THRIVENT PARTNER EMERGINGMARKETS EQUITY PORTFOLIO

March 31, 2018Portfolio Inception Date Separate Account Date Total Portfolio Assets4/30/2008 10/31/2002 $101.4 million

Portfolio DescriptionThe Thrivent Partner Emerging Markets Equity Portfolio is managed by Aberdeen Asset ManagersLimited and invests primarily in companies of countries that are considered to have an “emerging” or“developing” stock market. According to the United Nations, more than fifty percent of the world’spopulation resides in emerging market countries, such as Brazil, Russia, India and China. Emergingmarket countries often have younger, growing populations, an expanding middle class, developinginfrastructure and improving monetary and fiscal policies. These factors help contribute to faster growthrates compared to their developed country counterparts, but with more volatility.

Investment Strategy/ProcessThe Portfolio invests primarily in the equity securities of companies based in emerging stock markets. Ituses a disciplined investment process which uses proprietary research to seek to identify qualitycompanies (based on factors such as strength of management and business), that trade at reasonablevaluations based on factors such as earnings growth and other key financial measurements.

Growth of $10,000 and Calendar Year Performance (%)

Trailing Returns — Average Annual (%)

Chart represents the total market value if the contract is not surrendered. Performance reflects thededuction of current mortality and expense charge of 1.25% and applicable annual portfoliooperating expenses. Performance of other contracts will be greater or less than the data shownbased on the differences in contract charges and expenses paid by the contract holder.

CY

TR

Gro

wth

of $

10

,00

0 $15,000

$10,000

$5,000

$0

75%

50%

25%

0%

-25%

-50%

-75%2008

N/A

2009

72.53

2010

25.76

2011

-11.93

2012

24.40

2013

-8.49

2014

-3.50

2015

-14.67

2016

10.20

2017

26.07

YTD

-0.35

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Calendar Year Total Returns (CYTR)

Total Market Value $13,872

3Month YTD 1 Year 3 Year 5 Year 10 Year

SinceIncept.

If Contract Is Held -0.35 -0.35 13.04 4.75 0.88 N/A 3.35If Contract Is Surrendered -6.63 -6.63 5.92 3.15 0.33 N/A 3.35MSCI Emerging MarketsIndex - USD Net Returns 1.42 1.42 24.93 8.81 4.99 3.02 N/A

Lipper Emerging MarketsFunds Median¹ 1.75 1.75 24.50 9.17 4.51 2.81 N/A

All data represents past performance of the subaccount in Thrivent Flexible Premium Deferred VariableAnnuity (Contract W-BC-FPVA (05)) and is no guarantee of future results. Total investment returns andprincipal value of an investment will fluctuate and units, when redeemed, may be worth more or less thanthe original investment. Current performance may be lower or higher than the performance data quoted.Market volatility can significantly affect short-term performance, and more recent returns may be differentfrom those shown. Visit Thrivent.com or call 800-847-4836 for most recent month end performance results.Data reflects the deduction of the current and maximum mortality and expense charge of 1.25% andapplicable annual portfolio operating expenses. Annual expenses are subject to change. See theprospectus for detailed information on fees related specifically to this subaccount.

Periods less than one year are not annualized. Trailing return calculations assume an initial investmentof $10,000. At various times the investment adviser may have reimbursed Portfolio expenses. Had theinvestment adviser not done so, the total returns would have been lower.Trailing returns do not include any adjustments for any annual administrative or additionalfeature charges. “If surrendered” data reflects the applicable surrender charge for the timeperiod. “If held” values to do not include surrender charges. Maximum surrender charge is 7% ifsurrendered in the first year and decreases by 1% each subsequent year for the next six years.“Since inception” returns are calculated from the inception date listed above and is based onthe date the portfolio was added to the separate account used with this contract. 1Source: Lipper LANA. The Lipper median represents the median annualized total return for all reportedportfolios in the classification. Lipper medians do not include sales charges or fees. If included, returnswould have been lower.

Investment ObjectiveThrivent Partner Emerging Markets EquityPortfolio seeks long-term capital growth.

Who Should Consider Investing?The Portfolio may be suitable for investors who:

Seek the diversification and high potential growth•that emerging market countries may offer.

Have a long-term investment time horizon and•an aggressive risk tolerance.

Are able to withstand the high level of risk and•volatility associated with emerging market investing,in pursuit of potentially high long-term returns.

Portfolio Operating Expense RatioGross: 1.66%Net: 1.30%

The Adviser has contractually agreed, through atleast April 30, 2018, to reimburse certain expensesassociated with the Portfolio. Refer to the expensetable in the Series Fund’s prospectus.

Benchmark(s)Indexes are unmanaged and do not reflect the feesand expenses associated with active management.Investments cannot be made directly into an index.

Morgan Stanley Capital International (MSCI)•Emerging Markets Index - USD Net Returnsis designed to measure equity marketperformance in global emerging markets and isa float-adjusted market capitalization index.

Portfolio Management & ExperienceAberdeen Asset Managers LimitedPortfolio Start: 2008

Risks: The Portfolio primarily invests in emergingmarkets equities. Foreign investments involve additionalrisks, including currency fluctuations, liquidity, political,economic and market instability, and different legal andaccounting standards; these risks are magnified forinvestments in emerging markets. The value of thePortfolio is influenced by factors impacting the overallmarket, certain asset classes, certain investmentstyles, and specific issuers. The Portfolio may incurlosses due to incorrect assessments of investments byits investment advisers. Small and medium-sizedcompanies often have greater price volatility and lessliquidity than larger companies. Large cap companiesmay be unable to respond quickly to new competitivechallenges a may not be able to attain a high growthrate. To the extent that the financials sector continues torepresent a significant portion of the Portfolio, thePortfolio will be sensitive to changes in, and itsperformance may depend to a greater extent on,factors impacting this sector.

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THRIVENT PARTNER EMERGINGMARKETS EQUITY PORTFOLIOMarch 31, 2018

Portfolio Diversification

26.0%Financials

20.9%Information Technology

15.0%Consumer Staples

12.0%Consumer Discretionary

9.1%Materials

4.9%Real Estate

3.4%Telecommunication Services

2.8%Energy

2.7%Cash

2.4%Industrials

0.8%Health Care

Top 10 Holdings (33.40% of Portfolio, as of02/28/2018)

Samsung Electronics Co, Ltd. 5.65%Tencent Holdings, Ltd. 4.96%Taiwan Semiconductor Mfg Co, Ltd. 4.84%Housing Development Fin Corp 3.64%Banco Bradesco SA ADR 2.82%AIA Grp, Ltd. 2.55%Vale SA ADR 2.35%Astra Int’l Tbk PT 2.23%China Mobile, Ltd. 2.21%Siam Cement plc 2.15%

World Region BreakdownDeveloped International 9.6%Emerging Markets 81.2%Other 7.3%United States 1.9%

Top 5 Countries (51.8% of Portfolio)India 13.8%Brazil 12.0%South Korea 9.8%China 8.5%Hong Kong 7.7%

Data is based on country of incorporation. Some companies may be domiciled in offshore locations that may notreflect the primary place of business. Developed International holdings may include exposure to emerging marketsecurities that are listed in a developed market, such as mainland China holdings that are listed in Hong Kong.

Afr ica

4.0%

Asia/Pacif ic

59.2%

Europe an Re gion

5.6%

M iddle

East

2.5%

U.S.

1.9%

Canada

0.0%

Lat in

Ame r ica

26.8%

2Turnover Ratio: 12-month rolling as of 2/28/2018. A measure of the Portfolio’s trading activity, which is calculatedby dividing the lesser of long-term purchases or long-term sales by average long-term market value.3,4,5S&P 500® is a registered trademark of Standard & Poor’s® Financial Services LLC, a part of McGrawHill Financial, Inc. and/or its affiliates. The Index is a market-cap weighted index that represents theaverage performance of a group of 500 large-capitalization stocks. Sources: (3) Morningstar; (4)FactSet; (5) Thrivent Financial.Investing in variable annuities involves risk, including the possible loss of principal. More completeinformation on the investment objectives, risks, charges and expenses of the variable annuity contract andunderlying investment options is included in the prospectuses, which investors should read and considercarefully before investing. Prospectuses are available from a Thrivent Financial representative or atThrivent.com. Since every investor’s situation is unique, please work with a financial representative todetermine which products and strategies are most appropriate for your needs and goals.Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products areavailable in all states. Securities and investment advisory services are offered through Thrivent InvestmentManagement Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC memberand a wholly owned subsidiary of Thrivent Financial, the marketing name of Thrivent Financial for Lutherans,Appleton, WI. Thrivent Financial representatives are registered representatives of Thrivent InvestmentManagement Inc. They are also licensed insurance agents/producers of Thrivent Financial. For additionalimportant disclosure information, please visit Thrivent.com/disclosures.

PORTFOLIO STATISTICSStatistics shown below are compared to the S&P500® Index. The benchmark is intended to providea comparison to the broad U.S. large cap stockmarket, and may not be representative of thePortfolio’s investment strategies and holdings.

Holdings InformationNumber of Holdings 67Turnover Ratio (last 12-months)² 16%

Risk/Volatility MeasuresStandard Deviation: A statistical measure ofvolatility. The higher the standard deviation, theriskier an investment is considered to be.

S&P 500®

Portfolio Index³

3 Year 14.88% 10.26%5 Year 14.78% 9.87%10 Year N/A 15.05%

Equity CharacteristicsMarket Capitalization: A measure of the size ofthe companies held in the portfolio, calculated bymultiplying a company’s total outstanding sharesby the stock price.

S&P 500®

Portfolio Index⁴

Avg Mkt Cap $42.8 B $48.9 BWtd Median Mkt Cap $30.9 B $100.5 B

Price to Earnings (P/E) Ratio: A valuation ratiocalculated by dividing the share price of eachstock held in the portfolio by its trailing 12-monthearnings per share.

S&P 500®

Portfolio Index⁵

P/E Ratio 17.0 21.5

Return on Equity (ROE): A measure of corporateprofitability that shows how much net income thecompanies in the portfolio have generated as apercentage of shareholder equity.

S&P 500®

Portfolio Index⁵

ROE 20.0% 19.7%

Appleton, Wisconsin • Minneapolis, Minnesota • Thrivent.com • 800-847-4836 •

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