Thrivent Mortgage Securities Portfolio - Thrivent Financial for Lutherans

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Variable Annuities

< h1>Thrivent Mortgage Securities Portfolio

Portfolio Fact Sheet (PDF, 128K) | Prospectus & Reports

Performance
Description

Portfolio Management

Scott Lalim

Managing Portfolio since 2003
Began investment industry experience: 1977

Scott Lalim

Scott Lalim is co-manager of the Thrivent Mortgage Securities Portfolio in the variable product portfolio. He also manages the commercial mortgage-backed securities portfolio within Thrivent Financial's general account. Lalim joined the organization in 1976 and has held a variety of positions, including mortgage loan analyst, bond analyst, senior securities analyst, and mortgage-backed securities portfolio manager.

Gregory Anderson, CFA, CPA

Managing Portfolio since 2003
Began investment industry experience: 1993

Gregory Anderson, CFA, CPA

Gregory Anderson, chartered financial analyst (CFA), is co-manager of the Thrivent Mortgage Securities Portfolio in the variable product portfolio and is co-manager of the Thrivent Core Bond Fund, Thrivent Limited Maturity Bond Fund, Thrivent Limited Maturity Bond Portfolio, and Thrivent Balanced Fund. He is also portfolio manager of Thrivent Financial's general account mortgage-backed securities (MBS) portfolio. Anderson joined the organization in 1997 as an investment analyst. He has held a variety of positions, including corporate bond investment analyst and securitized assets portfolio manager. He earned an MBA from University of Wisconsin-Madison in 1993 and is also a certified public accountant (CPA).

Investment Management Style

Maturity: Intermediate-term

Investment Objective

Seeks a combination of current income and long-term capital appreciation.

Investment Strategy

This Portfolio invests at least 80% of its net assets in mortgage-related securities.
It focuses primarily on mortgage "pass-through" securities, which represent interests in pools of mortgage loans, including mortgage securities backed by GNMA, FNMA and FHLMC.
It emphasizes securities rated within the three highest rating categories assigned by at least one Nationally Recognized Statistical Rating Organization (NRSRO).

Benefits of Investing in the Thrivent Mortgage Securities Portfolio

It provides an additional level of fixed-income diversification with minimal credit risk, and seeks to add stability to a portfolio while providing historically higher total returns than the money market.
It relies on the competency of Thrivent's investment management team, which offers many years of prior success managing $10 billion in mortgage securities.

Special Investment Risks

The risks incurred by mortgage securities include, but are not limited to, reinvestment of prepaid loans at lower rates of return. The real estate industry – and therefore, the performance of the portfolio – is highly sensitive to economic conditions.
The value of mortgage securities may fluctuate in response to changes in interest rates and are not necessarily guaranteed by the U.S. Government.
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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Gregory Anderson, CFA, CPA

Gregory Anderson, chartered financial analyst (CFA), is co-manager of the Thrivent Mortgage Securities Portfolio in the variable product portfolio and is co-manager of the Thrivent Income Fund, Thrivent Core Bond Fund, and Thrivent Limited Maturity Bond Fund. He is also portfolio manager of Thrivent Financial's general account MBS portfolio. Anderson joined the organization in 1997 as an investment analyst. He has held a variety of positions, including corporate bond investment analyst and securitized assets portfolio manager. He earned an MBA from University of Wisconsin-Madison in 1993 and is also a certified public accountant (CPA).

Scott Lalim

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.