the Health Crisis Risk. The global pandemic outbreak of currency risks of many developing countries. the novel coronavirus known as COVID-19 has resulted Market Risk. Over time, securities markets generally in substantial market volatility and global business tend to move in cycles with periods when security disruption. The duration and full effects of the outbreak prices rise and periods when security prices decline. The are uncertain and may result in trading suspensions and value of the Portfolio’s investments may move with market closures, limit liquidity and the ability of the these cycles and, in some instances, increase or decrease Portfolio to process shareholder redemptions, and more than the applicable market(s) as measured by the negatively impact Portfolio performance. The COVID-19 Portfolio’s benchmark index(es). The securities markets outbreak and future pandemics could affect the global may also decline because of factors that affect a economy in ways that cannot be foreseen and may particular industry or due to impacts from the spread of exacerbate other types of risks, negatively impacting the infectious illness, public health threats or similar issues. value of the Portfolio. Small Cap Risk. Smaller, less seasoned companies Performance often have greater price volatility, lower trading volume, The following bar chart and table provide an indication and less liquidity than larger, more established of the risks of investing in the Portfolio by showing companies. These companies tend to have small changes in the Portfolio’s performance from year to year revenues, narrower product lines, less management and by showing how the Portfolio’s average annual depth and experience, small shares of their product or returns for one-, five- and ten-year periods compared to service markets, fewer financial resources, and less a broad-based securities market index. The index competitive strength than larger companies. Such description appears in the ЉIndex DescriptionsЉ section companies seldom pay significant dividends that could of the prospectus. Call 800-847-4836 or visit soften the impact of a falling market on returns. Thrivent.com for performance results current to the most recent month-end. Mid Cap Risk. Medium-sized companies often have The bar chart includes the effects of Portfolio expenses, greater price volatility, lower trading volume, and less but not charges or deductions against your variable liquidity than larger, more-established companies. These contract, and assume that you sold your investment at

TSF-52 the end of the period. Because shares of the Portfolio are manager since 1996. Mr. Ioffe has managed the Portfolio offered through variable life insurance and variable since September 2013. Osman Ali, Managing Director, annuity contracts, you should carefully review the joined GSAM in 2003 and has been a member of the variable contract prospectus for information on research and portfolio management team within QIS applicable charges and expenses. If the charges and since 2005. Mr. Ali has managed the Portfolio since deductions against your variable contract were included, September 2013. Takashi Suwabe is a Managing returns would be lower than those shown. Director and is co-head of active equity research in the How a portfolio has performed in the past is not QIS team. Mr. Suwabe joined GSAM in 2004 and has necessarily an indication of how it will perform in the been a member of the QIS team since 2009. Previously, future. Performance information provides some Mr. Suwabe worked at Nomura Securities and Nomura indication of the risks of investing in the Portfolio by Research Institute. Mr. Suwabe has managed the showing changes in the Portfolio’s performance over Portfolio since September 2013. time. The Adviser manages the Portfolio’s international YEAR-BY-YEAR TOTAL RETURN large-cap, emerging markets equity and U.S. securities assets. Noah J. Monsen, CFA, Brian W. Bomgren, CQF, Darren M. Bagwell, CFA and David R. 30 Spangler, CFA are jointly and primarily responsible for 23.84% day-to-day management of the Portfolio’s international 20.48% 20 18.67% large-cap, emerging markets equity and U.S. securities 16.31% 13.43% assets. Mr. Monsen and Mr. Bomgren have served as portfolio managers of the Portfolio since March 2016. 10 Mr. Bagwell and Mr. Spangler have served as portfolio 3.35% managers of the Portfolio since February 2019. Mr. (12.12)% (5.35)% (0.78)% (15.39)% 0 Monsen has been with Thrivent Financial since 2000 and has served in an investment management capacity Annual Return (%) -10 since 2008. Mr. Bomgren has been with Thrivent Financial since 2006 and is currently a Senior Portfolio Manager. Mr. Bagwell is Vice President, Chief Equity -20 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 Strategist and has been with Thrivent Financial in an investment management capacity since 2002. Mr. Best Quarter: Q3 ’10 +16.49% Spangler is a Senior Portfolio Manager and has been with Thrivent Financial since 2002. He has served in an Worst Quarter: Q3 ’11 (18.33)% investment management capacity since 2006.

AVERAGE ANNUAL TOTAL RETURNS Purchase and Sale of Shares (PERIODS ENDING DECEMBER 31, 2019) Shares of each series of Thrivent Series Fund, Inc. (the 1 Year 5 Years 10 Years “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: Thrivent International Allocation Portfolio 20.48% 5.30% 5.36% • Separate accounts of Thrivent Financial; MSCI All Country World Index • Separate accounts of other insurance companies not ex-USA - USD Net Returns affiliated with Thrivent Financial; and (reflects no deduction for fees, expenses or taxes) 21.51% 5.51% 4.97% • Other Portfolios of the Fund.

Management Tax Information For information about certain tax-related aspects of Investment Adviser(s) investing in the Portfolio through a variable contract, The Portfolio is managed by Thrivent Financial for please see the variable product prospectus. Lutherans (“Thrivent Financial” or the “Adviser”), which has engaged Goldman Sachs Asset Management, Payments to Broker-Dealers and Other L.P. (“GSAM”) to subadvise a portion of the Portfolio’s Financial Intermediaries assets. If you purchase the Portfolio through a broker-dealer or Portfolio Manager(s) other financial intermediary (such as an insurance GSAM manages the international small- and mid-cap company), the Portfolio and its related companies may equities assets of the Portfolio. GSAM’s Quantitative pay the intermediary for the sale of Portfolio shares and Investment Strategies team (the “QIS” team) manages related services. These payments may create a conflict of the international small- and mid-cap equities of the interest by influencing the broker-dealer or other Portfolio with the following team members being intermediary and your salesperson to recommend the jointly and primarily responsible for day-to-day Portfolio over another investment. Ask your salesperson management. Len Ioffe, Managing Director, joined or visit your financial intermediary’s website for more GSAM as an associate in 1994 and has been a portfolio information.

32065AL R4-20

TSF-53 APRIL 30, 2020

THRIVENT INTERNATIONAL INDEX PORTFOLIO SUMMARY PROSPECTUS

TSF-54 Thrivent International Index Portfolio

Investment Objective addition, the example for the 1 Year period reflects the Љ Љ effect of the contractual fee waiver and/or expense Thrivent International Index Portfolio (the Portfolio ) reimbursement. The example also assumes that your seeks total returns that track the performance of the investment has a 5% return each year, and that the MSCI EAFE Index. The Portfolio’s investment objective Portfolio’s operating expenses remain the same. may be changed without shareholder approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years pay if you buy and hold shares of the Portfolio. If you Thrivent International Index own a variable annuity contract or variable life Portfolio $47 $327 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. Because the Portfolio had not Maximum Deferred Sales Charge (load) (as a yet commenced operations prior to the date of this percentage of the lower of the original purchase prospectus, the Portfolio’s portfolio turnover rate for the price or current net asset value) N/A most recent fiscal year end is not yet available. ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that you pay each year as a percentage of Principal Strategies the value of your investment) Under normal circumstances, the Portfolio invests Management Fees 0.20% substantially all of its assets (more than 80% of its net assets, plus the amount of any borrowings for Other Expenses1 1.09% investment purposes) in equity securities included in Total Annual Portfolio Operating Expenses 1.29% the MSCI EAFE Index in the proportions in which they Less Fee Waivers and/or Expense are represented in the index. This is a passively Reimbursements2 0.83% managed Portfolio, which means that the Adviser does Total Annual Portfolio Operating Expenses After not actively choose the securities that should make up Fee Waivers and/or Expense Reimbursements 0.46% the Portfolio, and instead seeks to replicate the MSCI EAFE Index and provide investment results that, before 1 These expenses are based on estimated amounts for the current fiscal year. expenses, correspond generally to the total return of the 2 The Adviser has contractually agreed, through at least April 30, index. The MSCI EAFE Index captures large- and 2021, to waive certain fees and/or reimburse certain expenses associated with the shares of the Thrivent International Index mid-cap equity securities in developed markets Portfolio in order to limit the Total Annual Portfolio Operating countries, excluding the U.S. and Canada. As of Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.46% of the average daily net assets of the shares. March 31, 2020, the MSCI EAFE Index consisted of 918 This contractual provision, however, may be terminated before the constituents in the following 21 developed market indicated termination date upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser. country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, EXAMPLE This example is intended to help you Italy, Japan, the Netherlands, New Zealand, Norway, compare the cost of investing in the Portfolio with the Portugal, Singapore, Spain, Sweden, Switzerland, and cost of investing in other mutual funds. The Portfolio is the United Kingdom. If the securities represented in the an investment option for variable contracts, and the MSCI EAFE Index were to become concentrated in any example does not include charges imposed by variable particular industry, the Portfolio’s investments would contracts. If variable contract charges were imposed, likewise be concentrated in securities of issuers in that your expenses would be higher than those shown. The industry; the MSCI EAFE Index is not currently example assumes that you invest $10,000 in the concentrated in any single industry. The MSCI EAFE Portfolio for the time periods indicated and then Index is a free float-adjusted market capitalization index redeem all of your shares at the end of those periods. In that is designed to provide coverage of the relevant 1

TSF-55 investment opportunity set with an emphasis on index Foreign Currency Risk. The value of a foreign liquidity, investability and replicability. The MSCI EAFE currency may decline against the U.S. dollar, which Index is adjusted quarterly, and when changes to the would reduce the dollar value of securities denominated index occur, the Adviser will attempt to replicate these in that currency. The overall impact of such a decline of changes within the Portfolio. However, any such foreign currency can be significant, unpredictable, and changes may result in slight variations from time to long lasting, depending on the currencies represented, time. The Portfolio may buy and sell equity index how each one appreciates or depreciates in relation to futures for investment exposure. For liquidity reasons, the U.S. dollar, and whether currency positions are the Portfolio may invest to some degree in money hedged. Under normal conditions, the Portfolio does market instruments. not engage in extensive foreign currency hedging programs. Further, exchange rate movements are Principal Risks volatile, and it is not possible to effectively hedge the The Portfolio is subject to the following principal currency risks of many developing countries. investment risks, which you should review carefully and Large Cap Risk. Large-sized companies may be unable in entirety. The Portfolio may not achieve its to respond quickly to new competitive challenges such investment objective and you could lose money by as changes in technology. They may also not be able to investing in the Portfolio. attain the high growth rate of successful smaller Equity Security Risk. Equity securities held by the companies, especially during extended periods of Portfolio may decline significantly in price, sometimes economic expansion. rapidly or unpredictably, over short or extended periods Market Risk. Over time, securities markets generally of time, and such declines may occur because of tend to move in cycles with periods when security declines in the equity market as a whole, or because of prices rise and periods when security prices decline. The declines in only a particular country, company, value of the Portfolio’s investments may move with industry, or sector of the market. From time to time, the these cycles and, in some instances, increase or decrease Portfolio may invest a significant portion of its assets in more than the applicable market(s) as measured by the companies in one or more related sectors or industries Portfolio’s benchmark index(es). The securities markets which would make the Portfolio more vulnerable to may also decline because of factors that affect a adverse developments affecting such sectors or particular industry or due to impacts from the spread of industries. Equity securities are generally more volatile infectious illness, public health threats or similar issues. than most debt securities. Mid Cap Risk. Medium-sized companies often have Foreign Securities Risk. Foreign securities generally greater price volatility, lower trading volume, and less carry more risk and are more volatile than their liquidity than larger, more-established companies. These domestic counterparts, in part because of potential for companies tend to have smaller revenues, narrower higher political and economic risks, lack of reliable product lines, less management depth and experience, information and fluctuations in currency exchange rates smaller shares of their product or service markets, fewer where investments are denominated in currencies other financial resources, and less competitive strength than than the U.S. dollar. Certain events in foreign markets larger companies. may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, Futures Contract Risk. Thevalueofafutures natural disasters and outbreak of infectious diseases. The contract tends to increase and decrease in tandem with Portfolio’s investment in any country could be subject the value of the underlying instrument. The price of to governmental actions such as capital or currency futures can be highly volatile; using them could lower controls, nationalizing a company or industry, total return, and the potential loss from futures can expropriating assets, or imposing punitive taxes that exceed the Portfolio’s initial investment in such would have an adverse effect on security prices, and contracts. In addition, the value of the futures contract impair the Portfolio’s ability to repatriate capital or may not accurately track the value of the underlying income. Foreign securities may also be more difficult to instrument. resell than comparable U.S. securities because the Issuer Risk. Issuer risk is the possibility that factors markets for foreign securities are often less liquid. Even specific to an issuer to which the Portfolio is exposed when a foreign security increases in price in its local will affect the market prices of the issuer’s securities and currency, the appreciation may be diluted by adverse therefore the value of the Portfolio. changes in exchange rates when the security’s value is converted to U.S. dollars. Foreign withholding taxes also Global Indexing Strategy/Index Tracking Risk. The may apply and errors and delays may occur in the Portfolio is managed with an indexing investment settlement process for foreign securities. strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual

TSF-56 securities comprising the Index. The structure and indication of the risks of investing in the Portfolio by composition of the Index will affect the performance, showing changes in the Portfolio’s performance over volatility, and risk of the Index and, consequently, the time. performance, volatility, and risk of the Portfolio. The securities of foreign issuers, securities of companies with Management significant foreign exposure, and foreign currencies can involve additional risks relating to market, economic, Investment Adviser(s) industry, political, regulatory, geopolitical, and other The Portfolio is managed by Thrivent Financial for conditions. Less stringent regulatory, accounting, Lutherans (“Thrivent Financial” or the “Adviser”). auditing, and disclosure requirements for issuers and markets are more common in certain foreign countries Portfolio Manager(s) and may make the data upon which the Index is based Brian W. Bomgren, CQF and Sharon Wang, CFA, unreliable or stale. Enforcing legal rights can be difficult, FRM are jointly and primarily responsible for the costly, and slow in certain foreign countries, and can be day-to-day management of the Portfolio. Mr. Bomgren particularly difficult against foreign governments. While and Ms. Wang have served as portfolio managers of the the Adviser seeks to track the performance of the Index Portfolio since April 2020. Mr. Bomgren has been with (i.e., achieve a high degree of correlation with the Thrivent Financial since 2006 and is currently a Senior Index), the Portfolio’s return may not match the return Portfolio Manager. Ms. Wang has been with Thrivent of the Index. The Portfolio incurs a number of operating Financial since 2017 and is currently a Senior Portfolio expenses not applicable to the Index, and incurs costs in Manager. Prior to joining Thrivent Financial, Ms. Wang buying and selling securities. In addition, the Portfolio worked at Bryn Mawr Capital Management as a may not be fully invested at times, generally as a result portfolio manager from 2009 to 2016. of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The Purchase and Sale of Shares Adviser may attempt to replicate the Index return by Shares of each series of Thrivent Series Fund, Inc. (the investing in fewer than all of the securities in the Index, “Fund”) may be sold, without any minimum initial or or in some securities not included in the Index, subsequent investment requirements, only to: potentially increasing the risk of divergence between the Portfolio’s return and that of the Index. • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not Health Crisis Risk. The global pandemic outbreak of affiliated with Thrivent Financial; and the novel coronavirus known as COVID-19 has resulted • Other Portfolios of the Fund. in substantial market volatility and global business disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and Tax Information market closures, limit liquidity and the ability of the For information about certain tax-related aspects of Portfolio to process shareholder redemptions, and investing in the Portfolio through a variable contract, negatively impact Portfolio performance. The COVID-19 please see the variable product prospectus. outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may Payments to Broker-Dealers and Other exacerbate other types of risks, negatively impacting the Financial Intermediaries value of the Portfolio. If you purchase the Portfolio through a broker-dealer or Performance other financial intermediary (such as an insurance No performance information for the Portfolio is company), the Portfolio and its related companies may provided because it had not commenced operations pay the intermediary for the sale of Portfolio shares and prior to the date of this prospectus and does not yet related services. These payments may create a conflict of have a full calendar year of performance history. The interest by influencing the broker-dealer or other index description appears in the ЉIndex DescriptionsЉ intermediary and your salesperson to recommend the section of the prospectus. Call 800-847-4836 or visit Portfolio over another investment. Ask your salesperson Thrivent.com for performance results current to the or visit your financial intermediary’s website for more most recent month-end that takes place after April 30, information. 2020. How the Portfolio has performed in the past is not necessarily an indication of how it will perform in the future. Performance information provides some

32065AU N4-20

TSF-57 APRIL 30, 2020

THRIVENT LARGE CAP GROWTH PORTFOLIO SUMMARY PROSPECTUS

TSF-58 Thrivent Large Cap Growth Portfolio

Investment Objective Portfolio Turnover The investment objective of Thrivent Large Cap Growth The Portfolio pays transaction costs, such as Portfolio (the ЉPortfolioЉ) is to achieve long-term growth commissions, when it buys and sells securities (or “turns of capital. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 58% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of any SHAREHOLDER FEES borrowing for investment purposes) in equity securities (fees paid directly from your investment) of large companies. The Adviser focuses mainly on the equity securities of large domestic and international Maximum Sales Charge (load) Imposed On companies which have market capitalizations Purchases (as a % of offering price) N/A equivalent to those included in widely known indices Maximum Deferred Sales Charge (load) (as a such as the Russell 1000 Growth Index, S&P 500 Index, percentage of the lower of the original purchase or the large company market capitalization price or current net asset value) N/A classifications published by Lipper, Inc. These ANNUAL PORTFOLIO OPERATING EXPENSES companies typically have a market capitalization of (expenses that you pay each year as a percentage of approximately $8 billion or more. Should the Adviser the value of your investment) change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to Management Fees 0.40% the change. Other Expenses 0.04% The Portfolio seeks to achieve its investment objective Total Annual Portfolio Operating Expenses 0.44% by investing in common stocks. The Adviser uses fundamental, quantitative, and technical investment EXAMPLE This example is intended to help you research techniques and focuses on stocks of companies compare the cost of investing in the Portfolio with the that it believes have demonstrated and will sustain cost of investing in other mutual funds. The Portfolio is above-average earnings growth over time, or which are an investment option for variable contracts, and the expected to develop rapid sales and earnings growth in example does not include charges imposed by variable the future when compared to the economy and stock contracts. If variable contract charges were imposed, market as a whole. Many such companies are in the your expenses would be higher than those shown. The technology sector and the Portfolio may at times have a example assumes that you invest $10,000 in the higher concentration in this industry. Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Portfolio may sell securities for a variety of reasons, The example also assumes that your investment has a such as to secure gains, limit losses, or reposition assets 5% return each year, and that the Portfolio’s operating into more promising opportunities. expenses remain the same. Although your actual cost may be higher or lower, based on the foregoing Principal Risks assumptions, your cost would be: The Portfolio is subject to the following principal investment risks, which you should review carefully and 1 Year 3 Years 5 Years 10 Years in entirety. The Portfolio may not achieve its Thrivent Large Cap investment objective and you could lose money by Growth Portfolio $45 $141 $246 $555 investing in the Portfolio. Large Cap Risk. Large-sized companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to

TSF-59 attain the high growth rate of successful smaller Investment Adviser Risk. The Portfolio is actively companies, especially during extended periods of managed and the success of its investment strategy economic expansion. depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Growth Investing Risk. Growth style investing Portfolio invests. This assessment of investments may includes the risk of investing in securities whose prices prove incorrect, resulting in losses or poor performance, historically have been more volatile than other even in rising markets. There is also no guarantee that securities, especially over the short term. Growth stock the Adviser will be able to effectively implement the prices reflect projections of future earnings or revenues Portfolio’s investment objective. and, if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Foreign Securities Risk. Foreign securities generally carry more risk and are more volatile than their Equity Security Risk. Equity securities held by the domestic counterparts, in part because of potential for Portfolio may decline significantly in price, sometimes higher political and economic risks, lack of reliable rapidly or unpredictably, over short or extended periods information and fluctuations in currency exchange rates of time, and such declines may occur because of where investments are denominated in currencies other declines in the equity market as a whole, or because of than the U.S. dollar. Certain events in foreign markets declines in only a particular country, company, may adversely affect foreign and domestic issuers, industry, or sector of the market. From time to time, the including interruptions in the global supply chain, Portfolio may invest a significant portion of its assets in natural disasters and outbreak of infectious diseases. The companies in one or more related sectors or industries Portfolio’s investment in any country could be subject which would make the Portfolio more vulnerable to to governmental actions such as capital or currency adverse developments affecting such sectors or controls, nationalizing a company or industry, industries. Equity securities are generally more volatile expropriating assets, or imposing punitive taxes that than most debt securities. would have an adverse effect on security prices, and Market Risk. Over time, securities markets generally impair the Portfolio’s ability to repatriate capital or tend to move in cycles with periods when security income. Foreign securities may also be more difficult to prices rise and periods when security prices decline. The resell than comparable U.S. securities because the value of the Portfolio’s investments may move with markets for foreign securities are often less liquid. Even these cycles and, in some instances, increase or decrease when a foreign security increases in price in its local more than the applicable market(s) as measured by the currency, the appreciation may be diluted by adverse Portfolio’s benchmark index(es). The securities markets changes in exchange rates when the security’s value is may also decline because of factors that affect a converted to U.S. dollars. Foreign withholding taxes also particular industry or due to impacts from the spread of may apply and errors and delays may occur in the infectious illness, public health threats or similar issues. settlement process for foreign securities. Technology-Oriented Companies Risk. Common Non-Diversified Risk. The Portfolio is not stocks of companies that rely extensively on technology, “diversified” within the meaning of the 1940 Act. That science or communications in their product means the Portfolio may invest a greater percentage of development or operations may be more volatile than its assets in the securities of any single issuer compared the overall stock market and may or may not move in to other funds. A non-diversified portfolio is generally tandem with the overall stock market. Technology, more susceptible than a diversified portfolio to the risk science and communications are rapidly changing that events or developments affecting a particular issuer fields, and stocks of these companies, especially of or industry will significantly affect the Portfolio’s smaller or unseasoned companies, may be subject to performance. more abrupt or erratic market movements than the Health Crisis Risk. The global pandemic outbreak of stock market in general. There are significant the novel coronavirus known as COVID-19 has resulted competitive pressures among technology-oriented in substantial market volatility and global business companies and the products or operations of such disruption. The duration and full effects of the outbreak companies may become obsolete quickly. In addition, are uncertain and may result in trading suspensions and these companies may have limited product lines, market closures, limit liquidity and the ability of the markets or financial resources and the management of Portfolio to process shareholder redemptions, and such companies may be more dependent upon one or a negatively impact Portfolio performance. The COVID-19 few key people. outbreak and future pandemics could affect the global Issuer Risk. Issuer risk is the possibility that factors economy in ways that cannot be foreseen and may specific to an issuer to which the Portfolio is exposed exacerbate other types of risks, negatively impacting the will affect the market prices of the issuer’s securities and value of the Portfolio. therefore the value of the Portfolio.

TSF-60 Performance AVERAGE ANNUAL TOTAL RETURNS The following bar chart and table provide an indication (PERIODS ENDING DECEMBER 31, 2019) of the risks of investing in the Portfolio by showing 1 Year 5 Years 10 Years changes in the Portfolio’s performance from year to year Thrivent Large Cap Growth and by showing how the Portfolio’s average annual Portfolio 32.90% 13.84% 13.70% returns for one-, five- and ten-year periods compared to Russell 1000 Growth Index (reflects no deduction for fees, broad-based securities market indices. The index expenses or taxes) 36.39% 14.63% 15.22% descriptions appear in the ЉIndex DescriptionsЉ section S&P 500® Growth Index of the prospectus. The Portfolio now compares its (reflects no deduction for fees, returns to the Russell 1000 Growth Index because it is expenses or taxes) 31.13% 13.52% 14.78% commonly used by funds with the same investment objective and principal strategies as the Portfolio. Call Management 800-847-4836 or visit Thrivent.com for performance results current to the most recent month-end. Investment Adviser(s) The bar chart and table include the effects of Portfolio The Portfolio is managed by Thrivent Financial for expenses, but not charges or deductions against your Lutherans (“Thrivent Financial” or the “Adviser”). variable contract, and assume that you sold your investment at the end of the period. Because shares of Portfolio Manager(s) the Portfolio are offered through variable life insurance Lauri Brunner is primarily responsible for the and variable annuity contracts, you should carefully day-to-day management of the Portfolio, and she has review the variable contract prospectus for information served as portfolio manager of the Portfolio since on applicable charges and expenses. If the charges and September 2018. Ms. Brunner has been with Thrivent deductions against your variable contract were included, Financial since 2007 and currently is a Senior Portfolio returns would be lower than those shown. Manager. How a Portfolio has performed in the past is not Purchase and Sale of Shares necessarily an indication of how it will perform in the future. Performance information provides some Shares of each series of Thrivent Series Fund, Inc. (the indication of the risks of investing in the Portfolio by “Fund”) may be sold, without any minimum initial or showing changes in the Portfolio’s performance over subsequent investment requirements, only to: time. • Separate accounts of Thrivent Financial; YEAR-BY-YEAR TOTAL RETURN • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund. 40 36.14% 32.90% 30 28.93% Tax Information For information about certain tax-related aspects of 20 19.18% investing in the Portfolio through a variable contract, please see the variable product prospectus. 10.73% 10.99% 10.48% 10 Payments to Broker-Dealers and Other 2.51%

Annual Return (%) (5.27)% (1.48)% 0 Financial Intermediaries If you purchase the Portfolio through a broker-dealer or -10 other financial intermediary (such as an insurance ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and Best Quarter: Q1 ’12 +16.67% related services. These payments may create a conflict of Worst Quarter: Q3 ’11 (17.08)% interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065M R4-20

TSF-61 APRIL 30, 2020

THRIVENT LARGE CAP INDEX PORTFOLIO SUMMARY PROSPECTUS

TSF-62 Thrivent Large Cap Index Portfolio

Investment Objective Portfolio Turnover Thrivent Large Cap Index Portfolio (the ЉPortfolioЉ) The Portfolio pays transaction costs, such as seeks total returns that track the performance of the S&P commissions, when it buys and sells securities (or “turns 500 Index. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 3% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio invests substantially all of its assets (more than 80% of its net SHAREHOLDER FEES assets, plus the amount of any borrowings for (fees paid directly from your investment) investment purposes) in the large company common stocks included in the S&P 500 Index in the proportions Maximum Sales Charge (load) Imposed On in which they are represented in the index. This is a Purchases (as a % of offering price) N/A passively managed Portfolio, which means that the Maximum Deferred Sales Charge (load) (as a Adviser does not actively choose the securities that percentage of the lower of the original purchase should make up the Portfolio. The S&P 500 Index is price or current net asset value) N/A comprised of 500 domestic large company stocks. ANNUAL PORTFOLIO OPERATING EXPENSES Accordingly, the Portfolio invests in stocks of larger (expenses that you pay each year as a percentage of companies from a broad range of industries. The S&P the value of your investment) 500 Index is adjusted quarterly, and when changes to the index occur, the Adviser will attempt to replicate Management Fees 0.20% these changes within the Portfolio. However, any such Other Expenses 0.04% changes may result in slight variations from time to Total Annual Portfolio Operating Expenses 0.24% time. The Portfolio may buy and sell equity index futures for investment exposure. For liquidity reasons, EXAMPLE This example is intended to help you the Portfolio may invest to some degree in money compare the cost of investing in the Portfolio with the market instruments. cost of investing in other mutual funds. The Portfolio is an investment option for variable contracts, and the Principal Risks example does not include charges imposed by variable The Portfolio is subject to the following principal contracts. If variable contract charges were imposed, investment risks, which you should review carefully and your expenses would be higher than those shown. The in entirety. The Portfolio may not achieve its example assumes that you invest $10,000 in the investment objective and you could lose money by Portfolio for the time periods indicated and then investing in the Portfolio. redeem all of your shares at the end of those periods. The example also assumes that your investment has a Large Cap Risk. Large-sized companies may be unable 5% return each year, and that the Portfolio’s operating to respond quickly to new competitive challenges such expenses remain the same. Although your actual cost as changes in technology. They may also not be able to may be higher or lower, based on the foregoing attain the high growth rate of successful smaller assumptions, your cost would be: companies, especially during extended periods of economic expansion. 1 Year 3 Years 5 Years 10 Years Market Risk. Over time, securities markets generally Thrivent Large Cap tend to move in cycles with periods when security Index Portfolio $25 $77 $135 $306 prices rise and periods when security prices decline. The value of the Portfolio’s investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Portfolio’s benchmark index(es). The securities markets 1

TSF-63 may also decline because of factors that affect a disruption. The duration and full effects of the outbreak particular industry or due to impacts from the spread of are uncertain and may result in trading suspensions and infectious illness, public health threats or similar issues. market closures, limit liquidity and the ability of the Portfolio to process shareholder redemptions, and Equity Security Risk. Equity securities held by the negatively impact Portfolio performance. The COVID-19 Portfolio may decline significantly in price, sometimes outbreak and future pandemics could affect the global rapidly or unpredictably, over short or extended periods economy in ways that cannot be foreseen and may of time, and such declines may occur because of exacerbate other types of risks, negatively impacting the declines in the equity market as a whole, or because of value of the Portfolio. declines in only a particular country, company, industry, or sector of the market. From time to time, the Performance Portfolio may invest a significant portion of its assets in companies in one or more related sectors or industries The following bar chart and table provide an indication which would make the Portfolio more vulnerable to of the risks of investing in the Portfolio by showing adverse developments affecting such sectors or changes in the Portfolio’s performance from year to year industries. Equity securities are generally more volatile and by showing how the Portfolio’s average annual than most debt securities. returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index Issuer Risk. Issuer risk is the possibility that factors description appears in the ЉIndex DescriptionsЉ section specific to an issuer to which the Portfolio is exposed of the prospectus. Call 800-847-4836 or visit will affect the market prices of the issuer’s securities and Thrivent.com for performance results current to the therefore the value of the Portfolio. most recent month-end. Futures Contract Risk. The value of a futures The bar chart and table include the effects of Portfolio contract tends to increase and decrease in tandem with expenses, but not charges or deductions against your the value of the underlying instrument. The price of variable contract, and assume that you sold your futures can be highly volatile; using them could lower investment at the end of the period. Because shares of total return, and the potential loss from futures can the Portfolio are offered through variable life insurance exceed the Portfolio’s initial investment in such and variable annuity contracts, you should carefully contracts. In addition, the value of the futures contract review the variable contract prospectus for information may not accurately track the value of the underlying on applicable charges and expenses. If the charges and instrument. deductions against your variable contract were included, Indexing Strategy/Index Tracking Risk. The returns would be lower than those shown. Portfolio is managed with an indexing investment How a Portfolio has performed in the past is not strategy, attempting to track the performance of an necessarily an indication of how it will perform in the unmanaged index of securities, regardless of the current future. Performance information provides some or projected performance of the Index or of the actual indication of the risks of investing in the Portfolio by securities comprising the Index. The structure and showing changes in the Portfolio’s performance over composition of the Index will affect the performance, time. volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Portfolio. While 35 the Adviser seeks to track the performance of the Index 31.81% 31.15% (i.e., achieve a high degree of correlation with the 30 Index), the Portfolio’s return may not match the return 25 21.46% of the Index. The Portfolio incurs a number of operating 20 expenses not applicable to the Index, and incurs costs in 14.63% 15.54% 15 13.25% buying and selling securities. In addition, the Portfolio 11.68% may not be fully invested at times, generally as a result 10 of cash flows into or out of the Portfolio or reserves of 5 1.71% 1.12% (4.61)% cash held by the Portfolio to meet redemptions. The Annual Return (%) 0 Adviser may attempt to replicate the Index return by -5 investing in fewer than all of the securities in the Index, -10 or in some securities not included in the Index, ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 potentially increasing the risk of divergence between the Portfolio’s return and that of the Index. Best Quarter: Q1 ’19 +13.56% Health Crisis Risk. The global pandemic outbreak of Worst Quarter: Q3 ’11 (13.96)% the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business

TSF-64 AVERAGE ANNUAL TOTAL RETURNS Purchase and Sale of Shares (PERIODS ENDING DECEMBER 31, 2019) Shares of each series of Thrivent Series Fund, Inc. (the 1 Year 5 Years 10 Years “Fund”) may be sold, without any minimum initial or Thrivent Large Cap Index subsequent investment requirements, only to: Portfolio 31.15% 11.41% 13.19% • Separate accounts of Thrivent Financial; S&P 500® Index (reflects no deduction for fees, • Separate accounts of other insurance companies not expenses or taxes) 31.49% 11.70% 13.56% affiliated with Thrivent Financial; and • Other Portfolios of the Fund. Management Tax Information Investment Adviser(s) For information about certain tax-related aspects of The Portfolio is managed by Thrivent Financial for investing in the Portfolio through a variable contract, Lutherans (“Thrivent Financial” or the “Adviser”). please see the variable product prospectus. Portfolio Manager(s) Payments to Broker-Dealers and Other Brian W. Bomgren, CQF and Sharon Wang, CFA, Financial Intermediaries FRM are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Bomgren If you purchase the Portfolio through a broker-dealer or and Ms. Wang have served as portfolio managers of the other financial intermediary (such as an insurance Portfolio since January 2018. Mr. Bomgren has been company), the Portfolio and its related companies may with Thrivent Financial since 2006 and is currently a pay the intermediary for the sale of Portfolio shares and Senior Portfolio Manager. Ms. Wang has been with related services. These payments may create a conflict of Thrivent Financial since 2017 and is currently a Senior interest by influencing the broker-dealer or other Portfolio Manager. Prior to joining Thrivent Financial, intermediary and your salesperson to recommend the Ms. Wang worked at Bryn Mawr Capital Management as Portfolio over another investment. Ask your salesperson a portfolio manager from 2009 to 2016. or visit your financial intermediary’s website for more information.

32065AC R4-20

TSF-65 APRIL 30, 2020

THRIVENT LARGE CAP VALUE PORTFOLIO SUMMARY PROSPECTUS

TSF-66 Thrivent Large Cap Value Portfolio

Investment Objective indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable The investment objective of Thrivent Large Cap Value account. These costs, which are not reflected in annual Portfolio (the ЉPortfolioЉ) is to achieve long-term growth fund operating expenses or in the example, affect the of capital. Portfolio’s performance. During the most recent fiscal Fees and Expenses year, the Portfolio’s portfolio turnover rate was 18% of the average value of its portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. If you Principal Strategies own a variable annuity contract or variable life Under normal circumstances, the Portfolio invests at insurance contract, you will have additional expenses least 80% of its net assets (plus the amount of any including mortality and expense risk charges. Please borrowing for investment purposes) in equity securities refer to the prospectus for your variable contract for of large companies. The Adviser focuses mainly on the additional information about charges for those equity securities of large domestic and international contracts. companies which have market capitalizations equivalent to those included in widely known indices SHAREHOLDER FEES such as the Russell 1000 Value Index, S&P 500 Index, or (fees paid directly from your investment) the large company market capitalization classifications Maximum Sales Charge (load) Imposed On published by Lipper, Inc. These companies typically Purchases (as a % of offering price) N/A have a market capitalization of approximately $8 billion Maximum Deferred Sales Charge (load) (as a or more. Should the Adviser change the investments percentage of the lower of the original purchase used for purposes of this 80% threshold, we will notify price or current net asset value) N/A you at least 60 days prior to the change.

ANNUAL PORTFOLIO OPERATING EXPENSES The Portfolio seeks to achieve its investment objective (expenses that you pay each year as a percentage of by investing primarily in common stocks. The Adviser the value of your investment) uses fundamental, quantitative, and technical investment research techniques and focuses on stocks of Management Fees 0.60% companies that it believes are undervalued in relation to Other Expenses 0.03% their long-term earnings power or asset value. These Total Annual Portfolio Operating Expenses 0.63% stocks typically, but not always, have below average price-to-earnings and price-to-book value ratios. The EXAMPLE This example is intended to help you Portfolio may sell securities for a variety of reasons, such compare the cost of investing in the Portfolio with the as to secure gains, limit losses, or reposition assets into cost of investing in other mutual funds. The Portfolio is more promising opportunities. an investment option for variable contracts, and the example does not include charges imposed by variable Principal Risks contracts. If variable contract charges were imposed, The Portfolio is subject to the following principal your expenses would be higher than those shown. The investment risks, which you should review carefully and example assumes that you invest $10,000 in the in entirety. The Portfolio may not achieve its Portfolio for the time periods indicated and then investment objective and you could lose money by redeem all of your shares at the end of those periods. investing in the Portfolio. The example also assumes that your investment has a Large Cap Risk. Large-sized companies may be unable 5% return each year, and that the Portfolio’s operating to respond quickly to new competitive challenges such expenses remain the same. Although your actual cost as changes in technology. They may also not be able to may be higher or lower, based on the foregoing attain the high growth rate of successful smaller assumptions, your cost would be: companies, especially during extended periods of economic expansion. 1 Year 3 Years 5 Years 10 Years Value Investing Risk. Value style investing includes Thrivent Large Cap Value Portfolio $64 $202 $351 $786 the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t Portfolio Turnover recognize their intrinsic value or if value stocks are out of favor. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns Equity Security Risk. Equity securities held by the over” its portfolio). A higher portfolio turnover rate may Portfolio may decline significantly in price, sometimes

TSF-67 rapidly or unpredictably, over short or extended periods Health Crisis Risk. The global pandemic outbreak of of time, and such declines may occur because of the novel coronavirus known as COVID-19 has resulted declines in the equity market as a whole, or because of in substantial market volatility and global business declines in only a particular country, company, disruption. The duration and full effects of the outbreak industry, or sector of the market. From time to time, the are uncertain and may result in trading suspensions and Portfolio may invest a significant portion of its assets in market closures, limit liquidity and the ability of the companies in one or more related sectors or industries Portfolio to process shareholder redemptions, and which would make the Portfolio more vulnerable to negatively impact Portfolio performance. The COVID-19 adverse developments affecting such sectors or outbreak and future pandemics could affect the global industries. Equity securities are generally more volatile economy in ways that cannot be foreseen and may than most debt securities. exacerbate other types of risks, negatively impacting the value of the Portfolio. Market Risk. Over time, securities markets generally tend to move in cycles with periods when security Performance prices rise and periods when security prices decline. The The following bar chart and table provide an indication value of the Portfolio’s investments may move with of the risks of investing in the Portfolio by showing these cycles and, in some instances, increase or decrease changes in the Portfolio’s performance from year to year more than the applicable market(s) as measured by the and by showing how the Portfolio’s average annual Portfolio’s benchmark index(es). The securities markets returns for one-, five- and ten-year periods compared to may also decline because of factors that affect a broad-based securities market indices. The index particular industry or due to impacts from the spread of descriptions appear in the ЉIndex DescriptionsЉ section infectious illness, public health threats or similar issues. of the prospectus. The Portfolio now compares its Issuer Risk. Issuer risk is the possibility that factors returns to the Russell 1000 Value Index because it is specific to an issuer to which the Portfolio is exposed commonly used by funds with the same investment will affect the market prices of the issuer’s securities and objective and principal strategies as the Portfolio. Call therefore the value of the Portfolio. 800-847-4836 or visit Thrivent.com for performance Investment Adviser Risk. The Portfolio is actively results current to the most recent month-end. managed and the success of its investment strategy The bar chart and table include the effects of Portfolio depends significantly on the skills of the Adviser in expenses, but not charges or deductions against your assessing the potential of the investments in which the variable contract, and assume that you sold your Portfolio invests. This assessment of investments may investment at the end of the period. Because shares of prove incorrect, resulting in losses or poor performance, the Portfolio are offered through variable life insurance even in rising markets. There is also no guarantee that and variable annuity contracts, you should carefully the Adviser will be able to effectively implement the review the variable contract prospectus for information Portfolio’s investment objective. on applicable charges and expenses. If the charges and Foreign Securities Risk. Foreign securities generally deductions against your variable contract were included, carry more risk and are more volatile than their returns would be lower than those shown. domestic counterparts, in part because of potential for How a Portfolio has performed in the past is not higher political and economic risks, lack of reliable necessarily an indication of how it will perform in the information and fluctuations in currency exchange rates future. Performance information provides some where investments are denominated in currencies other indication of the risks of investing in the Portfolio by than the U.S. dollar. Certain events in foreign markets showing changes in the Portfolio’s performance over may adversely affect foreign and domestic issuers, time. including interruptions in the global supply chain, natural disasters and outbreak of infectious diseases. The YEAR-BY-YEAR TOTAL RETURN Portfolio’s investment in any country could be subject 35 to governmental actions such as capital or currency 31.82% controls, nationalizing a company or industry, 30 expropriating assets, or imposing punitive taxes that 25 24.39% would have an adverse effect on security prices, and impair the Portfolio’s ability to repatriate capital or 20 17.57% 17.44% 17.65% income. Foreign securities may also be more difficult to 15 12.61% resell than comparable U.S. securities because the 10 9.03% markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local 5 (3.08)% (3.53)% (8.69)% currency, the appreciation may be diluted by adverse Annual Return (%) 0 changes in exchange rates when the security’s value is -5 converted to U.S. dollars. Foreign withholding taxes also -10 may apply and errors and delays may occur in the ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 settlement process for foreign securities.

TSF-68 Best Quarter: Q4 ’11 +13.73% Purchase and Sale of Shares Worst Quarter: Q3 ’11 (18.20)% Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or AVERAGE ANNUAL TOTAL RETURNS subsequent investment requirements, only to: (PERIODS ENDING DECEMBER 31, 2019) • Separate accounts of Thrivent Financial; 1 Year 5 Years 10 Years • Separate accounts of other insurance companies not Thrivent Large Cap Value affiliated with Thrivent Financial; and Portfolio 24.39% 8.64% 10.81% • Other Portfolios of the Fund. Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) 26.54% 8.29% 11.80% Tax Information S&P 500® Value Index (reflects no deduction for fees, For information about certain tax-related aspects of expenses or taxes) 31.93% 9.52% 12.16% investing in the Portfolio through a variable contract, please see the variable product prospectus. Management Payments to Broker-Dealers and Other Investment Adviser(s) Financial Intermediaries The Portfolio is managed by Thrivent Financial for If you purchase the Portfolio through a broker-dealer or Lutherans (“Thrivent Financial” or the “Adviser”). other financial intermediary (such as an insurance company), the Portfolio and its related companies may Portfolio Manager(s) pay the intermediary for the sale of Portfolio shares and Kurt J. Lauber, CFA is primarily responsible for the related services. These payments may create a conflict of day-to-day management of the Portfolio. Mr.Lauber has interest by influencing the broker-dealer or other served as portfolio manager of the Portfolio since April intermediary and your salesperson to recommend the 2013. Mr. Lauber has been with Thrivent Financial since Portfolio over another investment. Ask your salesperson 2004 and previously served as an associate portfolio or visit your financial intermediary’s website for more manager. information.

32065N R4-20

TSF-69 APRIL 30, 2020

THRIVENT LIMITED MATURITY BOND PORTFOLIO SUMMARY PROSPECTUS

TSF-70 Thrivent Limited Maturity Bond Portfolio

Investment Objective over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Thrivent Limited Maturity Bond Portfolio (the higher taxes when Portfolio shares are held in a taxable ЉPortfolioЉ) seeks a high level of current income account. These costs, which are not reflected in annual consistent with stability of principal. fund operating expenses or in the example, affect the Fees and Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 101% of This table describes the fees and expenses that you may the average value of its portfolio. pay if you buy and hold shares of the Portfolio. If you own a variable annuity contract or variable life Principal Strategies insurance contract, you will have additional expenses The principal strategies of the Portfolio are to invest in including mortality and expense risk charges. Please investment-grade corporate bonds, government bonds, refer to the prospectus for your variable contract for municipal bonds, mortgage-backed securities (including additional information about charges for those commercially backed ones), asset-backed securities, and contracts. collateralized debt obligations (including collateralized loan obligations). Asset-backed securities are securities SHAREHOLDER FEES backed by notes or receivables originated by banks, (fees paid directly from your investment) credit card companies, or other providers of credit; Maximum Sales Charge (load) Imposed On collateralized debt obligations are types of asset-backed Purchases (as a % of offering price) N/A securities. Under normal market conditions, the Maximum Deferred Sales Charge (load) (as a Portfolio invests at least 80% of its net assets (plus the percentage of the lower of the original purchase amount of any borrowing for investment purposes) in price or current net asset value) N/A debt securities or preferred stock in at least the “Baa” major rating category by Moody’s or at least in the ANNUAL PORTFOLIO OPERATING EXPENSES “BBB” major rating category by S&P or unrated (expenses that you pay each year as a percentage of securities considered to be of comparable quality by the the value of your investment) Portfolio’s Adviser, with the dollar-weighted average Management Fees 0.40% effective maturity for the Portfolio expected to be between one and five years. Should the Adviser change Other Expenses 0.04% the investments used for purposes of this 80% Total Annual Portfolio Operating Expenses 0.44% threshold, you will be notified at least 60 days prior to the change. EXAMPLE This example is intended to help you compare the cost of investing in the Portfolio with the The Portfolio may also invest in high yield, high risk cost of investing in other mutual funds. The Portfolio is bonds, notes, debentures and other debt obligations or an investment option for variable contracts, and the preferred stock commonly known as “junk bonds.” At example does not include charges imposed by variable the time of purchase, these securities are rated within or contracts. If variable contract charges were imposed, below the “BB” major rating category by S&P or the your expenses would be higher than those shown. The “Ba” major rating category by Moody’s or are unrated example assumes that you invest $10,000 in the but considered to be of comparable quality by the Portfolio for the time periods indicated and then Adviser. redeem all of your shares at the end of those periods. The Adviser uses fundamental, quantitative, and The example also assumes that your investment has a technical investment research techniques to determine 5% return each year, and that the Portfolio’s operating what debt obligations to buy and sell. Fundamental expenses remain the same. Although your actual cost techniques assess a security’s value based on an issuer’s may be higher or lower, based on the foregoing financial profile, management, and business prospects assumptions, your cost would be: while quantitative and technical techniques involve a more data-oriented analysis of financial information, 1 Year 3 Years 5 Years 10 Years market trends and price movements. The Adviser Thrivent Limited focuses on companies that it believes are financially Maturity Bond sound and have strong cash flow, asset values and Portfolio $45 $141 $246 $555 interest or dividend earnings, and may invest in U.S. dollar-denominated debt of foreign companies. Portfolio Turnover The Portfolio utilizes derivatives primarily in the form The Portfolio pays transaction costs, such as of U.S. Treasury futures contracts in order to manage the commissions, when it buys and sells securities (or “turns Portfolio’s duration, or interest rate risk. The Portfolio 1

TSF-71 may enter into derivatives contracts traded on not limited to: (i) the possibility that distributions from exchanges or in the over the counter market. collateral securities will not be adequate to make interest or other payments; (ii) the risk that the Principal Risks collateral may default, decline in value, and/or be The Portfolio is subject to the following principal downgraded; (iii) the Portfolio may invest in tranches of investment risks, which you should review carefully and CDOs that are subordinate to other tranches; (iv) the in entirety. The Portfolio may not achieve its structure and complexity of the transaction and the investment objective and you could lose money by legal documents could lead to disputes among investors investing in the Portfolio. regarding the characterization of proceeds; (v) the investment return achieved by the Portfolio could be Government Securities Risk. The Portfolio invests in significantly different than those predicted by financial securities issued or guaranteed by the U.S. government models; (vi) the lack of a readily available secondary or its agencies and instrumentalities (such as Federal market for CDOs; (vii) risk of forced “fire sale” Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie liquidation due to technical defaults such as coverage Mac securities). Securities issued or guaranteed by test failures; and (viii) the CDO’s manager may perform Federal Home Loan Banks, Ginnie Mae, Fannie Mae or poorly. Freddie Mac are not issued directly by the U.S. government. Ginnie Mae is a wholly owned U.S. Interest Rate Risk. Interest rate risk is the risk that corporation that is authorized to guarantee, with the prices of debt securities decline in value when interest full faith and credit of the U.S. government, the timely rates rise for debt securities that pay a fixed rate of payment of principal and interest of its securities. By interest. Debt securities with longer durations (a contrast, securities issued or guaranteed by U.S. measure of price sensitivity of a bond or bond fund to government-related organizations such as Federal Home changes in interest rates) or maturities (i.e., the amount Loan Banks, Fannie Mae and Freddie Mac are not of time until a bond’s issuer must pay its principal or backed by the full faith and credit of the U.S. face value) tend to be more sensitive to changes in government. No assurance can be given that the U.S. interest rates than debt securities with shorter durations government would provide financial support to its or maturities. Changes by the Federal Reserve to agencies and instrumentalities if not required to do so monetary policies could affect interest rates and the by law. In addition, the value of U.S. government value of some securities. In addition, the phase out of securities may be affected by changes in the credit rating LIBOR (the offered rate for short-term Eurodollar of the U.S. government. deposits between major international banks) by the end of 2021 could lead to increased volatility and illiquidity Mortgage-Backed and Other Asset-Backed in certain markets that currently rely on LIBOR to Securities Risk. The value of mortgage-backed and determine interest rates. asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying Credit Risk. Credit risk is the risk that an issuer of a such securities. As a result, during periods of declining debt security to which the Portfolio is exposed may no asset value, difficult or frozen credit markets, swings in longer be able or willing to pay its debt. As a result of interest rates, or deteriorating economic conditions, such an event, the debt security may decline in price mortgage-related and asset-backed securities may and affect the value of the Portfolio. decline in value, face valuation difficulties, become Market Risk. Over time, securities markets generally more volatile and/or become illiquid. In addition, both tend to move in cycles with periods when security mortgage-backed and asset-backed securities are prices rise and periods when security prices decline. The sensitive to changes in the repayment patterns of the value of the Portfolio’s investments may move with underlying security. If the principal payment on the these cycles and, in some instances, increase or decrease underlying asset is repaid faster or slower than the more than the applicable market(s) as measured by the holder of the asset-backed or mortgage-backed security Portfolio’s benchmark index(es). The securities markets anticipates, the price of the security may fall, may also decline because of factors that affect a particularly if the holder must reinvest the repaid particular industry or due to impacts from the spread of principal at lower rates or must continue to hold the infectious illness, public health threats or similar issues. security when interest rates rise. This effect may cause the value of the Portfolio to decline and reduce the Futures Contract Risk. Thevalueofafutures overall return of the Portfolio. contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of Collateralized Debt Obligations Risk. The risks of futures can be highly volatile; using them could lower an investment in a collateralized debt obligation total return, and the potential loss from futures can (“CDO”) depend largely on the quality and type of the exceed the Portfolio’s initial investment in such collateral and the tranche of the CDO in which the contracts. In addition, the value of the futures contract Portfolio invests. In addition to the typical risks may not accurately track the value of the underlying associated with fixed income securities and asset-backed instrument. securities, CDOs carry additional risks including, but

TSF-72 High Yield Risk. High yield securities – commonly Thrivent.com for performance results current to the known as “junk bonds” – to which the Portfolio is most recent month-end. exposed are considered predominantly speculative with The bar chart and table include the effects of Portfolio respect to the issuer’s continuing ability to make expenses, but not charges or deductions against your principal and interest payments. If the issuer of the variable contract, and assume that you sold your security is in default with respect to interest or principal investment at the end of the period. Because shares of payments, the value of the Portfolio may be negatively the Portfolio are offered through variable life insurance affected. High yield securities generally have a less and variable annuity contracts, you should carefully liquid resale market. review the variable contract prospectus for information Issuer Risk. Issuer risk is the possibility that factors on applicable charges and expenses. If the charges and specific to an issuer to which the Portfolio is exposed deductions against your variable contract were included, will affect the market prices of the issuer’s securities and returns would be lower than those shown. therefore the value of the Portfolio. How a Portfolio has performed in the past is not Investment Adviser Risk. The Portfolio is actively necessarily an indication of how it will perform in the managed and the success of its investment strategy future. Performance information provides some depends significantly on the skills of the Adviser in indication of the risks of investing in the Portfolio by assessing the potential of the investments in which the showing changes in the Portfolio’s performance over Portfolio invests. This assessment of investments may time. prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that 6 the Adviser will be able to effectively implement the 5.25% Portfolio’s investment objective. 5 4.75% 4.32% Liquidity Risk. Liquidity is the ability to sell a security 4 relatively quickly for a price that most closely reflects the actual value of the security. Dealer inventories of 3 2.84% bonds are at or near historic lows in relation to market 2.62% size, which has the potential to decrease liquidity and 2 1.68% increase price volatility in the fixed income markets, Annual Return (%) 0.90% 1.02% particularly during periods of economic or market stress. 1 0.73% As a result of this decreased liquidity, the Portfolio may 0.45% have to accept a lower price to sell a security, sell other 0 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Best Quarter: Q3 ’10 +2.03% Worst Quarter: Q2 ’13 (0.80)% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business AVERAGE ANNUAL TOTAL RETURNS disruption. The duration and full effects of the outbreak (PERIODS ENDING DECEMBER 31, 2019) are uncertain and may result in trading suspensions and 1 Year 5 Years 10 Years market closures, limit liquidity and the ability of the Thrivent Limited Maturity Portfolio to process shareholder redemptions, and Bond Portfolio 4.75% 2.38% 2.44% negatively impact Portfolio performance. The COVID-19 Bloomberg Barclays Government/Credit 1-3 Year outbreak and future pandemics could affect the global Bond Index economy in ways that cannot be foreseen and may (reflects no deduction for fees, exacerbate other types of risks, negatively impacting the expenses or taxes) 4.03% 1.67% 1.54% value of the Portfolio. Management Performance The following bar chart and table provide an indication Investment Adviser(s) of the risks of investing in the Portfolio by showing The Portfolio is managed by Thrivent Financial for changes in the Portfolio’s performance from year to year Lutherans (“Thrivent Financial” or the “Adviser”). and by showing how the Portfolio’s average annual returns for one-, five- and ten-year periods compared to Portfolio Manager(s) a broad-based securities market index. The index Michael G. Landreville, CFA, CPA (inactive), description appears in the ЉIndex DescriptionsЉ section Gregory R. Anderson, CFA, and Cortney L. of the prospectus. Call 800-847-4836 or visit Swensen, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Landreville has served as a portfolio manager of the 3

TSF-73 Portfolio since November 2001, Mr. Anderson has Tax Information served as a portfolio manager of the Portfolio since For information about certain tax-related aspects of February 2005, and Ms. Swensen has served as a investing in the Portfolio through a variable contract, portfolio manager of the Portfolio since April 2020. Mr. please see the variable product prospectus. Landreville has been with Thrivent Financial since 1983 and has served as a portfolio manager since 1998. Mr. Payments to Broker-Dealers and Other Anderson is Vice President, Fixed Income General Accounts. He has been with Thrivent Financial since Financial Intermediaries 1997 and has served as a portfolio manager since 2000. If you purchase the Portfolio through a broker-dealer or Ms. Swensen has been with Thrivent Financial since other financial intermediary (such as an insurance 2011 and is currently a Senior Portfolio Manager. company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and Purchase and Sale of Shares related services. These payments may create a conflict of Shares of each series of Thrivent Series Fund, Inc. (the interest by influencing the broker-dealer or other “Fund”) may be sold, without any minimum initial or intermediary and your salesperson to recommend the subsequent investment requirements, only to: Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more • Separate accounts of Thrivent Financial; information. • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065V R4-20

TSF-74 APRIL 30, 2020

THRIVENT LOW VOLATILITY EQUITY PORTFOLIO SUMMARY PROSPECTUS

TSF-75 Thrivent Low Volatility Equity Portfolio

Investment Objective addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense Thrivent Low Volatility Equity Portfolio (the ЉPortfolioЉ) reimbursement. The example also assumes that your seeks long-term capital appreciation with lower investment has a 5% return each year, and that the volatility relative to the global equity markets. The Portfolio’s operating expenses remain the same. Portfolio’s investment objective may be changed Although your actual cost may be higher or lower, based without shareholder approval. on the foregoing assumptions, your cost would be: Fees and Expenses 1 Year 3 Years 5 Years 10 Years This table describes the fees and expenses that you may Thrivent Low pay if you buy and hold shares of the Portfolio. If you Volatility Equity own a variable annuity contract or variable life Portfolio $82 $333 $604 $1,377 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 53% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of Under normal circumstances, the Portfolio invests at the value of your investment) least 80% of its net assets (plus the amount of any Management Fees 0.60% borrowing for investment purposes) in equity securities. The Portfolio’s investments are diversified globally. The Other Expenses 0.56% Portfolio may invest in securities denominated in U.S. Total Annual Portfolio Operating Expenses 1.16% dollars and the currencies of the foreign countries in Less Fee Waivers and/or Expense which it may invest. The Portfolio typically has full Reimbursements1 0.36% currency exposure to those markets in which it invests. Total Annual Portfolio Operating Expenses After The Portfolio may buy or sell equity index futures for Fee Waivers and/or Expense Reimbursements 0.80% investment exposure or hedging purposes. The Portfolio may invest in securities of any market capitalization, 1 The Adviser has contractually agreed, through at least April 30, including small- and mid-cap securities. 2021, to waive a portion of the management fees associated with the shares of the Thrivent Low Volatility Equity Portfolio in order to limit the Total Annual Portfolio Operating Expenses After Fee In seeking to achieve the Portfolio’s investment Waivers and/or Expense Reimbursements to an annual rate of objective, the Adviser employs investment management 0.80% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the indicated techniques to identify securities that exhibit low termination date upon the mutual agreement between the volatility returns. Volatility refers to the variation in Independent Directors of the Portfolio and the Adviser. security and market prices over time. Over a full market EXAMPLE This example is intended to help you cycle, the Portfolio seeks to produce returns similar to the MSCI World Minimum Volatility Index – USD Net compare the cost of investing in the Portfolio with the Returns. It is expected that the Portfolio will generally cost of investing in other mutual funds. The Portfolio is underperform the global equity markets during periods an investment option for variable contracts, and the of strong market performance. example does not include charges imposed by variable contracts. If variable contract charges were imposed, In buying and selling securities for the Portfolio, the your expenses would be higher than those shown. The Adviser uses an active strategy. This strategy consists of a example assumes that you invest $10,000 in the disciplined approach that involves computer-aided, Portfolio for the time periods indicated and then quantitative analysis of fundamental, technical and redeem all of your shares at the end of those periods. In risk-related factors. The Adviser’s factor model (a

TSF-76 method of analyzing and combining multiple data natural disasters and outbreak of infectious diseases. The sources) systematically reviews thousands of stocks, Portfolio’s investment in any country could be subject using data such as historical earnings growth and to governmental actions such as capital or currency expected future growth, valuation, price momentum, controls, nationalizing a company or industry, and other quantitative factors to forecast return expropriating assets, or imposing punitive taxes that potential. Then, risk characteristics of potential would have an adverse effect on security prices, and investments and covariation among securities are impair the Portfolio’s ability to repatriate capital or analyzed along with the return forecasts in determining income. Foreign securities may also be more difficult to the Portfolio’s holdings to produce a portfolio with resell than comparable U.S. securities because the reduced volatility. markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local Principal Risks currency, the appreciation may be diluted by adverse The Portfolio is subject to the following principal changes in exchange rates when the security’s value is investment risks, which you should review carefully and converted to U.S. dollars. Foreign withholding taxes also in entirety. The Portfolio may not achieve its may apply and errors and delays may occur in the investment objective and you could lose money by settlement process for foreign securities. investing in the Portfolio. Market Risk. Over time, securities markets generally Equity Security Risk. Equity securities held by the tend to move in cycles with periods when security Portfolio may decline significantly in price, sometimes prices rise and periods when security prices decline. The rapidly or unpredictably, over short or extended periods value of the Portfolio’s investments may move with of time, and such declines may occur because of these cycles and, in some instances, increase or decrease declines in the equity market as a whole, or because of more than the applicable market(s) as measured by the declines in only a particular country, company, Portfolio’s benchmark index(es). The securities markets industry, or sector of the market. From time to time, the may also decline because of factors that affect a Portfolio may invest a significant portion of its assets in particular industry or due to impacts from the spread of companies in one or more related sectors or industries infectious illness, public health threats or similar issues. which would make the Portfolio more vulnerable to Mid Cap Risk. Medium-sized companies often have adverse developments affecting such sectors or greater price volatility, lower trading volume, and less industries. Equity securities are generally more volatile liquidity than larger, more-established companies. These than most debt securities. companies tend to have smaller revenues, narrower Large Cap Risk. Large-sized companies may be unable product lines, less management depth and experience, to respond quickly to new competitive challenges such smaller shares of their product or service markets, fewer as changes in technology. They may also not be able to financial resources, and less competitive strength than attain the high growth rate of successful smaller larger companies. companies, especially during extended periods of Foreign Currency Risk. The value of a foreign economic expansion. currency may decline against the U.S. dollar, which Quantitative Investing Risk. Quantitative Investing would reduce the dollar value of securities denominated Risk is the risk that securities selected according to a in that currency. The overall impact of such a decline of quantitative analysis methodology can perform foreign currency can be significant, unpredictable, and differently from the market as a whole based on the long lasting, depending on the currencies represented, model and the factors used in the analysis, the weight how each one appreciates or depreciates in relation to placed on each factor and changes in the factor’s the U.S. dollar, and whether currency positions are historical trends. Such models are based on assumptions hedged. Under normal conditions, the Portfolio does of these and other market factors, and the models may not engage in extensive foreign currency hedging not take into account certain factors, or perform as programs. Further, exchange rate movements are intended, and may result in a decline in the value of the volatile, and it is not possible to effectively hedge the Portfolio’s portfolio. currency risks of many developing countries. Foreign Securities Risk. Foreign securities generally Futures Contract Risk. Thevalueofafutures carry more risk and are more volatile than their contract tends to increase and decrease in tandem with domestic counterparts, in part because of potential for the value of the underlying instrument. The price of higher political and economic risks, lack of reliable futures can be highly volatile; using them could lower information and fluctuations in currency exchange rates total return, and the potential loss from futures can where investments are denominated in currencies other exceed the Portfolio’s initial investment in such than the U.S. dollar. Certain events in foreign markets contracts. In addition, the value of the futures contract may adversely affect foreign and domestic issuers, may not accurately track the value of the underlying including interruptions in the global supply chain, instrument.

TSF-77 Issuer Risk. Issuer risk is the possibility that factors The bar chart includes the effects of Portfolio expenses, specific to an issuer to which the Portfolio is exposed but not charges or deductions against your variable will affect the market prices of the issuer’s securities and contract, and assumes that you sold your investment at therefore the value of the Portfolio. the end of the period. Because shares of the Portfolio are offered through variable life insurance and variable Investment Adviser Risk. The Portfolio is actively annuity contracts, you should carefully review the managed and the success of its investment strategy variable contract prospectus for information on depends significantly on the skills of the Adviser in applicable charges and expenses. If the charges and assessing the potential of the investments in which the deductions against your variable contract were included, Portfolio invests. This assessment of investments may returns would be lower than those shown. prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that How a Portfolio has performed in the past is not the Adviser will be able to effectively implement the necessarily an indication of how it will perform in the Portfolio’s investment objective. future. Performance information provides some indication of the risks of investing in the Portfolio by Derivatives Risk. The use of derivatives (such as showing changes in the Portfolio’s performance over futures) involves additional risks and transaction costs time. which could leave the Portfolio in a worse position than if it had not used these instruments. The Portfolio YEAR-BY-YEAR TOTAL RETURN utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than 25 trading stocks directly. The use of derivatives can lead to 23.13% losses because of adverse movements in the price or 20 value of the underlying asset, index or rate, which may be magnified by certain features of the contract. 15 Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and 10 the Portfolio could lose much more than the original amount invested. Derivatives can be highly volatile, 5 Annual Return (%) illiquid and difficult to value. Certain derivatives may (2.90)% also be subject to counterparty risk, which is the risk 0 that the other party in the transaction will not fulfill its -5 contractual obligations due to its financial condition, ‘18 ‘19 market events, or other reasons. Health Crisis Risk. The global pandemic outbreak of Best Quarter: Q1 ’19 +10.56% the novel coronavirus known as COVID-19 has resulted Worst Quarter: Q4 ’18 (7.21)% in substantial market volatility and global business disruption. The duration and full effects of the outbreak AVERAGE ANNUAL TOTAL RETURNS are uncertain and may result in trading suspensions and (PERIODS ENDING DECEMBER 31, 2019) market closures, limit liquidity and the ability of the Since Portfolio to process shareholder redemptions, and Inception 1 Year (4/28/17) negatively impact Portfolio performance. The COVID-19 Thrivent Low Volatility Equity outbreak and future pandemics could affect the global Portfolio 23.13% 10.82% economy in ways that cannot be foreseen and may MSCI World Minimum Volatility Index exacerbate other types of risks, negatively impacting the -USDNetReturns value of the Portfolio. (reflects no deduction for fees, expenses or taxes) 23.17% 11.74% Performance The following bar chart and table provide an indication Management of the risks of investing in the Portfolio by showing Investment Adviser(s) changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual The Portfolio is managed by Thrivent Financial for returns for the one-year period and since inception Lutherans (“Thrivent Financial” or the “Adviser”). compared to a broad-based securities market index. The index description appears in the ЉIndex DescriptionsЉ Portfolio Manager(s) section of the prospectus. Call 800-847-4836 or visit Noah J. Monsen, CFA and Brian W. Bomgren, CQF Thrivent.com for performance results current to the are jointly and primarily responsible for the day-to-day most recent month-end. management of the Portfolio. Mr. Monsen and Mr. Bomgren have served as portfolio managers of the

TSF-78 Portfolio since April 2017 and April 2018, respectively. Tax Information Mr. Monsen has been with Thrivent Financial since For information about certain tax-related aspects of 2000 and has served in an investment management investing in the Portfolio through a variable contract, capacity since 2008. Mr. Bomgren has been with please see the variable product prospectus. Thrivent Financial since 2006 and is currently a Senior Portfolio Manager. Payments to Broker-Dealers and Other Purchase and Sale of Shares Financial Intermediaries Shares of each series of Thrivent Series Fund, Inc. (the If you purchase the Portfolio through a broker-dealer or “Fund”) may be sold, without any minimum initial or other financial intermediary (such as an insurance subsequent investment requirements, only to: company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and • Separate accounts of Thrivent Financial; related services. These payments may create a conflict of • Separate accounts of other insurance companies not interest by influencing the broker-dealer or other affiliated with Thrivent Financial; and intermediary and your salesperson to recommend the • Other Portfolios of the Fund. Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065P R4-20

TSF-79 APRIL 30, 2020

THRIVENT MID CAP GROWTH PORTFOLIO SUMMARY PROSPECTUS

TSF-80 Thrivent Mid Cap Growth Portfolio

Investment Objective addition, the example for the 1 Year period reflects the Љ Љ effect of the contractual fee waiver and/or expense Thrivent Mid Cap Growth Portfolio (the Portfolio ) reimbursement. The example also assumes that your seeks long-term capital growth. The Portfolio’s investment has a 5% return each year, and that the investment objective may be changed without Portfolio’s operating expenses remain the same. shareholder approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Mid Cap Growth own a variable annuity contract or variable life Portfolio $87 $908 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. Because the Portfolio had not Maximum Deferred Sales Charge (load) (as a yet commenced operations prior to the date of this percentage of the lower of the original purchase prospectus, the Portfolio’s portfolio turnover rate for the price or current net asset value) N/A most recent fiscal year end is not yet available. ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that you pay each year as a percentage of Principal Strategies the value of your investment) Under normal circumstances, the Portfolio invests at Management Fees 0.75% least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities Other Expenses1 3.15% of mid-sized companies. The Adviser focuses mainly on Total Annual Portfolio Operating Expenses 3.90% the equity securities of mid-sized U.S. companies which Less Fee Waivers and/or Expense have market capitalizations equivalent to those Reimbursements2 3.05% included in widely known indices such as the Russell Total Annual Portfolio Operating Expenses After Midcap Growth Index, S&P MidCap 400 Index, or the Fee Waivers and/or Expense Reimbursements 0.85% mid-sized company market capitalization classifications published by Lipper, Inc. These companies typically 1 These expenses are based on estimated amounts for the current fiscal year. have a market capitalization of approximately $2 billion 2 The Adviser has contractually agreed, through at least April 30, to $25 billion. Should the Adviser change the 2021, to waive certain fees and/or reimburse certain expenses associated with the shares of the Thrivent Mid Cap Growth investments used for purposes of this 80% threshold, Portfolio in order to limit the Total Annual Portfolio Operating you will be notified at least 60 days prior to the change. Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of 0.85% of the average daily net assets of the shares. The Portfolio seeks to achieve its investment objective This contractual provision, however, may be terminated before the indicated termination date upon the mutual agreement between by investing primarily in common stocks. The Adviser the Independent Directors of the Portfolio and the Adviser. uses fundamental, quantitative, and technical investment research techniques and focuses on stocks of EXAMPLE This example is intended to help you companies that it believes have demonstrated and compare the cost of investing in the Portfolio with the believes will sustain above average revenue and earnings cost of investing in other mutual funds. The Portfolio is growth over time, or which are expected to develop an investment option for variable contracts, and the rapid sales and earnings growth in the future when example does not include charges imposed by variable compared to the economy and stock market as a whole. contracts. If variable contract charges were imposed, Many such companies are in the technology sector and your expenses would be higher than those shown. The the Portfolio may at times have a higher concentration example assumes that you invest $10,000 in the in this industry. Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. In 1

TSF-81 The Adviser may sell securities for a variety of reasons, fields, and stocks of these companies, especially of such as to secure gains, limit losses, or reposition assets smaller or unseasoned companies, may be subject to to more promising opportunities. more abrupt or erratic market movements than the stock market in general. There are significant Principal Risks competitive pressures among technology-oriented The Portfolio is subject to the following principal companies and the products or operations of such investment risks, which you should review carefully and companies may become obsolete quickly. In addition, in entirety. The Portfolio may not achieve its these companies may have limited product lines, investment objective and you could lose money by markets or financial resources and the management of investing in the Portfolio. such companies may be more dependent upon one or a few key people. Mid Cap Risk. Medium-sized companies often have greater price volatility, lower trading volume, and less Issuer Risk. Issuer risk is the possibility that factors liquidity than larger, more-established companies. These specific to an issuer to which the Portfolio is exposed companies tend to have smaller revenues, narrower will affect the market prices of the issuer’s securities and product lines, less management depth and experience, therefore the value of the Portfolio. smaller shares of their product or service markets, fewer Investment Adviser Risk. The Portfolio is actively financial resources, and less competitive strength than managed and the success of its investment strategy larger companies. depends significantly on the skills of the Adviser in Growth Investing Risk. Growth style investing assessing the potential of the investments in which the includes the risk of investing in securities whose prices Portfolio invests. This assessment of investments may historically have been more volatile than other prove incorrect, resulting in losses or poor performance, securities, especially over the short term. Growth stock even in rising markets. There is also no guarantee that prices reflect projections of future earnings or revenues the Adviser will be able to effectively implement the and, if a company’s earnings or revenues fall short of Portfolio’s investment objective. expectations, its stock price may fall dramatically. Health Crisis Risk. The global pandemic outbreak of Equity Security Risk. Equity securities held by the the novel coronavirus known as COVID-19 has resulted Portfolio may decline significantly in price, sometimes in substantial market volatility and global business rapidly or unpredictably, over short or extended periods disruption. The duration and full effects of the outbreak of time, and such declines may occur because of are uncertain and may result in trading suspensions and declines in the equity market as a whole, or because of market closures, limit liquidity and the ability of the declines in only a particular country, company, Portfolio to process shareholder redemptions, and industry, or sector of the market. From time to time, the negatively impact Portfolio performance. The COVID-19 Portfolio may invest a significant portion of its assets in outbreak and future pandemics could affect the global companies in one or more related sectors or industries economy in ways that cannot be foreseen and may which would make the Portfolio more vulnerable to exacerbate other types of risks, negatively impacting the adverse developments affecting such sectors or value of the Portfolio. industries. Equity securities are generally more volatile than most debt securities. Performance No performance information for the Portfolio is Market Risk. Over time, securities markets generally provided because it had not commenced operations tend to move in cycles with periods when security prior to the date of this prospectus and does not yet prices rise and periods when security prices decline. The have a full calendar year of performance history. The value of the Portfolio’s investments may move with index description appears in the ЉIndex DescriptionsЉ these cycles and, in some instances, increase or decrease section of the prospectus. Call 800-847-4836 or visit more than the applicable market(s) as measured by the Thrivent.com for performance results current to the Portfolio’s benchmark index(es). The securities markets most recent month-end that takes place after April 30, may also decline because of factors that affect a 2020. particular industry or due to impacts from the spread of infectious illness, public health threats or similar issues. How the Portfolio has performed in the past is not necessarily an indication of how it will perform in the Technology-Oriented Companies Risk. Common future. Performance information provides some stocks of companies that rely extensively on technology, indication of the risks of investing in the Portfolio by science or communications in their product showing changes in the Portfolio’s performance over development or operations may be more volatile than time. the overall stock market and may or may not move in tandem with the overall stock market. Technology, science and communications are rapidly changing

TSF-82 Management Tax Information Investment Adviser(s) For information about certain tax-related aspects of investing in the Portfolio through a variable contract, The Portfolio is managed by Thrivent Financial for please see the variable product prospectus. Lutherans (“Thrivent Financial” or the “Adviser”). Payments to Broker-Dealers and Other Portfolio Manager(s) Financial Intermediaries David J. Lettenberger, CFA is primarily responsible for the day-to-day management of the Portfolio. Mr. If you purchase the Portfolio through a broker-dealer or Lettenberger has served as portfolio manager of the other financial intermediary (such as an insurance Portfolio since April 2020. Mr. Lettenberger has been a company), the Portfolio and its related companies may portfolio manager at Thrivent Financial since 2013, pay the intermediary for the sale of Portfolio shares and when he joined the firm. related services. These payments may create a conflict of interest by influencing the broker-dealer or other Purchase and Sale of Shares intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Shares of each series of Thrivent Series Fund, Inc. (the or visit your financial intermediary’s website for more “Fund”) may be sold, without any minimum initial or information. subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065AN N4-20

TSF-83 APRIL 30, 2020

THRIVENT MID CAP INDEX PORTFOLIO SUMMARY PROSPECTUS

TSF-84 Thrivent Mid Cap Index Portfolio

Investment Objective Portfolio Turnover Thrivent Mid Cap Index Portfolio (the ЉPortfolioЉ) seeks The Portfolio pays transaction costs, such as total returns that track the performance of the S&P commissions, when it buys and sells securities (or “turns MidCap 400 Index. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 17% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio invests substantially all of its assets (more than 80% of its net SHAREHOLDER FEES assets, plus the amount of any borrowings for (fees paid directly from your investment) investment purposes) in mid-sized company stocks included in the S&P MidCap 400 Index in the Maximum Sales Charge (load) Imposed On proportions in which they are represented in the Index. Purchases (as a % of offering price) N/A This is a passively managed Portfolio, which means that Maximum Deferred Sales Charge (load) (as a the Adviser does not actively choose the securities that percentage of the lower of the original purchase should make up the Portfolio. The S&P MidCap 400 price or current net asset value) N/A Index is a capitalization weighted index of 400 medium ANNUAL PORTFOLIO OPERATING EXPENSES capitalization stocks chosen for market size, liquidity, (expenses that you pay each year as a percentage of and industry representation. Accordingly, the Portfolio the value of your investment) invests in stocks of medium-sized companies from a broad range of industries. The S&P MidCap 400 Index is Management Fees 0.20% adjusted quarterly and when changes to the index Other Expenses 0.06% occur, the Adviser will attempt to replicate these Total Annual Portfolio Operating Expenses 0.26% changes within the Portfolio. However, any such changes may result in slight variations from the index. EXAMPLE This example is intended to help you The Portfolio may buy and sell equity index futures for compare the cost of investing in the Portfolio with the investment exposure. For liquidity reasons, the Portfolio cost of investing in other mutual funds. The Portfolio is may invest, to some degree, in money market an investment option for variable contracts, and the instruments. example does not include charges imposed by variable contracts. If variable contract charges were imposed, Principal Risks your expenses would be higher than those shown. The The Portfolio is subject to the following principal example assumes that you invest $10,000 in the investment risks, which you should review carefully and Portfolio for the time periods indicated and then in entirety. The Portfolio may not achieve its redeem all of your shares at the end of those periods. investment objective and you could lose money by The example also assumes that your investment has a investing in the Portfolio. 5% return each year, and that the Portfolio’s operating expenses remain the same. Although your actual cost Mid Cap Risk. Medium-sized companies often have may be higher or lower, based on the foregoing greater price volatility, lower trading volume, and less assumptions, your cost would be: liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower 1 Year 3 Years 5 Years 10 Years product lines, less management depth and experience, smaller shares of their product or service markets, fewer Thrivent Mid Cap financial resources, and less competitive strength than Index Portfolio $27 $84 $146 $331 larger companies. Market Risk. Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The 1

TSF-85 value of the Portfolio’s investments may move with Health Crisis Risk. The global pandemic outbreak of these cycles and, in some instances, increase or decrease the novel coronavirus known as COVID-19 has resulted more than the applicable market(s) as measured by the in substantial market volatility and global business Portfolio’s benchmark index(es). The securities markets disruption. The duration and full effects of the outbreak may also decline because of factors that affect a are uncertain and may result in trading suspensions and particular industry or due to impacts from the spread of market closures, limit liquidity and the ability of the infectious illness, public health threats or similar issues. Portfolio to process shareholder redemptions, and negatively impact Portfolio performance. The COVID-19 Equity Security Risk. Equity securities held by the outbreak and future pandemics could affect the global Portfolio may decline significantly in price, sometimes economy in ways that cannot be foreseen and may rapidly or unpredictably, over short or extended periods exacerbate other types of risks, negatively impacting the of time, and such declines may occur because of value of the Portfolio. declines in the equity market as a whole, or because of declines in only a particular country, company, Performance industry, or sector of the market. From time to time, the Portfolio may invest a significant portion of its assets in The following bar chart and table provide an indication companies in one or more related sectors or industries of the risks of investing in the Portfolio by showing which would make the Portfolio more vulnerable to changes in the Portfolio’s performance from year to year adverse developments affecting such sectors or and by showing how the Portfolio’s average annual industries. Equity securities are generally more volatile returns for one-, five- and ten-year periods compared to than most debt securities. a broad-based securities market index. The index description appears in the ЉIndex DescriptionsЉ section Issuer Risk. Issuer risk is the possibility that factors of the prospectus. Call 800-847-4836 or visit specific to an issuer to which the Portfolio is exposed Thrivent.com for performance results current to the will affect the market prices of the issuer’s securities and most recent month-end. therefore the value of the Portfolio. The bar chart and table include the effects of Portfolio Futures Contract Risk. The value of a futures expenses, but not charges or deductions against your contract tends to increase and decrease in tandem with variable contract, and assume that you sold your the value of the underlying instrument. The price of investment at the end of the period. Because shares of futures can be highly volatile; using them could lower the Portfolio are offered through variable life insurance total return, and the potential loss from futures can and variable annuity contracts, you should carefully exceed the Portfolio’s initial investment in such review the variable contract prospectus for information contracts. In addition, the value of the futures contract on applicable charges and expenses. If the charges and may not accurately track the value of the underlying deductions against your variable contract were included, instrument. returns would be lower than those shown. Indexing Strategy/Index Tracking Risk. The How a Portfolio has performed in the past is not Portfolio is managed with an indexing investment necessarily an indication of how it will perform in the strategy, attempting to track the performance of an future. Performance information provides some unmanaged index of securities, regardless of the current indication of the risks of investing in the Portfolio by or projected performance of the Index or of the actual showing changes in the Portfolio’s performance over securities comprising the Index. The structure and time. composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the YEAR-BY-YEAR TOTAL RETURN performance, volatility, and risk of the Portfolio. While the Adviser seeks to track the performance of the Index 40 (i.e., achieve a high degree of correlation with the 32.92% Index), the Portfolio’s return may not match the return 30 25.91% 25.86% of the Index. The Portfolio incurs a number of operating 20.43% 20 17.38% expenses not applicable to the Index, and incurs costs in 15.98% buying and selling securities. In addition, the Portfolio 9.28% may not be fully invested at times, generally as a result 10 of cash flows into or out of the Portfolio or reserves of (2.23)% (2.52)% (11.28)% cash held by the Portfolio to meet redemptions. The 0 Adviser may attempt to replicate the Index return by Annual Return (%) -10 investing in fewer than all of the securities in the Index, or in some securities not included in the Index, -20 potentially increasing the risk of divergence between the ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 Portfolio’s return and that of the Index.

TSF-86 Best Quarter: Q1 ’19 +14.40% Purchase and Sale of Shares Worst Quarter: Q3 ’11 (19.97)% Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or AVERAGE ANNUAL TOTAL RETURNS subsequent investment requirements, only to: (PERIODS ENDING DECEMBER 31, 2019) • Separate accounts of Thrivent Financial; 1 Year 5 Years 10 Years • Separate accounts of other insurance companies not Thrivent Mid Cap Index affiliated with Thrivent Financial; and Portfolio 25.86% 8.74% 12.30% • Other Portfolios of the Fund. S&P MidCap 400® Index (reflects no deduction for fees, expenses or taxes) 26.20% 9.03% 12.72% Tax Information For information about certain tax-related aspects of Management investing in the Portfolio through a variable contract, please see the variable product prospectus. Investment Adviser(s) The Portfolio is managed by Thrivent Financial for Payments to Broker-Dealers and Other Lutherans (“Thrivent Financial” or the “Adviser”). Financial Intermediaries Portfolio Manager(s) If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as an insurance Brian W. Bomgren, CQF and Sharon Wang, CFA, company), the Portfolio and its related companies may FRM are jointly and primarily responsible for the pay the intermediary for the sale of Portfolio shares and day-to-day management of the Portfolio. Mr. Bomgren related services. These payments may create a conflict of and Ms. Wang have served as portfolio managers of the interest by influencing the broker-dealer or other Portfolio since January 2018. Mr. Bomgren has been intermediary and your salesperson to recommend the with Thrivent Financial since 2006 and is currently a Portfolio over another investment. Ask your salesperson Senior Portfolio Manager. Ms. Wang has been with or visit your financial intermediary’s website for more Thrivent Financial since 2017 and is currently a Senior information. Portfolio Manager. Prior to joining Thrivent Financial, Ms. Wang worked at Bryn Mawr Capital Management as a portfolio manager from 2009 to 2016.

32065AD R4-20

TSF-87 APRIL 30, 2020

THRIVENT MID CAP STOCK PORTFOLIO SUMMARY PROSPECTUS

TSF-88 Thrivent Mid Cap Stock Portfolio

Investment Objective over” its portfolio). A higher portfolio turnover rate may Љ Љ indicate higher transaction costs and may result in Thrivent Mid Cap Stock Portfolio (the Portfolio ) seeks higher taxes when Portfolio shares are held in a taxable long-term capital growth. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fees and Expenses Portfolio’s performance. During the most recent fiscal This table describes the fees and expenses that you may year, the Portfolio’s portfolio turnover rate was 34% of pay if you buy and hold shares of the Portfolio. If you the average value of its portfolio. own a variable annuity contract or variable life insurance contract, you will have additional expenses Principal Strategies including mortality and expense risk charges. Please Under normal circumstances, the Portfolio invests at refer to the prospectus for your variable contract for least 80% of its net assets (plus the amount of any additional information about charges for those borrowing for investment purposes) in equity securities contracts. of mid-sized companies. The Adviser focuses mainly on the equity securities of mid-sized U.S. companies which SHAREHOLDER FEES have market capitalizations equivalent to those (fees paid directly from your investment) included in widely known indices such as the Russell Maximum Sales Charge (load) Imposed On Midcap Index, S&P MidCap 400 Index, or the mid-sized Purchases (as a % of offering price) N/A company market capitalization classifications published Maximum Deferred Sales Charge (load) (as a by Lipper, Inc. These companies typically have a market percentage of the lower of the original purchase capitalization of approximately $2 billion to $25 billion. price or current net asset value) N/A Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at ANNUAL PORTFOLIO OPERATING EXPENSES least 60 days prior to the change. (expenses that you pay each year as a percentage of the value of your investment) The Portfolio seeks to achieve its investment objective Management Fees 0.63% by investing in common stocks. The Adviser uses fundamental, quantitative, and technical investment Other Expenses 0.03% research techniques to determine what securities to buy Total Annual Portfolio Operating Expenses 0.66% and sell. Fundamental techniques assess a security’s value based on an issuer’s financial profile, EXAMPLE This example is intended to help you management, and business prospects while quantitative compare the cost of investing in the Portfolio with the and technical techniques involve a more data-oriented cost of investing in other mutual funds. The Portfolio is analysis of financial information, market trends and an investment option for variable contracts, and the price movements. The Adviser generally looks for example does not include charges imposed by variable mid-sized companies that, in its opinion: contracts. If variable contract charges were imposed, • have prospects for growth in their sales and your expenses would be higher than those shown. The earnings; example assumes that you invest $10,000 in the • are in an industry with a good economic outlook; Portfolio for the time periods indicated and then • have high-quality management; and/or redeem all of your shares at the end of those periods. • have a strong financial position. The example also assumes that your investment has a 5% return each year, and that the Portfolio’s operating The Adviser may sell securities for a variety of reasons, expenses remain the same. Although your actual cost such as to secure gains, limit losses, or reposition assets may be higher or lower, based on the foregoing to more promising opportunities. assumptions, your cost would be: Principal Risks 1 Year 3 Years 5 Years 10 Years The Portfolio is subject to the following principal Thrivent Mid Cap investment risks, which you should review carefully and Stock Portfolio $67 $211 $368 $822 in entirety. The Portfolio may not achieve its investment objective and you could lose money by Portfolio Turnover investing in the Portfolio. The Portfolio pays transaction costs, such as Mid Cap Risk. Medium-sized companies often have commissions, when it buys and sells securities (or “turns greater price volatility, lower trading volume, and less

TSF-89 liquidity than larger, more-established companies. These Performance companies tend to have smaller revenues, narrower The following bar chart and table provide an indication product lines, less management depth and experience, of the risks of investing in the Portfolio by showing smaller shares of their product or service markets, fewer changes in the Portfolio’s performance from year to year financial resources, and less competitive strength than and by showing how the Portfolio’s average annual larger companies. returns for one-, five- and ten-year periods compared to Equity Security Risk. Equity securities held by the broad-based securities market indices. The index Portfolio may decline significantly in price, sometimes descriptions appear in the ЉIndex DescriptionsЉ section rapidly or unpredictably, over short or extended periods of the prospectus. The Portfolio now compares its of time, and such declines may occur because of returns to the Russell Midcap Index because it is declines in the equity market as a whole, or because of commonly used by funds with the same investment declines in only a particular country, company, objective and principal strategies as the Portfolio. Call industry, or sector of the market. From time to time, the 800-847-4836 or visit Thrivent.com for performance Portfolio may invest a significant portion of its assets in results current to the most recent month-end. companies in one or more related sectors or industries The bar chart and table include the effects of Portfolio which would make the Portfolio more vulnerable to expenses, but not charges or deductions against your adverse developments affecting such sectors or variable contract, and assume that you sold your industries. Equity securities are generally more volatile investment at the end of the period. Because shares of than most debt securities. the Portfolio are offered through variable life insurance Market Risk. Over time, securities markets generally and variable annuity contracts, you should carefully tend to move in cycles with periods when security review the variable contract prospectus for information prices rise and periods when security prices decline. The on applicable charges and expenses. If the charges and value of the Portfolio’s investments may move with deductions against your variable contract were included, these cycles and, in some instances, increase or decrease returns would be lower than those shown. more than the applicable market(s) as measured by the How a Portfolio has performed in the past is not Portfolio’s benchmark index(es). The securities markets necessarily an indication of how it will perform in the may also decline because of factors that affect a future. Performance information provides some particular industry or due to impacts from the spread of indication of the risks of investing in the Portfolio by infectious illness, public health threats or similar issues. showing changes in the Portfolio’s performance over Issuer Risk. Issuer risk is the possibility that factors time. specific to an issuer to which the Portfolio is exposed will affect the market prices of the issuer’s securities and YEAR-BY-YEAR TOTAL RETURN therefore the value of the Portfolio. 40 Investment Adviser Risk. The Portfolio is actively 35.50% managed and the success of its investment strategy 30 28.71% depends significantly on the skills of the Adviser in 25.59% 26.16% assessing the potential of the investments in which the 20 18.99% 14.29% Portfolio invests. This assessment of investments may 11.93% prove incorrect, resulting in losses or poor performance, 10 even in rising markets. There is also no guarantee that (6.28)% 0.08% (10.96)% the Adviser will be able to effectively implement the 0

Portfolio’s investment objective. Annual Return (%) -10 Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted -20 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 in substantial market volatility and global business disruption. The duration and full effects of the outbreak Best Quarter: Q4 ’10 +16.02% are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Worst Quarter: Q3 ’11 (22.00)% Portfolio to process shareholder redemptions, and negatively impact Portfolio performance. The COVID-19 outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of the Portfolio.

TSF-90 AVERAGE ANNUAL TOTAL RETURNS Tax Information (PERIODS ENDING DECEMBER 31, 2019) For information about certain tax-related aspects of 1 Year 5 Years 10 Years investing in the Portfolio through a variable contract, Thrivent Mid Cap Stock please see the variable product prospectus. Portfolio 26.16% 11.48% 13.39% Russell Midcap Index Payments to Broker-Dealers and Other (reflects no deduction for fees, expenses or taxes) 30.54% 9.33% 13.19% Financial Intermediaries S&P MidCap 400® Index If you purchase the Portfolio through a broker-dealer or (reflects no deduction for fees, expenses or taxes) 26.20% 9.03% 12.72% other financial intermediary (such as an insurance company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and Management related services. These payments may create a conflict of Investment Adviser(s) interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the The Portfolio is managed by Thrivent Financial for Portfolio over another investment. Ask your salesperson Lutherans (“Thrivent Financial” or the “Adviser”). or visit your financial intermediary’s website for more information. Portfolio Manager(s) Brian J. Flanagan, CFA is primarily responsible for the day-to-day management of the Portfolio. Mr. Flanagan has been a portfolio manager of the Portfolio since December 2004. He has been with Thrivent Financial since 1994 and a portfolio manager since 2000. Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065K R4-20

TSF-91 APRIL 30, 2020

THRIVENT MID CAP VALUE PORTFOLIO SUMMARY PROSPECTUS

TSF-92 Thrivent Mid Cap Value Portfolio

Investment Objective addition, the example for the 1 Year period reflects the Љ Љ effect of the contractual fee waiver and/or expense Thrivent Mid Cap Value Portfolio (the Portfolio ) seeks reimbursement. The example also assumes that your long-term capital growth. The Portfolio’s investment investment has a 5% return each year, and that the objective may be changed without shareholder Portfolio’s operating expenses remain the same. approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Mid Cap Value Portfolio $92 $909 own a variable annuity contract or variable life insurance contract, you will have additional expenses Portfolio Turnover including mortality and expense risk charges. Please refer to the prospectus for your variable contract for The Portfolio pays transaction costs, such as additional information about charges for those commissions, when it buys and sells securities (or “turns contracts. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in SHAREHOLDER FEES higher taxes when Portfolio shares are held in a taxable (fees paid directly from your investment) account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Maximum Sales Charge (load) Imposed On Portfolio’s performance. Because the Portfolio had not Purchases (as a % of offering price) N/A yet commenced operations prior to the date of this Maximum Deferred Sales Charge (load) (as a prospectus, the Portfolio’s portfolio turnover rate for the percentage of the lower of the original purchase most recent fiscal year end is not yet available. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of Under normal circumstances, the Portfolio invests at the value of your investment) least 80% of its net assets (plus the amount of any Management Fees 0.75% borrowing for investment purposes) in equity securities Other Expenses1 3.13% of mid-sized companies. The Adviser focuses mainly on the equity securities of mid-sized U.S. companies which Total Annual Portfolio Operating Expenses 3.88% have market capitalizations equivalent to those Less Fee Waivers and/or Expense included in widely known indices such as the Russell Reimbursements2 2.98% Midcap Value Index, S&P MidCap 400 Index, or the Total Annual Portfolio Operating Expenses After mid-sized company market capitalization classifications Fee Waivers and/or Expense Reimbursements 0.90% published by Lipper, Inc. These companies typically have a market capitalization of approximately $2 billion 1 These expenses are based on estimated amounts for the current fiscal year. to $25 billion. Should the Adviser change the 2 The Adviser has contractually agreed, through at least April 30, investments used for purposes of this 80% threshold, 2021, to waive certain fees and/or reimburse certain expenses associated with the shares of the Thrivent Mid Cap Value Portfolio you will be notified at least 60 days prior to the change. in order to limit the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual The Portfolio seeks to achieve its investment objective rate of 0.90% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the by investing primarily in common stocks. The Adviser indicated termination date upon the mutual agreement between uses fundamental, quantitative, and technical the Independent Directors of the Portfolio and the Adviser. investment research techniques and focuses on stocks of companies that it believes are undervalued in relation to EXAMPLE This example is intended to help you their long-term earnings power or asset value. These compare the cost of investing in the Portfolio with the stocks typically, but not always, have below average cost of investing in other mutual funds. The Portfolio is price-to-earnings and price-to-book value ratios. The an investment option for variable contracts, and the Adviser may sell securities for a variety of reasons, such example does not include charges imposed by variable as to secure gains, limit losses, or reposition assets to contracts. If variable contract charges were imposed, more promising opportunities. your expenses would be higher than those shown. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. In 1

TSF-93 Principal Risks the Adviser will be able to effectively implement the Portfolio’s investment objective. The Portfolio is subject to the following principal investment risks, which you should review carefully and Health Crisis Risk. The global pandemic outbreak of in entirety. The Portfolio may not achieve its the novel coronavirus known as COVID-19 has resulted investment objective and you could lose money by in substantial market volatility and global business investing in the Portfolio. disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and Mid Cap Risk. Medium-sized companies often have market closures, limit liquidity and the ability of the greater price volatility, lower trading volume, and less Portfolio to process shareholder redemptions, and liquidity than larger, more-established companies. These negatively impact Portfolio performance. The COVID-19 companies tend to have smaller revenues, narrower outbreak and future pandemics could affect the global product lines, less management depth and experience, economy in ways that cannot be foreseen and may smaller shares of their product or service markets, fewer exacerbate other types of risks, negatively impacting the financial resources, and less competitive strength than value of the Portfolio. larger companies. Value Investing Risk. Value style investing includes Performance the risk that stocks of undervalued companies may not No performance information for the Portfolio is rise as quickly as anticipated if the market doesn’t provided because it had not commenced operations recognize their intrinsic value or if value stocks are out prior to the date of this prospectus and does not yet of favor. have a full calendar year of performance history. The Љ Љ Equity Security Risk. Equity securities held by the index description appears in the Index Descriptions Portfolio may decline significantly in price, sometimes section of the prospectus. Call 800-847-4836 or visit rapidly or unpredictably, over short or extended periods Thrivent.com for performance results current to the of time, and such declines may occur because of most recent month-end that takes place after April 30, declines in the equity market as a whole, or because of 2020. declines in only a particular country, company, How the Portfolio has performed in the past is not industry, or sector of the market. From time to time, the necessarily an indication of how it will perform in the Portfolio may invest a significant portion of its assets in future. Performance information provides some companies in one or more related sectors or industries indication of the risks of investing in the Portfolio by which would make the Portfolio more vulnerable to showing changes in the Portfolio’s performance over adverse developments affecting such sectors or time. industries. Equity securities are generally more volatile than most debt securities. Management Market Risk. Over time, securities markets generally Investment Adviser(s) tend to move in cycles with periods when security prices rise and periods when security prices decline. The The Portfolio is managed by Thrivent Financial for value of the Portfolio’s investments may move with Lutherans (“Thrivent Financial” or the “Adviser”). these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Portfolio Manager(s) Portfolio’s benchmark index(es). The securities markets Graham Wong, CFA is primarily responsible for the may also decline because of factors that affect a day-to-day management of the Portfolio. Mr. Wong has particular industry or due to impacts from the spread of served as portfolio manager of the Portfolio since April infectious illness, public health threats or similar issues. 2020. Mr. Wong has been a portfolio manager at Thrivent Financial since 2013, when he joined the firm. Issuer Risk. Issuer risk is the possibility that factors specific to an issuer to which the Portfolio is exposed Purchase and Sale of Shares will affect the market prices of the issuer’s securities and therefore the value of the Portfolio. Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or Investment Adviser Risk. The Portfolio is actively subsequent investment requirements, only to: managed and the success of its investment strategy depends significantly on the skills of the Adviser in • Separate accounts of Thrivent Financial; assessing the potential of the investments in which the • Separate accounts of other insurance companies not Portfolio invests. This assessment of investments may affiliated with Thrivent Financial; and prove incorrect, resulting in losses or poor performance, • Other Portfolios of the Fund. even in rising markets. There is also no guarantee that

TSF-94 Tax Information For information about certain tax-related aspects of investing in the Portfolio through a variable contract, please see the variable product prospectus. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as an insurance company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065AP N4-20

TSF-95 APRIL 30, 2020

THRIVENT MODERATE ALLOCATION PORTFOLIO SUMMARY PROSPECTUS

TSF-96 Thrivent Moderate Allocation Portfolio

Investment Objective effect of the contractual fee waiver and/or expense Љ Љ reimbursement. The example also assumes that your Thrivent Moderate Allocation Portfolio (the Portfolio ) investment has a 5% return each year, and that the seeks long-term capital growth while providing Portfolio’s operating expenses remain the same. reasonable stability of principal. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years 5 Years 10 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Moderate own a variable annuity contract or variable life Allocation Portfolio $65 $242 $433 $986 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 136% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of The Portfolio pursues its objective by investing in a the value of your investment) combination of other funds managed by the Adviser or Management Fees 0.59% an affiliate and directly held financial instruments. The Portfolio is designed for investors who seek moderate Other Expenses 0.03% long-term capital growth with reasonable stability of Acquired Fund Fees and Expenses 0.19% principal and are comfortable with moderate levels of Total Annual Portfolio Operating Expenses 0.81% risk and volatility. The Portfolio uses a prescribed asset Less Fee Waivers and/or Expense allocation strategy involving a two-step process that is Reimbursements1 0.17% designed to achieve its desired risk tolerance. The first Total Annual Portfolio Operating Expenses After step is the construction of a model for the allocation of Fee Waivers and/or Expense Reimbursements 0.64% the Portfolio’s assets across broad asset categories (namely, equity securities and debt securities). The 1 The Adviser has contractually agreed, for as long as the current fee second step involves the determination of sub-classes structure is in place and through at least April 30, 2021, to waive an amount equal to any management fees indirectly incurred by the within the broad asset categories and target weightings Portfolio as a result of its investment in any other mutual fund for (i.e., what the Adviser determines is the strategic which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision allocation) for these sub-classes. Sub-classes for equity may be terminated upon the mutual agreement between the securities may be based on market capitalization, Independent Directors of the Portfolio and the Adviser. investment style (such as growth or value), or economic EXAMPLE This example is intended to help you sector. Sub-classes for debt securities may be based on compare the cost of investing in the Portfolio with the maturity, duration, security type or credit rating (high cost of investing in other mutual funds. The Portfolio is yield—commonly known as “junk bonds”—or an investment option for variable contracts, and the investment grade). example does not include charges imposed by variable The use of target weightings for various sub-classes contracts. If variable contract charges were imposed, within broad asset categories is intended as a multi-style your expenses would be higher than those shown. The approach to reduce the risk of investing in securities example assumes that you invest $10,000 in the having common characteristics. The Portfolio may buy Portfolio for the time periods indicated and then and sell futures contracts to either hedge its exposure or redeem all of your shares at the end of those periods. In obtain exposure to certain investments. addition, the example for the 1 Year period reflects the

TSF-97 The Portfolio may invest in foreign securities, including Short-Term/Intermediate Bonds those of issuers in emerging markets. An “emerging Thrivent Limited Maturity Bond Portfolio market” country is any country determined by the Other Adviser to have an emerging market economy, Thrivent Core Emerging Markets Debt Fund considering factors such as the country’s credit rating, Short-Term Debt Securities its political and economic stability and the development Money Market of its financial and capital markets. Thrivent Cash Management Trust Under normal circumstances, the Portfolio invests in Other the following broad asset classes within the ranges Thrivent Core Short-Term Reserve Fund given: Principal Risks

Target Allocation The Portfolio is subject to the following principal Broad Asset Category Allocation Range investment risks, which you should review carefully and Equity Securities ...... 57% 35-75% in entirety. The Portfolio may not achieve its Debt Securities...... 43% 25-65% investment objective and you could lose money by The Portfolio’s actual holdings in each broad asset investing in the Portfolio. category may be outside the applicable allocation range Allocation Risk. The Portfolio’s investment from time to time due to differing investment performance depends upon how its assets are allocated performance among asset categories. The Adviser will across broad asset categories and applicable sub-classes rebalance the Portfolio at least annually so that its within such categories. Some broad asset categories and holdings are within the ranges for the broad asset sub-classes may perform below expectations or the categories. securities markets generally over short and extended The Portfolio pursues its investment strategy by periods. Therefore, a principal risk of investing in the investing primarily in other mutual funds managed by Portfolio is that the allocation strategies used and the the Adviser or an affiliate. The names of the funds allocation decisions made will not produce the desired managed by the Adviser or an affiliate which are results. currently available for investment by the Portfolio are Equity Security Risk. Equity securities held by the shown in the list below. The list is provided for Portfolio may decline significantly in price, sometimes information purposes only. The Adviser may change the rapidly or unpredictably, over short or extended periods availability of the funds managed by the Adviser or an of time, and such declines may occur because of affiliate for investment by the Portfolio without declines in the equity market as a whole, or because of shareholder approval or advance notice to shareholders. declines in only a particular country, company, industry, or sector of the market. From time to time, the Equity Securities Portfolio may invest a significant portion of its assets in Small Cap Thrivent Small Cap Stock Portfolio companies in one or more related sectors or industries Mid Cap which would make the Portfolio more vulnerable to Thrivent Mid Cap Stock Portfolio adverse developments affecting such sectors or Large Cap industries. Equity securities are generally more volatile Thrivent Global Stock Portfolio than most debt securities. Thrivent Large Cap Growth Portfolio Thrivent Large Cap Value Portfolio Interest Rate Risk. Interest rate risk is the risk that Other prices of debt securities decline in value when interest Thrivent International Allocation Portfolio rates rise for debt securities that pay a fixed rate of Thrivent Core International Equity Fund interest. Debt securities with longer durations (a Thrivent Core Low Volatility Equity Fund measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount Debt Securities of time until a bond’s issuer must pay its principal or High Yield Bonds face value) tend to be more sensitive to changes in Thrivent High Yield Portfolio Intermediate/Long-Term Bonds interest rates than debt securities with shorter durations Thrivent Income Portfolio or maturities. Changes by the Federal Reserve to monetary policies could affect interest rates and the value of some securities. In addition, the phase out of LIBOR (the offered rate for short-term Eurodollar deposits between major international banks) by the end of 2021 could lead to increased volatility and illiquidity in certain markets that currently rely on LIBOR to determine interest rates.

TSF-98 Large Cap Risk. Large-sized companies may be unable including interruptions in the global supply chain, to respond quickly to new competitive challenges such natural disasters and outbreak of infectious diseases. The as changes in technology. They may also not be able to Portfolio’s investment in any country could be subject attain the high growth rate of successful smaller to governmental actions such as capital or currency companies, especially during extended periods of controls, nationalizing a company or industry, economic expansion. expropriating assets, or imposing punitive taxes that would have an adverse effect on security prices, and Mid Cap Risk. Medium-sized companies often have impair the Portfolio’s ability to repatriate capital or greater price volatility, lower trading volume, and less income. Foreign securities may also be more difficult to liquidity than larger, more-established companies. These resell than comparable U.S. securities because the companies tend to have smaller revenues, narrower markets for foreign securities are often less liquid. Even product lines, less management depth and experience, when a foreign security increases in price in its local smaller shares of their product or service markets, fewer currency, the appreciation may be diluted by adverse financial resources, and less competitive strength than changes in exchange rates when the security’s value is larger companies. converted to U.S. dollars. Foreign withholding taxes also Market Risk. Over time, securities markets generally may apply and errors and delays may occur in the tend to move in cycles with periods when security settlement process for foreign securities. prices rise and periods when security prices decline. The Emerging Markets Risk. The economic and political value of the Portfolio’s investments may move with structures of developing countries in emerging markets, these cycles and, in some instances, increase or decrease in most cases, do not compare favorably with the U.S. more than the applicable market(s) as measured by the or other developed countries in terms of wealth and Portfolio’s benchmark index(es). The securities markets stability, and their financial markets often lack liquidity. may also decline because of factors that affect a Portfolio performance will likely be negatively affected particular industry or due to impacts from the spread of by portfolio exposure to countries and corporations infectious illness, public health threats or similar issues. domiciled in or with revenue exposures to countries in Credit Risk. Credit risk is the risk that an issuer of a the midst of, among other things, hyperinflation, debt security to which the Portfolio is exposed may no currency devaluation, trade disagreements, sudden longer be able or willing to pay its debt. As a result of political upheaval, or interventionist government such an event, the debt security may decline in price policies. Portfolio performance may also be negatively and affect the value of the Portfolio. affected by portfolio exposure to countries and corporations domiciled in or with revenue exposures to Other Funds Risk. Because the Portfolio invests in countries with less developed legal, tax, regulatory, and other funds managed by the Adviser or an affiliate accounting systems. Significant buying or selling actions (“Other Funds”), the performance of the Portfolio is by a few major investors may also heighten the dependent, in part, upon the performance of Other volatility of emerging markets. These factors make Funds in which the Portfolio may invest. As a result, the investing in emerging market countries significantly Portfolio is subject to the same risks as those faced by riskier than in other countries, and events in any one the Other Funds. In addition, Other Funds may be country could cause the Portfolio’s share price to subject to additional fees and expenses that will be decline. borne by the Portfolio. Foreign Currency Risk. The value of a foreign High Yield Risk. High yield securities – commonly currency may decline against the U.S. dollar, which known as “junk bonds” – to which the Portfolio is would reduce the dollar value of securities denominated exposed are considered predominantly speculative with in that currency. The overall impact of such a decline of respect to the issuer’s continuing ability to make foreign currency can be significant, unpredictable, and principal and interest payments. If the issuer of the long lasting, depending on the currencies represented, security is in default with respect to interest or principal how each one appreciates or depreciates in relation to payments, the value of the Portfolio may be negatively the U.S. dollar, and whether currency positions are affected. High yield securities generally have a less hedged. Under normal conditions, the Portfolio does liquid resale market. not engage in extensive foreign currency hedging Foreign Securities Risk. Foreign securities generally programs. Further, exchange rate movements are carry more risk and are more volatile than their volatile, and it is not possible to effectively hedge the domestic counterparts, in part because of potential for currency risks of many developing countries. higher political and economic risks, lack of reliable Small Cap Risk. Smaller, less seasoned companies information and fluctuations in currency exchange rates often have greater price volatility, lower trading volume, where investments are denominated in currencies other and less liquidity than larger, more established than the U.S. dollar. Certain events in foreign markets companies. These companies tend to have small may adversely affect foreign and domestic issuers,

TSF-99 revenues, narrower product lines, less management Quantitative Investing Risk. Quantitative Investing depth and experience, small shares of their product or Risk is the risk that securities selected according to a service markets, fewer financial resources, and less quantitative analysis methodology can perform competitive strength than larger companies. Such differently from the market as a whole based on the companies seldom pay significant dividends that could model and the factors used in the analysis, the weight soften the impact of a falling market on returns. placed on each factor and changes in the factor’s historical trends. Such models are based on assumptions Growth Investing Risk. Growth style investing of these and other market factors, and the models may includes the risk of investing in securities whose prices not take into account certain factors, or perform as historically have been more volatile than other intended, and may result in a decline in the value of the securities, especially over the short term. Growth stock Portfolio’s portfolio. prices reflect projections of future earnings or revenues and, if a company’s earnings or revenues fall short of Derivatives Risk. The use of derivatives (such as expectations, its stock price may fall dramatically. futures) involves additional risks and transaction costs which could leave the Portfolio in a worse position than Value Investing Risk. Value style investing includes if it had not used these instruments. The Portfolio the risk that stocks of undervalued companies may not utilizes equity futures in order to increase or decrease its rise as quickly as anticipated if the market doesn’t exposure to various asset classes at a lower cost than recognize their intrinsic value or if value stocks are out trading stocks directly. The use of derivatives can lead to of favor. losses because of adverse movements in the price or Investment Adviser Risk. The Portfolio is actively value of the underlying asset, index or rate, which may managed and the success of its investment strategy be magnified by certain features of the contract. depends significantly on the skills of the Adviser in Changes in the value of the derivative may not correlate assessing the potential of the investments in which the as intended with the underlying asset, rate or index, and Portfolio invests. This assessment of investments may the Portfolio could lose much more than the original prove incorrect, resulting in losses or poor performance, amount invested. Derivatives can be highly volatile, even in rising markets. There is also no guarantee that illiquid and difficult to value. Certain derivatives may the Adviser will be able to effectively implement the also be subject to counterparty risk, which is the risk Portfolio’s investment objective. that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, Conflicts of Interest Risk. An investment in the market events, or other reasons. Portfolio will be subject to a number of actual or potential conflicts of interest.For example, the Adviser Portfolio Turnover Rate Risk. The Portfolio may or its affiliates may provide services to the Portfolio for engage in active and frequent trading of portfolio which the Portfolio would compensate the Adviser securities in implementing its principal investment and/or such affiliates. The Portfolio may invest in other strategies. A high rate of portfolio turnover (100% or pooled investment vehicles sponsored, managed, or more) involves correspondingly greater expenses which otherwise affiliated with the Adviser, including other are borne by the Portfolio and its shareholders and may Portfolios. The Adviser may have an incentive (financial also result in short-term capital gains taxable to or otherwise) to enter into transactions or arrangements shareholders. on behalf of the Portfolio with itself or its affiliates in Health Crisis Risk. The global pandemic outbreak of circumstances where it might not have done so the novel coronavirus known as COVID-19 has resulted otherwise. in substantial market volatility and global business The Adviser or its affiliates manage other investment disruption. The duration and full effects of the outbreak funds and/or accounts (including proprietary accounts) are uncertain and may result in trading suspensions and and have other clients with investment objectives and market closures, limit liquidity and the ability of the strategies that are similar to, or overlap with, the Portfolio to process shareholder redemptions, and investment objective and strategy of the Portfolio, negatively impact Portfolio performance. The COVID-19 creating conflicts of interest in investment and outbreak and future pandemics could affect the global allocation decisions regarding the allocation of economy in ways that cannot be foreseen and may investments that could be appropriate for the Portfolio exacerbate other types of risks, negatively impacting the and other clients of the Adviser or their affiliates. value of the Portfolio. Issuer Risk. Issuer risk is the possibility that factors Performance specific to an issuer to which the Portfolio is exposed will affect the market prices of the issuer’s securities and The following bar chart and table provide an indication therefore the value of the Portfolio. of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual

TSF-100 returns for one-, five- and ten-year periods compared to Management broad-based securities market indices. The index descriptions appear in the ЉIndex DescriptionsЉ section Investment Adviser(s) of the prospectus. Call 800-847-4836 or visit The Portfolio is managed by Thrivent Financial for Thrivent.com for performance results current to the Lutherans (“Thrivent Financial” or the “Adviser”). most recent month-end. Portfolio Manager(s) The bar chart and table include the effects of Portfolio Mark L. Simenstad, CFA, Darren M. Bagwell, expenses, but not charges or deductions against your CFA, Stephen D. Lowe, CFA, David S. Royal and variable contract, and assume that you sold your David R. Spangler, CFA are jointly and primarily investment at the end of the period. Because shares of responsible for the day-to-day management of the the Portfolio are offered through variable life insurance Portfolio. Mr. Simenstad has served as a portfolio and variable annuity contracts, you should carefully manager of the Portfolio since April 2005. Mr. Bagwell review the variable contract prospectus for information and Mr. Lowe have served as portfolio managers of the on applicable charges and expenses. If the charges and Portfolio since April 2016. Mr. Royal has served as deductions against your variable contract were included, portfolio manager of the Portfolio since April 2018. Mr. Spangler has served as a portfolio manager of the returns would be lower than those shown. Portfolio since February 2019. Mr. Simenstad is Chief How a Portfolio has performed in the past is not Investment Strategist and has been with Thrivent necessarily an indication of how it will perform in the Financial since 1999. Mr. Bagwell is Vice President, future. Performance information provides some Chief Equity Strategist and has been with Thrivent indication of the risks of investing in the Portfolio by Financial in an investment management capacity since showing changes in the Portfolio’s performance over 2002. Mr. Lowe is Vice President of Fixed Income time. Mutual Funds and Separate Accounts and has been with Thrivent Financial since 1997. He has served as a YEAR-BY-YEAR TOTAL RETURN portfolio manager since 2009. Mr. Royal is Chief Investment Officer and has been with Thrivent

20 Financial since 2006. Mr. Spangler has been with 18.75% Thrivent Financial since 2002, in an investment

15.12% management capacity since 2006 and currently is a 15 13.68% 12.95% Senior Portfolio Manager. 11.72%

10 8.89% Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the 5.88% “Fund”) may be sold, without any minimum initial or 5 subsequent investment requirements, only to:

Annual Return (%) (1.02)% (0.56)% (4.44)% • Separate accounts of Thrivent Financial; 0 • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and -5 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 • Other Portfolios of the Fund.

Best Quarter: Q1 ’19 +8.83% Tax Information Worst Quarter: Q3 ’11 (10.91)% For information about certain tax-related aspects of investing in the Portfolio through a variable contract, AVERAGE ANNUAL TOTAL RETURNS please see the variable product prospectus. (PERIODS ENDING DECEMBER 31, 2019) Payments to Broker-Dealers and Other 1 Year 5 Years 10 Years Financial Intermediaries Thrivent Moderate Allocation Portfolio 18.75% 6.78% 7.84% If you purchase the Portfolio through a broker-dealer or S&P 500® Index other financial intermediary (such as an insurance (reflects no deduction for fees, company), the Portfolio and its related companies may expenses or taxes) 31.49% 11.70% 13.56% pay the intermediary for the sale of Portfolio shares and Bloomberg Barclays related services. These payments may create a conflict of U.S. Aggregate Bond Index (reflects no deduction for fees, interest by influencing the broker-dealer or other expenses or taxes) 8.72% 3.05% 3.75% intermediary and your salesperson to recommend the MSCI All Country World Index Portfolio over another investment. Ask your salesperson ex-USA - USD Net Returns or visit your financial intermediary’s website for more (reflects no deduction for fees, information. expenses or taxes) 21.51% 5.51% 4.97%

32065C R4-20

TSF-101 APRIL 30, 2020

THRIVENT MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO SUMMARY PROSPECTUS

TSF-102 Thrivent Moderately Aggressive Allocation Portfolio

Investment Objective reimbursement. The example also assumes that your investment has a 5% return each year, and that the Thrivent Moderately Aggressive Allocation Portfolio (the Љ Љ Portfolio’s operating expenses remain the same. Portfolio ) seeks long-term capital growth. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years 5 Years 10 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Moderately own a variable annuity contract or variable life Aggressive Allocation insurance contract, you will have additional expenses Portfolio $72 $269 $483 $1,100 including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Portfolio Turnover additional information about charges for those contracts. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns SHAREHOLDER FEES over” its portfolio). A higher portfolio turnover rate may (fees paid directly from your investment) indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Maximum Sales Charge (load) Imposed On account. These costs, which are not reflected in annual Purchases (as a % of offering price) N/A fund operating expenses or in the example, affect the Maximum Deferred Sales Charge (load) (as a Portfolio’s performance. During the most recent fiscal percentage of the lower of the original purchase year, the Portfolio’s portfolio turnover rate was 93% of price or current net asset value) N/A the average value of its portfolio. ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that you pay each year as a percentage of Principal Strategies the value of your investment) The Portfolio pursues its objective by investing in a Management Fees 0.65% combination of other funds managed by the Adviser or an affiliate and directly held financial instruments. The Other Expenses 0.03% Portfolio is designed for investors who seek moderately Acquired Fund Fees and Expenses 0.23% greater long-term capital growth and are comfortable Total Annual Portfolio Operating Expenses 0.91% with moderately higher levels of risk and volatility. The Less Fee Waivers and/or Expense Portfolio uses a prescribed asset allocation strategy Reimbursements1 0.21% involving a two-step process that is designed to achieve its desired risk tolerance. The first step is the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements 0.70% construction of a model for the allocation of the Portfolio’s assets across broad asset categories (namely, 1 The Adviser has contractually agreed, for as long as the current fee equity securities and debt securities). The second step structure is in place and through at least April 30, 2021, to waive an amount equal to any management fees indirectly incurred by the involves the determination of sub-classes within the Portfolio as a result of its investment in any other mutual fund for broad asset categories and target weightings (i.e., what which the Adviser or an affiliate serves as investment adviser, other than Thrivent Cash Management Trust. This contractual provision the Adviser determines is the strategic allocation) for may be terminated upon the mutual agreement between the these sub-classes. Sub-classes for equity securities may be Independent Directors of the Portfolio and the Adviser. based on market capitalization, investment style (such EXAMPLE This example is intended to help you as growth or value), or economic sector. Sub-classes for compare the cost of investing in the Portfolio with the debt securities may be based on maturity, duration, cost of investing in other mutual funds. The Portfolio is security type or credit rating (high yield—commonly an investment option for variable contracts, and the known as “junk bonds”—or investment grade). example does not include charges imposed by variable The use of target weightings for various sub-classes contracts. If variable contract charges were imposed, within broad asset categories is intended as a multi-style your expenses would be higher than those shown. The approach to reduce the risk of investing in securities example assumes that you invest $10,000 in the having common characteristics. The Portfolio may buy Portfolio for the time periods indicated and then and sell futures contracts to either hedge its exposure or redeem all of your shares at the end of those periods. In obtain exposure to certain investments. addition, the example for the 1 Year period reflects the effect of the contractual fee waiver and/or expense The Portfolio may invest in foreign securities, including those of issuers in emerging markets. An “emerging

TSF-103 market” country is any country determined by the Principal Risks Adviser to have an emerging market economy, The Portfolio is subject to the following principal considering factors such as the country’s credit rating, investment risks, which you should review carefully and its political and economic stability and the development in entirety. The Portfolio may not achieve its of its financial and capital markets. investment objective and you could lose money by Under normal circumstances, the Portfolio invests in investing in the Portfolio. the following broad asset classes within the ranges Allocation Risk. The Portfolio’s investment given: performance depends upon how its assets are allocated Target Allocation across broad asset categories and applicable sub-classes Broad Asset Category Allocation Range within such categories. Some broad asset categories and Equity Securities ...... 77% 55-90% sub-classes may perform below expectations or the Debt Securities...... 23% 10-45% securities markets generally over short and extended periods. Therefore, a principal risk of investing in the The Portfolio’s actual holdings in each broad asset Portfolio is that the allocation strategies used and the category may be outside the applicable allocation range allocation decisions made will not produce the desired from time to time due to differing investment results. performance among asset categories. The Adviser will rebalance the Portfolio at least annually so that its Equity Security Risk. Equity securities held by the holdings are within the ranges for the broad asset Portfolio may decline significantly in price, sometimes categories. rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of The Portfolio pursues its investment strategy by declines in the equity market as a whole, or because of investing primarily in other mutual funds managed by declines in only a particular country, company, the Adviser or an affiliate. The names of the funds industry, or sector of the market. From time to time, the managed by the Adviser or an affiliate which are Portfolio may invest a significant portion of its assets in currently available for investment by the Portfolio are companies in one or more related sectors or industries shown in the list below. The list is provided for which would make the Portfolio more vulnerable to information purposes only. The Adviser may change the adverse developments affecting such sectors or availability of the funds managed by the Adviser or an industries. Equity securities are generally more volatile affiliate for investment by the Portfolio without than most debt securities. shareholder approval or advance notice to shareholders. Large Cap Risk. Large-sized companies may be unable Equity Securities to respond quickly to new competitive challenges such Small Cap as changes in technology. They may also not be able to Thrivent Small Cap Stock Portfolio attain the high growth rate of successful smaller Mid Cap companies, especially during extended periods of Thrivent Mid Cap Stock Portfolio Large Cap economic expansion. Thrivent Global Stock Portfolio Small Cap Risk. Smaller, less seasoned companies Thrivent Large Cap Growth Portfolio often have greater price volatility, lower trading volume, Thrivent Large Cap Value Portfolio and less liquidity than larger, more established Other companies. These companies tend to have small Thrivent International Allocation Portfolio Thrivent Core International Equity Fund revenues, narrower product lines, less management Thrivent Core Low Volatility Equity Fund depth and experience, small shares of their product or service markets, fewer financial resources, and less Debt Securities competitive strength than larger companies. Such High Yield Bonds companies seldom pay significant dividends that could Thrivent High Yield Portfolio soften the impact of a falling market on returns. Intermediate/Long-Term Bonds Thrivent Income Portfolio Mid Cap Risk. Medium-sized companies often have Short-Term/Intermediate Bonds greater price volatility, lower trading volume, and less Thrivent Limited Maturity Bond Portfolio liquidity than larger, more-established companies. These Other companies tend to have smaller revenues, narrower Thrivent Core Emerging Markets Debt Fund product lines, less management depth and experience, Short-Term Debt Securities smaller shares of their product or service markets, fewer Money Market financial resources, and less competitive strength than Thrivent Cash Management Trust larger companies. Other Thrivent Core Short-Term Reserve Fund

TSF-104 Market Risk. Over time, securities markets generally Emerging Markets Risk. The economic and political tend to move in cycles with periods when security structures of developing countries in emerging markets, prices rise and periods when security prices decline. The in most cases, do not compare favorably with the U.S. value of the Portfolio’s investments may move with or other developed countries in terms of wealth and these cycles and, in some instances, increase or decrease stability, and their financial markets often lack liquidity. more than the applicable market(s) as measured by the Portfolio performance will likely be negatively affected Portfolio’s benchmark index(es). The securities markets by portfolio exposure to countries and corporations may also decline because of factors that affect a domiciled in or with revenue exposures to countries in particular industry or due to impacts from the spread of the midst of, among other things, hyperinflation, infectious illness, public health threats or similar issues. currency devaluation, trade disagreements, sudden political upheaval, or interventionist government Other Funds Risk. Because the Portfolio invests in policies. Portfolio performance may also be negatively other funds managed by the Adviser or an affiliate affected by portfolio exposure to countries and (“Other Funds”), the performance of the Portfolio is corporations domiciled in or with revenue exposures to dependent, in part, upon the performance of Other countries with less developed legal, tax, regulatory, and Funds in which the Portfolio may invest. As a result, the accounting systems. Significant buying or selling actions Portfolio is subject to the same risks as those faced by by a few major investors may also heighten the the Other Funds. In addition, Other Funds may be volatility of emerging markets. These factors make subject to additional fees and expenses that will be investing in emerging market countries significantly borne by the Portfolio. riskier than in other countries, and events in any one Growth Investing Risk. Growth style investing country could cause the Portfolio’s share price to includes the risk of investing in securities whose prices decline. historically have been more volatile than other Foreign Currency Risk. The value of a foreign securities, especially over the short term. Growth stock currency may decline against the U.S. dollar, which prices reflect projections of future earnings or revenues would reduce the dollar value of securities denominated and, if a company’s earnings or revenues fall short of in that currency. The overall impact of such a decline of expectations, its stock price may fall dramatically. foreign currency can be significant, unpredictable, and long lasting, depending on the currencies represented, Value Investing Risk. Value style investing includes how each one appreciates or depreciates in relation to the risk that stocks of undervalued companies may not the U.S. dollar, and whether currency positions are rise as quickly as anticipated if the market doesn’t hedged. Under normal conditions, the Portfolio does recognize their intrinsic value or if value stocks are out not engage in extensive foreign currency hedging of favor. programs. Further, exchange rate movements are volatile, and it is not possible to effectively hedge the Foreign Securities Risk. Foreign securities generally currency risks of many developing countries. carry more risk and are more volatile than their domestic counterparts, in part because of potential for Interest Rate Risk. Interest rate risk is the risk that higher political and economic risks, lack of reliable prices of debt securities decline in value when interest information and fluctuations in currency exchange rates rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a where investments are denominated in currencies other measure of price sensitivity of a bond or bond fund to than the U.S. dollar. Certain events in foreign markets changes in interest rates) or maturities (i.e., the amount may adversely affect foreign and domestic issuers, of time until a bond’s issuer must pay its principal or including interruptions in the global supply chain, face value) tend to be more sensitive to changes in natural disasters and outbreak of infectious diseases. The interest rates than debt securities with shorter durations Portfolio’s investment in any country could be subject or maturities. Changes by the Federal Reserve to to governmental actions such as capital or currency monetary policies could affect interest rates and the controls, nationalizing a company or industry, value of some securities. In addition, the phase out of expropriating assets, or imposing punitive taxes that LIBOR (the offered rate for short-term Eurodollar would have an adverse effect on security prices, and deposits between major international banks) by the end impair the Portfolio’s ability to repatriate capital or of 2021 could lead to increased volatility and illiquidity income. Foreign securities may also be more difficult to in certain markets that currently rely on LIBOR to resell than comparable U.S. securities because the determine interest rates. markets for foreign securities are often less liquid. Even Credit Risk. Credit risk is the risk that an issuer of a when a foreign security increases in price in its local debt security to which the Portfolio is exposed may no currency, the appreciation may be diluted by adverse longer be able or willing to pay its debt. As a result of changes in exchange rates when the security’s value is such an event, the debt security may decline in price converted to U.S. dollars. Foreign withholding taxes also and affect the value of the Portfolio. may apply and errors and delays may occur in the Investment Adviser Risk. The Portfolio is actively settlement process for foreign securities. managed and the success of its investment strategy

TSF-105 depends significantly on the skills of the Adviser in that the other party in the transaction will not fulfill its assessing the potential of the investments in which the contractual obligations due to its financial condition, Portfolio invests. This assessment of investments may market events, or other reasons. prove incorrect, resulting in losses or poor performance, Health Crisis Risk. The global pandemic outbreak of even in rising markets. There is also no guarantee that the novel coronavirus known as COVID-19 has resulted the Adviser will be able to effectively implement the in substantial market volatility and global business Portfolio’s investment objective. disruption. The duration and full effects of the outbreak Conflicts of Interest Risk. An investment in the are uncertain and may result in trading suspensions and Portfolio will be subject to a number of actual or market closures, limit liquidity and the ability of the potential conflicts of interest.For example, the Adviser Portfolio to process shareholder redemptions, and or its affiliates may provide services to the Portfolio for negatively impact Portfolio performance. The COVID-19 which the Portfolio would compensate the Adviser outbreak and future pandemics could affect the global and/or such affiliates. The Portfolio may invest in other economy in ways that cannot be foreseen and may pooled investment vehicles sponsored, managed, or exacerbate other types of risks, negatively impacting the otherwise affiliated with the Adviser, including other value of the Portfolio. Portfolios. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements Performance on behalf of the Portfolio with itself or its affiliates in The following bar chart and table provide an indication circumstances where it might not have done so of the risks of investing in the Portfolio by showing otherwise. changes in the Portfolio’s performance from year to year The Adviser or its affiliates manage other investment and by showing how the Portfolio’s average annual funds and/or accounts (including proprietary accounts) returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index and have other clients with investment objectives and Љ Љ strategies that are similar to, or overlap with, the descriptions appear in the Index Descriptions section investment objective and strategy of the Portfolio, of the prospectus. Call 800-847-4836 or visit creating conflicts of interest in investment and Thrivent.com for performance results current to the allocation decisions regarding the allocation of most recent month-end. investments that could be appropriate for the Portfolio The bar chart and table include the effects of Portfolio and other clients of the Adviser or their affiliates. expenses, but not charges or deductions against your Issuer Risk. Issuer risk is the possibility that factors variable contract, and assume that you sold your specific to an issuer to which the Portfolio is exposed investment at the end of the period. Because shares of will affect the market prices of the issuer’s securities and the Portfolio are offered through variable life insurance therefore the value of the Portfolio. and variable annuity contracts, you should carefully review the variable contract prospectus for information Quantitative Investing Risk. Quantitative Investing on applicable charges and expenses. If the charges and Risk is the risk that securities selected according to a deductions against your variable contract were included, quantitative analysis methodology can perform returns would be lower than those shown. differently from the market as a whole based on the model and the factors used in the analysis, the weight How a Portfolio has performed in the past is not placed on each factor and changes in the factor’s necessarily an indication of how it will perform in the historical trends. Such models are based on assumptions future. Performance information provides some of these and other market factors, and the models may indication of the risks of investing in the Portfolio by not take into account certain factors, or perform as showing changes in the Portfolio’s performance over intended, and may result in a decline in the value of the time. Portfolio’s portfolio. YEAR-BY-YEAR TOTAL RETURN Derivatives Risk. The use of derivatives (such as futures) involves additional risks and transaction costs 25 22.11% which could leave the Portfolio in a worse position than 21.30% if it had not used these instruments. The Portfolio 20 16.79% utilizes equity futures in order to increase or decrease its 15.43% exposure to various asset classes at a lower cost than 15 12.87% trading stocks directly. The use of derivatives can lead to 10.23% 10 losses because of adverse movements in the price or 6.05% value of the underlying asset, index or rate, which may 5 be magnified by certain features of the contract. (2.86)% (0.75)% (5.90)% Changes in the value of the derivative may not correlate 0 as intended with the underlying asset, rate or index, and Annual Return (%) the Portfolio could lose much more than the original -5 amount invested. Derivatives can be highly volatile, -10 illiquid and difficult to value. Certain derivatives may ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 also be subject to counterparty risk, which is the risk

TSF-106 Best Quarter: Q1 ’19 +10.97% Purchase and Sale of Shares Worst Quarter: Q3 ’11 (14.52)% Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or AVERAGE ANNUAL TOTAL RETURNS subsequent investment requirements, only to: (PERIODS ENDING DECEMBER 31, 2019) • Separate accounts of Thrivent Financial; 1 Year 5 Years 10 Years • Separate accounts of other insurance companies not Thrivent Moderately Aggressive affiliated with Thrivent Financial; and Allocation Portfolio 22.11% 7.99% 9.11% • Other Portfolios of the Fund. S&P 500® Index (reflects no deduction for fees, expenses or taxes) 31.49% 11.70% 13.56% Tax Information Bloomberg Barclays U.S. Aggregate Bond Index For information about certain tax-related aspects of (reflects no deduction for fees, investing in the Portfolio through a variable contract, expenses or taxes) 8.72% 3.05% 3.75% please see the variable product prospectus. MSCI All Country World Index ex-USA - USD Net Returns (reflects no deduction for fees, Payments to Broker-Dealers and Other expenses or taxes) 21.51% 5.51% 4.97% Financial Intermediaries If you purchase the Portfolio through a broker-dealer or Management other financial intermediary (such as an insurance Investment Adviser(s) company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and The Portfolio is managed by Thrivent Financial for related services. These payments may create a conflict of Lutherans (“Thrivent Financial” or the “Adviser”). interest by influencing the broker-dealer or other Portfolio Manager(s) intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Mark L. Simenstad, CFA, Darren M. Bagwell, or visit your financial intermediary’s website for more CFA, Stephen D. Lowe, CFA, David S. Royal and information. David R. Spangler, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Simenstad has served as a portfolio manager of the Portfolio since April 2005. Mr. Bagwell and Mr. Lowe have served as portfolio managers of the Portfolio since April 2016. Mr. Royal has served as portfolio manager of the Portfolio since April 2018. Mr. Spangler has served as a portfolio manager of the Portfolio since February 2019. Mr. Simenstad is Chief Investment Strategist and has been with Thrivent Financial since 1999. Mr. Bagwell is Vice President, Chief Equity Strategist and has been with Thrivent Financial in an investment management capacity since 2002. Mr. Lowe is Vice President of Fixed Income Mutual Funds and Separate Accounts and has been with Thrivent Financial since 1997. He has served as a portfolio manager since 2009. Mr. Royal is Chief Investment Officer and has been with Thrivent Financial since 2006. Mr. Spangler has been with Thrivent Financial since 2002, in an investment management capacity since 2006 and currently is a Senior Portfolio Manager.

32065AK R4-20

TSF-107 APRIL 30, 2020

THRIVENT MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO SUMMARY PROSPECTUS

TSF-108 Thrivent Moderately Conservative Allocation Portfolio

Investment Objective reimbursement. The example also assumes that your investment has a 5% return each year, and that the Thrivent Moderately Conservative Allocation Portfolio Portfolio’s operating expenses remain the same. (the ЉPortfolioЉ) seeks long-term capital growth while Although your actual cost may be higher or lower, based providing reasonable stability of principal. on the foregoing assumptions, your cost would be: Fees and Expenses 1 Year 3 Years 5 Years 10 Years This table describes the fees and expenses that you may Thrivent Moderately pay if you buy and hold shares of the Portfolio. If you Conservative own a variable annuity contract or variable life Allocation Portfolio $61 $220 $393 $894 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 179% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of The Portfolio pursues its objective by investing in a the value of your investment) combination of other funds managed by the Adviser or Management Fees 0.56% an affiliate and directly held financial instruments. The Portfolio is designed for investors who seek long-term Other Expenses 0.03% capital growth with reasonable stability of principal and Acquired Fund Fees and Expenses 0.14% more conservative levels of risk and volatility. The Total Annual Portfolio Operating Expenses 0.73% Portfolio uses a prescribed asset allocation strategy Less Fee Waivers and/or Expense involving a two-step process that is designed to achieve Reimbursements1 0.13% its desired risk tolerance. The first step is the construction of a model for the allocation of the Total Annual Portfolio Operating Expenses After Portfolio’s assets across broad asset categories (namely, Fee Waivers and/or Expense Reimbursements 0.60% debt securities and equity securities). The second step 1 The Adviser has contractually agreed, for as long as the current fee involves the determination of sub-classes within the structure is in place and through at least April 30, 2021, to waive an broad asset categories and target weightings (i.e., what amount equal to any management fees indirectly incurred by the Portfolio as a result of its investment in any other mutual fund for the Adviser determines is the strategic allocation) for which the Adviser or an affiliate serves as investment adviser, other these sub-classes. Sub-classes for debt securities may be than Thrivent Cash Management Trust. This contractual provision may be terminated upon the mutual agreement between the based on maturity, duration, security type or credit Independent Directors of the Portfolio and the Adviser. rating (high yield—commonly known as “junk bonds”—or investment grade) and may include EXAMPLE This example is intended to help you leveraged loans, which are senior secured loans that are compare the cost of investing in the Portfolio with the made by banks or other lending institutions to cost of investing in other mutual funds. The Portfolio is companies that are rated below investment grade. an investment option for variable contracts, and the Sub-classes for equity securities may be based on market example does not include charges imposed by variable capitalization, investment style (such as growth or contracts. If variable contract charges were imposed, value), or economic sector. your expenses would be higher than those shown. The example assumes that you invest $10,000 in the The use of target weightings for various sub-classes Portfolio for the time periods indicated and then within broad asset categories is intended as a multi-style redeem all of your shares at the end of those periods. In approach to reduce the risk of investing in securities addition, the example for the 1 Year period reflects the having common characteristics. The Portfolio may buy effect of the contractual fee waiver and/or expense

TSF-109 and sell futures contracts to either hedge its exposure or Short-Term Debt Securities obtain exposure to certain investments. Money Market Thrivent Cash Management Trust The Portfolio may invest in foreign securities, including Other those of issuers in emerging markets. An “emerging Thrivent Core Short-Term Reserve Fund market” country is any country determined by the Adviser to have an emerging market economy, Principal Risks considering factors such as the country’s credit rating, The Portfolio is subject to the following principal its political and economic stability and the development investment risks, which you should review carefully and of its financial and capital markets. in entirety. The Portfolio may not achieve its Under normal circumstances, the Portfolio invests in investment objective and you could lose money by the following broad asset classes within the ranges investing in the Portfolio. given: Allocation Risk. The Portfolio’s investment performance depends upon how its assets are allocated Target Allocation Broad Asset Category Allocation Range across broad asset categories and applicable sub-classes Debt Securities...... 63% 35-85% within such categories. Some broad asset categories and Equity Securities ...... 37% 15-65% sub-classes may perform below expectations or the securities markets generally over short and extended The Portfolio’s actual holdings in each broad asset periods. Therefore, a principal risk of investing in the category may be outside the applicable allocation range Portfolio is that the allocation strategies used and the from time to time due to differing investment allocation decisions made will not produce the desired performance among asset categories. The Adviser will results. rebalance the Portfolio at least annually so that its holdings are within the ranges for the broad asset Interest Rate Risk. Interest rate risk is the risk that categories. prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of The Portfolio pursues its investment strategy by interest. Debt securities with longer durations (a investing primarily in other mutual funds managed by measure of price sensitivity of a bond or bond fund to the Adviser or an affiliate. The names of the funds changes in interest rates) or maturities (i.e., the amount managed by the Adviser or an affiliate which are of time until a bond’s issuer must pay its principal or currently available for investment by the Portfolio are face value) tend to be more sensitive to changes in shown in the list below. The list is provided for interest rates than debt securities with shorter durations information purposes only. The Adviser may change the or maturities. Changes by the Federal Reserve to availability of the funds managed by the Adviser or an monetary policies could affect interest rates and the affiliate for investment by the Portfolio without value of some securities. In addition, the phase out of shareholder approval or advance notice to shareholders. LIBOR (the offered rate for short-term Eurodollar Debt Securities deposits between major international banks) by the end High Yield Bonds of 2021 could lead to increased volatility and illiquidity Thrivent High Yield Portfolio in certain markets that currently rely on LIBOR to Intermediate/Long-Term Bonds determine interest rates. Thrivent Income Portfolio Equity Security Risk. Equity securities held by the Short-Term/Intermediate Bonds Portfolio may decline significantly in price, sometimes Thrivent Limited Maturity Bond Portfolio Other rapidly or unpredictably, over short or extended periods Thrivent Core Emerging Markets Debt Fund of time, and such declines may occur because of declines in the equity market as a whole, or because of Equity Securities declines in only a particular country, company, Small Cap industry, or sector of the market. From time to time, the Thrivent Small Cap Stock Portfolio Portfolio may invest a significant portion of its assets in Mid Cap companies in one or more related sectors or industries Thrivent Mid Cap Stock Portfolio which would make the Portfolio more vulnerable to Large Cap adverse developments affecting such sectors or Thrivent Global Stock Portfolio Thrivent Large Cap Growth Portfolio industries. Equity securities are generally more volatile Thrivent Large Cap Value Portfolio than most debt securities. Other Market Risk. Over time, securities markets generally Thrivent International Allocation Portfolio tend to move in cycles with periods when security Thrivent Core International Equity Fund prices rise and periods when security prices decline. The Thrivent Core Low Volatility Equity Fund value of the Portfolio’s investments may move with these cycles and, in some instances, increase or decrease 2

TSF-110 more than the applicable market(s) as measured by the securities may be affected by changes in the credit rating Portfolio’s benchmark index(es). The securities markets of the U.S. government. may also decline because of factors that affect a High Yield Risk. High yield securities – commonly particular industry or due to impacts from the spread of known as “junk bonds” – to which the Portfolio is infectious illness, public health threats or similar issues. exposed are considered predominantly speculative with Large Cap Risk. Large-sized companies may be unable respect to the issuer’s continuing ability to make to respond quickly to new competitive challenges such principal and interest payments. If the issuer of the as changes in technology. They may also not be able to security is in default with respect to interest or principal attain the high growth rate of successful smaller payments, the value of the Portfolio may be negatively companies, especially during extended periods of affected. High yield securities generally have a less economic expansion. liquid resale market. Credit Risk. Credit risk is the risk that an issuer of a Mid Cap Risk. Medium-sized companies often have debt security to which the Portfolio is exposed may no greater price volatility, lower trading volume, and less longer be able or willing to pay its debt. As a result of liquidity than larger, more-established companies. These such an event, the debt security may decline in price companies tend to have smaller revenues, narrower and affect the value of the Portfolio. product lines, less management depth and experience, smaller shares of their product or service markets, fewer Mortgage-Backed and Other Asset-Backed financial resources, and less competitive strength than Securities Risk. The value of mortgage-backed and larger companies. asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying Other Funds Risk. Because the Portfolio invests in such securities. As a result, during periods of declining other funds managed by the Adviser or an affiliate asset value, difficult or frozen credit markets, swings in (“Other Funds”), the performance of the Portfolio is interest rates, or deteriorating economic conditions, dependent, in part, upon the performance of Other mortgage-related and asset-backed securities may Funds in which the Portfolio may invest. As a result, the decline in value, face valuation difficulties, become Portfolio is subject to the same risks as those faced by more volatile and/or become illiquid. In addition, both the Other Funds. In addition, Other Funds may be mortgage-backed and asset-backed securities are subject to additional fees and expenses that will be sensitive to changes in the repayment patterns of the borne by the Portfolio. underlying security. If the principal payment on the Foreign Securities Risk. Foreign securities generally underlying asset is repaid faster or slower than the carry more risk and are more volatile than their holder of the asset-backed or mortgage-backed security domestic counterparts, in part because of potential for anticipates, the price of the security may fall, higher political and economic risks, lack of reliable particularly if the holder must reinvest the repaid information and fluctuations in currency exchange rates principal at lower rates or must continue to hold the where investments are denominated in currencies other security when interest rates rise. This effect may cause than the U.S. dollar. Certain events in foreign markets the value of the Portfolio to decline and reduce the may adversely affect foreign and domestic issuers, overall return of the Portfolio. including interruptions in the global supply chain, Government Securities Risk. The Portfolio invests in natural disasters and outbreak of infectious diseases. The securities issued or guaranteed by the U.S. government Portfolio’s investment in any country could be subject or its agencies and instrumentalities (such as Federal to governmental actions such as capital or currency Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie controls, nationalizing a company or industry, Mac securities). Securities issued or guaranteed by expropriating assets, or imposing punitive taxes that Federal Home Loan Banks, Ginnie Mae, Fannie Mae or would have an adverse effect on security prices, and Freddie Mac are not issued directly by the U.S. impair the Portfolio’s ability to repatriate capital or government. Ginnie Mae is a wholly owned U.S. income. Foreign securities may also be more difficult to corporation that is authorized to guarantee, with the resell than comparable U.S. securities because the full faith and credit of the U.S. government, the timely markets for foreign securities are often less liquid. Even payment of principal and interest of its securities. By when a foreign security increases in price in its local contrast, securities issued or guaranteed by U.S. currency, the appreciation may be diluted by adverse government-related organizations such as Federal Home changes in exchange rates when the security’s value is Loan Banks, Fannie Mae and Freddie Mac are not converted to U.S. dollars. Foreign withholding taxes also backed by the full faith and credit of the U.S. may apply and errors and delays may occur in the government. No assurance can be given that the U.S. settlement process for foreign securities. government would provide financial support to its Emerging Markets Risk. The economic and political agencies and instrumentalities if not required to do so structures of developing countries in emerging markets, by law. In addition, the value of U.S. government in most cases, do not compare favorably with the U.S.

TSF-111 or other developed countries in terms of wealth and and have other clients with investment objectives and stability, and their financial markets often lack liquidity. strategies that are similar to, or overlap with, the Portfolio performance will likely be negatively affected investment objective and strategy of the Portfolio, by portfolio exposure to countries and corporations creating conflicts of interest in investment and domiciled in or with revenue exposures to countries in allocation decisions regarding the allocation of the midst of, among other things, hyperinflation, investments that could be appropriate for the Portfolio currency devaluation, trade disagreements, sudden and other clients of the Adviser or their affiliates. political upheaval, or interventionist government Issuer Risk. Issuer risk is the possibility that factors policies. Portfolio performance may also be negatively specific to an issuer to which the Portfolio is exposed affected by portfolio exposure to countries and will affect the market prices of the issuer’s securities and corporations domiciled in or with revenue exposures to therefore the value of the Portfolio. countries with less developed legal, tax, regulatory, and accounting systems. Significant buying or selling actions Quantitative Investing Risk. Quantitative Investing by a few major investors may also heighten the Risk is the risk that securities selected according to a volatility of emerging markets. These factors make quantitative analysis methodology can perform investing in emerging market countries significantly differently from the market as a whole based on the riskier than in other countries, and events in any one model and the factors used in the analysis, the weight country could cause the Portfolio’s share price to placed on each factor and changes in the factor’s decline. historical trends. Such models are based on assumptions of these and other market factors, and the models may Foreign Currency Risk. The value of a foreign not take into account certain factors, or perform as currency may decline against the U.S. dollar, which intended, and may result in a decline in the value of the would reduce the dollar value of securities denominated Portfolio’s portfolio. in that currency. The overall impact of such a decline of foreign currency can be significant, unpredictable, and Leveraged Loan Risk. Leveraged loans (also known as long lasting, depending on the currencies represented, bank loans) are subject to the risks typically associated how each one appreciates or depreciates in relation to with debt securities. In addition, leveraged loans, which the U.S. dollar, and whether currency positions are typically hold a senior position in the capital structure hedged. Under normal conditions, the Portfolio does of a borrower, are subject to the risk that a court could not engage in extensive foreign currency hedging subordinate such loans to presently existing or future programs. Further, exchange rate movements are indebtedness or take other action detrimental to the volatile, and it is not possible to effectively hedge the holders of leveraged loans. Leveraged loans are also currency risks of many developing countries. subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the Investment Adviser Risk. The Portfolio is actively obligations of the borrower, or be difficult to liquidate. managed and the success of its investment strategy Some leveraged loans are not as easily purchased or sold depends significantly on the skills of the Adviser in as publicly-traded securities and others are illiquid, assessing the potential of the investments in which the which may make it more difficult for the Portfolio to Portfolio invests. This assessment of investments may value them or dispose of them at an acceptable price. prove incorrect, resulting in losses or poor performance, Below investment-grade leveraged loans are typically even in rising markets. There is also no guarantee that more credit sensitive. In the event of fraud or the Adviser will be able to effectively implement the misrepresentation, the Portfolio may not be protected Portfolio’s investment objective. under federal securities laws with respect to leveraged Conflicts of Interest Risk. An investment in the loans that may not be in the form of “securities.” The Portfolio will be subject to a number of actual or settlement period for some leveraged loans may be more potential conflicts of interest.For example, the Adviser than seven days. or its affiliates may provide services to the Portfolio for Prepayment Risk. When interest rates fall, certain which the Portfolio would compensate the Adviser obligations will be paid off by the obligor more quickly and/or such affiliates. The Portfolio may invest in other than originally anticipated, and a Portfolio may have to pooled investment vehicles sponsored, managed, or invest the proceeds in securities with lower yields. In otherwise affiliated with the Adviser, including other periods of falling interest rates, the rate of prepayments Portfolios. The Adviser may have an incentive (financial tends to increase (as does price fluctuation) as borrowers or otherwise) to enter into transactions or arrangements are motivated to pay off debt and refinance at new on behalf of the Portfolio with itself or its affiliates in lower rates. During such periods, reinvestment of the circumstances where it might not have done so prepayment proceeds by the management team will otherwise. generally be at lower rates of return than the return on The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts)

TSF-112 the assets that were prepaid. Prepayment generally variable contract, and assume that you sold your reduces the yield to maturity and the average life of the investment at the end of the period. Because shares of security. the Portfolio are offered through variable life insurance and variable annuity contracts, you should carefully Derivatives Risk. The use of derivatives (such as review the variable contract prospectus for information futures) involves additional risks and transaction costs on applicable charges and expenses. If the charges and which could leave the Portfolio in a worse position than deductions against your variable contract were included, if it had not used these instruments. The Portfolio returns would be lower than those shown. utilizes equity futures in order to increase or decrease its exposure to various asset classes at a lower cost than How a Portfolio has performed in the past is not trading stocks directly. The use of derivatives can lead to necessarily an indication of how it will perform in the losses because of adverse movements in the price or future. Performance information provides some value of the underlying asset, index or rate, which may indication of the risks of investing in the Portfolio by be magnified by certain features of the contract. showing changes in the Portfolio’s performance over Changes in the value of the derivative may not correlate time. as intended with the underlying asset, rate or index, and the Portfolio could lose much more than the original YEAR-BY-YEAR TOTAL RETURN amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may 20 also be subject to counterparty risk, which is the risk 15.18% that the other party in the transaction will not fulfill its 15 contractual obligations due to its financial condition, 11.41% market events, or other reasons. 9.59% 9.52% 10 9.02% Portfolio Turnover Rate Risk. The Portfolio may 7.24% 5.32% engage in active and frequent trading of portfolio 5 securities in implementing its principal investment

Annual Return (%) 0.20% (0.46)% (3.30)% strategies. A high rate of portfolio turnover (100% or 0 more) involves correspondingly greater expenses which are borne by the Portfolio and its shareholders and may -5 also result in short-term capital gains taxable to ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 shareholders. Health Crisis Risk. The global pandemic outbreak of Best Quarter: Q1 ’19 +7.13% the novel coronavirus known as COVID-19 has resulted Worst Quarter: Q3 ’11 (7.39)% in substantial market volatility and global business disruption. The duration and full effects of the outbreak AVERAGE ANNUAL TOTAL RETURNS are uncertain and may result in trading suspensions and (PERIODS ENDING DECEMBER 31, 2019) market closures, limit liquidity and the ability of the 1 Year 5 Years 10 Years Portfolio to process shareholder redemptions, and Thrivent Moderately negatively impact Portfolio performance. The COVID-19 Conservative Allocation outbreak and future pandemics could affect the global Portfolio 15.18% 5.42% 6.22% economy in ways that cannot be foreseen and may S&P 500® Index (reflects no deduction for fees, exacerbate other types of risks, negatively impacting the expenses or taxes) 31.49% 11.70% 13.56% value of the Portfolio. Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, Performance expenses or taxes) 8.72% 3.05% 3.75% The following bar chart and table provide an indication MSCI All Country World Index of the risks of investing in the Portfolio by showing ex-USA - USD Net Returns (reflects no deduction for fees, changes in the Portfolio’s performance from year to year expenses or taxes) 21.51% 5.51% 4.97% and by showing how the Portfolio’s average annual returns for one-, five- and ten-year periods compared to broad-based securities market indices. The index Management Љ Љ descriptions appear in the Index Descriptions section Investment Adviser(s) of the prospectus. Call 800-847-4836 or visit Thrivent.com for performance results current to the The Portfolio is managed by Thrivent Financial for most recent month-end. Lutherans (“Thrivent Financial” or the “Adviser”). The bar chart and table include the effects of Portfolio expenses, but not charges or deductions against your

TSF-113 Portfolio Manager(s) Purchase and Sale of Shares Mark L. Simenstad, CFA, Darren M. Bagwell, Shares of each series of Thrivent Series Fund, Inc. (the CFA, Stephen D. Lowe, CFA, David S. Royal and “Fund”) may be sold, without any minimum initial or David R. Spangler, CFA are jointly and primarily subsequent investment requirements, only to: responsible for the day-to-day management of the Portfolio. Mr. Simenstad has served as a portfolio • Separate accounts of Thrivent Financial; manager of the Portfolio since April 2005. Mr. Bagwell • Separate accounts of other insurance companies not and Mr. Lowe have served as portfolio managers of the affiliated with Thrivent Financial; and Portfolio since April 2016. Mr. Royal has served as • Other Portfolios of the Fund. portfolio manager of the Portfolio since April 2018. Mr. Spangler has served as a portfolio manager of the Tax Information Portfolio since February 2019. Mr. Simenstad is Chief Investment Strategist and has been with Thrivent For information about certain tax-related aspects of Financial since 1999. Mr. Bagwell is Vice President, investing in the Portfolio through a variable contract, Chief Equity Strategist and has been with Thrivent please see the variable product prospectus. Financial in an investment management capacity since 2002. Mr. Lowe is Vice President of Fixed Income Payments to Broker-Dealers and Other Mutual Funds and Separate Accounts and has been with Financial Intermediaries Thrivent Financial since 1997. He has served as a If you purchase the Portfolio through a broker-dealer or portfolio manager since 2009. Mr. Royal is Chief other financial intermediary (such as an insurance Investment Officer and has been with Thrivent company), the Portfolio and its related companies may Financial since 2006. Mr. Spangler has been with pay the intermediary for the sale of Portfolio shares and Thrivent Financial since 2002, in an investment related services. These payments may create a conflict of management capacity since 2006 and currently is a interest by influencing the broker-dealer or other Senior Portfolio Manager. intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065D R4-20

TSF-114 APRIL 30, 2020

THRIVENT MONEY MARKET PORTFOLIO SUMMARY PROSPECTUS

TSF-115 Thrivent Money Market Portfolio

Investment Objective Principal Strategies Thrivent Money Market Portfolio (the ЉPortfolioЉ) seeks The Portfolio seeks to produce current income while to achieve the maximum current income that is maintaining liquidity by investing at least 99.5% of its consistent with stability of capital and maintenance of total assets in government securities, cash and liquidity. repurchase agreements collateralized fully by government securities or cash. Government securities Fees and Expenses are any securities issued or guaranteed as to principal or This table describes the fees and expenses that you may interest by the United States, or by a person controlled pay if you buy and hold shares of the Portfolio. If you or supervised by and acting as an instrumentality of the own a variable annuity contract or variable life government of the United States pursuant to authority insurance contract, you will have additional expenses granted by the Congress of the United States; or any including mortality and expense risk charges. Please certificate of deposit for any of the foregoing. refer to the prospectus for your variable contract for The Adviser manages the Portfolio subject to strict rules additional information about charges for those established by the Securities and Exchange Commission contracts. that are designed so that the Portfolio may maintain a stable $1.00 share price. Those rules generally require SHAREHOLDER FEES the Portfolio, among other things, to invest only in (fees paid directly from your investment) high quality securities that are denominated in U.S. Maximum Sales Charge (load) Imposed On dollars and have short remaining maturities. In Purchases (as a % of offering price) N/A addition, the rules require the Portfolio to maintain a dollar-weighted average maturity (WAM) of not more Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase than 60 days and a dollar-weighted average life (WAL) of price or current net asset value) N/A not more than 120 days. When calculating its WAM, the Portfolio may shorten its maturity by using the interest ANNUAL PORTFOLIO OPERATING EXPENSES rate resets of certain adjustable rate securities. Generally, (expenses that you pay each year as a percentage of the Portfolio may not take into account these resets the value of your investment) when calculating its WAL. Management Fees 0.35% The Adviser typically uses U.S. Treasury securities, Other Expenses 0.10% short-term discount notes issued by government-related Total Annual Portfolio Operating Expenses 0.45% organizations and government securities payable within seven-days or less to provide liquidity for reasonably EXAMPLE This example is intended to help you foreseeable shareholder redemptions and to comply compare the cost of investing in the Portfolio with the with regulatory requirements. The Adviser invests in cost of investing in other mutual funds. The Portfolio is other securities by selecting from the available supply of an investment option for variable contracts, and the short-term government securities based on its interest example does not include charges imposed by variable rate outlook and analysis of quantitative and technical contracts. If variable contract charges were imposed, factors. Although the Portfolio frequently holds your expenses would be higher than those shown. The securities until maturity, the Adviser may sell securities example assumes that you invest $10,000 in the to increase liquidity. The Adviser will select securities for Portfolio for the time periods indicated and then such sales based on how close the sale price would be to redeem all of your shares at the end of those periods. their amortized costs. The example also assumes that your investment has a 5% return each year, and that the Portfolio’s operating Principal Risks expenses remain the same. Although your actual cost You could lose money by investing in the Portfolio. may be higher or lower, based on the foregoing Although the Portfolio seeks to preserve the value of assumptions, your cost would be: your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not 1 Year 3 Years 5 Years 10 Years insured or guaranteed by the Federal Deposit Insurance Thrivent Money Corporation or any other government agency. The Market Portfolio $46 $144 $252 $567 Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to

TSF-116 the Portfolio at any time. In addition, the Portfolio is in substantial market volatility and global business subject to the following principal investment risks. disruption. The duration and full effects of the outbreak are uncertain and may result in trading suspensions and Government Securities Risk. The Portfolio invests in market closures, limit liquidity and the ability of the securities issued or guaranteed by the U.S. government Portfolio to process shareholder redemptions, and or its agencies and instrumentalities (such as Federal negatively impact Portfolio performance. The COVID-19 Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie outbreak and future pandemics could affect the global Mac securities). Securities issued or guaranteed by economy in ways that cannot be foreseen and may Federal Home Loan Banks, Ginnie Mae, Fannie Mae or exacerbate other types of risks, negatively impacting the Freddie Mac are not issued directly by the U.S. value of the Portfolio. government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the Performance full faith and credit of the U.S. government, the timely The following bar chart and table provide an indication payment of principal and interest of its securities. By of the risks of investing in the Portfolio by showing contrast, securities issued or guaranteed by U.S. changes in the Portfolio’s performance from year to year government-related organizations such as Federal Home and by showing the Portfolio’s average annual returns Loan Banks, Fannie Mae and Freddie Mac are not for one-, five- and ten-year periods. Call 800-847-4836 backed by the full faith and credit of the U.S. or visit Thrivent.com for performance results current to government. No assurance can be given that the U.S. the most recent month-end. government would provide financial support to its agencies and instrumentalities if not required to do so The bar chart and table include the effects of Portfolio by law. In addition, the value of U.S. government expenses and assume that you sold your investment at securities may be affected by changes in the credit rating the end of the period. On February 1, 2016, the of the U.S. government. Portfolio changed its investment strategies from those of a prime money market fund to those of a government Interest Rate Risk. A weak economy, strong equity money market fund. Because shares of the Portfolio are markets, or changes by the Federal Reserve in its offered through variable life insurance and variable monetary policies may cause short-term interest rates to annuity contracts, you should carefully review the increase and affect the Portfolio’s ability to maintain a variable contract prospectus for information on stable share price. applicable charges and expenses. If the charges and deductions against your variable contract were included, Credit Risk. Credit risk is the risk that an issuer of a returns would be lower than those shown. debt security to which the Portfolio is exposed may no longer be able or willing to pay its debt. As a result of How a Portfolio has performed in the past is not such an event, the debt security may decline in price necessarily an indication of how it will perform in the and affect the value of the Portfolio. future. Performance information provides some indication of the risks of investing in the Portfolio by Redemption Risk. The Portfolio may need to sell showing changes in the Portfolio’s performance over portfolio securities to meet redemption requests. The time. Portfolio could experience a loss when selling portfolio securities to meet redemption requests if there is (i) YEAR-BY-YEAR TOTAL RETURN significant redemption activity by shareholders, including, for example, when a single investor or few 2.0 1.83% large investors make a significant redemption of Portfolio shares, (ii) a disruption in the normal 1.48% operation of the markets in which the Portfolio buys 1.5 and sells portfolio securities or (iii) the inability of the Portfolio to sell portfolio securities because such 1.0 securities are illiquid. In such events, the Portfolio could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming 0.50%

Annual Return (%) 0.5 shareholders. Although the Portfolio generally does not have the ability to impose liquidity fees or temporarily 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% suspend redemptions, the payment of redemption 0 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 proceeds could be delayed or denied if the Portfolio is liquidated, to the extent permitted by applicable Best Quarter: Q2 ’19 +0.50% regulations. Worst Quarter:1 Q4 ’16 +0.00% Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted 1The Portfolio’s performance was 0.00% for Q1 ’10 through Q3 ‘16.

TSF-117 AVERAGE ANNUAL TOTAL RETURNS Tax Information (PERIODS ENDING DECEMBER 31, 2019) For information about certain tax-related aspects of 1 Year 5 Years 10 Years investing in the Portfolio through a variable contract, Thrivent Money Market please see the variable product prospectus. Portfolio 1.83% 0.76% 0.38% The 7-day yield for the period ended December 31, 2019 Payments to Broker-Dealers and Other was 1.36%. You may call 800-847-4836 to obtain the Financial Intermediaries Portfolio’s current yield information. If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as an insurance Management company), the Portfolio and its related companies may Investment Adviser(s) pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of The Portfolio is managed by Thrivent Financial for interest by influencing the broker-dealer or other Lutherans (“Thrivent Financial” or the “Adviser”). intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Portfolio Manager(s) or visit your financial intermediary’s website for more William D. Stouten is primarily responsible for the information. day-to-day management of the Portfolio. Mr. Stouten has served as portfolio manager of the Portfolio since October 2003. Prior to this position, he was a research analyst and trader for the Thrivent money market funds since 2001, when he joined Thrivent Financial. Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065W R4-20

TSF-118 APRIL 30, 2020

THRIVENT MULTIDIMENSIONAL INCOME PORTFOLIO SUMMARY PROSPECTUS

TSF-119 Thrivent Multidimensional Income Portfolio

Investment Objective redeem all of your shares at the end of those periods. In addition, the example for the 1 Year period reflects the Thrivent Multidimensional Income Portfolio (the Љ Љ effect of the contractual fee waiver and/or expense Portfolio ) seeks a high level of current income and, reimbursement. The example also assumes that your secondarily, growth of capital. The Portfolio’s investment has a 5% return each year, and that the investment objectives may be changed without Portfolio’s operating expenses remain the same. shareholder approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years 5 Years 10 Years pay if you buy and hold shares of the Portfolio. If you Thrivent own a variable annuity contract or variable life Multidimensional insurance contract, you will have additional expenses Income Portfolio $127 $496 $889 $1,991 including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Portfolio Turnover additional information about charges for those contracts. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns SHAREHOLDER FEES over” its portfolio). A higher portfolio turnover rate may (fees paid directly from your investment) indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Maximum Sales Charge (load) Imposed On account. These costs, which are not reflected in annual Purchases (as a % of offering price) N/A fund operating expenses or in the example, affect the Maximum Deferred Sales Charge (load) (as a Portfolio’s performance. During the most recent fiscal percentage of the lower of the original purchase year, the Portfolio’s portfolio turnover rate was 106% of price or current net asset value) N/A the average value of its portfolio. ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that you pay each year as a percentage of Principal Strategies the value of your investment) The Portfolio seeks to achieve its investment objectives Management Fees 0.55% by allocating assets across multiple income and growth producing asset classes and strategies. Debt securities in Other Expenses 0.87% which the Portfolio invests include high yield, high risk Acquired Fund Fees and Expenses 0.30% bonds, notes, debentures and other debt obligations Total Annual Portfolio Operating Expenses 1.72% commonly known as “junk bonds.” At the time of Less Fee Waivers and/or Expense purchase, these high-yield securities are rated within or Reimbursements1 0.47% below the “BB” major rating category by S&P or the “Ba” major rating category by Moody’s or are unrated Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.25% but considered to be of comparable quality by the Adviser. The Portfolio will also implement its 1 The Adviser has contractually agreed, through at least April 30, investment strategy by investing in convertible bonds 2021, to waive a portion of the management fees associated with the shares of the Thrivent Multidimensional Income Portfolio in and U.S. dollar denominated emerging markets order to limit the Total Annual Portfolio Operating Expenses After sovereign debt. Fee Waivers and/or Expense Reimbursements to an annual rate of 0.95% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the indicated The Portfolio also plans to invest in income-producing termination date upon the mutual agreement between the equity securities, including preferred stock and real Independent Directors of the Portfolio and the Adviser. estate investment trusts (“REITs”). The Portfolio will invest in other income-producing securities such as EXAMPLE This example is intended to help you shares of closed-end funds (“CEFs”), publicly-traded compare the cost of investing in the Portfolio with the business development companies (“BDCs”), master cost of investing in other mutual funds. The Portfolio is limited partnerships (“MLPs”), and exchange-traded an investment option for variable contracts, and the funds (“ETFs”). CEFs are investment companies that example does not include charges imposed by variable issue a fixed number of shares that trade on a stock contracts. If variable contract charges were imposed, exchange or over-the-counter, typically at a premium or your expenses would be higher than those shown. The a discount to their net asset value. BDCs are publicly example assumes that you invest $10,000 in the held investment funds that invest primarily in private Portfolio for the time periods indicated and then

TSF-120 and thinly traded public U.S. businesses. MLPs are such an event, the debt security may decline in price publicly-traded limited partnerships that are limited by and affect the value of the Portfolio. the Internal Revenue Code to only apply to enterprises High Yield Risk. High yield securities – commonly that engage in certain businesses, mostly pertaining to known as “junk bonds” – to which the Portfolio is the use of natural resources. ETFs are investment exposed are considered predominantly speculative with companies generally designed to track the performance respect to the issuer’s continuing ability to make of a securities or other index or benchmark. The principal and interest payments. If the issuer of the Portfolio may also pursue its investment strategy by security is in default with respect to interest or principal investing in other mutual funds, including funds payments, the value of the Portfolio may be negatively managed by the Adviser or an affiliate and unaffiliated affected. High yield securities generally have a less funds. liquid resale market. The Portfolio may invest in other securities such as Preferred Securities Risk. There are certain investment-grade corporate bonds, asset-backed additional risks associated with investing in preferred securities, mortgage-backed securities (including securities, including, but not limited to, preferred commercially backed ones), and leveraged loans. The securities may include provisions that permit the issuer, Portfolio utilizes derivatives primarily in the form of at its discretion, to defer or omit distributions for a U.S. Treasury futures contracts in order to manage the stated period without any adverse consequences to the Portfolio’s duration, or interest rate risk. The Portfolio issuer; preferred securities are generally subordinated to may enter into derivatives contracts traded on bonds and other debt instruments in a company’s exchanges or in the over the counter market. capital structure in terms of having priority to corporate The Adviser uses fundamental, quantitative and income and liquidation payments, and therefore will be technical investment research techniques to determine subject to greater credit risk than more senior debt what to buy and sell. Fundamental techniques assess a instruments; preferred securities may be substantially security’s value based on an issuer’s financial profile, less liquid than many other securities, such as common management, and business prospects while quantitative stocks or U.S. Government securities; generally, and technical techniques involve a more data-oriented traditional preferred securities offer no voting rights analysis of financial information, market trends and with respect to the issuing company unless preferred price movements. dividends have been in arrears for a specified number of periods, at which time the preferred security holders Principal Risks may elect a number of directors to the issuer’s board; The Portfolio is subject to the following principal and in certain varying circumstances, an issuer of investment risks, which you should review carefully and preferred securities may redeem the securities prior to a in entirety. The Portfolio may not achieve its specified date. investment objective and you could lose money by Closed-End Fund (“CEF”) Risk. Investments in CEFs investing in the Portfolio. are subject to various risks, including reliance on Interest Rate Risk. Interest rate risk is the risk that management’s ability to meet a CEF’s investment prices of debt securities decline in value when interest objective and to manage a CEF’s portfolio; fluctuation in rates rise for debt securities that pay a fixed rate of the market value of a CEF’s shares compared to the interest. Debt securities with longer durations (a changes in the value of the underlying securities that measure of price sensitivity of a bond or bond fund to the CEF owns (i.e., trading at a discount or premium to changes in interest rates) or maturities (i.e., the amount its net asset value); and that CEFs are permitted to of time until a bond’s issuer must pay its principal or invest in a greater amount of “illiquid” securities than face value) tend to be more sensitive to changes in typical mutual funds. The Portfolio is subject to a interest rates than debt securities with shorter durations pro-rata share of the management fees and expenses of or maturities. Changes by the Federal Reserve to each CEF in addition to the Portfolio’s management fees monetary policies could affect interest rates and the and expenses, resulting in Portfolio shareholders subject value of some securities. In addition, the phase out of to higher expenses than if they invested directly in LIBOR (the offered rate for short-term Eurodollar CEFs. deposits between major international banks) by the end Emerging Markets Risk. The economic and political of 2021 could lead to increased volatility and illiquidity structures of developing countries in emerging markets, in certain markets that currently rely on LIBOR to in most cases, do not compare favorably with the U.S. determine interest rates. or other developed countries in terms of wealth and Credit Risk. Credit risk is the risk that an issuer of a stability, and their financial markets often lack liquidity. debt security to which the Portfolio is exposed may no Portfolio performance will likely be negatively affected longer be able or willing to pay its debt. As a result of by portfolio exposure to countries and corporations domiciled in or with revenue exposures to countries in

TSF-121 the midst of, among other things, hyperinflation, mortgage-related and asset-backed securities may currency devaluation, trade disagreements, sudden decline in value, face valuation difficulties, become political upheaval, or interventionist government more volatile and/or become illiquid. In addition, both policies. Portfolio performance may also be negatively mortgage-backed and asset-backed securities are affected by portfolio exposure to countries and sensitive to changes in the repayment patterns of the corporations domiciled in or with revenue exposures to underlying security. If the principal payment on the countries with less developed legal, tax, regulatory, and underlying asset is repaid faster or slower than the accounting systems. Significant buying or selling actions holder of the asset-backed or mortgage-backed security by a few major investors may also heighten the anticipates, the price of the security may fall, volatility of emerging markets. These factors make particularly if the holder must reinvest the repaid investing in emerging market countries significantly principal at lower rates or must continue to hold the riskier than in other countries, and events in any one security when interest rates rise. This effect may cause country could cause the Portfolio’s share price to the value of the Portfolio to decline and reduce the decline. overall return of the Portfolio. Foreign Securities Risk. Foreign securities generally Convertible Securities Risk. Convertible securities are carry more risk and are more volatile than their subject to the usual risks associated with debt securities, domestic counterparts, in part because of potential for such as interest rate risk and credit risk. Convertible higher political and economic risks, lack of reliable securities also react to changes in the value of the information and fluctuations in currency exchange rates common stock into which they convert, and are thus where investments are denominated in currencies other subject to market risk. The Portfolio may also be forced than the U.S. dollar. Certain events in foreign markets to convert a convertible security at an inopportune may adversely affect foreign and domestic issuers, time, which may decrease the Portfolio’s return. including interruptions in the global supply chain, Government Securities Risk. The Portfolio invests in natural disasters and outbreak of infectious diseases. The securities issued or guaranteed by the U.S. government Portfolio’s investment in any country could be subject or its agencies and instrumentalities (such as Federal to governmental actions such as capital or currency Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie controls, nationalizing a company or industry, Mac securities). Securities issued or guaranteed by expropriating assets, or imposing punitive taxes that Federal Home Loan Banks, Ginnie Mae, Fannie Mae or would have an adverse effect on security prices, and Freddie Mac are not issued directly by the U.S. impair the Portfolio’s ability to repatriate capital or government. Ginnie Mae is a wholly owned U.S. income. Foreign securities may also be more difficult to corporation that is authorized to guarantee, with the resell than comparable U.S. securities because the full faith and credit of the U.S. government, the timely markets for foreign securities are often less liquid. Even payment of principal and interest of its securities. By when a foreign security increases in price in its local contrast, securities issued or guaranteed by U.S. currency, the appreciation may be diluted by adverse government-related organizations such as Federal Home changes in exchange rates when the security’s value is Loan Banks, Fannie Mae and Freddie Mac are not converted to U.S. dollars. Foreign withholding taxes also backed by the full faith and credit of the U.S. may apply and errors and delays may occur in the government. No assurance can be given that the U.S. settlement process for foreign securities. government would provide financial support to its Market Risk. Over time, securities markets generally agencies and instrumentalities if not required to do so tend to move in cycles with periods when security by law. In addition, the value of U.S. government prices rise and periods when security prices decline. The securities may be affected by changes in the credit rating value of the Portfolio’s investments may move with of the U.S. government. these cycles and, in some instances, increase or decrease Issuer Risk. Issuer risk is the possibility that factors more than the applicable market(s) as measured by the specific to an issuer to which the Portfolio is exposed Portfolio’s benchmark index(es). The securities markets will affect the market prices of the issuer’s securities and may also decline because of factors that affect a therefore the value of the Portfolio. particular industry or due to impacts from the spread of infectious illness, public health threats or similar issues. Investment Adviser Risk. The Portfolio is actively managed and the success of its investment strategy Mortgage-Backed and Other Asset-Backed depends significantly on the skills of the Adviser in Securities Risk. The value of mortgage-backed and assessing the potential of the investments in which the asset-backed securities will be influenced by the factors Portfolio invests. This assessment of investments may affecting the housing market and the assets underlying prove incorrect, resulting in losses or poor performance, such securities. As a result, during periods of declining even in rising markets. There is also no guarantee that asset value, difficult or frozen credit markets, swings in the Adviser will be able to effectively implement the interest rates, or deteriorating economic conditions, Portfolio’s investment objective.

TSF-122 Conflicts of Interest Risk. An investment in the owning the underlying investments that the other Portfolio will be subject to a number of actual or investment company holds. potential conflicts of interest.For example, the Adviser Liquidity Risk. Liquidity is the ability to sell a security or its affiliates may provide services to the Portfolio for relatively quickly for a price that most closely reflects which the Portfolio would compensate the Adviser the actual value of the security. Dealer inventories of and/or such affiliates. The Portfolio may invest in other bonds are at or near historic lows in relation to market pooled investment vehicles sponsored, managed, or size, which has the potential to decrease liquidity and otherwise affiliated with the Adviser, including other increase price volatility in the fixed income markets, Portfolios. The Adviser may have an incentive (financial particularly during periods of economic or market stress. or otherwise) to enter into transactions or arrangements As a result of this decreased liquidity, the Portfolio may on behalf of the Portfolio with itself or its affiliates in have to accept a lower price to sell a security, sell other circumstances where it might not have done so securities to raise cash, or give up an investment otherwise. opportunity, any of which could have a negative effect The Adviser or its affiliates manage other investment on performance. funds and/or accounts (including proprietary accounts) Derivatives Risk. The use of derivatives (such as and have other clients with investment objectives and futures) involves additional risks and transaction costs strategies that are similar to, or overlap with, the which could leave the Portfolio in a worse position than investment objective and strategy of the Portfolio, if it had not used these instruments. The Portfolio creating conflicts of interest in investment and utilizes futures on U.S. Treasuries in order to manage allocation decisions regarding the allocation of duration. The use of derivatives can lead to losses investments that could be appropriate for the Portfolio because of adverse movements in the price or value of and other clients of the Adviser or their affiliates. the underlying asset, index or rate, which may be Sovereign Debt Risk. Sovereign debt securities are magnified by certain features of the contract. Changes issued or guaranteed by foreign governmental entities. in the value of the derivative may not correlate as These investments are subject to the risk that a intended with the underlying asset, rate or index, and governmental entity may delay or refuse to pay interest the Portfolio could lose much more than the original or repay principal on its sovereign debt, due, for amount invested. Derivatives can be highly volatile, example, to cash flow problems, insufficient foreign illiquid and difficult to value. Certain derivatives may currency reserves, political considerations, the relative also be subject to counterparty risk, which is the risk size of the governmental entity’s debt position in that the other party in the transaction will not fulfill its relation to the economy or the failure to put in place contractual obligations due to its financial condition, economic reforms required by the International market events, or other reasons. Monetary Fund or other multilateral agencies. If a Other Funds Risk. Because the Portfolio invests in governmental entity defaults, it may ask for more time other funds managed by the Adviser or an affiliate in which to pay or for further loans. There is no legal (“Other Funds”), the performance of the Portfolio is process for collecting sovereign debts that a government dependent, in part, upon the performance of Other does not pay nor are there bankruptcy proceedings Funds in which the Portfolio may invest. As a result, the through which all or part of the sovereign debt that a Portfolio is subject to the same risks as those faced by governmental entity has not repaid may be collected. the Other Funds. In addition, Other Funds may be Business Development Company (“BDC”) Risk. subject to additional fees and expenses that will be The value of a BDC’s investments will be affected by borne by the Portfolio. portfolio company specific performance as well as the Portfolio Turnover Rate Risk. The Portfolio may overall economic environment. Shares of BDCs may engage in active and frequent trading of portfolio trade at prices that reflect a premium above or a securities in implementing its principal investment discount below the investment company’s net asset strategies. A high rate of portfolio turnover (100% or value, which may be substantial. The Portfolio may be more) involves correspondingly greater expenses which exposed to greater risk and experience higher volatility are borne by the Portfolio and its shareholders and may than would a portfolio that was not invested in BDCs. also result in short-term capital gains taxable to Additionally, most BDCs employ leverage which can shareholders. magnify the returns of underlying investments. Health Crisis Risk. The global pandemic outbreak of Investment in Other Investment Companies Risk. the novel coronavirus known as COVID-19 has resulted Investing in other investment companies, including in substantial market volatility and global business CEFs and BDCs, could result in the duplication of disruption. The duration and full effects of the outbreak certain fees, including management and administrative are uncertain and may result in trading suspensions and fees, and may expose the Portfolio to the risks of market closures, limit liquidity and the ability of the

TSF-123 Portfolio to process shareholder redemptions, and AVERAGE ANNUAL TOTAL RETURNS negatively impact Portfolio performance. The COVID-19 (PERIODS ENDING DECEMBER 31, 2019) outbreak and future pandemics could affect the global Since economy in ways that cannot be foreseen and may Inception exacerbate other types of risks, negatively impacting the 1 Year (4/28/17) value of the Portfolio. Thrivent Multidimensional Income Portfolio 15.09% 4.58% Performance Bloomberg Barclays U.S. Corporate High Yield Bond Index The following bar chart and table provide an indication (reflects no deduction for fees, expenses or taxes) 14.32% 5.65% of the risks of investing in the Portfolio by showing Bloomberg Barclays changes in the Portfolio’s performance from year to year U.S. Mortgage-Backed Securities Index and by showing how the Portfolio’s average annual (reflects no deduction for fees, returns for the one-year period and since inception expenses or taxes) 6.35% 3.21% compared to broad-based securities market indices. The Bloomberg Barclays Emerging Markets Љ Љ USD Sovereign Index index descriptions appear in the Index Descriptions (reflects no deduction for fees, section of the prospectus. Call 800-847-4836 or visit expenses or taxes) 13.35% 4.50% Thrivent.com for performance results current to the S&P U.S. Preferred Stock Index (reflects no deduction for fees, most recent month-end. expenses or taxes) 17.64% 5.49% The bar chart includes the effects of Portfolio expenses, S&P/LSTA Leveraged Loan Index (reflects no deduction for fees, but not charges or deductions against your variable expenses or taxes) 8.64% 4.28% contract, and assumes that you sold your investment at the end of the period. Because shares of the Portfolio are offered through variable life insurance and variable Management annuity contracts, you should carefully review the variable contract prospectus for information on Investment Adviser(s) applicable charges and expenses. If the charges and The Portfolio is managed by Thrivent Financial for deductions against your variable contract were included, Lutherans (“Thrivent Financial” or the “Adviser”). returns would be lower than those shown. Portfolio Manager(s) How a Portfolio has performed in the past is not necessarily an indication of how it will perform in the Mark L. Simenstad, CFA, Gregory R. Anderson, future. Performance information provides some CFA, Paul J. Ocenasek, CFA, Stephen D. Lowe, indication of the risks of investing in the Portfolio by CFA and Kent L. White, CFA are jointly and showing changes in the Portfolio’s performance over primarily responsible for the day-to-day management of time. the Portfolio. Mr. Simenstad, Mr. Anderson, and Mr. Ocenasek have served as portfolio managers of the YEAR-BY-YEAR TOTAL RETURN Portfolio since April 2017. Mr. Lowe has served as a portfolio manager of the Portfolio since April 2018. Mr. 20 White has served as a portfolio manager of the Fund since July 2019. Mr. Simenstad is Chief Investment 15.09% 15 Strategist and has been with Thrivent Financial since 1999. Mr. Anderson is Vice President, Fixed Income 10 General Accounts. He has been with Thrivent Financial since 1997 and has served as a portfolio manager since 5 2000. Mr. Ocenasek has been with Thrivent Financial

(5.38)% since 1987 and has served in a portfolio management 0 capacity since 1997. Mr. Lowe is Vice President of Fixed Annual Return (%) Income Mutual Funds and Separate Accounts and has -5 been with Thrivent Financial since 1997. Mr. White is the director of Investment Grade Research, and he has -10 ‘18 ‘19 been with Thrivent Financial since 1999.

Best Quarter: Q1 ’19 +7.03% Worst Quarter: Q4 ’18 (5.75)%

TSF-124 Purchase and Sale of Shares Payments to Broker-Dealers and Other Shares of each series of Thrivent Series Fund, Inc. (the Financial Intermediaries “Fund”) may be sold, without any minimum initial or If you purchase the Portfolio through a broker-dealer or subsequent investment requirements, only to: other financial intermediary (such as an insurance • Separate accounts of Thrivent Financial; company), the Portfolio and its related companies may • Separate accounts of other insurance companies not pay the intermediary for the sale of Portfolio shares and affiliated with Thrivent Financial; and related services. These payments may create a conflict of • Other Portfolios of the Fund. interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Tax Information or visit your financial intermediary’s website for more For information about certain tax-related aspects of information. investing in the Portfolio through a variable contract, please see the variable product prospectus.

32065Q R4-20

TSF-125 APRIL 30, 2020

THRIVENT OPPORTUNITY INCOME PLUS PORTFOLIO SUMMARY PROSPECTUS

TSF-126 Thrivent Opportunity Income Plus Portfolio

Investment Objective Portfolio Turnover Thrivent Opportunity Income Plus Portfolio (the The Portfolio pays transaction costs, such as ЉPortfolioЉ) seeks a combination of current income and commissions, when it buys and sells securities (or “turns long-term capital appreciation. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 195% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio primarily invests in a broad range of debt securities. SHAREHOLDER FEES The debt securities in which the Portfolio invests may (fees paid directly from your investment) be of any maturity or credit quality, including high Maximum Sales Charge (load) Imposed On yield, high risk bonds, notes, debentures and other debt Purchases (as a % of offering price) N/A obligations commonly known as “junk bonds.” At the Maximum Deferred Sales Charge (load) (as a time of purchase, these high-yield securities are rated percentage of the lower of the original purchase within or below the “BB” major rating category by S&P price or current net asset value) N/A or the “Ba” major rating category by Moody’s or are unrated but considered to be of comparable quality by ANNUAL PORTFOLIO OPERATING EXPENSES the Adviser. The Portfolio may also invest in leveraged (expenses that you pay each year as a percentage of loans, which are senior secured loans that are made by the value of your investment) banks or other lending institutions to companies that Management Fees 0.50% are rated below investment grade. The Portfolio may Other Expenses 0.13% also invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities Acquired Fund Fees and Expenses 0.02% (including commercially backed ones), sovereign and Total Annual Portfolio Operating Expenses 0.65% emerging market debt (both U.S. dollar and non-U.S. dollar denominated), preferred stock, and other types of EXAMPLE This example is intended to help you securities. compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Portfolio is The Portfolio utilizes derivatives primarily in the form an investment option for variable contracts, and the of U.S. Treasury futures contracts in order to manage the example does not include charges imposed by variable Portfolio’s duration, or interest rate risk. The Portfolio contracts. If variable contract charges were imposed, may enter into derivatives contracts traded on your expenses would be higher than those shown. The exchanges or in the over the counter market. example assumes that you invest $10,000 in the The Portfolio may invest in foreign securities, including Portfolio for the time periods indicated and then those of issuers in emerging markets. An “emerging redeem all of your shares at the end of those periods. market” country is any country determined by the The example also assumes that your investment has a Adviser to have an emerging market economy, 5% return each year, and that the Portfolio’s operating considering factors such as the country’s credit rating, expenses remain the same. Although your actual cost its political and economic stability and the development may be higher or lower, based on the foregoing of its financial and capital markets. assumptions, your cost would be: The Portfolio may invest in exchange-traded funds 1 Year 3 Years 5 Years 10 Years (“ETFs”), which are investment companies generally designed to track the performance of a securities or Thrivent Opportunity other index or benchmark. Income Plus Portfolio $66 $208 $362 $810 The Portfolio may also pursue its investment strategy by investing in other mutual funds managed by the Adviser or an affiliate. 1

TSF-127 The Adviser uses fundamental, quantitative and the value of the Portfolio to decline and reduce the technical investment research techniques to determine overall return of the Portfolio. what to buy and sell. Fundamental techniques assess a Leveraged Loan Risk. Leveraged loans (also known as security’s value based on an issuer’s financial profile, bank loans) are subject to the risks typically associated management, and business prospects while quantitative with debt securities. In addition, leveraged loans, which and technical techniques involve a more data-oriented typically hold a senior position in the capital structure analysis of financial information, market trends and of a borrower, are subject to the risk that a court could price movements. subordinate such loans to presently existing or future Principal Risks indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also The Portfolio is subject to the following principal subject to the risk that the value of the collateral, if any, investment risks, which you should review carefully and securing a loan may decline, be insufficient to meet the in entirety. The Portfolio may not achieve its obligations of the borrower, or be difficult to liquidate. investment objective and you could lose money by Some leveraged loans are not as easily purchased or sold investing in the Portfolio. as publicly-traded securities and others are illiquid, Interest Rate Risk. Interest rate risk is the risk that which may make it more difficult for the Portfolio to prices of debt securities decline in value when interest value them or dispose of them at an acceptable price. rates rise for debt securities that pay a fixed rate of Below investment-grade leveraged loans are typically interest. Debt securities with longer durations (a more credit sensitive. In the event of fraud or measure of price sensitivity of a bond or bond fund to misrepresentation, the Portfolio may not be protected changes in interest rates) or maturities (i.e., the amount under federal securities laws with respect to leveraged of time until a bond’s issuer must pay its principal or loans that may not be in the form of “securities.” The face value) tend to be more sensitive to changes in settlement period for some leveraged loans may be more interest rates than debt securities with shorter durations than seven days. or maturities. Changes by the Federal Reserve to Prepayment Risk. When interest rates fall, certain monetary policies could affect interest rates and the obligations will be paid off by the obligor more quickly value of some securities. In addition, the phase out of than originally anticipated, and a Portfolio may have to LIBOR (the offered rate for short-term Eurodollar invest the proceeds in securities with lower yields. In deposits between major international banks) by the end periods of falling interest rates, the rate of prepayments of 2021 could lead to increased volatility and illiquidity tends to increase (as does price fluctuation) as borrowers in certain markets that currently rely on LIBOR to are motivated to pay off debt and refinance at new determine interest rates. lower rates. During such periods, reinvestment of the Credit Risk. Credit risk is the risk that an issuer of a prepayment proceeds by the management team will debt security to which the Portfolio is exposed may no generally be at lower rates of return than the return on longer be able or willing to pay its debt. As a result of the assets that were prepaid. Prepayment generally such an event, the debt security may decline in price reduces the yield to maturity and the average life of the and affect the value of the Portfolio. security. Mortgage-Backed and Other Asset-Backed High Yield Risk. High yield securities – commonly Securities Risk. The value of mortgage-backed and known as “junk bonds” – to which the Portfolio is asset-backed securities will be influenced by the factors exposed are considered predominantly speculative with affecting the housing market and the assets underlying respect to the issuer’s continuing ability to make such securities. As a result, during periods of declining principal and interest payments. If the issuer of the asset value, difficult or frozen credit markets, swings in security is in default with respect to interest or principal interest rates, or deteriorating economic conditions, payments, the value of the Portfolio may be negatively mortgage-related and asset-backed securities may affected. High yield securities generally have a less decline in value, face valuation difficulties, become liquid resale market. more volatile and/or become illiquid. In addition, both Allocation Risk. The Portfolio’s investment mortgage-backed and asset-backed securities are performance depends upon how its assets are allocated sensitive to changes in the repayment patterns of the across broad asset categories and applicable sub-classes underlying security. If the principal payment on the within such categories. Some broad asset categories and underlying asset is repaid faster or slower than the sub-classes may perform below expectations or the holder of the asset-backed or mortgage-backed security securities markets generally over short and extended anticipates, the price of the security may fall, periods. Therefore, a principal risk of investing in the particularly if the holder must reinvest the repaid Portfolio is that the allocation strategies used and the principal at lower rates or must continue to hold the allocation decisions made will not produce the desired security when interest rates rise. This effect may cause results.

TSF-128 Foreign Securities Risk. Foreign securities generally Monetary Fund or other multilateral agencies. If a carry more risk and are more volatile than their governmental entity defaults, it may ask for more time domestic counterparts, in part because of potential for in which to pay or for further loans. There is no legal higher political and economic risks, lack of reliable process for collecting sovereign debts that a government information and fluctuations in currency exchange rates does not pay nor are there bankruptcy proceedings where investments are denominated in currencies other through which all or part of the sovereign debt that a than the U.S. dollar. Certain events in foreign markets governmental entity has not repaid may be collected. may adversely affect foreign and domestic issuers, Market Risk. Over time, securities markets generally including interruptions in the global supply chain, tend to move in cycles with periods when security natural disasters and outbreak of infectious diseases. The prices rise and periods when security prices decline. The Portfolio’s investment in any country could be subject value of the Portfolio’s investments may move with to governmental actions such as capital or currency these cycles and, in some instances, increase or decrease controls, nationalizing a company or industry, more than the applicable market(s) as measured by the expropriating assets, or imposing punitive taxes that Portfolio’s benchmark index(es). The securities markets would have an adverse effect on security prices, and may also decline because of factors that affect a impair the Portfolio’s ability to repatriate capital or particular industry or due to impacts from the spread of income. Foreign securities may also be more difficult to infectious illness, public health threats or similar issues. resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even Other Funds Risk. Because the Portfolio invests in when a foreign security increases in price in its local other funds managed by the Adviser or an affiliate currency, the appreciation may be diluted by adverse (“Other Funds”), the performance of the Portfolio is changes in exchange rates when the security’s value is dependent, in part, upon the performance of Other converted to U.S. dollars. Foreign withholding taxes also Funds in which the Portfolio may invest. As a result, the may apply and errors and delays may occur in the Portfolio is subject to the same risks as those faced by settlement process for foreign securities. the Other Funds. In addition, Other Funds may be subject to additional fees and expenses that will be Emerging Markets Risk. The economic and political borne by the Portfolio. structures of developing countries in emerging markets, in most cases, do not compare favorably with the U.S. Investment Adviser Risk. The Portfolio is actively or other developed countries in terms of wealth and managed and the success of its investment strategy stability, and their financial markets often lack liquidity. depends significantly on the skills of the Adviser in Portfolio performance will likely be negatively affected assessing the potential of the investments in which the by portfolio exposure to countries and corporations Portfolio invests. This assessment of investments may domiciled in or with revenue exposures to countries in prove incorrect, resulting in losses or poor performance, the midst of, among other things, hyperinflation, even in rising markets. There is also no guarantee that currency devaluation, trade disagreements, sudden the Adviser will be able to effectively implement the political upheaval, or interventionist government Portfolio’s investment objective. policies. Portfolio performance may also be negatively Conflicts of Interest Risk. An investment in the affected by portfolio exposure to countries and Portfolio will be subject to a number of actual or corporations domiciled in or with revenue exposures to potential conflicts of interest.For example, the Adviser countries with less developed legal, tax, regulatory, and or its affiliates may provide services to the Portfolio for accounting systems. Significant buying or selling actions which the Portfolio would compensate the Adviser by a few major investors may also heighten the and/or such affiliates. The Portfolio may invest in other volatility of emerging markets. These factors make pooled investment vehicles sponsored, managed, or investing in emerging market countries significantly otherwise affiliated with the Adviser, including other riskier than in other countries, and events in any one Portfolios. The Adviser may have an incentive (financial country could cause the Portfolio’s share price to or otherwise) to enter into transactions or arrangements decline. on behalf of the Portfolio with itself or its affiliates in Sovereign Debt Risk. Sovereign debt securities are circumstances where it might not have done so issued or guaranteed by foreign governmental entities. otherwise. These investments are subject to the risk that a The Adviser or its affiliates manage other investment governmental entity may delay or refuse to pay interest funds and/or accounts (including proprietary accounts) or repay principal on its sovereign debt, due, for and have other clients with investment objectives and example, to cash flow problems, insufficient foreign strategies that are similar to, or overlap with, the currency reserves, political considerations, the relative investment objective and strategy of the Portfolio, size of the governmental entity’s debt position in creating conflicts of interest in investment and relation to the economy or the failure to put in place allocation decisions regarding the allocation of economic reforms required by the International

TSF-129 investments that could be appropriate for the Portfolio are borne by the Portfolio and its shareholders and may and other clients of the Adviser or their affiliates. also result in short-term capital gains taxable to shareholders. Issuer Risk. Issuer risk is the possibility that factors specific to an issuer to which the Portfolio is exposed Health Crisis Risk. The global pandemic outbreak of will affect the market prices of the issuer’s securities and the novel coronavirus known as COVID-19 has resulted therefore the value of the Portfolio. in substantial market volatility and global business disruption. The duration and full effects of the outbreak Liquidity Risk. Liquidity is the ability to sell a security are uncertain and may result in trading suspensions and relatively quickly for a price that most closely reflects market closures, limit liquidity and the ability of the the actual value of the security. Dealer inventories of Portfolio to process shareholder redemptions, and bonds are at or near historic lows in relation to market negatively impact Portfolio performance. The COVID-19 size, which has the potential to decrease liquidity and outbreak and future pandemics could affect the global increase price volatility in the fixed income markets, economy in ways that cannot be foreseen and may particularly during periods of economic or market stress. exacerbate other types of risks, negatively impacting the As a result of this decreased liquidity, the Portfolio may value of the Portfolio. have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment Performance opportunity, any of which could have a negative effect on performance. The following bar chart and table provide an indication of the risks of investing in the Portfolio by showing Derivatives Risk. The use of derivatives (such as changes in the Portfolio’s performance from year to year futures) involves additional risks and transaction costs and by showing how the Portfolio’s average annual which could leave the Portfolio in a worse position than returns for one-, five- and ten-year periods compared to if it had not used these instruments. The Portfolio broad-based securities market indices. The index utilizes futures on U.S. Treasuries in order to manage descriptions appear in the ЉIndex DescriptionsЉ section duration. The use of derivatives can lead to losses of the prospectus. Call 800-847-4836 or visit because of adverse movements in the price or value of Thrivent.com for performance results current to the the underlying asset, index or rate, which may be most recent month-end. magnified by certain features of the contract. Changes in the value of the derivative may not correlate as The bar chart includes the effects of Portfolio expenses, intended with the underlying asset, rate or index, and but not charges or deductions against your variable the Portfolio could lose much more than the original contract, and assume that you sold your investment at amount invested. Derivatives can be highly volatile, the end of the period. Because shares of the Portfolio are illiquid and difficult to value. Certain derivatives may offered through variable life insurance and variable also be subject to counterparty risk, which is the risk annuity contracts, you should carefully review the that the other party in the transaction will not fulfill its variable contract prospectus for information on contractual obligations due to its financial condition, applicable charges and expenses. If the charges and market events, or other reasons. deductions against your variable contract were included, returns would be lower than those shown. ETF Risk. An ETF is subject to the risks of the underlying investments that it holds. In addition, for Effective August 16, 2013, based on approval of the index-based ETFs, the performance of an ETF may Portfolio’s Board of Directors, the Portfolio’s investment diverge from the performance of such index (commonly objective and principal strategies were changed, which known as tracking error). ETFs are subject to fees and had the effect of converting the Portfolio from one expenses (like management fees and operating which invested at least 80% of its assets in expenses) that do not apply to an index, and the mortgage-related securities to one which invests in a Portfolio will indirectly bear its proportionate share of broad range of fixed-income securities. At the same any such fees and expenses paid by the ETFs in which it time, the Portfolio’s name changed from Thrivent invests. Because ETFs trade on an exchange, there is a Mortgage Securities Portfolio to Thrivent Opportunity risk that an ETF will trade at a discount to net asset Income Plus Portfolio. As a result, performance value or that investors will fail to bring the trading price information presented below with respect to periods in line with the underlying shares (known as the prior to August 16, 2013, reflects the performance of an arbitrage mechanism). investment portfolio that was materially different from the investment portfolio of Thrivent Opportunity Portfolio Turnover Rate Risk. The Portfolio may Income Plus Portfolio. engage in active and frequent trading of portfolio securities in implementing its principal investment How a Portfolio has performed in the past is not strategies. A high rate of portfolio turnover (100% or necessarily an indication of how it will perform in the more) involves correspondingly greater expenses which future. Performance information provides some

TSF-130 indication of the risks of investing in the Portfolio by President, Fixed Income General Accounts. He has been showing changes in the Portfolio’s performance over with Thrivent Financial since 1997 and has served as a time. portfolio manager since 2000. Mr. Smith has been with Thrivent Financial since 2004 and also manages the YEAR-BY-YEAR TOTAL RETURN leveraged loan portfolio and the high yield bond portfolio of Thrivent Financial’s general account. Mr. 14 Ocenasek has been with Thrivent Financial since 1987 12.09% 12 and has served in a portfolio management capacity since 1997. Mr. White is the Director of Investment 10 8.53% Grade Research at Thrivent Financial and has been with 8 the firm since 1999. Mr. Lowe is Vice President of Fixed 6.38% 5.99% Income Mutual Funds and Separate Accounts and has 6 4.52% 4.63% been with Thrivent Financial since 1997. 4 3.48% Purchase and Sale of Shares Annual Return (%) 2 (1.39)% (0.03)% (1.03)% 0 Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or -2 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; Best Quarter: Q1 ’10 +4.75% • Separate accounts of other insurance companies not Worst Quarter: Q2 ’13 (2.41)% affiliated with Thrivent Financial; and • Other Portfolios of the Fund. AVERAGE ANNUAL TOTAL RETURNS (PERIODS ENDING DECEMBER 31, 2019) Tax Information 1 Year 5 Years 10 Years For information about certain tax-related aspects of Thrivent Opportunity Income Plus Portfolio 8.53% 3.63% 4.24% investing in the Portfolio through a variable contract, Bloomberg Barclays please see the variable product prospectus. U.S. Mortgage-Backed Securities Index (reflects no deduction for fees, Payments to Broker-Dealers and Other expenses or taxes) 6.35% 2.58% 3.15% Financial Intermediaries Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped If you purchase the Portfolio through a broker-dealer or Index other financial intermediary (such as an insurance (reflects no deduction for fees, expenses or taxes) 15.18% 6.05% 7.43% company), the Portfolio and its related companies may S&P/LSTA Leveraged Loan pay the intermediary for the sale of Portfolio shares and Index related services. These payments may create a conflict of (reflects no deduction for fees, expenses or taxes) 8.64% 4.45% 5.01% interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Management or visit your financial intermediary’s website for more information. Investment Adviser(s) The Portfolio is managed by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”). Portfolio Manager(s) Gregory R. Anderson, CFA, Conrad E. Smith, CFA, Paul J. Ocenasek, CFA, Kent L. White, CFA and Stephen D. Lowe, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Anderson has served as a portfolio manager of the Portfolio since April 2003. Mr. Smith has served as a portfolio manager of the Portfolio since the August 2013. Mr. Ocenasek and Mr. White have served as portfolio managers of the Portfolio since April 2015. Stephen D. Lowe, CFA has served as a portfolio manager of the Portfolio since April 2018. Mr. Anderson is Vice 5

32065H R4-20

TSF-131 APRIL 30, 2020

THRIVENT PARTNER EMERGING MARKETS EQUITY PORTFOLIO SUMMARY PROSPECTUS

TSF-132 Thrivent Partner Emerging Markets Equity Portfolio

Investment Objective investment has a 5% return each year, and that the Portfolio’s operating expenses remain the same. Thrivent Partner Emerging Markets Equity Portfolio (the Љ Љ Although your actual cost may be higher or lower, based Portfolio ) seeks long-term capital growth. on the foregoing assumptions, your cost would be: Fees and Expenses 1 Year 3 Years 5 Years 10 Years This table describes the fees and expenses that you may Thrivent Partner pay if you buy and hold shares of the Portfolio. If you Emerging Markets own a variable annuity contract or variable life Equity Portfolio $122 $402 $703 $1,559 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 21% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

1 The Adviser has contractually agreed, through at least April 30, • is organized under the laws of, or has its principal 2021, to waive a portion of the management fees associated with office in, an emerging market country; the shares of the Thrivent Partner Emerging Markets Equity Portfolio in order to limit the Total Annual Portfolio Operating • has its principal securities trading market in an Expenses After Fee Waivers and/or Expense Reimbursements to an emerging market country; and/or annual rate of 1.20% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the • derives a majority of its annual revenue or earnings indicated termination date upon the mutual agreement between or assets from goods produced, sales made or services the Independent Directors of the Portfolio and the Adviser. performed in an emerging market country. EXAMPLE This example is intended to help you An “emerging market” country is any country compare the cost of investing in the Portfolio with the determined by the Adviser or subadviser to have an cost of investing in other mutual funds. The Portfolio is emerging market economy, considering factors such as an investment option for variable contracts, and the the country’s credit rating, its political and economic example does not include charges imposed by variable stability and the development of its financial and contracts. If variable contract charges were imposed, capital markets. These emerging market countries your expenses would be higher than those shown. The include every nation in the world except the U.S., example assumes that you invest $10,000 in the Canada, Israel, Japan, Australia, New Zealand, Hong Portfolio for the time periods indicated and then Kong, Singapore and all nations typically considered redeem all of your shares at the end of those periods. In part of Western Europe. At times, the Portfolio may addition, the example for the 1 Year period reflects the have a significant amount of its assets invested in a effect of the contractual fee waiver and/or expense country or geographic region. reimbursement. The example also assumes that your

TSF-133 The Portfolio may also invest in equity securities of currency devaluation, trade disagreements, sudden issuers that are not tied economically to emerging political upheaval, or interventionist government market countries. The Portfolio may invest in securities policies. Portfolio performance may also be negatively denominated in U.S. dollars and currencies of emerging affected by portfolio exposure to countries and market countries in which it may invest. The Portfolio corporations domiciled in or with revenue exposures to typically has full currency exposure to those markets in countries with less developed legal, tax, regulatory, and which it invests. accounting systems. Significant buying or selling actions by a few major investors may also heighten the The Portfolio may invest in securities of any market volatility of emerging markets. These factors make capitalization, including small and mid-cap securities. investing in emerging market countries significantly The Portfolio may invest in securities of any market riskier than in other countries, and events in any one sector and may hold a significant amount of securities country could cause the Portfolio’s share price to of companies, from time to time, within a single sector decline. such as financials. Foreign Securities Risk. Foreign securities generally The Portfolio’s subadviser, Aberdeen Asset Managers carry more risk and are more volatile than their Limited (“Aberdeen”), uses a disciplined investment domestic counterparts, in part because of potential for process based on its proprietary research to determine higher political and economic risks, lack of reliable security selection. Aberdeen seeks to identify “quality” information and fluctuations in currency exchange rates companies, based on factors such as strength of where investments are denominated in currencies other management and business, that trade at reasonable than the U.S. dollar. Certain events in foreign markets valuations, based on factors such as earnings growth may adversely affect foreign and domestic issuers, and other key financial measurements. Aberdeen also including interruptions in the global supply chain, evaluates matters of long term value by examining a natural disasters and outbreak of infectious diseases. The spectrum of considerations such as governance and risk Portfolio’s investment in any country could be subject management, including those risks often referred to as to governmental actions such as capital or currency environmental, social and governance factors (ЉESGЉ). controls, nationalizing a company or industry, ESG analysis is fully integrated into investment expropriating assets, or imposing punitive taxes that decisions for all equity holdings. As such, Aberdeen would have an adverse effect on security prices, and evaluates ESG factors as part of the investment analysis impair the Portfolio’s ability to repatriate capital or process and this forms an integral component of income. Foreign securities may also be more difficult to Aberdeen’s quality rating for all companies. Aberdeen resell than comparable U.S. securities because the makes investments for the long-term, although it may markets for foreign securities are often less liquid. Even sell a security when it perceives a company’s business when a foreign security increases in price in its local direction or growth prospects to have changed or the currency, the appreciation may be diluted by adverse company’s valuations are no longer attractive. changes in exchange rates when the security’s value is converted to U.S. dollars. Foreign withholding taxes also Should the Adviser determine that the Portfolio would may apply and errors and delays may occur in the benefit from reducing the percentage of its net assets settlement process for foreign securities. invested in emerging market equities from 80% to a lesser amount, it will notify you at least 60 days prior to Equity Security Risk. Equity securities held by the the change. Portfolio may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods Principal Risks of time, and such declines may occur because of The Portfolio is subject to the following principal declines in the equity market as a whole, or because of investment risks, which you should review carefully and declines in only a particular country, company, in entirety. The Portfolio may not achieve its industry, or sector of the market. From time to time, the investment objective and you could lose money by Portfolio may invest a significant portion of its assets in investing in the Portfolio. companies in one or more related sectors or industries which would make the Portfolio more vulnerable to Emerging Markets Risk. The economic and political adverse developments affecting such sectors or structures of developing countries in emerging markets, industries. Equity securities are generally more volatile in most cases, do not compare favorably with the U.S. than most debt securities. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Market Risk. Over time, securities markets generally Portfolio performance will likely be negatively affected tend to move in cycles with periods when security by portfolio exposure to countries and corporations prices rise and periods when security prices decline. The domiciled in or with revenue exposures to countries in value of the Portfolio’s investments may move with the midst of, among other things, hyperinflation, these cycles and, in some instances, increase or decrease

TSF-134 more than the applicable market(s) as measured by the Mid Cap Risk. Medium-sized companies often have Portfolio’s benchmark index(es). The securities markets greater price volatility, lower trading volume, and less may also decline because of factors that affect a liquidity than larger, more-established companies. These particular industry or due to impacts from the spread of companies tend to have smaller revenues, narrower infectious illness, public health threats or similar issues. product lines, less management depth and experience, smaller shares of their product or service markets, fewer Financial Sector Risk. To the extent that the financial resources, and less competitive strength than financials sector continues to represent a significant larger companies. portion of the Portfolio, the Portfolio will be sensitive to changes in, and its performance may depend to a Small Cap Risk. Smaller, less seasoned companies greater extent on, factors impacting this sector. often have greater price volatility, lower trading volume, Performance of companies in the financials sector may and less liquidity than larger, more established be adversely impacted by many factors, including, companies. These companies tend to have small among others, government regulations, economic revenues, narrower product lines, less management conditions, credit rating downgrades, changes in depth and experience, small shares of their product or interest rates, and decreased liquidity in credit markets. service markets, fewer financial resources, and less The impact of more stringent capital requirements, competitive strength than larger companies. Such recent or future regulation of any individual financial companies seldom pay significant dividends that could company or recent or future regulation of the financials soften the impact of a falling market on returns. sector as a whole cannot be predicted. In recent years, Preferred Securities Risk. There are certain cyber attacks and technology malfunctions and failures additional risks associated with investing in preferred have become increasingly frequent in this sector and securities, including, but not limited to, preferred have caused significant losses. securities may include provisions that permit the issuer, Foreign Currency Risk. The value of a foreign at its discretion, to defer or omit distributions for a currency may decline against the U.S. dollar, which stated period without any adverse consequences to the would reduce the dollar value of securities denominated issuer; preferred securities are generally subordinated to in that currency. The overall impact of such a decline of bonds and other debt instruments in a company’s foreign currency can be significant, unpredictable, and capital structure in terms of having priority to corporate long lasting, depending on the currencies represented, income and liquidation payments, and therefore will be how each one appreciates or depreciates in relation to subject to greater credit risk than more senior debt the U.S. dollar, and whether currency positions are instruments; preferred securities may be substantially hedged. Under normal conditions, the Portfolio does less liquid than many other securities, such as common not engage in extensive foreign currency hedging stocks or U.S. Government securities; generally, programs. Further, exchange rate movements are traditional preferred securities offer no voting rights volatile, and it is not possible to effectively hedge the with respect to the issuing company unless preferred currency risks of many developing countries. dividends have been in arrears for a specified number of periods, at which time the preferred security holders Issuer Risk. Issuer risk is the possibility that factors may elect a number of directors to the issuer’s board; specific to an issuer to which the Portfolio is exposed and in certain varying circumstances, an issuer of will affect the market prices of the issuer’s securities and preferred securities may redeem the securities prior to a therefore the value of the Portfolio. specified date. Investment Adviser Risk. The Portfolio is actively Convertible Securities Risk. Convertible securities are managed and the success of its investment strategy subject to the usual risks associated with debt securities, depends significantly on the skills of the Adviser or such as interest rate risk and credit risk. Convertible subadviser in assessing the potential of the investments securities also react to changes in the value of the in which the Portfolio invests. This assessment of common stock into which they convert, and are thus investments may prove incorrect, resulting in losses or subject to market risk. The Portfolio may also be forced poor performance, even in rising markets. There is also to convert a convertible security at an inopportune no guarantee that the Adviser will be able to effectively time, which may decrease the Portfolio’s return. implement the Portfolio’s investment objective. Health Crisis Risk. The global pandemic outbreak of Large Cap Risk. Large-sized companies may be unable the novel coronavirus known as COVID-19 has resulted to respond quickly to new competitive challenges such in substantial market volatility and global business as changes in technology. They may also not be able to disruption. The duration and full effects of the outbreak attain the high growth rate of successful smaller are uncertain and may result in trading suspensions and companies, especially during extended periods of market closures, limit liquidity and the ability of the economic expansion. Portfolio to process shareholder redemptions, and negatively impact Portfolio performance. The COVID-19

TSF-135 outbreak and future pandemics could affect the global AVERAGE ANNUAL TOTAL RETURNS economy in ways that cannot be foreseen and may (PERIODS ENDING DECEMBER 31, 2019) exacerbate other types of risks, negatively impacting the 1 Year 5 Years 10 Years value of the Portfolio. Thrivent Partner Emerging Performance Markets Equity Portfolio 20.15% 4.71% 5.01% MSCI Emerging Markets Index - The following bar chart and table provide an indication USD Net Returns (reflects no deduction for fees, of the risks of investing in the Portfolio by showing expenses or taxes) 18.42% 5.61% 3.68% changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual Management returns for one-, five- and ten-year periods compared to a broad-based securities market index. The index Investment Adviser(s) description appears in the ЉIndex DescriptionsЉ section The Portfolio is managed by Thrivent Financial for of the prospectus. Call 800-847-4836 or visit Lutherans (“Thrivent Financial” or the “Adviser”), Thrivent.com for performance results current to the which has engaged Aberdeen Asset Managers Limited most recent month-end. (“Aberdeen”) to subadvise the Portfolio. The bar chart includes the effects of Portfolio expenses, Portfolio Manager(s) but not charges or deductions against your variable Aberdeen uses a team-based approach, with the contract, and assume that you sold your investment at following team members being jointly and primarily the end of the period. Because shares of the Portfolio are responsible for day-to-day management. Hugh Young, offered through variable life insurance and variable Managing Director – Asia, has managed the Portfolio since April 2008. Devan Kaloo, Global Head of annuity contracts, you should carefully review the Equities/Head of Global Emerging Markets Equities, has variable contract prospectus for information on managed the Portfolio since April 2008. Joanne applicable charges and expenses. If the charges and Irvine, Deputy Head of Global Emerging Markets, has deductions against your variable contract were included, managed the Portfolio since April 2008. Mark returns would be lower than those shown. Gordon-James, CFA, Investment Director, has How a Portfolio has performed in the past is not managed the Portfolio since April 2008. Flavia Cheong, CFA, Head of Equities – Asia Pacific, has necessarily an indication of how it will perform in the managed the Portfolio since April 2008. future. Performance information provides some indication of the risks of investing in the Portfolio by Purchase and Sale of Shares showing changes in the Portfolio’s performance over Shares of each series of Thrivent Series Fund, Inc. (the time. “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: YEAR-BY-YEAR TOTAL RETURN • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not 30 27.33% 27.64% 25.98% affiliated with Thrivent Financial; and • Other Portfolios of the Fund. 20.15% 20

11.58% Tax Information 10 For information about certain tax-related aspects of investing in the Portfolio through a variable contract, (10.82)% (7.34)% (2.29)% (13.59)% (14.88)% 0 please see the variable product prospectus. Payments to Broker-Dealers and Other Annual Return (%) -10 Financial Intermediaries If you purchase the Portfolio through a broker-dealer or -20 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 other financial intermediary (such as an insurance company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and Best Quarter: Q3 ’10 +19.86% related services. These payments may create a conflict of Worst Quarter: Q3 ’11 (17.20)% interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

32065Y R4-20

TSF-136 APRIL 30, 2020

THRIVENT PARTNER GROWTH STOCK PORTFOLIO SUMMARY PROSPECTUS

TSF-137 Thrivent Partner Growth Stock Portfolio

Investment Objectives Portfolio Turnover The investment objective of the Thrivent Partner The Portfolio pays transaction costs, such as Growth Stock Portfolio (the ЉPortfolioЉ)istoachieve commissions, when it buys and sells securities (or “turns long-term growth of capital and, secondarily, increase over” its portfolio). A higher portfolio turnover rate may dividend income. indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable Fees and Expenses account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the This table describes the fees and expenses that you may Portfolio’s performance. During the most recent fiscal pay if you buy and hold shares of the Portfolio. If you year, the Portfolio’s portfolio turnover rate was 29% of own a variable annuity contract or variable life the average value of its portfolio. insurance contract, you will have additional expenses including mortality and expense risk charges. Please Principal Strategies refer to the prospectus for your variable contract for additional information about charges for those The Portfolio’s principal strategy for achieving its contracts. investment objectives under normal circumstances is to invest at least 80% of net assets (plus the amount of any SHAREHOLDER FEES borrowing for investment purposes) in common stocks. (fees paid directly from your investment) Should the Adviser determine that the Portfolio would benefit from reducing the percentage of its assets Maximum Sales Charge (load) Imposed On invested in common stocks from 80% to a lesser Purchases (as a % of offering price) N/A amount, it will notify you at least 60 days prior to such Maximum Deferred Sales Charge (load) (as a a change. percentage of the lower of the original purchase price or current net asset value) N/A The Portfolio concentrates its investments in growth companies. The Portfolio’s subadviser, T. Rowe Price ANNUAL PORTFOLIO OPERATING EXPENSES Associates, Inc. (“T. Rowe Price”), seeks investments in (expenses that you pay each year as a percentage of companies that have the ability to pay increasing the value of your investment) dividends through strong cash flow. The subadviser Management Fees 0.65% generally looks for companies with an above-average Other Expenses 0.08% rate of earnings growth and a lucrative niche in the economy that gives them the ability to sustain earnings Total Annual Portfolio Operating Expenses 0.73% momentum even during times of slow economic growth. T. Rowe Price believes that when a company EXAMPLE This example is intended to help you increases its earnings faster than both inflation and the compare the cost of investing in the Portfolio with the overall economy, the market will eventually reward it cost of investing in other mutual funds. The Portfolio is with a higher stock price. The Portfolio may at times an investment option for variable contracts, and the invest significantly in certain sectors, such as the example does not include charges imposed by variable information technology sector. contracts. If variable contract charges were imposed, your expenses would be higher than those shown. The In pursuing the Portfolio’s investment objectives, T. example assumes that you invest $10,000 in the Rowe Price has the discretion to purchase some Portfolio for the time periods indicated and then securities that do not meet its normal investment redeem all of your shares at the end of those periods. criteria, as described above, when it believes such The example also assumes that your investment has a purchase will provide an opportunity for substantial 5% return each year, and that the Portfolio’s operating appreciation. These situations might arise when T. Rowe expenses remain the same. Although your actual cost Price believes a security could increase in value for a may be higher or lower, based on the foregoing variety of reasons including a change in management, assumptions, your cost would be: an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive 1 Year 3 Years 5 Years 10 Years development. Thrivent Partner While the Portfolio invests primarily (at least 80%) in Growth Stock common stocks, it may also invest in foreign stocks (up Portfolio $75 $233 $406 $906 to 30% of total assets), and futures and options to obtain investment exposure or for hedging, in keeping with the Portfolio’s objectives. 1

TSF-138 The Portfolio may sell securities for a variety of reasons, such companies may be more dependent upon one or a such as to secure gains, limit losses, or reposition assets few key people. into more promising opportunities. Issuer Risk. Issuer risk is the possibility that factors Principal Risks specific to an issuer to which the Portfolio is exposed will affect the market prices of the issuer’s securities and The Portfolio is subject to the following principal therefore the value of the Portfolio. investment risks, which you should review carefully and in entirety. The Portfolio may not achieve its Investment Adviser Risk. The Portfolio is actively investment objectives and you could lose money by managed and the success of its investment strategy investing in the Portfolio. depends significantly on the skills of the Adviser or subadviser in assessing the potential of the investments Growth Investing Risk. Growth style investing in which the Portfolio invests. This assessment of includes the risk of investing in securities whose prices investments may prove incorrect, resulting in losses or historically have been more volatile than other poor performance, even in rising markets. There is also securities, especially over the short term. Growth stock no guarantee that the Adviser will be able to effectively prices reflect projections of future earnings or revenues implement the Portfolio’s investment objective. and, if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Foreign Securities Risk. Foreign securities generally carry more risk and are more volatile than their Equity Security Risk. Equity securities held by the domestic counterparts, in part because of potential for Portfolio may decline significantly in price, sometimes higher political and economic risks, lack of reliable rapidly or unpredictably, over short or extended periods information and fluctuations in currency exchange rates of time, and such declines may occur because of where investments are denominated in currencies other declines in the equity market as a whole, or because of than the U.S. dollar. Certain events in foreign markets declines in only a particular country, company, may adversely affect foreign and domestic issuers, industry, or sector of the market. From time to time, the including interruptions in the global supply chain, Portfolio may invest a significant portion of its assets in natural disasters and outbreak of infectious diseases. The companies in one or more related sectors or industries Portfolio’s investment in any country could be subject which would make the Portfolio more vulnerable to to governmental actions such as capital or currency adverse developments affecting such sectors or controls, nationalizing a company or industry, industries. Equity securities are generally more volatile expropriating assets, or imposing punitive taxes that than most debt securities. would have an adverse effect on security prices, and Market Risk. Over time, securities markets generally impair the Portfolio’s ability to repatriate capital or tend to move in cycles with periods when security income. Foreign securities may also be more difficult to prices rise and periods when security prices decline. The resell than comparable U.S. securities because the value of the Portfolio’s investments may move with markets for foreign securities are often less liquid. Even these cycles and, in some instances, increase or decrease when a foreign security increases in price in its local more than the applicable market(s) as measured by the currency, the appreciation may be diluted by adverse Portfolio’s benchmark index(es). The securities markets changes in exchange rates when the security’s value is may also decline because of factors that affect a converted to U.S. dollars. Foreign withholding taxes also particular industry or due to impacts from the spread of may apply and errors and delays may occur in the infectious illness, public health threats or similar issues. settlement process for foreign securities. Technology-Oriented Companies Risk. Common Derivatives Risk. The use of derivatives (such as stocks of companies that rely extensively on technology, futures and options) involves additional risks and science or communications in their product transaction costs which could leave the Portfolio in a development or operations may be more volatile than worse position than if it had not used these the overall stock market and may or may not move in instruments. The Portfolio utilizes equity futures in tandem with the overall stock market. Technology, order to increase or decrease its exposure to various asset science and communications are rapidly changing classes at a lower cost than trading stocks directly. The fields, and stocks of these companies, especially of use of derivatives can lead to losses because of adverse smaller or unseasoned companies, may be subject to movements in the price or value of the underlying asset, more abrupt or erratic market movements than the index or rate, which may be magnified by certain stock market in general. There are significant features of the contract. Changes in the value of the competitive pressures among technology-oriented derivative may not correlate as intended with the companies and the products or operations of such underlying asset, rate or index, and the Portfolio could companies may become obsolete quickly. In addition, lose much more than the original amount invested. these companies may have limited product lines, Derivatives can be highly volatile, illiquid and difficult markets or financial resources and the management of to value. Certain derivatives may also be subject to 2

TSF-139 counterparty risk, which is the risk that the other party YEAR-BY-YEAR TOTAL RETURN in the transaction will not fulfill its contractual obligations due to its financial condition, market 50 events, or other reasons. 40 38.84% Health Crisis Risk. The global pandemic outbreak of 33.61% 31.38% the novel coronavirus known as COVID-19 has resulted 30 in substantial market volatility and global business disruption. The duration and full effects of the outbreak 18.66% 20 16.62% are uncertain and may result in trading suspensions and 10.65% market closures, limit liquidity and the ability of the 10 8.52%

Portfolio to process shareholder redemptions, and Annual Return (%) 1.35% (1.48)% (1.25)% negatively impact Portfolio performance. The COVID-19 0 outbreak and future pandemics could affect the global -10 economy in ways that cannot be foreseen and may ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 exacerbate other types of risks, negatively impacting the value of the Portfolio. Best Quarter: Q1 ’12 +18.98% Performance Worst Quarter: Q3 ’11 (14.56)%

The following bar chart and table provide an indication AVERAGE ANNUAL TOTAL RETURNS of the risks of investing in the Portfolio by showing (PERIODS ENDING DECEMBER 31, 2019) changes in the Portfolio’s performance from year to year 1 Year 5 Years 10 Years and by showing how the Portfolio’s average annual Thrivent Partner Growth Stock returns for one-, five-, and ten-year periods compared to Portfolio 31.38% 14.22% 14.85% broad-based securities market indices. The index Russell 1000 Growth Index descriptions appear in the ЉIndex DescriptionsЉ section (reflects no deduction for fees, of the prospectus. The Portfolio now compares its expenses or taxes) 36.39% 14.63% 15.22% returns to the Russell 1000 Growth Index because it is S&P 500® Growth Index (reflects no deduction for fees, commonly used by funds with the same investment expenses or taxes) 31.13% 13.52% 14.78% objective and principal strategies as the Portfolio. Call 800-847-4836 or visit Thrivent.com for performance results current to the most recent month-end. Management The bar chart and table include the effects of Portfolio Investment Adviser(s) expenses, but not charges or deductions against your The Portfolio is managed by Thrivent Financial for variable contract, and assume that you sold your Lutherans (“Thrivent Financial” or the “Adviser”), investment at the end of the period. Because shares of which has engaged T. Rowe Price Associates, Inc. (“T. the Portfolio are offered through variable life insurance Rowe Price”) to subadvise the Portfolio. and variable annuity contracts, you should carefully review the variable contract prospectus for information Portfolio Manager(s) on applicable charges and expenses. If the charges and Joseph B. Fath, CPA is primarily responsible for the deductions against your variable contract were included, day-to-day management of the Portfolio. Mr. Fath has returns would be lower than those shown. served as the portfolio manager of the Portfolio since How a Portfolio has performed in the past is not April 2014. He currently serves as Chairman of the necessarily an indication of how it will perform in the Portfolio’s Investment Advisory Committee. Mr. Fath future. Performance information provides some joined T. Rowe Price in 2002. He joined as an equity indication of the risks of investing in the Portfolio by research analyst and, since 2008, has assisted other T. showing changes in the Portfolio’s performance over Rowe Price portfolio managers in managing the Firm’s time. U.S. large-cap growth strategies.

TSF-140 Purchase and Sale of Shares Payments to Broker-Dealers and Other Shares of each series of Thrivent Series Fund, Inc. (the Financial Intermediaries “Fund”) may be sold, without any minimum initial or If you purchase the Portfolio through a broker-dealer or subsequent investment requirements, only to: other financial intermediary (such as an insurance • Separate accounts of Thrivent Financial; company), the Portfolio and its related companies may • Separate accounts of other insurance companies not pay the intermediary for the sale of Portfolio shares and affiliated with Thrivent Financial; and related services. These payments may create a conflict of • Other Portfolios of the Fund. interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson Tax Information or visit your financial intermediary’s website for more For information about certain tax-related aspects of information. investing in the Portfolio through a variable contract, please see the variable product prospectus.

32065AF R4-20

TSF-141 APRIL 30, 2020

THRIVENT PARTNER HEALTHCARE PORTFOLIO SUMMARY PROSPECTUS

TSF-142 Thrivent Partner Healthcare Portfolio

Investment Objective Portfolio’s operating expenses remain the same. Љ Љ Although your actual cost may be higher or lower, based Thrivent Partner Healthcare Portfolio (the Portfolio ) on the foregoing assumptions, your cost would be: seeks long-term capital growth. Fees and Expenses 1 Year 3 Years 5 Years 10 Years Thrivent Partner This table describes the fees and expenses that you may Healthcare Portfolio $90 $291 $510 $1,138 pay if you buy and hold shares of the Portfolio. If you own a variable annuity contract or variable life Portfolio Turnover insurance contract, you will have additional expenses including mortality and expense risk charges. Please The Portfolio pays transaction costs, such as refer to the prospectus for your variable contract for commissions, when it buys and sells securities (or “turns additional information about charges for those over” its portfolio). A higher portfolio turnover rate may contracts. indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable SHAREHOLDER FEES account. These costs, which are not reflected in annual (fees paid directly from your investment) fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal Maximum Sales Charge (load) Imposed On year, the Portfolio’s portfolio turnover rate was 44% of Purchases (as a % of offering price) N/A the average value of its portfolio. Maximum Deferred Sales Charge (load) (as a percentage of the lower of the original purchase Principal Strategies price or current net asset value) N/A Under normal circumstances, the Portfolio will invest at ANNUAL PORTFOLIO OPERATING EXPENSES least 80% of its net assets (plus the amount of any (expenses that you pay each year as a percentage of borrowing for investment purposes) in the securities of the value of your investment) companies that are engaged in the development, Management Fees 0.83% production or distribution of pharmaceutical, generic, biotechnology and medical technology products or Other Expenses 0.10% services (“healthcare companies”). Healthcare Total Annual Portfolio Operating Expenses 0.93% companies are those that derive at least 50% of their Less Fee Waivers and/or Expense annual revenues from the production of such products Reimbursements1 0.05% and provision of such services or have at least 50% of Total Annual Portfolio Operating Expenses After their assets in such products or services. The Portfolio Fee Waivers and/or Expense Reimbursements 0.88% invests primarily in equity securities of both U.S. and non-U.S. companies (including American Depositary 1 The Adviser has contractually agreed, through at least April 30, 2021, to waive a portion of the management fees associated with Receipts and issuers in emerging markets) and, as a the shares of the Thrivent Partner Healthcare Portfolio equal in the non-diversified fund under the Investment Company aggregate to 0.05% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the Act of 1940 (the “1940 Act”), focuses its investments in indicated termination date upon the mutual agreement between the securities of a relatively few number of issuers. In the Independent Directors of the Portfolio and the Adviser. addition, the Portfolio concentrates its investments in EXAMPLE This example is intended to help you the securities of companies in the healthcare industry, compare the cost of investing in the Portfolio with the some of which may be small- and medium-sized cost of investing in other mutual funds. The Portfolio is companies. Should the Adviser determine that the an investment option for variable contracts, and the Portfolio would benefit from reducing the percentage of example does not include charges imposed by variable its assets invested in the securities of healthcare contracts. If variable contract charges were imposed, companies from 80% to a lesser amount, it will notify your expenses would be higher than those shown. The you at least 60 days prior to the change. example assumes that you invest $10,000 in the BlackRock Investment Management, LLC, the Portfolio’s Portfolio for the time periods indicated and then subadviser, considers a variety of factors when choosing redeem all of your shares at the end of those periods. In investments for the Portfolio, including (i) identifying addition, the example for the 1 Year period reflects the companies and industries that appear to have the effect of the contractual fee waiver and/or expense potential for above-average returns; and (ii) identifying reimbursement. The example also assumes that your companies that are expected to show above-average investment has a 5% return each year, and that the growth over the long-term, as well as those that appear

TSF-143 to be trading below their true worth. The Portfolio will adverse developments affecting such sectors or generally sell a stock when, in the opinion of the industries. Equity securities are generally more volatile subadviser, the stock reaches its price target or if there is than most debt securities. deterioration in the company’s fundamentals, a change Mid Cap Risk. Medium-sized companies often have in macroeconomic outlook, technical deterioration, greater price volatility, lower trading volume, and less valuation issues, a need to rebalance the Portfolio or a liquidity than larger, more-established companies. These better opportunity elsewhere. companies tend to have smaller revenues, narrower Principal Risks product lines, less management depth and experience, smaller shares of their product or service markets, fewer The Portfolio is subject to the following principal financial resources, and less competitive strength than investment risks, which you should review carefully and larger companies. in entirety. The Portfolio may not achieve its investment objective and you could lose money by Small Cap Risk. Smaller, less seasoned companies investing in the Portfolio. often have greater price volatility, lower trading volume, and less liquidity than larger, more established Healthcare Industry Risk. As a sector fund that companies. These companies tend to have small invests primarily in the healthcare industry, the revenues, narrower product lines, less management Portfolio is subject to the risk that the companies in that depth and experience, small shares of their product or industry are likely to react similarly to legislative or service markets, fewer financial resources, and less regulatory changes, adverse market conditions and/or competitive strength than larger companies. Such increased competition affecting their market segment. companies seldom pay significant dividends that could Due to the rapid pace of technological development, soften the impact of a falling market on returns. there is the risk that the products and services developed by these companies may become rapidly Issuer Risk. Issuer risk is the possibility that factors obsolete or have relatively short product cycles. There is specific to an issuer to which the Portfolio is exposed also the risk that the products and services offered by will affect the market prices of the issuer’s securities and these companies will not meet expectations or even therefore the value of the Portfolio. reach the marketplace. Investment Adviser Risk. The Portfolio is actively Non-Diversified Risk. The Portfolio is not managed and the success of its investment strategy “diversified” within the meaning of the 1940 Act. That depends significantly on the skills of the Adviser or means the Portfolio may invest a greater percentage of subadviser in assessing the potential of the investments its assets in the securities of any single issuer compared in which the Portfolio invests. This assessment of to other funds. A non-diversified portfolio is generally investments may prove incorrect, resulting in losses or more susceptible than a diversified portfolio to the risk poor performance, even in rising markets. There is also that events or developments affecting a particular issuer no guarantee that the Adviser will be able to effectively or industry will significantly affect the Portfolio’s implement the Portfolio’s investment objective. performance. Foreign Securities Risk. Foreign securities generally Market Risk. Over time, securities markets generally carry more risk and are more volatile than their tend to move in cycles with periods when security domestic counterparts, in part because of potential for prices rise and periods when security prices decline. The higher political and economic risks, lack of reliable value of the Portfolio’s investments may move with information and fluctuations in currency exchange rates these cycles and, in some instances, increase or decrease where investments are denominated in currencies other more than the applicable market(s) as measured by the than the U.S. dollar. Certain events in foreign markets Portfolio’s benchmark index(es). The securities markets may adversely affect foreign and domestic issuers, may also decline because of factors that affect a including interruptions in the global supply chain, particular industry or due to impacts from the spread of natural disasters and outbreak of infectious diseases. The infectious illness, public health threats or similar issues. Portfolio’s investment in any country could be subject to governmental actions such as capital or currency Equity Security Risk. Equity securities held by the controls, nationalizing a company or industry, Portfolio may decline significantly in price, sometimes expropriating assets, or imposing punitive taxes that rapidly or unpredictably, over short or extended periods would have an adverse effect on security prices, and of time, and such declines may occur because of impair the Portfolio’s ability to repatriate capital or declines in the equity market as a whole, or because of income. Foreign securities may also be more difficult to declines in only a particular country, company, resell than comparable U.S. securities because the industry, or sector of the market. From time to time, the markets for foreign securities are often less liquid. Even Portfolio may invest a significant portion of its assets in when a foreign security increases in price in its local companies in one or more related sectors or industries currency, the appreciation may be diluted by adverse which would make the Portfolio more vulnerable to 2

TSF-144 changes in exchange rates when the security’s value is and by showing how the Portfolio’s average annual converted to U.S. dollars. Foreign withholding taxes also returns for one-, five- and ten-year periods compared to may apply and errors and delays may occur in the a broad-based securities market index. The index settlement process for foreign securities. description appears in the ЉIndex DescriptionsЉ section of the prospectus. Call 800-847-4836 or visit Emerging Markets Risk. The economic and political Thrivent.com for performance results current to the structures of developing countries in emerging markets, most recent month-end. in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and The bar chart includes the effects of Portfolio expenses, stability, and their financial markets often lack liquidity. but not charges or deductions against your variable Portfolio performance will likely be negatively affected contract, and assumes that you sold your investment at by portfolio exposure to countries and corporations the end of the period. Because shares of the Portfolio are domiciled in or with revenue exposures to countries in offered through variable life insurance and variable the midst of, among other things, hyperinflation, annuity contracts, you should carefully review the currency devaluation, trade disagreements, sudden variable contract prospectus for information on political upheaval, or interventionist government applicable charges and expenses. If the charges and policies. Portfolio performance may also be negatively deductions against your variable contract were included, affected by portfolio exposure to countries and returns would be lower than those shown. corporations domiciled in or with revenue exposures to How a Portfolio has performed in the past is not countries with less developed legal, tax, regulatory, and necessarily an indication of how it will perform in the accounting systems. Significant buying or selling actions future. Performance information provides some by a few major investors may also heighten the indication of the risks of investing in the Portfolio by volatility of emerging markets. These factors make showing changes in the Portfolio’s performance over investing in emerging market countries significantly time. riskier than in other countries, and events in any one country could cause the Portfolio’s share price to YEAR-BY-YEAR TOTAL RETURN decline. Foreign Currency Risk. The value of a foreign 40 currency may decline against the U.S. dollar, which 31.09% 30 would reduce the dollar value of securities denominated 25.85% 24.23% 20.68% in that currency. The overall impact of such a decline of 19.42% foreign currency can be significant, unpredictable, and 20 long lasting, depending on the currencies represented, 11.13% 10 8.32% how each one appreciates or depreciates in relation to 4.61% (3.79)% (16.01)% the U.S. dollar, and whether currency positions are 0 hedged. Under normal conditions, the Portfolio does Annual Return (%) not engage in extensive foreign currency hedging -10 programs. Further, exchange rate movements are -20 volatile, and it is not possible to effectively hedge the ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 currency risks of many developing countries. Health Crisis Risk. The global pandemic outbreak of Best Quarter: Q4 ’19 +15.16% the novel coronavirus known as COVID-19 has resulted Worst Quarter: Q3 ’11 (15.79)% in substantial market volatility and global business disruption. The duration and full effects of the outbreak AVERAGE ANNUAL TOTAL RETURNS are uncertain and may result in trading suspensions and (PERIODS ENDING DECEMBER 31, 2019) market closures, limit liquidity and the ability of the 1 Year 5 Years 10 Years Portfolio to process shareholder redemptions, and Thrivent Partner Healthcare negatively impact Portfolio performance. The COVID-19 Portfolio 25.85% 7.42% 11.63% outbreak and future pandemics could affect the global S&P Composite 1500® Health economy in ways that cannot be foreseen and may Care Index exacerbate other types of risks, negatively impacting the (reflects no deduction for fees, expenses or taxes) 20.87% 10.69% 15.17% value of the Portfolio. Performance The following bar chart and table provide an indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year

TSF-145 Management Tax Information Investment Adviser(s) For information about certain tax-related aspects of investing in the Portfolio through a variable contract, The Portfolio is managed by Thrivent Financial for please see the variable product prospectus. Lutherans (“Thrivent Financial” or the “Adviser”), which has engaged BlackRock Investment Management, Payments to Broker-Dealers and Other LLC (“BIM”) to subadvise the Portfolio. Financial Intermediaries Portfolio Manager(s) If you purchase the Portfolio through a broker-dealer or Erin Xie, Managing Director of BlackRock, other financial intermediary (such as an insurance Inc.(“BlackRock”), is primarily responsible for the company), the Portfolio and its related companies may day-to-day management of the Portfolio. Dr. Xie has pay the intermediary for the sale of Portfolio shares and served as the portfolio manager of the Portfolio since related services. These payments may create a conflict of September 2017. Dr. Xie has been a Managing Director interest by influencing the broker-dealer or other of BlackRock since 2006 and joined BlackRock as a intermediary and your salesperson to recommend the Director in 2005. Prior to joining BlackRock, Dr. Xie was Portfolio over another investment. Ask your salesperson a Senior Vice President of State Street Research & or visit your financial intermediary’s website for more Management from 2001 to 2005. information. Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: • Separate accounts of Thrivent Financial; • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and • Other Portfolios of the Fund.

32065AG R4-20

TSF-146 APRIL 30, 2020

THRIVENT REAL ESTATE SECURITIES PORTFOLIO SUMMARY PROSPECTUS

TSF-147 Thrivent Real Estate Securities Portfolio

Investment Objective Portfolio Turnover The Thrivent Real Estate Securities Portfolio (the The Portfolio pays transaction costs, such as ЉPortfolioЉ) seeks to provide long-term capital commissions, when it buys and sells securities (or “turns appreciation and high current income. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 23% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. In seeking to achieve its investment objective, the Portfolio focuses on income-producing common stocks SHAREHOLDER FEES and other equity securities of U.S. real estate companies. (fees paid directly from your investment) Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus any borrowings for Maximum Sales Charge (load) Imposed On investment purposes) in companies that are primarily Purchases (as a % of offering price) N/A engaged in the real estate industry. This includes Maximum Deferred Sales Charge (load) (as a companies such as real estate investment trusts (REITs) percentage of the lower of the original purchase and other real estate related investments. A real estate price or current net asset value) N/A company generally derives at least 50% of its revenue ANNUAL PORTFOLIO OPERATING EXPENSES from real estate ownership, leasing, management, (expenses that you pay each year as a percentage of development, financing or sale of residential, the value of your investment) commercial or industrial real estate—or has at least 50% of its assets in real estate. Should the Adviser determine Management Fees 0.75% that the Portfolio would benefit from reducing the Other Expenses 0.10% percentage of assets invested in companies that are Total Annual Portfolio Operating Expenses 0.85% primarily engaged in the real estate industry from 80% to a lesser amount, it will notify you at least 60 days EXAMPLE This example is intended to help you prior to such a change. compare the cost of investing in the Portfolio with the This Portfolio may invest up to 20% of its assets in cost of investing in other mutual funds. The Portfolio is equity and fixed income securities of companies which an investment option for variable contracts, and the are not principally engaged in the real estate industry or example does not include charges imposed by variable which are not income producing equity securities of contracts. If variable contract charges were imposed, companies principally engaged in the U.S. real estate your expenses would be higher than those shown. The industry. example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then Principal Risks redeem all of your shares at the end of those periods. The example also assumes that your investment has a The Portfolio is subject to the following principal 5% return each year, and that the Portfolio’s operating investment risks, which you should review carefully and expenses remain the same. Although your actual cost in entirety. The Portfolio may not achieve its may be higher or lower, based on the foregoing investment objective and you could lose money by assumptions, your cost would be: investing in the Portfolio. Real Estate Investment Trust (“REIT”) Risk. REITs 1 Year 3 Years 5 Years 10 Years generally can be divided into three types: equity REITs, Thrivent Real Estate mortgage REITs, and hybrid REITs (which combine the Securities Portfolio $87 $271 $471 $1,049 characteristics 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 mortgage REITs may be affected by the credit quality of the mortgage loans they hold. All REIT types may be 1

TSF-148 affected by changes in interest rates. The effect of rising adverse developments affecting such sectors or interest rates is generally more pronounced for high industries. Equity securities are generally more volatile dividend paying stock than for stocks that pay little or than most debt securities. no dividends. This may cause the value of real estate Investment Adviser Risk. The Portfolio is actively securities to decline during periods of rising interest managed and the success of its investment strategy rates, which would reduce the overall return of the depends significantly on the skills of the Adviser in Portfolio. REITs are subject to additional risks, including assessing the potential of the investments in which the the fact that they are dependent on specialized Portfolio invests. This assessment of investments may management skills that may affect the REITs’ abilities to prove incorrect, resulting in losses or poor performance, generate cash flows for operating purposes and for even in rising markets. There is also no guarantee that making investor distributions. REITs may have limited the Adviser will be able to effectively implement the diversification and are subject to the risks associated Portfolio’s investment objective. with obtaining financing for real property. As with any investment, there is a risk that REIT securities and other Issuer Risk. Issuer risk is the possibility that factors real estate industry investments may be overvalued at specific to an issuer to which the Portfolio is exposed the time of purchase. In addition, a REIT can pass its will affect the market prices of the issuer’s securities and income through to its investors without any tax at the therefore the value of the Portfolio. entity level if it complies with various requirements Health Crisis Risk. The global pandemic outbreak of under the Internal Revenue Code. There is the risk, the novel coronavirus known as COVID-19 has resulted however, that a REIT held by the Portfolio will fail to in substantial market volatility and global business qualify for this tax-free pass-through treatment of its disruption. The duration and full effects of the outbreak income. By investing in REITs indirectly through the are uncertain and may result in trading suspensions and Portfolio, in addition to bearing a proportionate share of market closures, limit liquidity and the ability of the the expenses of the Portfolio, you will also indirectly Portfolio to process shareholder redemptions, and bear similar expenses of the REITs in which the Portfolio negatively impact Portfolio performance. The COVID-19 invests. outbreak and future pandemics could affect the global Real Estate Industry Risk. To the extent the economy in ways that cannot be foreseen and may Portfolio allocates assets to companies in the real estate exacerbate other types of risks, negatively impacting the business, the Portfolio is subject to real estate industry value of the Portfolio. risk. Declines in real estate values, changes in interest rates or economic downturns can have a significant Performance negative effect on companies in the real estate industry. The following bar chart and table provide an indication Other adverse changes could include, but are not of the risks of investing in the Portfolio by showing limited to, extended vacancies of properties, increased changes in the Portfolio’s performance from year to year competition, overbuilding and changes in zoning law and by showing how the Portfolio’s average annual and government regulations. returns for one-, five-, and ten-year periods compared to Market Risk. Over time, securities markets generally broad-based securities market indices. The index tend to move in cycles with periods when security descriptions appear in the ЉIndex DescriptionsЉ section prices rise and periods when security prices decline. The of the prospectus. The Portfolio now compares its value of the Portfolio’s investments may move with returns to the FTSE Nareit All Equity REITs Index these cycles and, in some instances, increase or decrease because it is commonly used by funds with the same more than the applicable market(s) as measured by the investment objective and principal strategies as the Portfolio’s benchmark index(es). The securities markets Portfolio. Call 800-847-4836 or visit Thrivent.com for may also decline because of factors that affect a performance results current to the most recent particular industry or due to impacts from the spread of month-end. infectious illness, public health threats or similar issues. The bar chart includes the effects of Portfolio expenses, Equity Security Risk. Equity securities held by the but not charges or deductions against your variable Portfolio may decline significantly in price, sometimes contract, and assumes that you sold your investment at rapidly or unpredictably, over short or extended periods the end of the period. Because shares of the Portfolio are of time, and such declines may occur because of offered through variable life insurance and variable declines in the equity market as a whole, or because of annuity contracts, you should carefully review the declines in only a particular country, company, variable contract prospectus for information on industry, or sector of the market. From time to time, the applicable charges and expenses. If the charges and Portfolio may invest a significant portion of its assets in deductions against your variable contract were included, companies in one or more related sectors or industries returns would be lower than those shown. which would make the Portfolio more vulnerable to

TSF-149 How a Portfolio has performed in the past is not Portfolio Manager(s) necessarily an indication of how it will perform in the Reginald L. Pfeifer, CFA is primarily responsible for future. Performance information provides some the day-to-day management of the Portfolio. Mr. Pfeifer indication of the risks of investing in the Portfolio by has served as portfolio manager of the Portfolio since its showing changes in the Portfolio’s performance over inception in April 2003. Mr. Pfeifer has been with time. Thrivent Financial since 1990 and has served as an YEAR-BY-YEAR TOTAL RETURN equity portfolio manager since 2003. Purchase and Sale of Shares 35 30.82% Shares of each series of Thrivent Series Fund, Inc. (the 30 27.56% 27.94% “Fund”) may be sold, without any minimum initial or 25 subsequent investment requirements, only to: 20 17.54% • Separate accounts of Thrivent Financial; 15 • Separate accounts of other insurance companies not 8.83% 10 7.50% affiliated with Thrivent Financial; and 5.95%

5 2.18% 2.75% • Other Portfolios of the Fund. (5.30)% Annual Return (%) 0 -5 Tax Information -10 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 For information about certain tax-related aspects of investing in the Portfolio through a variable contract, Best Quarter: Q1 ’19 +16.73% please see the variable product prospectus. Worst Quarter: Q3 ’11 (14.88)% Payments to Broker-Dealers and Other Financial Intermediaries AVERAGE ANNUAL TOTAL RETURNS (PERIODS ENDING DECEMBER 31, 2019) If you purchase the Portfolio through a broker-dealer or 1 Year 5 Years 10 Years other financial intermediary (such as an insurance company), the Portfolio and its related companies may Thrivent Real Estate Securities Portfolio 27.94% 7.23% 11.95% pay the intermediary for the sale of Portfolio shares and FTSE NAREIT All Equity REITs related services. These payments may create a conflict of Index interest by influencing the broker-dealer or other (reflects no deduction for fees, expenses or taxes) 28.66% 8.43% 12.59% intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson S&P Composite 1500® Equity REITs Index or visit your financial intermediary’s website for more (reflects no deduction for fees, information. expenses or taxes) 27.63% 8.47% 12.77%

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

32065AH R4-20

TSF-150 APRIL 30, 2020

THRIVENT SMALL CAP GROWTH PORTFOLIO SUMMARY PROSPECTUS

TSF-151 Thrivent Small Cap Growth Portfolio

Investment Objective addition, the example for the 1 Year period reflects the Љ Љ effect of the contractual fee waiver and/or expense Thrivent Small Cap Growth Portfolio (the Portfolio ) reimbursement. The example also assumes that your seeks long-term capital growth. The Portfolio’s investment has a 5% return each year, and that the investment objective may be changed without Portfolio’s operating expenses remain the same. shareholder approval. Although your actual cost may be higher or lower, based Fees and Expenses on the foregoing assumptions, your cost would be: This table describes the fees and expenses that you may 1 Year 3 Years 5 Years 10 Years pay if you buy and hold shares of the Portfolio. If you Thrivent Small Cap own a variable annuity contract or variable life Growth Portfolio $97 $469 $865 $1,976 insurance contract, you will have additional expenses including mortality and expense risk charges. Please Portfolio Turnover refer to the prospectus for your variable contract for additional information about charges for those The Portfolio pays transaction costs, such as contracts. commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may SHAREHOLDER FEES indicate higher transaction costs and may result in (fees paid directly from your investment) higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual Maximum Sales Charge (load) Imposed On fund operating expenses or in the example, affect the Purchases (as a % of offering price) N/A Portfolio’s performance. During the most recent fiscal Maximum Deferred Sales Charge (load) (as a year, the Portfolio’s portfolio turnover rate was 51% of percentage of the lower of the original purchase the average value of its portfolio. price or current net asset value) N/A

ANNUAL PORTFOLIO OPERATING EXPENSES Principal Strategies (expenses that you pay each year as a percentage of Under normal circumstances, the Portfolio invests at the value of your investment) least 80% of its net assets (plus the amount of any Management Fees 0.80% borrowing for investment purposes) in equity securities of small companies. The Adviser focuses mainly in the Other Expenses 0.92% equity securities of smaller U.S. companies which have Acquired Fund Fees and Expenses 0.01% market capitalizations equivalent to those companies Total Annual Portfolio Operating Expenses 1.73% included in widely known indices such as the Russell Less Fee Waivers and/or Expense 2000 Growth Index, S&P SmallCap 600 Index, or the Reimbursements1 0.78% small company market capitalization classification Total Annual Portfolio Operating Expenses After published by Lipper, Inc. These companies typically Fee Waivers and/or Expense Reimbursements 0.95% have a market capitalization of less than $6 billion. Should the Adviser change the investments used for 1 The Adviser has contractually agreed, through at least April 30, purposes of this 80% threshold, you will be notified at 2021, to waive a portion of the management fees associated with the shares of the Thrivent Small Cap Growth Portfolio in order to least 60 days prior to the change. limit the Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements to an annual rate of The Portfolio seeks to achieve its investment objective 0.94% of the average daily net assets of the shares. This contractual provision, however, may be terminated before the indicated by investing primarily in common stocks. The Adviser termination date upon the mutual agreement between the uses fundamental, quantitative, and technical Independent Directors of the Portfolio and the Adviser. investment research techniques and focuses on stocks of EXAMPLE This example is intended to help you companies that it believes have demonstrated and believes will sustain above-average revenue and earnings compare the cost of investing in the Portfolio with the growth over time, or which are expected to develop cost of investing in other mutual funds. The Portfolio is rapid sales and earnings growth in the future when an investment option for variable contracts, and the compared to the economy and stock market as a whole. example does not include charges imposed by variable Many such companies are in the technology sector and contracts. If variable contract charges were imposed, the Portfolio may at times have a higher concentration your expenses would be higher than those shown. The in this industry. example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. In

TSF-152 The Adviser may sell securities for a variety of reasons, tandem with the overall stock market. Technology, such as to secure gains, limit losses, or reposition assets science and communications are rapidly changing to more promising opportunities. fields, and stocks of these companies, especially of smaller or unseasoned companies, may be subject to Principal Risks more abrupt or erratic market movements than the The Portfolio is subject to the following principal stock market in general. There are significant investment risks, which you should review carefully and competitive pressures among technology-oriented in entirety. The Portfolio may not achieve its companies and the products or operations of such investment objective and you could lose money by companies may become obsolete quickly. In addition, investing in the Portfolio. these companies may have limited product lines, markets or financial resources and the management of Small Cap Risk. Smaller, less seasoned companies such companies may be more dependent upon one or a often have greater price volatility, lower trading volume, few key people. and less liquidity than larger, more established companies. These companies tend to have small Issuer Risk. Issuer risk is the possibility that factors revenues, narrower product lines, less management specific to an issuer to which the Portfolio is exposed depth and experience, small shares of their product or will affect the market prices of the issuer’s securities and service markets, fewer financial resources, and less therefore the value of the Portfolio. competitive strength than larger companies. Such Investment Adviser Risk. The Portfolio is actively companies seldom pay significant dividends that could managed and the success of its investment strategy soften the impact of a falling market on returns. depends significantly on the skills of the Adviser in Growth Investing Risk. Growth style investing assessing the potential of the investments in which the includes the risk of investing in securities whose prices Portfolio invests. This assessment of investments may historically have been more volatile than other prove incorrect, resulting in losses or poor performance, securities, especially over the short term. Growth stock even in rising markets. There is also no guarantee that prices reflect projections of future earnings or revenues the Adviser will be able to effectively implement the and, if a company’s earnings or revenues fall short of Portfolio’s investment objective. expectations, its stock price may fall dramatically. Health Crisis Risk. The global pandemic outbreak of Equity Security Risk. Equity securities held by the the novel coronavirus known as COVID-19 has resulted Portfolio may decline significantly in price, sometimes in substantial market volatility and global business rapidly or unpredictably, over short or extended periods disruption. The duration and full effects of the outbreak of time, and such declines may occur because of are uncertain and may result in trading suspensions and declines in the equity market as a whole, or because of market closures, limit liquidity and the ability of the declines in only a particular country, company, Portfolio to process shareholder redemptions, and industry, or sector of the market. From time to time, the negatively impact Portfolio performance. The COVID-19 Portfolio may invest a significant portion of its assets in outbreak and future pandemics could affect the global companies in one or more related sectors or industries economy in ways that cannot be foreseen and may which would make the Portfolio more vulnerable to exacerbate other types of risks, negatively impacting the adverse developments affecting such sectors or value of the Portfolio. industries. Equity securities are generally more volatile than most debt securities. Performance The following bar chart and table provide an indication Market Risk. Over time, securities markets generally of the risks of investing in the Portfolio by showing tend to move in cycles with periods when security changes in the Portfolio’s performance from year to year prices rise and periods when security prices decline. The and by showing how the Portfolio’s average annual value of the Portfolio’s investments may move with returns for the one-year period and since inception these cycles and, in some instances, increase or decrease compared to broad-based securities market indices. The more than the applicable market(s) as measured by the index descriptions appear in the ЉIndex DescriptionsЉ Portfolio’s benchmark index(es). The securities markets section of the prospectus. The Portfolio now compares may also decline because of factors that affect a its returns to the Russell 2000 Growth Index because it particular industry or due to impacts from the spread of is commonly used by funds with the same investment infectious illness, public health threats or similar issues. objective and principal strategies as the Portfolio. Call Technology-Oriented Companies Risk. Common 800-847-4836 or visit Thrivent.com for performance stocks of companies that rely extensively on technology, results current to the most recent month-end. science or communications in their product The bar chart and table include the effects of Portfolio development or operations may be more volatile than expenses, but not charges or deductions against your the overall stock market and may or may not move in variable contract, and assume that you sold your 2

TSF-153 investment at the end of the period. Because shares of Management the Portfolio are offered through variable life insurance and variable annuity contracts, you should carefully Investment Adviser(s) review the variable contract prospectus for information The Portfolio is managed by Thrivent Financial for on applicable charges and expenses. If the charges and Lutherans (“Thrivent Financial” or the “Adviser”). deductions against your variable contract were included, returns would be lower than those shown. Portfolio Manager(s) How a Portfolio has performed in the past is not David J. Lettenberger, CFA is primarily responsible necessarily an indication of how it will perform in the for the day-to-day management of the Portfolio. Mr. future. Performance information provides some Lettenberger has served as portfolio manager of the indication of the risks of investing in the Portfolio by Portfolio since April 2018. Mr. Lettenberger has been a showing changes in the Portfolio’s performance over portfolio manager at Thrivent Financial since 2013, time. when he joined the firm. YEAR-BY-YEAR TOTAL RETURN Purchase and Sale of Shares Shares of each series of Thrivent Series Fund, Inc. (the 30 28.41% “Fund”) may be sold, without any minimum initial or subsequent investment requirements, only to: 25 • Separate accounts of Thrivent Financial; 20 • Separate accounts of other insurance companies not affiliated with Thrivent Financial; and 15 • Other Portfolios of the Fund.

Annual Return (%) Tax Information 5 For information about certain tax-related aspects of investing in the Portfolio through a variable contract, 0 ‘19 please see the variable product prospectus.

Best Quarter: Q1 ’19 +19.44% Payments to Broker-Dealers and Other Worst Quarter: Q3 ’19 (5.02)% Financial Intermediaries If you purchase the Portfolio through a broker-dealer or AVERAGE ANNUAL TOTAL RETURNS other financial intermediary (such as an insurance (PERIODS ENDING DECEMBER 31, 2019) company), the Portfolio and its related companies may Since pay the intermediary for the sale of Portfolio shares and Inception 1 Year (4/27/2018) related services. These payments may create a conflict of Thrivent Small Cap Growth Portfolio 28.41% 9.81% interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Russell 2000 Growth Index (reflects no deduction for fees, Portfolio over another investment. Ask your salesperson expenses or taxes) 28.48% 8.04% or visit your financial intermediary’s website for more S&P SmallCap 600® Growth Index information. (reflects no deduction for fees, expenses or taxes) 21.13% 7.61%

32065AM R4-20

TSF-154 APRIL 30, 2020

THRIVENT SMALL CAP INDEX PORTFOLIO SUMMARY PROSPECTUS

TSF-155 Thrivent Small Cap Index Portfolio

Investment Objective Portfolio Turnover Thrivent Small Cap Index Portfolio (the ЉPortfolioЉ) The Portfolio pays transaction costs, such as seeks capital growth that tracks the performance of the commissions, when it buys and sells securities (or “turns S&P SmallCap 600 Index. over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in Fees and Expenses higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual This table describes the fees and expenses that you may fund operating expenses or in the example, affect the pay if you buy and hold shares of the Portfolio. If you Portfolio’s performance. During the most recent fiscal own a variable annuity contract or variable life year, the Portfolio’s portfolio turnover rate was 30% of insurance contract, you will have additional expenses the average value of its portfolio. including mortality and expense risk charges. Please refer to the prospectus for your variable contract for Principal Strategies additional information about charges for those contracts. Under normal circumstances, the Portfolio invests substantially all of its assets (more than 80% of its net SHAREHOLDER FEES assets, plus the amount of any borrowings for (fees paid directly from your investment) investment purposes) in small company common stocks included in the S&P SmallCap 600 Index in the Maximum Sales Charge (load) Imposed On proportions in which they are represented in the Index. Purchases (as a % of offering price) N/A This is a passively managed Portfolio, which means that Maximum Deferred Sales Charge (load) (as a the Adviser does not choose the securities that make up percentage of the lower of the original purchase the Portfolio. The S&P SmallCap 600 Index is a price or current net asset value) N/A capitalization-weighted index comprised of 600 ANNUAL PORTFOLIO OPERATING EXPENSES domestic small capitalization stocks chosen for market (expenses that you pay each year as a percentage of size, liquidity, and industry representation. Accordingly, the value of your investment) the Portfolio invests in stocks of smaller companies from a broad range of industries. The S&P SmallCap 600 Management Fees 0.20% Index is adjusted quarterly, and when changes to the Other Expenses 0.05% index occur, the Adviser will attempt to replicate these Total Annual Portfolio Operating Expenses 0.25% changes within the Portfolio. However, any such changes may result in slight variations from time to EXAMPLE This example is intended to help you time. The Portfolio may buy and sell equity index compare the cost of investing in the Portfolio with the futures for investment exposure. For liquidity reasons, cost of investing in other mutual funds. The Portfolio is the Portfolio may invest to some degree in money an investment option for variable contracts, and the market instruments. example does not include charges imposed by variable contracts. If variable contract charges were imposed, Principal Risks your expenses would be higher than those shown. The The Portfolio is subject to the following principal example assumes that you invest $10,000 in the investment risks, which you should review carefully and Portfolio for the time periods indicated and then in entirety. The Portfolio may not achieve its redeem all of your shares at the end of those periods. investment objective and you could lose money by The example also assumes that your investment has a investing in the Portfolio. 5% return each year, and that the Portfolio’s operating expenses remain the same. Although your actual cost Small Cap Risk. Smaller, less seasoned companies may be higher or lower, based on the foregoing often have greater price volatility, lower trading volume, assumptions, your cost would be: and less liquidity than larger, more established companies. These companies tend to have small 1 Year 3 Years 5 Years 10 Years revenues, narrower product lines, less management depth and experience, small shares of their product or Thrivent Small Cap service markets, fewer financial resources, and less Index Portfolio $26 $80 $141 $318 competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

TSF-156 Market Risk. Over time, securities markets generally Health Crisis Risk. The global pandemic outbreak of tend to move in cycles with periods when security the novel coronavirus known as COVID-19 has resulted prices rise and periods when security prices decline. The in substantial market volatility and global business value of the Portfolio’s investments may move with disruption. The duration and full effects of the outbreak these cycles and, in some instances, increase or decrease are uncertain and may result in trading suspensions and more than the applicable market(s) as measured by the market closures, limit liquidity and the ability of the Portfolio’s benchmark index(es). The securities markets Portfolio to process shareholder redemptions, and may also decline because of factors that affect a negatively impact Portfolio performance. The COVID-19 particular industry or due to impacts from the spread of outbreak and future pandemics could affect the global infectious illness, public health threats or similar issues. economy in ways that cannot be foreseen and may Equity Security Risk. Equity securities held by the exacerbate other types of risks, negatively impacting the Portfolio may decline significantly in price, sometimes value of the Portfolio. rapidly or unpredictably, over short or extended periods Performance of time, and such declines may occur because of declines in the equity market as a whole, or because of The following bar chart and table provide an indication declines in only a particular country, company, of the risks of investing in the Portfolio by showing industry, or sector of the market. From time to time, the changes in the Portfolio’s performance from year to year Portfolio may invest a significant portion of its assets in and by showing how the Portfolio’s average annual companies in one or more related sectors or industries returns for one-, five- and ten-year periods compared to which would make the Portfolio more vulnerable to a broad-based securities market index. The index Љ Љ adverse developments affecting such sectors or description appears in the Index Descriptions section industries. Equity securities are generally more volatile of the prospectus. Call 800-847-4836 or visit than most debt securities. Thrivent.com for performance results current to the most recent month-end. Issuer Risk. Issuer risk is the possibility that factors specific to an issuer to which the Portfolio is exposed The bar chart and table include the effects of Portfolio will affect the market prices of the issuer’s securities and expenses, but not charges or deductions against your therefore the value of the Portfolio. variable contract, and assume that you sold your investment at the end of the period. Because shares of Futures Contract Risk. The value of a futures the Portfolio are offered through variable life insurance contract tends to increase and decrease in tandem with and variable annuity contracts, you should carefully the value of the underlying instrument. The price of review the variable contract prospectus for information futures can be highly volatile; using them could lower on applicable charges and expenses. If the charges and total return, and the potential loss from futures can deductions against your variable contract were included, exceed the Portfolio’s initial investment in such returns would be lower than those shown. contracts. In addition, the value of the futures contract may not accurately track the value of the underlying How a Portfolio has performed in the past is not instrument. necessarily an indication of how it will perform in the future. Performance information provides some Indexing Strategy/Index Tracking Risk. The indication of the risks of investing in the Portfolio by Portfolio is managed with an indexing investment showing changes in the Portfolio’s performance over strategy, attempting to track the performance of an time. unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual YEAR-BY-YEAR TOTAL RETURN securities comprising the Index. The structure and composition of the Index will affect the performance, 50 volatility, and risk of the Index and, consequently, the 40.83% performance, volatility, and risk of the Portfolio. While 40 the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the 30 25.88% 26.12% Index), the Portfolio’s return may not match the return 22.49% of the Index. The Portfolio incurs a number of operating 20 15.95% expenses not applicable to the Index, and incurs costs in 13.13% buying and selling securities. In addition, the Portfolio 10 5.36%

may not be fully invested at times, generally as a result Annual Return (%) 0.54% (2.17)% (8.65)% of cash flows into or out of the Portfolio or reserves of 0 cash held by the Portfolio to meet redemptions. The Adviser may attempt to replicate the Index return by -10 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Best Quarter: Q4 ’11 +16.99% Portfolio’s return and that of the Index. Worst Quarter: Q4 ’18 (20.11)%

TSF-157 AVERAGE ANNUAL TOTAL RETURNS Purchase and Sale of Shares (PERIODS ENDING DECEMBER 31, 2019) Shares of each series of Thrivent Series Fund, Inc. (the 1 Year 5 Years 10 Years “Fund”) may be sold, without any minimum initial or Thrivent Small Cap Index subsequent investment requirements, only to: Portfolio 22.49% 9.33% 13.02% • Separate accounts of Thrivent Financial; S&P SmallCap 600® Index (reflects no deduction for fees, • Separate accounts of other insurance companies not expenses or taxes) 22.78% 9.56% 13.35% affiliated with Thrivent Financial; and • Other Portfolios of the Fund. Management Tax Information Investment Adviser(s) For information about certain tax-related aspects of The Portfolio is managed by Thrivent Financial for investing in the Portfolio through a variable contract, Lutherans (“Thrivent Financial” or the “Adviser”). please see the variable product prospectus. Portfolio Manager(s) Payments to Broker-Dealers and Other Brian W. Bomgren, CQF and Sharon Wang, CFA, Financial Intermediaries FRM are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Bomgren If you purchase the Portfolio through a broker-dealer or and Ms. Wang have served as portfolio managers of the other financial intermediary (such as an insurance Portfolio since January 2018. Mr. Bomgren has been company), the Portfolio and its related companies may with Thrivent Financial since 2006 and is currently a pay the intermediary for the sale of Portfolio shares and Senior Portfolio Manager. Ms. Wang has been with related services. These payments may create a conflict of Thrivent Financial since 2017 and is currently a Senior interest by influencing the broker-dealer or other Portfolio Manager. Prior to joining Thrivent Financial, intermediary and your salesperson to recommend the Ms. Wang worked at Bryn Mawr Capital Management as Portfolio over another investment. Ask your salesperson a portfolio manager from 2009 to 2016. or visit your financial intermediary’s website for more information.

32065AJ R4-20

TSF-158 APRIL 30, 2020

THRIVENT SMALL CAP STOCK PORTFOLIO SUMMARY PROSPECTUS

TSF-159 Thrivent Small Cap Stock Portfolio

Investment Objective over” its portfolio). A higher portfolio turnover rate may Љ Љ indicate higher transaction costs and may result in The Thrivent Small Cap Stock Portfolio (the Portfolio ) higher taxes when Portfolio shares are held in a taxable seeks long-term capital growth. account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fees and Expenses Portfolio’s performance. During the most recent fiscal This table describes the fees and expenses that you may year, the Portfolio’s portfolio turnover rate was 53% of pay if you buy and hold shares of the Portfolio. If you the average value of its portfolio. own a variable annuity contract or variable life insurance contract, you will have additional expenses Principal Strategies including mortality and expense risk charges. Please Under normal circumstances, the Portfolio invests at refer to the prospectus for your variable contract for least 80% of its net assets (plus the amount of any additional information about charges for those borrowing for investment purposes) in equity securities contracts. of small companies. The Adviser focuses mainly in the equity securities of smaller U.S. companies which have SHAREHOLDER FEES market capitalizations equivalent to those companies (fees paid directly from your investment) included in widely known indices such as the Russell Maximum Sales Charge (load) Imposed On 2000 Index, S&P SmallCap 600 Index, or the small Purchases (as a % of offering price) N/A company market capitalization classifications published Maximum Deferred Sales Charge (load) (as a by Lipper, Inc. These companies typically have a market percentage of the lower of the original purchase capitalization of less than $6 billion. Should the Adviser price or current net asset value) N/A change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to ANNUAL PORTFOLIO OPERATING EXPENSES the change. (expenses that you pay each year as a percentage of the value of your investment) The Portfolio seeks to achieve its investment objective Management Fees 0.67% by investing primarily in common stocks. The Adviser uses fundamental, quantitative, and technical Other Expenses 0.06% investment research techniques to determine what Total Annual Portfolio Operating Expenses 0.73% securities to buy and sell. Fundamental techniques assess a security’s value based on an issuer’s financial EXAMPLE This example is intended to help you profile, management, and business prospects while compare the cost of investing in the Portfolio with the quantitative and technical techniques involve a more cost of investing in other mutual funds. The Portfolio is data-oriented analysis of financial information, market an investment option for variable contracts, and the trends and price movements. The Adviser looks for example does not include charges imposed by variable small companies that, in its opinion: contracts. If variable contract charges were imposed, • have an improving fundamental outlook; your expenses would be higher than those shown. The • have capable management; and example assumes that you invest $10,000 in the • are financially sound. Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Adviser may sell securities for a variety of reasons, The example also assumes that your investment has a such as to secure gains, limit losses, or reposition assets 5% return each year, and that the Portfolio’s operating to more promising opportunities. expenses remain the same. Although your actual cost may be higher or lower, based on the foregoing Principal Risks assumptions, your cost would be: The Portfolio is subject to the following principal investment risks, which you should review carefully and 1 Year 3 Years 5 Years 10 Years in entirety. The Portfolio may not achieve its Thrivent Small Cap investment objective and you could lose money by Stock Portfolio $75 $233 $406 $906 investing in the Portfolio.

Portfolio Turnover Small Cap Risk. Smaller, less seasoned companies often have greater price volatility, lower trading volume, The Portfolio pays transaction costs, such as and less liquidity than larger, more established commissions, when it buys and sells securities (or “turns companies. These companies tend to have small

TSF-160 revenues, narrower product lines, less management Performance depth and experience, small shares of their product or The following bar chart and table provide an indication service markets, fewer financial resources, and less of the risks of investing in the Portfolio by showing competitive strength than larger companies. Such changes in the Portfolio’s performance from year to year companies seldom pay significant dividends that could and by showing how the Portfolio’s average annual soften the impact of a falling market on returns. returns for one-, five- and ten-year periods compared to Equity Security Risk. Equity securities held by the broad-based securities market indices. The index Portfolio may decline significantly in price, sometimes descriptions appear in the ЉIndex DescriptionsЉ section rapidly or unpredictably, over short or extended periods of the prospectus. The Portfolio now compares its of time, and such declines may occur because of returns to the Russell 2000 Index because it is declines in the equity market as a whole, or because of commonly used by funds with the same investment declines in only a particular country, company, objective and principal strategies as the Portfolio. Call industry, or sector of the market. From time to time, the 800-847-4836 or visit Thrivent.com for performance Portfolio may invest a significant portion of its assets in results current to the most recent month-end. companies in one or more related sectors or industries The bar chart and table include the effects of Portfolio which would make the Portfolio more vulnerable to expenses, but not charges or deductions against your adverse developments affecting such sectors or variable contract, and assume that you sold your industries. Equity securities are generally more volatile investment at the end of the period. Because shares of than most debt securities. the Portfolio are offered through variable life insurance Market Risk. Over time, securities markets generally and variable annuity contracts, you should carefully tend to move in cycles with periods when security review the variable contract prospectus for information prices rise and periods when security prices decline. The on applicable charges and expenses. If the charges and value of the Portfolio’s investments may move with deductions against your variable contract were included, these cycles and, in some instances, increase or decrease returns would be lower than those shown. more than the applicable market(s) as measured by the How a Portfolio has performed in the past is not Portfolio’s benchmark index(es). The securities markets necessarily an indication of how it will perform in the may also decline because of factors that affect a future. Performance information provides some particular industry or due to impacts from the spread of indication of the risks of investing in the Portfolio by infectious illness, public health threats or similar issues. showing changes in the Portfolio’s performance over Issuer Risk. Issuer risk is the possibility that factors time. specific to an issuer to which the Portfolio is exposed will affect the market prices of the issuer’s securities and YEAR-BY-YEAR TOTAL RETURN therefore the value of the Portfolio. 40 Investment Adviser Risk. The Portfolio is actively 35.90% managed and the success of its investment strategy 30 27.77% depends significantly on the skills of the Adviser in 25.09% 25.94% 21.23% assessing the potential of the investments in which the 20 Portfolio invests. This assessment of investments may prove incorrect, resulting in losses or poor performance, 10 9.42% even in rising markets. There is also no guarantee that 4.76% (5.31)% (3.13)% (10.13)% the Adviser will be able to effectively implement the 0

Portfolio’s investment objective. Annual Return (%) -10 Health Crisis Risk. The global pandemic outbreak of the novel coronavirus known as COVID-19 has resulted -20 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 in substantial market volatility and global business disruption. The duration and full effects of the outbreak Best Quarter: Q4 ’10 +17.94% are uncertain and may result in trading suspensions and market closures, limit liquidity and the ability of the Worst Quarter: Q3 ’11 (24.28)% Portfolio to process shareholder redemptions, and negatively impact Portfolio performance. The COVID-19 outbreak and future pandemics could affect the global economy in ways that cannot be foreseen and may exacerbate other types of risks, negatively impacting the value of the Portfolio.

TSF-161 AVERAGE ANNUAL TOTAL RETURNS Purchase and Sale of Shares (PERIODS ENDING DECEMBER 31, 2019) Shares of each series of Thrivent Series Fund, Inc. (the 1 Year 5 Years 10 Years “Fund”) may be sold, without any minimum initial or Thrivent Small Cap Stock subsequent investment requirements, only to: Portfolio 27.77% 11.17% 12.10% • Separate accounts of Thrivent Financial; Russell 2000 Index (reflects no deduction for fees, • Separate accounts of other insurance companies not expenses or taxes) 25.52% 8.23% 11.83% affiliated with Thrivent Financial; and S&P SmallCap 600® Index • Other Portfolios of the Fund. (reflects no deduction for fees, expenses or taxes) 22.78% 9.56% 13.35% Tax Information Management For information about certain tax-related aspects of investing in the Portfolio through a variable contract, Investment Adviser(s) please see the variable product prospectus. The Portfolio is managed by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”). Payments to Broker-Dealers and Other Financial Intermediaries Portfolio Manager(s) If you purchase the Portfolio through a broker-dealer or Matthew D. Finn, CFA and JamesM.Tinucci,CFA other financial intermediary (such as an insurance are jointly and primarily responsible for the day-to-day company), the Portfolio and its related companies may management of the Portfolio. Mr. Finn has served as pay the intermediary for the sale of Portfolio shares and lead portfolio manager for the Portfolio since April related services. These payments may create a conflict of 2013. Mr. Tinucci has served as the associate portfolio interest by influencing the broker-dealer or other manager of the Portfolio since March 2015. Mr. Finn has intermediary and your salesperson to recommend the been a portfolio manager at Thrivent Financial since Portfolio over another investment. Ask your salesperson 2004, when he joined Thrivent Financial. Mr. Tinucci or visit your financial intermediary’s website for more has been with Thrivent Financial since 2014. information.

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NONPROFIT ORG . US POSTAGE PAID 4321 N. Ballard Rd. Thrivent Appleton, WI 54919-0001 Financial

Important notice regarding delivery of documents! In response to concerns regarding multiple mailings, we send one copy of an annual and semiannual report and one copy of a prospectus to each household. This process is known as householding. This consolidation helps reduce printing and postage costs, thereby saving money. If you wish to receive additional copies, call us toll-free at 800-847-4836. If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd., Appleton, WI 54919-0001, or call us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

No Need for Paper? Go paperless and start accessing prospectuses, reports and other documents online. An email is sent to you when new documents are available. Paperless delivery options: • Prospectuses, annual and semiannual reports. • Most billing and contribution notices. • Most contract and account statements. • Activity confirmation statements. • Tax forms (life, health and annuity contract tax forms). • Annual privacy notice. • Thrivent magazine. Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in these prospectuses. If given or made, such information or representations must not be relied upon as having been authorized. These prospectuses 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 is issued by Thrivent, the marketing name for Thrivent Financial for Lutherans, 4321 N. Ballard Rd., Appleton, WI 54919, and distributed by Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a subsidiary of Thrivent Financial for Lutherans. Contract Forms V2-VY-FPVA-1

VP63 (VIP) R4-20 4321 N. Ballard Rd. Appleton, WI 54919-0001

VP63 (VIP) R4-20