Thrivent High Yield Portfolio

Portfolio Fact Sheet (PDF, 123K) | Prospectus & Reports

Performance
Description

Portfolio Management

Paul J. Ocenasek, CFA

Managing Portfolio since 1997
Began investment industry experience: 1987

Paul J Ocenasek, CFA

Paul Ocenasek, chartered financial analyst (CFA), is portfolio manager of the Thrivent High Yield Fund, Thrivent High Yield Portfolio, Thrivent Diversified Income Plus Fund and Thrivent Diversified Income Plus Portfolio, and is Director of High Yield Research. Ocenasek began his employment with the organization in 1987 as a securities analyst. In 1992, he managed investment grade and convertible bonds for Thrivent�s general account. In 1996, Ocenasek assumed responsibility for managing high-yield bonds for the life company portfolio, and was subsequently named portfolio manager of the High Yield Fund in 1998. He began managing the High Yield Portfolio in June of 2001. Ocenasek earned both his bachelor's degree in business administration and his MBA degree from the University of Minnesota. He is a member of the Association for Investment Management and Research.

Investment Management Style

Maturity: Intermediate-term

Investment Objective

This Portfolio seeks to achieve a higher level of income. The Portfolio will also consider growth of capital as a secondary objective.

Investment Strategy

Invests primarily in high-yield, high-risk bonds and other debt obligations or preferred securities, with a focus on "junk bonds" rated within or below the "Ba" category as defined by Moody's.

Benefits of Investing in the Thrivent High Yield Portfolio

It offers a historically competitive monthly income stream, as compared with peer group of similarly managed funds.
It's highly diversified by industry and issuer, providing exposure to all major sectors and industries of the high-yield market.
Extensive in-house credit research and quantitative analysis support effective application of risk controls and prudent sector allocation management.

Special Investment Risks

The underlying portfolio typically invests a majority of its assets in high-yield bonds (commonly referred to as "junk bonds"). Although high-yield bonds typically have a higher current yield than investment-grade bonds, high-yield bonds are also subject to greater price fluctuations and increased risk of loss of principal than investment-grade bonds.
These and other risks are described in the prospectus.

Investment Minimums

All initial and subsequent investment minimums exist at the contract level. Most subaccounts carry no investment minimums.
However, a minimum of $1,000 is required if you choose to use the DCA (Dollar Cost Averaging) Fixed Account to fund periodic investments to other subaccounts. See the prospectus for additional information.

Investing in a variable annuity contract involves risk, including the possible loss of principal. More complete information on the investment objectives, risks, charges and expenses of the variable annuity contract and underlying investment options is included in the prospectuses, which investors should read and consider carefully before investing. Prospectuses are available online or from a Thrivent Financial representative.

For additional information, contact the Investment Interaction Center at 800-847-4836.

This variable annuity contract is issued by Thrivent Financial for Lutherans and distributed by Thrivent Investment Management, Inc.


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201100826

Paul J. Ocenasek, CFA

Paul Ocenasek, chartered financial analyst (CFA), is portfolio manager of the Thrivent High Yield Fund, Thrivent High Yield Fund II, Thrivent High Yield Portfolio and Thrivent High Yield Portfolio II. Ocenasek began his employment with LB in 1987 as a securities analyst. In 1990, he was promoted to senior securities analyst and later served as manager of credit research. In 1996, Ocenasek assumed responsibility for managing high-yield bonds for Thrivent Financial's life company portfolio, and was subsequently named portfolio manager of the LB High Yield Fund in 1998. He began managing the High Yield Portfolio in June of 2001. Ocenasek earned both his bachelor's degree in business administration and his MBA degree from the University of Minnesota. He is a member of the Association for Investment Management and Research.

Investment Management Style Chart Guide

Along with the description of the investment objective included for each of the investment options, the style box contains additional information to help you choose the options that best meet your financial goals, long-term investment objectives and risk tolerances. The style box helps you to understand how the portfolio assets are invested to seek the stated investment objective. Thrivent Investment Management Inc. has determined the placements within each style box.

Fixed Income Category

The style box for the investment options in the fixed-income category displays two variables. The first variable is the average credit rating* or quality of the holdings in the portfolio.

H=High-quality:Average credit rating of AA of AAA.
M=Medium-quality:Average credit rating of BBB to A.
L=Low-quality:Average credit rating of BB or lower.

The portfolio's average time until maturity, also known as its duration, is the second style box variable.

S=Short-term:Average maturity of less than 3.5 years.
I=Intermediate-term:Average maturity between 3.5 and 6 years.
L=Long-term:Average maturity greater than 6 years.

When taken together, these style boxes offer a broad view of a portfolio's holdings and risk, which may be helpful in deciding which one is right for you. While they illustrate the principal investment style of each portfolio, the portfolio still may invest, to a limited extent, in other types of securities.

*The average credit rating, as set forth by Standard & Poor's, pertains to the type of securities a portfolio may purchase and not to the portfolio themselves.