The Board of Directors of the Fund has fixedADDITIONAL INFORMATION ABOUT THE PORTFOLIO

Shareholder Information

At the close of business on June 16, 2015 as the record date for determining shareholders entitled to notice of, and to vote at,Record Date, the Special Meeting and all adjournments.

By OrderPortfolio had outstanding [                ] shares. As of the BoardRecord Date, the Directors and officers of Directors

Michael W. Kremenak

Secretary

Thrivent Series Fund, Inc,

Minneapolis, Minnesota

            , 2015the Portfolio as a group owned less than 1% of the outstanding shares of the Portfolio. As of the Record Date, no person was known by the Portfolio to own beneficially or of record as much as 5% of the Portfolio shares except as follows:

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Series of

THRIVENT SERIES FUND, INC.

625 Fourth Avenue South

Minneapolis, Minnesota 55415

PROXY STATEMENT

This Proxy Statement is furnished in connection withUnder the solicitation of proxies by the Board of Directors (the “Board”) of Thrivent Series Fund, Inc. (the “Fund”) to be used at a Special Meeting of Shareholders and1940 Act, any adjournments (collectively, the “Special Meeting”) of each seriesperson who owns more than 25 percent of the Fund listed above (each, a “Portfolio,” and collectively, the “Portfolios”)voting securities of another company is presumed to be held at the Thrivent Financial for Lutherans building, 625 Fourth Avenue South, Minneapolis, Minnesota 55415, on August 14, 2015, at 9:30 a.m. Central Time. This Proxy Statementcontrol such company.

The Separate Accounts and the accompanying Notice of Special Meeting of Shareholders and proxy cardRetirement Plans

Shares in the Portfolio are first being mailed on or about July 1, 2015.

Each Portfolio is acurrently sold, without sales charges, only to: (1) separate series of the Fund, which is an open-end investment company commonly called a mutual fund. The Portfolio issues and sells its shares solely to:

A Prospectus for the variable contract describes how the premiums and the assets relating to the variable contract may be allocated among one or more of the subaccounts that correspond to the portfolios of Thrivent Series Fund.

The Fund serves as the underlying investment vehicle for variable annuity contracts and variable life insurance policies that are funded through separate accounts established by Thrivent Financial. It is possible that in the future, it may not be advantageous for variable life insurance separate accounts and variable annuity separate accounts to invest in the portfolios at the same time. Although neither Thrivent Financial nor the Fund currently foresees any such disadvantage, the Board monitors events in order to identify any material conflicts between such policy owners and contract owners. Material conflict could result from, for example, (1) changes in state insurance laws, (2) changes in federal income tax law, (3) changes in the investment management of a portfolio, or (4) differences in voting instructions between those given by policy owners and those given by contract owners. Should it be necessary, the Board would determine what action if any, should be taken on response to any such conflicts.

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As a result of differences in tax treatment and other considerations, a conflict could arise between the sole record ownersinterests of the Fund,variable life insurance contract owners and variable annuity contract owners. The Board will monitor events in order to identify the existence of any material irreconcilable conflicts and to determine what action if any, should be taken in response to any such conflicts.

VOTING AND SHAREHOLDER MEETING INFORMATION

General

Approval of the Proposal requires a majority of the total votes cast in person or by proxy at the Meeting at which a quorum is present. Thrivent Financial and Thrivent Life, the other Portfoliossponsors of the Fund, and the retirements plans sponsored by Thrivent Financialyour variable contracts, are the sole shareholdersShareholders of the Fund and are entitled to vote allrecord of the shares of the Fund atPortfolio. Shareholders with investments in the special meeting. However, pursuantPortfolio are entitled to applicable laws,provide proxy cards to Thrivent Financial and Thrivent Life vote their outstanding shares of the Fund in accordance with instructions received from the owners of the variable contracts. This Proxy Statement and the accompanying materials are being delivered to variable contract owners who, by virtue of their ownership of variable contracts, beneficially owned shares of the Fund as of the record date for the special meeting, June 16, 2015, so that they may instruct Thrivent Financial and Thrivent Life howshares related to vote the shares of the Fund underlying their variable contracts.investments.

For ease of reference, the term “shareholders” will be used in this Proxy Statement and the accompanying materials to refer collectively to both record owners and beneficial owners of shares of the Fund as of the record date.

ProposalsRecord Date

The following table identifies each proposal in the Notice of Special Meeting of Shareholders and indicates the shareholders of the Portfolios that are being solicited to approve the proposal.

Quorum and Voting

Who is entitled to vote?

Shareholders of record of each Portfolio atBoard has fixed the close of business on June 16, 2015 (the “Record Date”) are7, 2019 as the Record Date for the determination of Shareholders entitled to notice of, and to vote at, the Special Meeting.

The shareholders of each Portfolio will vote separately on certain matters at the Special Meeting as described below, although voting instructions are being solicited through use of this combined Proxy Statement. With respect to Proposal 1 (regarding the election of Directors Shareholders of the Fund)Portfolio on the Record Date are entitled to one vote for each share held (a fractional share has a fractional vote), shareholders of eachwith no shares having cumulative voting rights. Shareholders with investments in the Portfolio of the Fund will vote together with each other Portfolio of the Fund. With respect to Proposal 2 (regarding a new advisory fee structure for the Asset Allocation Portfolios),

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shareholders of each Asset Allocation Portfolio will vote separately. Should Proposal 2 be approved by shareholders of one or more Asset Allocation Portfolios but not by shareholders of another Asset Allocation Portfolio, Proposal 2 will be effective with respect to each Portfolio for which shareholders have approved the proposal.

The table below reflects the total number of shares of each class of each Portfolio issued and outstanding as of the Record Date.

Each shareholder isDate are entitled to the same number of votes as the number of full and fractional shares held by such shareholder. Each share is entitled to one vote.

Quorum

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How Can I Vote?

Thrivent Financial and Thrivent Life will cast your votes according to your voting instructions. If you sign and date your voting instruction form, but do not specify instructions, your shares of the Portfolio will be voted “FOR” all the proposals. With respect to shares for which no voting instructions are received, and with respect to any shares held by Thrivent Financial or by any of its subsidiaries or affiliates for their own accounts, Thrivent Financial will cast votes in proportion to the shares with respect to which they have received instructions from beneficial owners. As a result of such proportional voting, a small number of shareholders may determine the outcome of a proposal.

You may vote by mail, telephone or the Internet. To vote by mail, date and sign the enclosed voting instruction form and return it in the enclosed postage-paid envelope. To vote by telephone or the Internet, use the telephone number or website address on the enclosed voting instruction form. If you vote by telephone or the Internet, there is no need to mail the voting instruction form. You are also invited to attend the Special Meeting and to vote in person.

You may revoke your voting instructions at any time prior to their use by:

Attendance and voting at the Special Meeting will not by itself constitute a revocation of voting instructions. Shares represented by the signed voting instructions received by the Board in time for voting that are not revoked will be voted in accordance with the instructions noted on the signed voting instruction forms.Unless instructions to the contrary are marked on the proxy card, the shares represented by the proxy card will be voted FOR all the proposals.The proxy card grants discretion to the persons named thereon, as proxies, to take such further action as they determine appropriate in connection with any other matter which may properly come before the Special Meeting or any adjournments. The Board does not currently know of any matter to be considered at the Special Meeting other than the matters set forth in the Notice of Special Meeting of Shareholders.

What is the requirement for a quorum?

In order for the Special Meeting to go forward, there must be a quorum. This means that at least aA majority of the shares of the FundPortfolio entitled to vote at the Special

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Meeting must be represented in person or by proxy at the Special Meeting.constitutes a quorum. Thrivent Financial and its affiliatesThrivent Life together are the record owners of a majority of the shares of the Fund.Portfolio. Effective June 30, 2019, it is expected that Thrivent Financial’sLife will be dissolved and the contract obligations of Thrivent Life will be assumed by Thrivent Financial. The representation of Thrivent Financial at the special meetingMeeting will therefore assure the presence of a quorum.

What is the voting requirement to pass each Proposal?Proxies

A plurality of the votes cast in person or by proxy at the Special Meeting at which a quorum is present will be required for the election of Directors (Proposal 1). Approval of Proposal 2 by each Asset Allocation Portfolio requires the affirmative vote of the holders of a “majority of the outstanding voting securities” of such Asset Allocation Portfolio, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”). For that purpose, a vote of the holders of a “majority of the outstanding voting securities”Shareholders of the Portfolio meansmay vote in any one of four ways: (i) via the lesserInternet, (ii) by telephone, (iii) by mail, by returning the proxy card, or (iv) in person at the Meeting. Instructions for Internet and telephone voting are included with the enclosed proxy materials. Shareholders who deliver voting instructions by methods (i), (ii) or (iii) may revoke them at any time prior to the Meeting by delivering a written notice of (1)revocation, by executing another proxy card bearing a later date or by attending the Meeting and giving voting instructions in person. Merely attending the

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Meeting, however, will not revoke any previously submitted proxy. The required control number for Internet and telephone voting is printed on the enclosed proxy card. The control number is used to match voting proxy cards with Shareholders’ respective accounts and to ensure that, if multiple proxy cards are executed, shares are voted in accordance with the proxy card bearing the latest date. The Portfolio employs procedures for Internet and telephone voting, such as requiring the control number from the proxy card in order to vote by either of 67% or more ofthese methods, which it considers to be reasonable to confirm that the shares ofinstructions received are genuine. If reasonable procedures are employed, the Portfolio present at the Special Meeting if the holders of more than 50% of the outstanding Portfolio shares are presentwill not be liable for following Internet or represented by proxy, or (2) the vote of the holders of more than 50% of the outstanding shares of the Portfolio. Should Proposal 2telephone votes which it believes to be approved by shareholders of one or more Asset Allocation Portfolios but not by shareholders of another Asset Allocation Portfolio, Proposal 2 will be effective with respect to each portfolio for which shareholders have approved the proposal.genuine.

Abstentions and brokernon-votes (i.e., where a nominee such as a broker holding shares for beneficial owners indicates thatvotes on certain matters pursuant to discretionary authority or instructions have not been received from the beneficial owners, and the nomineebut with respect to one or more proposals does not receive instructions from beneficial owners or does not exercise discretionary authority) are not treated as votes “FOR” a proposal. Abstentions and broker non-votes will be deemed present for quorum purposes. With respect to Proposal 1, abstentionsAbstentions and brokernon-votes are disregarded since only votes “FOR” are considered in a plurality voting requirement. With respect to Proposal 2, abstentions and broker non-votes have the same effect as votes cast against“AGAINST” the proposal.Proposal.

How areAll properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Proxies received prior to the Meeting on which no vote is indicated will be voted “FOR” the approval of the Proposal.

If your voting instructions are not timely received, shares of the Portfolio attributable to a variable contract will be voted by Thrivent Financial in proportion to the proxy cards received for all variable contracts participating in the solicitation. This voting procedure may result in a relatively small numbers of Shareholders determining the outcome of the vote. No minimum response is required from Shareholders before Thrivent Financial will vote the Portfolio shares.

Any shares of the Portfolio held by Thrivent Financial or any of its affiliates for their own account and any shares held in asset allocation portfolios managed by Thrivent Financial will be voted in proportion to the proxy cards received for all variable contracts participating in the solicitation.

Solicitation of Proxies

Solicitation of proxies is being solicited?

The Board expects to make this solicitationmade primarily by mail. However, inthe mailing of this Notice and Proxy Statement with its enclosures on or about [    ], 2019. Shareholders of the Portfolio whose shares are held by nominees, such as brokers, can vote their proxies by contacting their respective nominee. In addition to soliciting voting instructionsthe solicitation of proxies by mail, the officers and Directorsemployees of the Fund and persons affiliated with Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”), the Fund’s investment adviser,and its affiliates, without additional compensation, may solicit voting instructions personallyproxies in person or by telephone, telegraph, facsimile or other electronic means.oral communication. The Fund alsoPortfolio may retain Computershare Fund Services (“Computershare”), a professional proxy solicitation firm, to assist inwith any special, personal solicitation of voting instructions. We do not expect to incur solicitation expenses for these proposals. The Board has determined an equitable allocation of the cost of retaining a proxy solicitation firm, and other expenses incurred in connection with preparing this Proxy Statement, as described below. The costs of electing Directors, estimated to be $787,000, are an expense of the Fund and will be borne by the Portfolios. Such costs will be allocated among the Portfolios based upon their respective numbers of contractholders. Thenecessary

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incremental costs associated with Proposal 2 are estimated tosolicitation of proxies. However, Thrivent Financial anticipates that additional telephone solicitation by Computershare will not be $20,000, whichnecessary. Any proxy solicitation expenses will be paid by the Asset Allocation Portfolios. SuchPortfolio while certain indirect costs will be paid by Thrivent Financial.

If you cannot be present in person, you are requested to fill in, sign and return the Asset Allocation Portfolios will be allocated among the Asset Allocation Portfolios based upon their respective numbers of contractholders. Totalenclosed proxy costs are estimated to be $807,000. Should a proposal not be approved by contractholders, the Board will discuss alternatives with the Adviser.

Additional Information about the Portfolios

The financial statements of each Portfoliocard, for the fiscal year ended December 31, 2014, are includedwhich, no postage is required if mailed in the Fund’s annual report, which have been previously sent to shareholders.The Fund will provide you with a copy of an annualUnited States, or semiannual report without charge. You may obtain a copy of these reportsrecord your voting instructions by writing to Thrivent Series Fund, Inc., 625 Fourth Avenue South, Minneapolis, Minnesota 55415telephone or by calling toll-free (800) 847-4836. These reports are also available onvia the website (www.thrivent.com) of Thrivent Financial.Internet promptly.

The percentages of shares ofPossible Adjournment

In the Fund outstanding held by various entities on the Record Date are listed in the table below. The officers and Directors of the Fund cannot directly own shares of the Fund’s Portfolios, and they cannot beneficially own shares of the Fund unless they purchase variable contracts issued by Thrivent Financial or Thrivent Life or participate in a retirement plan sponsored by Thrivent Financial. As of the Record Date, the officers and directors of the Fund as a group beneficially owned less than 1% of the outstanding shares of the Fund. To the best knowledge of the Fund, no person other than Thrivent Financial and Thrivent Life owned, of record or beneficially, 5% or more of the outstanding shares of the Fund as of the Record Date. Information as of that date with regard to ownership by Thrivent Financial, Thrivent Life and the Retirement Plan sponsored by Thrivent Financial in the Fund is provided below:

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PROPOSAL 1

Election of Directors

Background

The Board is responsible for supervising the management of the Fund. The 1940 Act and rules adopted under the 1940 Act contain provisions requiring that certain percentages of a mutual fund’s board of directors consist of individuals who are independent of the mutual fund within the meaning of Section 2(a)(19) of the 1940 Act. Current regulations applicable to the Fund requireevent that a majority of the Fund’s Board consist of “Independent Directors.”

In addition, as a general matter, no individual may serve as a Director unless that individual was elected as a Director by the outstanding voting securities of a mutual fund. Vacancies occurring, however, between shareholder meetings may be filled in any otherwise legal manner if immediately after filling any such vacancy, at least two-thirds of the Directors then holding office shall have been elected to such office by the holders of the outstanding voting securities at a shareholder meeting (the “two-thirds rule”).

The Board currently consists of nine persons, eight of whom are Independent Directors. Six of the nine incumbent Directors (Richard L. Gady, Russell W. Swansen, Richard A. Hauser, Paul R. Laubscher, Douglas D. Sims, and Constance L. Souders) have been elected by shareholders at a past shareholder meeting. Between the years 2009 and 2011, four Independent Directors retired. Three incumbent Directors are scheduled to retirequorum is present at the end of 2016. The currently sitting Directors, because ofMeeting but sufficient votes to approve the requirements of the 1940 Act, cannot appoint any additional Directors. These Directors, however, believe that the addition of new Directors would benefit the FundProposal are not received, proxies (including abstentions and its shareholders.

Reasons for the Proposal

This proposal serves two purposes. First, the Board believes that the Fund and its shareholders would benefit from the expertise of a new Director nominee, Mr. Royal, who would be a valuable addition to the Board. Mr. Royal has significant investment management experience and would be able to provide meaningful oversight of the Fund’s operations and the investment manager’s efforts to navigate the complexities of today’s financial markets and the evolution of the Fund’s business. His qualifications and the qualifications of the other nominees are discussed below.

In addition, the election by shareholders of all Directors at this time will allow the Board to appoint new Directors, if the need were to arise, and comply with the regulatory requirements of the 1940 Act (i.e., the two-thirds rule).

The Director nominees include the nine incumbent Directors (Ms. Case, Mr. Gady, Mr. Hauser, Mr. Joseph, Mr. Laubscher, Mr. Nussle, Mr. Sims, Ms. Souders

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and Mr. Swansen) and one non-incumbent nominee (Mr. Royal). At a meeting held on May 20, 2015, the Board recommended and nominated these individuals to serve as Directors to the Fund, pending shareholder approval.

If these ten nominees were to be elected, eight of the ten Directors would be Independent Directors. Mr. Swansen and Mr. Royal, through their positions with Thrivent Financial, the Fund’s investment adviser, would be interested Directors. The Board believes that this percentage of Independent Directors to total Directors (80%) is appropriate for executive oversight of the Fund. It is important to note that the Chair of the Board, Mr. Hauser, is an Independent Director.

All shares represented by valid proxy cardsbrokernon-votes) will be voted in favor of the electionone or more adjournments of the nominees, unless authorityMeeting to vote thereforpermit further solicitation of proxies, provided that the Board determines that such an adjournment and additional solicitation is withheld. The nominees named have agreed to serve as Directors if elected. If for any reason, any of the nominees should not be available for election as contemplated, the proxies namedreasonable and in the proxy card may, unless otherwise limited, vote the shares represented thereby to elect such substitute nominees, if any, as may be designated by the Board, subject to the applicable provisionsinterest of the 1940 Act. This election will help assure continued compliance with 1940 Act provisions regarding the election of Directors. Background information on all of the nominees is provided below.

Nominees

Independent Directors¹

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Interested Directors³

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Qualifications of the Nominees

Each nominee was nominated to join the BoardShareholders based on a varietyconsideration of all relevant factors, none of which, by itself, was a controlling factor. The Board has concluded, based on each nominee’s experience, qualifications, attributes or skills, on an individual basis and in combination with those of other nominees, that each nominee is qualified to serve as a Director of the Fund. Among the attributes common to all the nominees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Directors (in the case of the individuals that currently serve as Directors), Thrivent Financial, the Portfolios’ investment manager, the sub-advisers, counsel, the independent registered public accounting firm and other service providers, and to exercise effective business judgment in the performance of their duties as Directors. A nominee’s ability to perform his or her duties effectively may have been attained through the nominee’s business, consulting and/or public service positions, and through experience from service as a Director on the Board of the Fund, other mutual funds, public companies, non-profit entities or other organizations. Each nominee’s ability to perform his or her duties effectively also has been enhanced by his or her educational background or professional training, and/or other life experiences. In addition to these shared characteristics, set forth below is a brief discussion of the specific experience, qualifications, attributes or skills of each nominee. As used in this Proxy Statement, the Fund, Thrivent Cash Management Trust, and Thrivent Mutual Funds constitute the “Fund Complex.”

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Independent Director Nominees

Janice B. Case. Ms. Case has served as a Director on the Board of the Fund Complex since 2011 and as Chair of the Governance and Nominating Committee since 2012. She has nearly 40 years of experience in the electric utilities industry, including ten years as an executive officer of a Florida-based electric utility and holding company. Since leaving full-time corporate employment, Ms. Case gained mutual fund industry experience as a former director on the board of another fund complex. While a director on that board, she served on board committees, including as chair of the compensation and proxy voting committees, and as a member of the governance/nominating, contract review and audit committees. Ms. Case has also served as a director on several public corporate and non-profit boards.

Richard L. Gady.Mr. Gady has served as a Director on the Board of the Fund Complex since 1987. He has experience as an executive officer and economist for a large public company in the agribusiness. Mr. Gady also has experience as a director as a former board member of the International Agricultural Marketing Association, the MOSAIC in Axtell and the Omaha Hearing School, and as an advisor to the USDA and USTR for agricultural trade policy.

Richard A. Hauser. Mr. Hauser has served as a Director on the Board of the Fund Complex since 2004, as Chair of the Board since 2012 and as Chair of the Ethics and Compliance Committee from 2005 through 2011. He is a licensed attorney and is currently Vice President and Assistant General Counsel for a large publicly traded aerospace company. Mr. Hauser was formerly a partner in a large national law firm and has held senior positions in government, including as deputy White House counsel to President Ronald Reagan and as general counsel for the U.S. Department of Housing and Urban Development. He has experience as a director as a former board member and chairman of The Luther Institute and the Pennsylvania Avenue Development Corporation and a former director on the board of Lutheran Brotherhood, the Washington Hospital Center and a public healthcare-related company.

Marc S. Joseph. Mr. Joseph has served as a Director on the Board of the Fund Complex since 2011 and as Chair of the Ethics and Compliance Committee since 2012. He has more than 20 years of experience in the investment industry, including over five years as a portfolio manager for mutual funds and institutional accounts and three years as a chief investment officer. Mr. Joseph is the co-founder of a consulting and advisory firm registered with the Financial Conduct Authority, the regulator of financial service providers in the United Kingdom. As the founder and Managing Director of another private investing and consulting company, he has provided services as a mediator or arbitrator for cases involving disputes with broker-dealers.

Paul R. Laubscher. Mr. Laubscher has served as a Director on the Board of the Fund Complex since 2009 and as Chair of the Investment Committee since 2010. He is a

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holder of the Chartered Financial Analyst designation and has over 25 years of experience as a portfolio manager. Mr. Laubscher has served as a senior investment manager of the retirement fund of a large public technology company since 1997.

James A. Nussle. Mr. Nussle has served as a Director on the Board of the Fund Complex since 2011. He has more than 20 years of public service experience, including serving as a Representative from Iowa in the House of Representatives from 1991 through 2007 and as Director of the U.S. Office of Management and Budget. Mr. Nussle is a founding member, president and chief executive officer of the Nussle Group, a public affairs media and strategic consulting firm, and he also serves as an executive officer of a trade association of renewable energy companies. Mr. Nussle has gained experience as a director on the advisory board of a private equity firm and on the board of several non-profit organizations.

Douglas D. Sims. Mr. Sims has served as a Director on the Board of the Fund Complex since 2006 and as Chair of the Audit Committee since 2009. Mr. Sims has over 37 years of experience in the financial services industry, including experience gained as the former chief executive officer of CoBank, a cooperative bank that provided financing to agribusinesses and rural-based customers. He has experience as a director as a former board member and chairman of the Federal Farm Credit Banks Funding Corporation.

Constance L. Souders. Ms. Souders has served as a Director on the Board of the Fund Complex since 2007 and as Chair of the Contracts Committee since 2010. She also serves as the Audit Committee financial expert. Ms. Souders has over 20 years of experience in the mutual fund industry, including eight years as the former Treasurer of a mutual fund complex and registered investment adviser and the Financial and Operations General Securities Principal of a mutual fund distributor.

Interested Director Nominees

David S. Royal. Mr. Royal has nearly 18 years of experience advising and working for mutual fund complexes. He is currently the President of the Fund Complex. Prior to his current position, Mr. Royal was Deputy General Counsel for Thrivent Financial and the Secretary and Chief Legal Officer of the Fund Complex. Before joining Thrivent, Mr. Royal was a partner at an international law firm based in Chicago. Mr. Royal teaches a course at a law school about the investment management industry. He also serves on the board of directors of a non-profit organization and is currently the Vice Chair.

Russell W. Swansen. Mr. Swansen has served as a Director on the Board of the Fund Complex since 2009. He has over 30 years of investment management experience and has served as Senior Vice President and Chief Investment Officer of Thrivent Financial since 2003. Mr. Swansen has executive and business experience as a former managing director of an investment bank and as a former president of another registered

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investment adviser. He has experience as a director on the board of several companies (both public and private) and non-profit organizations.

Leadership Structure and Oversight Responsibilities

Overall responsibility for oversight of the Fund and its Portfolios rests with the Board of Directors. The Board has engaged Thrivent Financial to manage the Portfolios on a day-to-day basis. The Board is responsible for overseeing Thrivent Financial and other service providers in the operation of the Fund in accordance with the provisions of the 1940 Act, applicable provisions of Minnesota law, other applicable laws and the Fund’s charter. The Board conducts regular quarterly meetings. In addition, the Board holds special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Directors have engaged independent legal counsel and an industry consultant to assist them in performance of their oversight responsibilities. The Board met four times during the last fiscal year. Each Director attended at least 75% of the total number of meetings of the Board of Directors held during the fiscal year ended December 31, 2014, and, if a member, at least 75% of the total number of meetings of the Committees held during the same period for which he or she served.

The Board has appointed an Independent Director to serve in the role of Chairperson. The Chairperson’s role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Directors generally between meetings. The Chairperson may also perform such other functions as may be delegated by the Board from time to time. Except for duties specified herein or pursuant to the Fund’s charter documents, the designation of Chairperson does not impose on such Independent Director any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Board generally. The Board has established five standing committees (described in more detail below) to assist the Board in the oversight and direction of the business and affairs of the Fund, and from time to time may establish informal working groups to review and address the policies and practices of the Fund with respect to certain specified matters. The Board believes that the Board’s current leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees of the Directors and the full Board in a manner that enhances effective oversight. The leadership structure of the Board may be changed at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Fund.

The Fund and the Portfolios are subject to a number of risks, including investment, compliance, operational, and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of Thrivent Financial, the sub-advisers and other service providers (depending on the nature of the risk), which carry outparticular proposal, the Portfolios’ investment management and business affairs.

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Eachpercentage of Thrivent Financial,votes then cast, the sub-advisers and other service providers have their own, independent interest in risk management, and their policies and methodspercentage of carrying out risk management functions will depend, in part, on their individual priorities, resources and controls.

Risk oversight forms partnegative votes cast, the nature of the Board’s general oversightproposed solicitation activities and the nature of the Fund and Portfolios and is addressed as part of various Board and committee activities. The Board recognizes that it is not possible to identify allreasons for such further solicitation. Any such adjournment will require the affirmative vote of the risks that may affect a Portfolio or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board, directly or through a committee, interacts with and reviews reports from, among others, Thrivent Financial, sub-advisers, the Chief Compliance Officer of the Fund, the independent registered public accounting firm for the Fund, and internal auditors for Thrivent Financial, as appropriate, regarding risks faced by the Fund and its Portfolios, and Thrivent Financial’ s risk functions.

The Audit Committee of the Board, which is composed of all Independent Directors, oversees management of financial risks and controls. The primary responsibilities of the Audit Committee include, as set forth in its charter, recommending the engagement or retention of the Fund’s independent accountants, reviewing with the independent accountants the plan and the results of the auditing engagement, approving professional services, including permitted non-audit services, provided by the independent accountants prior to the performance of such services, considering the range of audit and non-audit fees, reviewing the independence of the independent accountants, reviewing the scope and results of procedures of internal auditing, and reviewing the system of internal accounting control. The head of business risk management, which functions as the Adviser’s internal audit group, meets with the Audit Committee and provides reports to the Committee in writing and in person on an as-needed basis (but at least annually). Although the Audit Committee is responsible for overseeing the management of financial risks, the entire Board is regularly informed of these risks through Committee reports. This Committee met six times during the last fiscal year.

As set forth in is charter, the Ethics and Compliance Committee of the Board, which is composed of all Independent Directors, monitors ethical risks and oversees the legal and regulatory compliance matters of the Portfolios. The head of business risk management meets with the Ethics and Compliance Committee and provides reports to the Committee in writing and in person on an as-needed basis (but at least annually). In addition, the Fund’s Anti-Money Laundering Officer meets with the Ethics and Compliance Committee and provides reports to the Committee in writing and in person on a regular basis. The Anti-Money Laundering Officer’s reports relate to privacy, business continuity and anti-money laundering concerns. Although the Ethics and Compliance Committee is responsible for overseeing ethical and compliance risks, the entire Board is regularly informed of these risks through Committee reports. This Committee met four times during the last fiscal year.

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As set forth in is charter, the Investment Committee of the Board, which is composed of all Independent Directors, assists the Board of Directors in its oversight of the investment performance of the Portfolios; the Portfolios’ consistency with their investment objectives and styles; management’s selection of benchmarks, peer groups and other performance measures for the Portfolios; and the range of investment options offered to investors in the Portfolios. In addition, the Committee assists the Board in its review of investment-related aspects of management’s proposals such as new Portfolios or Portfolio reorganizations. Although the Investment Committee is responsible for oversight of investment risks, the entire Board will be regularly informed of these risks through Committee reports. This Committee met four times during the last fiscal year.

As set forth in is charter, the Contracts Committee, which is comprised of all of the Independent Directors, assists the Board of Directors in fulfilling its duties with respect to the review and approval of contracts between the Fund and other entities, including entering into new contracts and the renewal of existing contracts. The Contracts Committee considers investment advisory, distribution, transfer agency, administrative service and custodial contracts, and such other contracts as the Board of Directors deems necessary or appropriate for the continuation of operations of each Portfolio. The Contracts Committee met six times during the last fiscal year.

As set forth in is charter, the Governance and Nominating Committee assists the Board of Director in fulfilling its duties with respect to the governance of the Fund, including recommendations regarding evaluation of the Board of Directors, compensation of the Directors and composition of the committees and the Board’s membership. The Governance and Nominating Committee makes recommendations regarding nominations for Directors and will consider nominees suggested by shareholders sent to the attention of the President of the Fund. The Governance and Nominating Committee met four times during the last fiscal year.

The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Portfolios’ compliance program and reports to the Board regarding compliance matters for the Portfolios and their principal service providers. In addition, as part of the Board’s annual review of the Fund’s advisory, sub-advisory and other service provider agreements, the Board considers risk management aspects of these entities’ operations and the functions for which they are responsible. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

The Fund’s charter documents do not set forth any specific qualifications to serve as a Director. The charter of the Governance and Nominating Committee also does not set forth any specific qualification. The Governance and Nominating Committee does not have a formal process for identifying nominees, including any nominees recommended by shareholders. Instead, it follows the process it deems appropriate under the circumstances. The qualifications that the Committee takes into

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consideration include, but are not limited to, experience on other boards, occupation, business experience, education, knowledge regarding investment matters, and other matters related to funds and fund oversight, support for the Thrivent mission, personal integrity, reputation and willingness to devote time to serve as a Director. The Committee considers diversity, including, but not limited to, diversity in experience, expertise, background and personal attributes. No one factor is controlling, either with respect to the group or any individual.

Executive Officers

The following information relates to executive officers of the Fund. The officers are appointed by the Board and serve at the discretion of the Board until their successors are duly appointed and qualified. The officers receive no compensation from the Funds but receive compensation in their capacities as officers or employees of Thrivent Financial or its affiliates.

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Beneficial Interest in the Fund by Directors

The following tables provide information, as of December 31, 2014, regarding the dollar range of beneficial ownership by each Director and Director nominee in each Portfolio of the Fund. The dollar range shown in the third column reflects the

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aggregate amount of each Director’s beneficial ownership in all registered investment companies within the Fund Complex, which are (or would be, if elected) overseen by the Director.

Independent Directors

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19

20

21

22

23

24

25

26

Interested Directors

27

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