# EDGAR Filing Document

**Accession Number:** 0001173488
**File Stem:** 0001193125-25-248790
**Filing Date:** 2025-10
**Character Count:** 548637
**Document Hash:** 472cf01490015f9cfaa79393b46983ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-248790.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-248790

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THRIVENT VARIABLE ANNUITY ACCOUNT I
- **CENTRAL INDEX KEY:** 0001173488

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-229611
- **FILM NUMBER:** 251413303

**BUSINESS ADDRESS:**
- **STREET 1:** 600 PORTLAND AVENUE SOUTH
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55415-4402
- **BUSINESS PHONE:** 6123407215

**MAIL ADDRESS:**
- **STREET 1:** 600 PORTLAND AVENUE SOUTH
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55415-4402

## Series and Classes Contracts Data

### THRIVENT VARIABLE ANNUITY ACCOUNT I (Series ID: S000002686)

---

|  |  |
|:---|:---|
| Class Name                                                         | Class ID   |
| AdvisorFlex VA (Contracts offered for sale on or after 10/12/2020) | C000211448 |

---

## Series and Classes Contracts Data

### THRIVENT VARIABLE ANNUITY ACCOUNT I (Series ID: S000002686)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211448 | AdvisorFlex VA (Contracts offered for sale on or after 10/12/2020) |  |

**Thrivent Variable Annuity Account I** 

**Supplement dated October 23, 2025 to**

**Statement of Additional Information**

**Dated April 30, 2025**

**For Flexible Premium Deferred Variable Annuity Contract**

**Issued by Thrivent Financial for Lutherans** <br>

Subsequent to the filing of the financial statements for the year ended December 31, 2024, management identified an error for certain subaccounts related to rider fees that were reported within the Statements of Operations rather than appropriately classified within the Statements of Changes in Net Assets. This error affected the net investment income (loss) reported on the Statements of Operations as well as the presentation of certain line items in the Statements of Changes in Net Assets but did not impact the Statements of Assets and Liabilities, the notes to the financial statements or individual policyholder account values.

Management also identified two subaccounts that recorded incorrect amounts in the Transfers for contract benefits and terminations of financial statement line item within the Statements of Changes in Net Assets. These errors did not impact the Statements of Assets and Liabilities, the Statements of Operations, the notes to the financial statements or individual policyholder account values.

The restated separate account financials are as follows.

**36494**

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Thrivent Financial for Lutherans and the Contract Owners of Thrivent Variable Annuity Account I <br>

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Thrivent Variable Annuity Account I indicated in Note 1, as of December 31, 2024, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Thrivent Variable Annuity Account I as of December 31, 2024, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

*Restatement of Previously Issued Financial Statements*

As discussed in Note 2 to the financial statements, Thrivent Variable Annuity Account I has restated its 2024 and 2023 financial statements to correct errors.

**Basis for Opinions**

These financial statements are the responsibility of the Thrivent Financial for Lutherans management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Thrivent Variable Annuity Account I based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Thrivent Variable Annuity Account I in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024 by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota <br>April 25, 2025, except for the effects of the restatement discussed in Note 2 to the financial statements, as to which the date is October 23, 2025

We have served as the auditor of one or more of the subaccounts of Thrivent Variable Annuity Account I since 2014.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investments**<br> **at fair value**<br>| **Receivable from** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Total**<br> **Assets**<br>| **Payable to** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Net**<br> **Assets**<br>| **Contracts in**<br> **accumulation** <br> **period**<br>| **Reserves**<br> **for contracts**<br> **in annuity**<br> **payment period**<br>| **Net**<br> **Assets**<br>| **Series funds,**<br> **at cost**<br>| **Series funds**<br> **shares**<br> **owned**<br>|
| American Funds IS® Global Growth Class 1 | $1507097  | $—  | $1507097  | $—  | $1507097  | $1507097  | $—  | $1507097  | $1481552  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40832 |
| American Funds IS® Global Growth Class 4 | $68977521  | $—  | $68977521  | $—  | $68977521  | $68977521  | $—  | $68977521  | $69522551  | &nbsp;&nbsp;&nbsp; 1919775 |
| American Funds IS® Growth-Income Class 1 | $3730354  | $—  | $3730354  | $—  | $3730354  | $3730354  | $—  | $3730354  | $3455249  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53605 |
| American Funds IS® Growth-Income Class 4 | $62353993  | $—  | $62353993  | $—  | $62353993  | $62353993  | $—  | $62353993  | $52863050  | &nbsp;&nbsp;&nbsp;&nbsp; 928716 |
| American Funds IS® International Growth and Income Class 4 | $10359486  | $—  | $10359486  | $—  | $10359486  | $10359486  | $—  | $10359486  | $12029080  | &nbsp;&nbsp;&nbsp; 1063603 |
| American Funds IS® International Class 1 | $580257 | $—  | $580257 | $—  | $580257 | $580257 | $—  | $580257 | $596416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32526 |
| American Funds IS® International Class 4 | $6113535  | $—  | $6113535  | $—  | $6113535  | $6113535  | $—  | $6113535  | $6638351  | &nbsp;&nbsp;&nbsp;&nbsp; 350145 |
| BlackRock Total Return V.I. Class I | $563816 | $—  | $563816 | $—  | $563816 | $563816 | $—  | $563816 | $592751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56836 |
| BlackRock Total Return V.I. Class III | $99675663  | $—  | $99675663  | $—  | $99675663  | $99675663  | $—  | $99675663  | $110260704  | 10170986 |
| DFA VA International Small Portfolio | $622527 | $—  | $622527 | $—  | $622527 | $622527 | $—  | $622527 | $680551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53712 |
| DFA VA US Targeted Value | $1931021  | $—  | $1931021  | $—  | $1931021  | $1931021  | $—  | $1931021  | $1878558  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85557 |
| Eaton Vance VT Floating-Rate Income Initial Share Class | $68339105  | $—  | $68339105  | $—  | $68339105  | $68339105  | $—  | $68339105  | $69152794  | &nbsp;&nbsp;&nbsp; 7937179 |
| Fidelity® VIP Emerging Markets Initial Class | $2287988  | $—  | $2287988  | $—  | $2287988  | $2287988  | $—  | $2287988  | $2382848  | &nbsp;&nbsp;&nbsp;&nbsp; 199302 |
| Fidelity VIP Emerging Markets Service Class 2 | $23659824  | $—  | $23659824  | $—  | $23659824  | $23659824  | $—  | $23659824  | $24772318  | &nbsp;&nbsp;&nbsp; 2062757 |
| Fidelity VIP Energy Service Class 2 | $20491101  | $—  | $20491101  | $—  | $20491101  | $20491101  | $—  | $20491101  | $18515426  | &nbsp;&nbsp;&nbsp;&nbsp; 818661 |
| Fidelity® VIP International Capital Appreciation Initial Class | $756338 | $—  | $756338 | $—  | $756338 | $756338 | $—  | $756338 | $711737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33216 |
| Fidelity VIP International Capital Appreciation Service Class 2 | $62095473  | $—  | $62095473  | $—  | $62095473  | $62095473  | $—  | $62095473  | $56820980  | &nbsp;&nbsp;&nbsp; 2763484 |
| Fidelity® VIP Value Initial Class | $982465 | $—  | $982465 | $—  | $982465 | $982465 | $—  | $982465 | $936975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51709 |
| Fidelity VIP Value Service Class 2 | $43263053  | $—  | $43263053  | $—  | $43263053  | $43263053  | $—  | $43263053  | $42104635  | &nbsp;&nbsp;&nbsp; 2337280 |
| Franklin Small Cap Value VIP Class 2 | $23740186  | $—  | $23740186  | $—  | $23740186  | $23740186  | $—  | $23740186  | $23240331  | &nbsp;&nbsp;&nbsp; 1657834 |
| Goldman Sachs VIT Core Fixed Income Service Shares | $64342075  | $—  | $64342075  | $—  | $64342075  | $64342075  | $—  | $64342075  | $69856167  | &nbsp;&nbsp;&nbsp; 6844901 |
| Goldman Sachs VIT Small Cap Equity Insights Service Shares | $18540955  | $—  | $18540955  | $—  | $18540955  | $18540955  | $—  | $18540955  | $18076251  | &nbsp;&nbsp;&nbsp; 1399317 |
| Janus Henderson Enterprise Institutional Class | $951661 | $—  | $951661 | $—  | $951661 | $951661 | $—  | $951661 | $893394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11305 |
| Janus Henderson VIT Enterprise Service Class | $34493104  | $—  | $34493104  | $—  | $34493104  | $34493104  | $—  | $34493104  | $33203846  | &nbsp;&nbsp;&nbsp;&nbsp; 461631 |
| Janus Henderson VIT Forty Service Class | $98119813  | $—  | $98119813  | $—  | $98119813  | $98119813  | $—  | $98119813  | $84630544  | &nbsp;&nbsp;&nbsp; 1921657 |
| John Hancock Core Bond Trust Series I | $1453497  | $—  | $1453497  | $—  | $1453497  | $1453497  | $—  | $1453497  | $1569190  | &nbsp;&nbsp;&nbsp;&nbsp; 132136 |
| John Hancock VIT Core Bond Trust Series II | $37480807  | $—  | $37480807  | $—  | $37480807  | $37480807  | $—  | $37480807  | $40374030  | &nbsp;&nbsp;&nbsp; 3395000 |
| John Hancock International Equity Index Trust Series I | $207692 | $—  | $207692 | $—  | $207692 | $207692 | $—  | $207692 | $203764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10977 |
| John Hancock International Small Company Trust Series II | $3513030  | $—  | $3513030  | $—  | $3513030  | $3513030  | $—  | $3513030  | $3721132  | &nbsp;&nbsp;&nbsp;&nbsp; 278591 |
| John Hancock Strategic Income Opportunities Trust Series I | $564947 | $—  | $564947 | $—  | $564947 | $564947 | $—  | $564947 | $592504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44766 |
| John Hancock Strategic Income Opportunities Trust Series II | $43271298  | $—  | $43271298  | $—  | $43271298  | $43271298  | $—  | $43271298  | $44913405  | &nbsp;&nbsp;&nbsp; 3407188 |
| MFS® VIT II - MFS® Blended Research Core Equity Initial Class | $4008664  | $—  | $4008664  | $—  | $4008664  | $4008664  | $—  | $4008664  | $3735453  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62450 |
| MFS® VIT II - Core Equity Service Class | $38519127  | $—  | $38519127  | $—  | $38519127  | $38519127  | $—  | $38519127  | $34006344  | &nbsp;&nbsp;&nbsp; 1242954 |
| MFS® VIT III Global Real Estate Service Class | $6645143  | $—  | $6645143  | $—  | $6645143  | $6645143  | $—  | $6645143  | $7492114  | &nbsp;&nbsp;&nbsp;&nbsp; 436033 |
| MFS® VIT II - MFS® Corporate Bond Initial Class | $547472 | $—  | $547472 | $—  | $547472 | $547472 | $—  | $547472 | $592283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58118 |
| MFS® VIT III - MFS® Global Real Estate Initial Class | $97257 | $—  | $97257 | $—  | $97257 | $97257 | $—  | $97257 | $111926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799 |
| MFS® VIT II - MFS® International Intrinsic Value Initial Class | $320487 | $—  | $320487 | $—  | $320487 | $320487 | $—  | $320487 | $316447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10758 |
| MFS® VIT III - MFS® Mid Cap Value Initial Class | $1014529  | $—  | $1014529  | $—  | $1014529  | $1014529  | $—  | $1014529  | $954219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95801 |
| MFS® VIT III Mid Cap Value Service Class | $15101661  | $—  | $15101661  | $—  | $15101661  | $15101661  | $—  | $15101661  | $14137400  | &nbsp;&nbsp;&nbsp; 1449295 |
| MFS® VIT - New Discovery Series Service Class | $24706078  | $—  | $24706078  | $—  | $24706078  | $24706078  | $—  | $24706078  | $31020468  | &nbsp;&nbsp;&nbsp; 2298240 |
| MFS® VIT II - MFS® Technology Initial Class | $2553456  | $—  | $2553456  | $—  | $2553456  | $2553456  | $—  | $2553456  | $1837600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61947 |
| MFS® VIT II Technology Service Class | $60188048  | $—  | $60188048  | $—  | $60188048  | $60188048  | $—  | $60188048  | $44027994  | &nbsp;&nbsp;&nbsp; 1591856 |
| MFS® VIT - MFS® Value Series Initial Class | $572393 | $—  | $572393 | $—  | $572393 | $572393 | $—  | $572393 | $573536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26463 |
| MFS® VIT Value Series Service Class | $21013042  | $—  | $21013042  | $—  | $21013042  | $21013042  | $—  | $21013042  | $21353345  | &nbsp;&nbsp;&nbsp; 1000145 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF ASSETS AND LIABILITIES (continued)

DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investments**<br> **at fair value**<br>| **Receivable from** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Total**<br> **Assets**<br>| **Payable to** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Net**<br> **Assets**<br>| **Contracts in**<br> **accumulation** <br> **period**<br>| **Reserves**<br> **for contracts**<br> **in annuity**<br> **payment period**<br>| **Net**<br> **Assets**<br>| **Series funds,**<br> **at cost**<br>| **Series funds**<br> **shares**<br> **owned**<br>|
| PIMCO VIT Emerging Markets Bond Institutional Class | $97588 | $—  | $97588 | $—  | $97588 | $97588 | $—  | $97588 | $105524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9172 |
| PIMCO VIT Emerging Markets Bond Advisor Class | $2853330  | $—  | $2853330  | $—  | $2853330  | $2853330  | $—  | $2853330  | $3020575  | &nbsp;&nbsp;&nbsp;&nbsp; 268170 |
| PIMCO VIT Global Bond Opportunities (Unhedged) Institutional Class | $155751 | $—  | $155751 | $—  | $155751 | $155751 | $—  | $155751 | $162518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16856 |
| PIMCO VIT Global Bond Opportunities (Unhedged) Advisor Class | $8410613  | $—  | $8410613  | $—  | $8410613  | $8410613  | $—  | $8410613  | $9276911  | &nbsp;&nbsp;&nbsp;&nbsp; 910240 |
| PIMCO VIT Long-Term U.S. Government Institutional Class | $341489 | $—  | $341489 | $—  | $341489 | $341489 | $—  | $341489 | $441723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46972 |
| PIMCO VIT Long-Term US Government Advisor Class | $25783814  | $—  | $25783814  | $—  | $25783814  | $25783814  | $—  | $25783814  | $32655319  | &nbsp;&nbsp;&nbsp; 3546605 |
| PIMCO VIT Real Return Institutional Class | $543852 | $—  | $543852 | $—  | $543852 | $543852 | $—  | $543852 | $559900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47250 |
| PIMCO VIT Real Return Advisor Class | $91353844  | $—  | $91353844  | $—  | $91353844  | $91353844  | $—  | $91353844  | $98167329  | &nbsp;&nbsp;&nbsp; 7936911 |
| Principal Capital Appreciation Class 2 | $50060831  | $—  | $50060831  | $—  | $50060831  | $50060831  | $—  | $50060831  | $43666096  | &nbsp;&nbsp;&nbsp; 1199349 |
| Principal Diversified International | $126676 | $—  | $126676 | $—  | $126676 | $126676 | $—  | $126676 | $132200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8053 |
| Principal Government & High Quality Bond | $606011 | $—  | $606011 | $—  | $606011 | $606011 | $—  | $606011 | $645974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73724 |
| Principal Small Cap | $397719 | $—  | $397719 | $—  | $397719 | $397719 | $—  | $397719 | $392787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25349 |
| Principal VC Equity Income Class 2 | $32098039  | $—  | $32098039  | $—  | $32098039  | $32098039  | $—  | $32098039  | $30644765  | &nbsp;&nbsp;&nbsp; 1057248 |
| Putnam VT International Value Class 1B | $10322471  | $—  | $10322471  | $—  | $10322471  | $10322471  | $—  | $10322471  | $9514723  | &nbsp;&nbsp;&nbsp;&nbsp; 857348 |
| Putnam VT Research Class 1B | $36127256  | $—  | $36127256  | $—  | $36127256  | $36127256  | $—  | $36127256  | $27952133  | &nbsp;&nbsp;&nbsp;&nbsp; 833193 |
| Templeton Global Bond VIP Class 1 | $186571 | $—  | $186571 | $—  | $186571 | $186571 | $—  | $186571 | $211002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15470 |
| Templeton Global Bond VIP Class 2 | $7752713  | $—  | $7752713  | $—  | $7752713  | $7752713  | $—  | $7752713  | $8647616  | &nbsp;&nbsp;&nbsp;&nbsp; 681257 |
| Thrivent Aggressive Allocation | $1634847126 | $37454 | $1634884580 | $—  | $1634884580 | $1634521279 | $363301 | $1634884580 | $1396153622 | 83529897 |
| Thrivent All Cap | $147100404  | $9444 | $147109848  | $—  | $147109848  | $146935091  | $174757 | $147109848  | $118938844  | &nbsp;&nbsp;&nbsp; 8012265 |
| Thrivent Balanced Income Plus | $271538625  | $36868 | $271575493  | $—  | $271575493  | $270827481  | $748012 | $271575493  | $262281547  | 17713930 |
| Thrivent Diversified Income Plus | $536576199  | $41504 | $536617703  | $—  | $536617703  | $535949862  | $667841 | $536617703  | $548209532  | 70281243 |
| Thrivent Emerging Markets Equity | $49559713  | $—  | $49559713  | $21 | $49559692  | $49511115  | $48577 | $49559692  | $52987660  | &nbsp;&nbsp;&nbsp; 3868074 |
| Thrivent ESG Index | $47940398  | $854 | $47941252  | $—  | $47941252  | $47925179  | $16073 | $47941252  | $36805929  | &nbsp;&nbsp;&nbsp; 2473794 |
| Thrivent Global Stock | $258273432  | $22940 | $258296372  | $—  | $258296372  | $257802517  | $493855 | $258296372  | $215621691  | 17174720 |
| Thrivent Government Bond | $134332863  | $11828 | $134344691  | $—  | $134344691  | $134219639  | $125052 | $134344691  | $146865446  | 13999715 |
| Thrivent Healthcare | $215862106  | $4504 | $215866610  | $—  | $215866610  | $215817118  | $49492 | $215866610  | $212265493  | &nbsp;&nbsp;&nbsp; 8854174 |
| Thrivent High Yield | $421869177  | $37508 | $421906685  | $—  | $421906685  | $421499495  | $407190 | $421906685  | $440587132  | 100855669 |
| Thrivent Income | $519970892  | $13989 | $519984881  | $—  | $519984881  | $519782432  | $202449 | $519984881  | $575295239  | 59455143 |
| Thrivent International Allocation | $195064209  | $13771 | $195077980  | $—  | $195077980  | $194871000  | $206980 | $195077980  | $186799277  | 20348015 |
| Thrivent International Index | $42703035  | $880 | $42703915  | $—  | $42703915  | $42690376  | $13539 | $42703915  | $41041424  | &nbsp;&nbsp;&nbsp; 3192177 |
| Thrivent Large Cap Growth | $1510656206 | $100335 | $1510756541 | $—  | $1510756541 | $1509075075 | $1681466 | $1510756541 | $1164384815 | 25847616 |
| Thrivent Large Cap Index | $1353865868 | $62517 | $1353928385 | $—  | $1353928385 | $1352414358 | $1514027 | $1353928385 | $863351558  | 17410735 |
| Thrivent Large Cap Value | $442735319  | $42288 | $442777607  | $—  | $442777607  | $442256531  | $521076 | $442777607  | $369746933  | 18625647 |
| Thrivent Limited Maturity Bond | $299189609  | $2988 | $299192597  | $—  | $299192597  | $299109135  | $83462 | $299192597  | $299580006  | 30629568 |
| Thrivent Mid Cap Growth | $80057458  | $—  | $80057458  | $—  | $80057458  | $80057458  | $—  | $80057458  | $72867211  | &nbsp;&nbsp;&nbsp; 5306493 |
| Thrivent Mid Cap Index | $531557915  | $11283 | $531569198  | $—  | $531569198  | $531260898  | $308300 | $531569198  | $440717147  | 22992950 |
| Thrivent Mid Cap Stock | $649316550  | $98587 | $649415137  | $—  | $649415137  | $648360819  | $1054318 | $649415137  | $594136988  | 30439329 |
| Thrivent Mid Cap Value | $44123828  | $—  | $44123828  | $—  | $44123828  | $44123828  | $—  | $44123828  | $38350412  | &nbsp;&nbsp;&nbsp; 2357810 |
| Thrivent Moderate Allocation | $8064370693 | $186728 | $8064557421 | $—  | $8064557421 | $8058983220 | $5574201 | $8064557421 | $7447180058 | 518412352 |
| Thrivent Moderately Aggressive Allocation | $5865837864 | $291146 | $5866129010 | $—  | $5866129010 | $5861296721 | $4832289 | $5866129010 | $5270841808 | 343129778 |
| Thrivent Moderately Conservative Allocation | $3475722388 | $—  | $3475722388 | $36998 | $3475685390 | $3473019975 | $2665415 | $3475685390 | $3416668690 | 262631847 |
| Thrivent Money Market | $395750454  | $662 | $395751116  | $—  | $395751116  | $395728743  | $22373 | $395751116  | $395750449  | 395750449 |
| Thrivent Opportunity Income Plus | $170431466  | $—  | $170431466  | $790 | $170430676  | $169883085  | $547591 | $170430676  | $178808588  | 18934095 |
| Thrivent Real Estate Securities | $114767924  | $23199 | $114791123  | $—  | $114791123  | $114547541  | $243582 | $114791123  | $108030017  | &nbsp;&nbsp;&nbsp; 4382127 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF ASSETS AND LIABILITIES (continued)

DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investments**<br> **at fair value**<br>| **Receivable from** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Total**<br> **Assets**<br>| **Payable to** <br> **Thrivent for** <br> **annuity reserve** <br> **adjustment**<br>| **Net**<br> **Assets**<br>| **Contracts in**<br> **accumulation** <br> **period**<br>| **Reserves**<br> **for contracts**<br> **in annuity**<br> **payment period**<br>| **Net**<br> **Assets**<br>| **Series funds,**<br> **at cost**<br>| **Series funds**<br> **shares**<br> **owned**<br>|
| Thrivent Small Cap Growth | $117508475  | $955 | $117509430  | $—  | $117509430  | $117497229  | $12201 | $117509430  | $108548399  | &nbsp;&nbsp;&nbsp; 6914338 |
| Thrivent Small Cap Index | $498231514  | $16224 | $498247738  | $—  | $498247738  | $497991464  | $256274 | $498247738  | $435275911  | 23000149 |
| Thrivent Small Cap Stock | $409151956  | $78757 | $409230713  | $—  | $409230713  | $408563238  | $667475 | $409230713  | $385480124  | 20807264 |
| Vanguard® VIF Capital Growth | $2040301  | $—  | $2040301  | $—  | $2040301  | $2040301  | $—  | $2040301  | $1726015  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40053 |
| Vanguard® VIF International | $1109975  | $—  | $1109975  | $—  | $1109975  | $1109975  | $—  | $1109975  | $1274112  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43358 |
| Vanguard® VIF Short-Term Investment-Grade | $1368209  | $—  | $1368209  | $—  | $1368209  | $1368209  | $—  | $1368209  | $1365054  | &nbsp;&nbsp;&nbsp;&nbsp; 131306 |
| Vanguard® VIF Small Company Growth | $382579 | $—  | $382579 | $—  | $382579 | $382579 | $—  | $382579 | $392313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19609 |
| Vanguard® VIF Total Bond Market Index | $4873987  | $—  | $4873987  | $—  | $4873987  | $4873987  | $—  | $4873987  | $5229437  | &nbsp;&nbsp;&nbsp;&nbsp; 465964 |
| Vanguard® VIF Total Stock Market Index | $7231988  | $—  | $7231988  | $—  | $7231988  | $7231988  | $—  | $7231988  | $5858719  | &nbsp;&nbsp;&nbsp;&nbsp; 128775 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investment**<br> **Income**<br>| **Expenses** | **Expenses** | **Expenses** | **Net**<br> **investment**<br> **income (loss), as** <br> **restated** |  |  |  | **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| **Subaccount** | **Dividends** | **Mortality & expense**<br> **risk charges**<br>| **Fund**<br> **Facilitation Fee**<br>| **Rider fee, as** <br> **restated**<br>| **Net**<br> **investment**<br> **income (loss), as** <br> **restated** | **Net realized**<br> **gain (loss)**<br> **on sale of**<br> **investments**<br>| **Capital gain**<br> **distributions**<br>| **Change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **of investments**<br>| **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global <br> Growth Class 1<br>| $18428 | $(2821) | $(2468) | $—  | $13139 | $10881 | $12719 | $16961 | $40561 | $53700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global <br> Growth Class 4<br>| $860138 | $(714274) | $—  | $—  | $145864 | $16964 | $1593267 | $3831712 | $5441943 | $5587807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> Growth-Income Class 1<br>| $39082 | $(7668) | $(6710) | $—  | $24704 | $83892 | $47976 | $203790 | $335658 | $360362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> Growth-Income Class 4<br>| $519522 | $(634206) | $—  | $—  | $(114684) | $486679 | $2232938 | $7043960 | $9763577 | $9648893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Growth <br> and Income Class 4<br>| $239616 | $(118963) | $—  | $—  | $120653 | $(100873) | $—  | $84808 | $(16065) | $104588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Class 1<br>| $8701 | $(2414) | $(2112) | $—  | $4175 | $1282 | $—  | $9212 | $10494 | $14669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Class 4<br>| $60369 | $(69790) | $—  | $—  | $(9421) | $(31414) | $—  | $66724 | $35310 | $25889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. <br> Class I<br>| $22819 | $(2129) | $(1863) | $—  | $18827 | $(2550) | $—  | $(10561) | $(13111) | $5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. <br> Class III<br>| $3704155 | $(1152079) | $—  | $—  | $2552076 | $(653826) | $—  | $(2103900) | $(2757726) | $(205650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA International Small <br> Portfolio<br>| $21731 | $(1683) | $(1472) | $—  | $18576 | $(1589) | $16995 | $(37307) | $(21901) | $(3325) |
| DFA VA US Targeted Value | $25514 | $(8120) | $(7105) | $—  | $10289 | $62786 | $124289 | $(40873) | $146202 | $156491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance VT Floating-<br> Rate Income Initial <br> Share Class<br>| $4682244 | $(750352) | $—  | $—  | $3931892 | $(68113) | $—  | $(182875) | $(250988) | $3680904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Emerging <br> Markets Initial Class<br>| $30735 | $(5094) | $(2547) | $—  | $23094 | $(3994) | $—  | $(15099) | $(19093) | $4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Emerging <br> Markets Service Class 2<br>| $282818 | $(271998) | $—  | $—  | $10820 | $(69540) | $—  | $1744398 | $1674858 | $1685678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Energy Service <br> Class 2<br>| $423016 | $(241474) | $—  | $—  | $181542 | $455566 | $—  | $(206077) | $249489 | $431031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP International <br> Capital Appreciation <br> Initial Class<br>| $5809 | $(2767) | $(1384) | $—  | $1658 | $74726 | $—  | $(12403) | $62323 | $63981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP International <br> Capital Appreciation <br> Service Class 2<br>| $364427 | $(684009) | $—  | $—  | $(319582) | $273444 | $—  | $2967887 | $3241331 | $2921749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Value Initial <br> Class<br>| $12593 | $(3876) | $(1938) | $—  | $6779 | $19259 | $94037 | $(28173) | $85123 | $91902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Value Service <br> Class 2<br>| $494261 | $(468422) | $—  | $—  | $25839 | $452009 | $4193770 | $(1478300) | $3167479 | $3193318 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF OPERATIONS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investment**<br> **Income**<br>| **Expenses** | **Expenses** | **Expenses** | **Net**<br> **investment**<br> **income (loss), as** <br> **restated** |  |  |  | **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| **Subaccount** | **Dividends** | **Mortality & expense**<br> **risk charges**<br>| **Fund**<br> **Facilitation Fee**<br>| **Rider fee, as** <br> **restated**<br>| **Net**<br> **investment**<br> **income (loss), as** <br> **restated** | **Net realized**<br> **gain (loss)**<br> **on sale of**<br> **investments**<br>| **Capital gain**<br> **distributions**<br>| **Change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **of investments**<br>| **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Small Cap Value VIP <br> Class 2<br>| $205396 | $(277523) | $—  | $—  | $(72127) | $16009 | $507671 | $1703558 | $2227238 | $2155111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Core <br> Fixed Income Service <br> Shares<br>| $2168974 | $(727295) | $—  | $—  | $1441679 | $(150960) | $—  | $(1443210)  | $(1594170)  | $(152491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Small <br> Cap Equity Insights <br> Service Shares<br>| $132915 | $(178943) | $—  | $—  | $(46028) | $153405 | $1411136 | $496084 | $2060625 | $2014597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Enterprise <br> Institutional Class<br>| $6848 | $(3764) | $(1882) | $—  | $1202 | $(1983) | $36580 | $93540 | $128137 | $129339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT <br> Enterprise Service Class<br>| $194164 | $(387720) | $—  | $—  | $(193556) | $66313 | $1347181 | $2678456 | $4091950 | $3898394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty <br> Service Class<br>| $8602 | $(1058399) | $—  | $—  | $(1049797) | $1033773 | $5227949 | $13536197 | $19797919 | $18748122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond <br> Trust Series I<br>| $51600 | $(5363) | $(1341) | $—  | $44896 | $(4200) | $—  | $(24801) | $(29001) | $15895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock VIT Core Bond <br> Trust Series II<br>| $1045246 | $(339098) | $—  | $—  | $706148 | $(116891) | $—  | $(704376) | $(821267) | $(115119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International <br> Equity Index Trust Series <br> I<br>| $2441 | $(724) | $(181) | $—  | $1536 | $6849 | $—  | $(1918) | $4931 | $6467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International <br> Small Company Trust <br> Series II<br>| $85457 | $(40869) | $—  | $—  | $44588 | $(6473) | $24970 | $(22500) | $(4003) | $40585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic <br> Income Opportunities <br> Trust Series I<br>| $13091 | $(2068) | $(517) | $—  | $10506 | $(14284) | $—  | $14595 | $311 | $10817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic <br> Income Opportunities <br> Trust Series II<br>| $975004 | $(462736) | $—  | $—  | $512268 | $(49487) | $—  | $172151 | $122664 | $634932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Blended Research Core <br> Equity Initial Class<br>| $23174 | $(8967) | $(2237) | $—  | $11970 | $22249 | $157883 | $239018 | $419150 | $431120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - Core Equity <br> Service Class<br>| $140559 | $(442999) | $—  | $—  | $(302440) | $374371 | $1564994 | $4162678 | $6102043 | $5799603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Global Real <br> Estate Service Class<br>| $93706 | $(78512) | $—  | $—  | $15194 | $(55705) | $—  | $(223914) | $(279619) | $(264425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Corporate Bond Initial <br> Class<br>| $11257 | $(1333) | $(333) | $—  | $9591 | $(7020) | $—  | $3151 | $(3869) | $5722 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF OPERATIONS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investment**<br> **Income**<br>| **Expenses** | **Expenses** | **Expenses** | **Net**<br> **investment**<br> **income (loss), as** <br> **restated** |  |  |  | **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| **Subaccount** | **Dividends** | **Mortality & expense**<br> **risk charges**<br>| **Fund**<br> **Facilitation Fee**<br>| **Rider fee, as** <br> **restated**<br>| **Net**<br> **investment**<br> **income (loss), as** <br> **restated** | **Net realized**<br> **gain (loss)**<br> **on sale of**<br> **investments**<br>| **Capital gain**<br> **distributions**<br>| **Change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **of investments**<br>| **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III - MFS® <br> Global Real Estate <br> Initial Class<br>| $2124 | $(436) | $(109) | $—  | $1579 | $(4721) | $—  | $(712) | $(5433) | $(3854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> International Intrinsic <br> Value Initial Class<br>| $4396 | $(1268) | $(317) | $—  | $2811 | $1011 | $14174 | $1062 | $16247 | $19058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III - MFS® Mid <br> Cap Value Initial Class<br>| $11373 | $(3737) | $(934) | $—  | $6702 | $13838 | $38350 | $66050 | $118238 | $124940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Mid Cap Value <br> Service Class<br>| $138763 | $(166876) | $—  | $—  | $(28113) | $104642 | $561711 | $751817 | $1418170 | $1390057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - New Discovery <br> Series Service Class<br>| $—  | $(290200) | $—  | $—  | $(290200) | $(541435) | $—  | $1931206 | $1389771 | $1099571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Technology Initial Class<br>| $—  | $(7518) | $(1879) | $—  | $(9397) | $39763 | $18224 | $497132 | $555119 | $545722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II Technology <br> Service Class<br>| $—  | $(613666) | $—  | $—  | $(613666) | $1375549 | $532451 | $12486354 | $14394354 | $13780688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - MFS® Value <br> Series Initial Class<br>| $7182 | $(2009) | $(502) | $—  | $4671 | $7526 | $32527 | $(529) | $39524 | $44195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT Value Series <br> Service Class<br>| $284320 | $(248027) | $—  | $—  | $36293 | $50369 | $1510433 | $180434 | $1741236 | $1777529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging <br> Markets Bond <br> Institutional Class<br>| $6687 | $(409) | $(358) | $—  | $5920 | $(1319) | $—  | $2497 | $1178 | $7098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging <br> Markets Bond Advisor <br> Class<br>| $162514 | $(32236) | $—  | $—  | $130278 | $(15533) | $—  | $35872 | $20339 | $150617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond <br> Opportunities <br> (Unhedged) Institutional <br> Class<br>| $3342 | $(364) | $(318) | $—  | $2660 | $(521) | $—  | $(3358) | $(3879) | $(1219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond <br> Opportunities <br> (Unhedged) Advisor <br> Class<br>| $249347 | $(90971) | $—  | $—  | $158376 | $(63490) | $—  | $(229848) | $(293338) | $(134962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term <br> U.S. Government <br> Institutional Class<br>| $9233 | $(1287) | $(1126) | $—  | $6820 | $(9917) | $—  | $(19165) | $(29082) | $(22262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term US <br> Government Advisor <br> Class<br>| $581071 | $(276992) | $—  | $—  | $304079 | $(758766) | $—  | $(1281533)  | $(2040299)  | $(1736220)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return <br> Institutional Class<br>| $14650 | $(2067) | $(1809) | $—  | $10774 | $(10992) | $—  | $8132 | $(2860) | $7914 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF OPERATIONS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investment**<br> **Income**<br>| **Expenses** | **Expenses** | **Expenses** | **Net**<br> **investment**<br> **income (loss), as** <br> **restated** |  |  |  | **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| **Subaccount** | **Dividends** | **Mortality & expense**<br> **risk charges**<br>| **Fund**<br> **Facilitation Fee**<br>| **Rider fee, as** <br> **restated**<br>| **Net**<br> **investment**<br> **income (loss), as** <br> **restated** | **Net realized**<br> **gain (loss)**<br> **on sale of**<br> **investments**<br>| **Capital gain**<br> **distributions**<br>| **Change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **of investments**<br>| **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return <br> Advisor Class<br>| $1967887 | $(988938) | $—  | $—  | $978949 | $(235494) | $—  | $(324764) | $(560258) | $418691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Capital <br> Appreciation Class 2<br>| $208411 | $(443747) | $—  | $—  | $(235336) | $499046 | $1140496 | $5462610 | $7102152 | $6866816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Diversified <br> International<br>| $4071 | $(488) | $(427) | $—  | $3156 | $256 | $—  | $310 | $566 | $3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Government & High <br> Quality Bond<br>| $18335 | $(2292) | $(2005) | $—  | $14038 | $(3903) | $—  | $(8691) | $(12594) | $1444 |
| Principal Small Cap | $1510 | $(1683) | $(1473) | $—  | $(1646) | $(7752) | $8059 | $29850 | $30157 | $28511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal VC Equity Income <br> Class 2<br>| $556188 | $(375565) | $—  | $—  | $180623 | $116611 | $285568 | $3112804 | $3514983 | $3695606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT International <br> Value Class 1B<br>| $203944 | $(112037) | $—  | $—  | $91907 | $98689 | $24034 | $71539 | $194262 | $286169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT Research <br> Class 1B<br>| $111213 | $(371659) | $—  | $—  | $(260446) | $854887 | $176632 | $5373465 | $6404984 | $6144538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP <br> Class 1<br>| $—  | $(920) | $(460) | $—  | $(1380) | $(5232) | $—  | $(21199) | $(26431) | $(27811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP <br> Class 2<br>| $—  | $(93959) | $—  | $—  | $(93959) | $(18342) | $—  | $(874051) | $(892393) | $(986352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive <br> Allocation<br>| $24152174 | $(19086178) | $—  | $—  | $5065996 | $36875968  | $60322346 | $115375792 | $212574106 | $217640102 |
| Thrivent All Cap | $952880 | $(1669419)  | $—  | $—  | $(716539) | $4544967 | $3433580 | $16359161  | $24337708  | $23621169  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income <br> Plus<br>| $9635627 | $(3333489)  | $—  | $—  | $6302138 | $1561209 | $—  | $12310081  | $13871290  | $20173428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income <br> Plus<br>| $26406629 | $(6518040)  | $—  | $—  | $19888589  | $(3200344)  | $—  | $15779527  | $12579183  | $32467772  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets <br> Equity<br>| $1442110 | $(626997) | $—  | $—  | $815113 | $(419517) | $4244662 | $(532516) | $3292629 | $4107742 |
| Thrivent ESG Index | $414952 | $(533211) | $—  | $—  | $(118259) | $1880262 | $—  | $6452506 | $8332768 | $8214509 |
| Thrivent Global Stock | $4393513 | $(2786264)  | $—  | $—  | $1607249 | $7696210 | $6416503 | $14212973  | $28325686  | $29932935  |
| Thrivent Government Bond | $5517292 | $(1610942)  | $—  | $—  | $3906350 | $(3434959)  | $—  | $(421014) | $(3855973)  | $50377 |
| Thrivent Healthcare | $1849725 | $(2819835)  | $—  | $—  | $(970110) | $6937969 | $12134653 | $(19349805)  | $(277183) | $(1247293)  |
| Thrivent High Yield | $25140626 | $(4766113)  | $—  | $—  | $20374513  | $(4052708)  | $—  | $5577357 | $1524649 | $21899162  |
| Thrivent Income | $20976124 | $(5739561)  | $—  | $—  | $15236563  | $(7167690)  | $—  | $853609 | $(6314081)  | $8922482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International <br> Allocation<br>| $6610694 | $(2485311)  | $—  | $—  | $4125383 | $2944318 | $—  | $130419 | $3074737 | $7200120 |
| Thrivent International Index | $998447 | $(472543) | $—  | $—  | $525904 | $568651 | $—  | $(572053) | $(3402) | $522502 |
| Thrivent Large Cap Growth | $5879516 | $(16386345) | $—  | $—  | $(10506829) | $46509557  | $90397215 | $216653839 | $353560611 | $343053782 |
| Thrivent Large Cap Index | $14867924 | $(15026319) | $—  | $—  | $(158395) | $104641389 | $13933987 | $139199836 | $257775212 | $257616817 |
| Thrivent Large Cap Value | $7175632 | $(5349296)  | $—  | $—  | $1826336 | $16308769  | $12237040 | $19593453  | $48139262  | $49965598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity <br> Bond<br>| $11530186 | $(3520114)  | $—  | $—  | $8010072 | $(809604) | $—  | $5523598 | $4713994 | $12724066  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF OPERATIONS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Investment**<br> **Income**<br>| **Expenses** | **Expenses** | **Expenses** | **Net**<br> **investment**<br> **income (loss), as** <br> **restated** |  |  |  | **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| **Subaccount** | **Dividends** | **Mortality & expense**<br> **risk charges**<br>| **Fund**<br> **Facilitation Fee**<br>| **Rider fee, as** <br> **restated**<br>| **Net**<br> **investment**<br> **income (loss), as** <br> **restated** | **Net realized**<br> **gain (loss)**<br> **on sale of**<br> **investments**<br>| **Capital gain**<br> **distributions**<br>| **Change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **of investments**<br>| **Net gain**<br> **(loss) on**<br> **investments** | **Net**<br> **increase (decrease)**<br> **in net assets**<br> **resulting from**<br> **operations, as** <br> **restated** |
| Thrivent Mid Cap Growth | $—  | $(943325) | $—  | $—  | $(943325) | $1366888 | $—  | $5997361 | $7364249 | $6420924 |
| Thrivent Mid Cap Index | $6589690 | $(6233169)  | $—  | $—  | $356521 | $20990624  | $7889036 | $29800195  | $58679855  | $59036376  |
| Thrivent Mid Cap Stock | $3380811 | $(7677831)  | $—  | $—  | $(4297020)  | $10436203  | $6743362 | $41138732  | $58318297  | $54021277  |
| Thrivent Mid Cap Value | $552100 | $(549273) | $—  | $—  | $2827 | $1609387 | $623915 | $1371018 | $3604320 | $3607147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate <br> Allocation<br>| $199899752 | $(91177051) | $—  | $(25227468) | $83495233 | $121977026 | $333573533 | $381298260 | $836848819 | $920344052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately <br> Aggressive Allocation<br>| $108564704 | $(65411659) | $—  | $(9593467)  | $33559578 | $112994462 | $201459149 | $337580900 | $652034511 | $685594089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately <br> Conservative Allocation<br>| $123311384 | $(40447999) | $—  | $(10649681) | $72213704 | $17583037  | $36263818  | $135907620 | $189754475 | $261968179 |
| Thrivent Money Market | $18736245  | $(4443901)  | $—  | $—  | $14292344 | $—  | $—  | $—  | $—  | $14292344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income <br> Plus<br>| $7873633 | $(1875558)  | $—  | $—  | $5998075 | $(3323248)  | $—  | $3723794 | $400546 | $6398621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate <br> Securities<br>| $3091907 | $(1392376)  | $—  | $—  | $1699531 | $1946133 | $4679189 | $(5848630)  | $776692 | $2476223 |
| Thrivent Small Cap Growth | $—  | $(1414617)  | $—  | $—  | $(1414617)  | $1781206 | $—  | $9779481 | $11560687  | $10146070  |
| Thrivent Small Cap Index | $6398136 | $(5848657)  | $—  | $—  | $549479 | $13308513  | $—  | $19228453  | $32536966  | $33086445  |
| Thrivent Small Cap Stock | $2491818 | $(4723713)  | $—  | $—  | $(2231895)  | $3110767 | $—  | $36187566  | $39298333  | $37066438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Capital <br> Growth<br>| $22313 | $(7688) | $(6727) | $—  | $7898 | $37849 | $40785 | $119049 | $197683 | $205581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF <br> International<br>| $17549 | $(5362) | $(4692) | $—  | $7495 | $(109674) | $46455 | $166149 | $102930 | $110425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Short-Term <br> Investment-Grade<br>| $46126 | $(5231) | $(4577) | $—  | $36318 | $(5189) | $—  | $20613 | $15424 | $51742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Small <br> Company Growth<br>| $2248 | $(1611) | $(1409) | $—  | $(772) | $(6642) | $—  | $46900 | $40258 | $39486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Bond <br> Market Index<br>| $138298 | $(18938) | $(4734) | $—  | $114626 | $(257060) | $—  | $124802 | $(132258) | $(17632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Stock <br> Market Index<br>| $88909 | $(26451) | $(6613) | $—  | $55845 | $321229 | $487432 | $484211 | $1292872 | $1348717 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Global <br> Growth <br> Class 1<br>| $13139 | $23600 | $16961 | $53700 | $864779 | $(126952) | $(89) | $—  | $—  | $448238 | $1185976 | $1239676 | $267421 | $1507097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Global <br> Growth <br> Class 4<br>| $145864 | $1610231 | $3831712 | $5587807 | $18706629  | $(1444245)  | $(612671) | $(1771) | $—  | $(1323636)  | $15324306 | $20912113  | $48065408  | $68977521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Growth-<br> Income <br> Class 1<br>| $24704 | $131868 | $203790 | $360362 | $1713057 | $(151101) | $(598) | $—  | $—  | $562026 | $2123384 | $2483746 | $1246608  | $3730354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Growth-<br> Income <br> Class 4<br>| $(114684) | $2719617 | $7043960 | $9648893 | $14826731  | $(865532) | $(521736) | $(1621) | $—  | $(1852123)  | $11585719 | $21234612  | $41119381  | $62353993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Growth <br> and <br> Income <br> Class 4<br>| $120653 | $(100873) | $84808 | $104588 | $1861591 | $(200993) | $(106294) | $(256) | $—  | $305546 | $1859594 | $1964182 | $8395304  | $10359486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Class 1<br>| $4175 | $1282 | $9212 | $14669 | $29048 | $(112065) | $(273) | $—  | $—  | $73700 | $(9590) | $5079 | $575178 | $580257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Class 4<br>| $(9421) | $(31414) | $66724 | $25889 | $1149087 | $(81301) | $(61792) | $(160) | $—  | $46511 | $1052345 | $1078234 | $5035301  | $6113535  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock <br> Total <br> Return <br> V.I. <br> Class I<br>| $18827 | $(2550) | $(10561) | $5716 | $13569 | $(68874) | $—  | $—  | $—  | $219428 | $164123 | $169839 | $393977 | $563816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock <br> Total <br> Return <br> V.I. <br> Class III<br>| $2552076 | $(653826) | $(2103900)  | $(205650) | $15587819  | $(3117663)  | $(1134644) | $(2618) | $—  | $4822853 | $16155747 | $15950097  | $83725566  | $99675663  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA <br> International <br> Small <br> Portfolio<br>| $18576 | $15406 | $(37307) | $(3325) | $4275 | $(22698) | $(205) | $—  | $—  | $405890 | $387262 | $383937 | $238590 | $622527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA US <br> Targeted <br> Value<br>| $10289 | $187075 | $(40873) | $156491 | $158705 | $(396263) | $(128) | $—  | $—  | $(110327) | $(348013) | $(191522)  | $2122543  | $1931021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance <br> VT <br> Floating-<br> Rate <br> Income <br> Initial <br> Share <br> Class<br>| $3931892 | $(68113) | $(182875) | $3680904 | $11922004  | $(1527568)  | $(703629) | $(1145) | $—  | $3950486 | $13640148 | $17321052  | $51018053  | $68339105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® <br> VIP <br> Emerging <br> Markets <br> Initial <br> Class<br>| $23094 | $(3994) | $(15099) | $4001 | $1562565 | $(191497) | $(277) | $—  | $—  | $23927 | $1394718 | $1398719 | $889269 | $2287988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Emerging <br> Markets <br> Service <br> Class 2<br>| $10820 | $(69540) | $1744398 | $1685678 | $4076311 | $(606166) | $(255951) | $(648) | $—  | $(564266) | $2649280 | $4334958 | $19324866  | $23659824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Energy <br> Service <br> Class 2<br>| $181542 | $455566 | $(206077) | $431031 | $3473291 | $(592560) | $(174386) | $(609) | $—  | $629381 | $3335117 | $3766148 | $16724953  | $20491101  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® <br> VIP <br> International <br> Capital <br> Appreciation <br> Initial <br> Class<br>| $1658 | $74726 | $(12403) | $63981 | $28869 | $(230153) | $(56) | $—  | $—  | $114999 | $(86341) | $(22360) | $778698 | $756338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> International <br> Capital <br> Appreciation <br> Service <br> Class 2<br>| $(319582) | $273444 | $2967887 | $2921749 | $11413441  | $(1488297)  | $(645384) | $(1047) | $—  | $1461058 | $10739771 | $13661520  | $48433953  | $62095473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® <br> VIP <br> Value <br> Initial <br> Class<br>| $6779 | $113296 | $(28173) | $91902 | $42283 | $(93294) | $(341) | $—  | $—  | $161216 | $109864 | $201766 | $780699 | $982465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Value <br> Service <br> Class 2<br>| $25839 | $4645779 | $(1478300)  | $3193318 | $9596194 | $(745675) | $(387922) | $(878) | $—  | $(1889452)  | $6572267 | $9765585 | $33497468  | $43263053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin <br> Small <br> Cap <br> Value <br> VIP <br> Class 2<br>| $(72127) | $523680 | $1703558 | $2155111 | $3804328 | $(785149) | $(267116) | $(565) | $—  | $(1691894)  | $1059604 | $3214715 | $20525471  | $23740186  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman <br> Sachs <br> VIT <br> Core <br> Fixed <br> Income <br> Service <br> Shares<br>| $1441679 | $(150960) | $(1443210)  | $(152491) | $9080391 | $(1994946)  | $(714789) | $(1283) | $—  | $5855239 | $12224612 | $12072121  | $52269954  | $64342075  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman <br> Sachs <br> VIT <br> Small <br> Cap <br> Equity <br> Insights <br> Service <br> Shares<br>| $(46028) | $1564541 | $496084 | $2014597 | $5696910 | $(252279) | $(149235) | $(355) | $—  | $(243859) | $5051182 | $7065779 | $11475176  | $18540955  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> Enterprise <br> Institutional <br> Class<br>| $1202 | $34597 | $93540 | $129339 | $60633 | $(313398) | $(598) | $—  | $—  | $(33994) | $(287357) | $(158018)  | $1109679  | $951661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> VIT <br> Enterprise <br> Service <br> Class<br>| $(193556) | $1413494 | $2678456 | $3898394 | $5739598 | $(614068) | $(327913) | $(879) | $—  | $(696477) | $4100261 | $7998655 | $26494449  | $34493104  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> VIT <br> Forty <br> Service <br> Class<br>| $(1049797)  | $6261722 | $13536197  | $18748122  | $19133423  | $(2736147)  | $(907134) | $(2642) | $—  | $(4861712)  | $10625788 | $29373910  | $68745903  | $98119813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Core <br> Bond <br> Trust <br> Series I<br>| $44896 | $(4200) | $(24801) | $15895 | $585655 | $(76486) | $(138) | $—  | $—  | $199173 | $708204 | $724099 | $729398 | $1453497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> VIT <br> Core <br> Bond <br> Trust <br> Series II<br>| $706148 | $(116891) | $(704376) | $(115119) | $13572187  | $(801368) | $(302487) | $(644) | $—  | $1807090 | $14274778 | $14159659  | $23321148  | $37480807  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> International <br> Equity <br> Index <br> Trust <br> Series I<br>| $1536 | $6849 | $(1918) | $6467 | $98889 | $(20528) | $(61) | $—  | $—  | $(77308) | $992 | $7459 | $200233 | $207692 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> International <br> Small <br> Company <br> Trust <br> Series II<br>| $44588 | $18497 | $(22500) | $40585 | $642094 | $(125903) | $(39879) | $(75) | $—  | $(1746) | $474491 | $515076 | $2997954  | $3513030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Strategic <br> Income <br> Opportunities <br> Trust <br> Series I<br>| $10506 | $(14284) | $14595 | $10817 | $102428 | $(120338) | $(258) | $—  | $—  | $(43523) | $(61691) | $(50874) | $615821 | $564947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Strategic <br> Income <br> Opportunities <br> Trust <br> Series II<br>| $512268 | $(49487) | $172151 | $634932 | $8217145 | $(378090) | $(448689) | $(804) | $—  | $3788643 | $11178205 | $11813137  | $31458161  | $43271298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> - MFS® <br> Blended <br> Research <br> Core <br> Equity <br> Initial <br> Class<br>| $11970 | $180132 | $239018 | $431120 | $2191292 | $(129590) | $(385) | $—  | $—  | $594619 | $2655936 | $3087056 | $921608 | $4008664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> - Core <br> Equity <br> Service <br> Class<br>| $(302440) | $1939365 | $4162678 | $5799603 | $4424319 | $(919998) | $(405267) | $(788) | $—  | $(1927551)  | $1170715 | $6970318 | $31548809  | $38519127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> III <br> Global <br> Real <br> Estate <br> Service <br> Class<br>| $15194 | $(55705) | $(223914) | $(264425) | $1094694 | $(87166) | $(61919) | $(211) | $—  | $(790) | $944608 | $680183 | $5964960  | $6645143  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> - MFS® <br> Corporate <br> Bond <br> Initial <br> Class<br>| $9591 | $(7020) | $3151 | $5722 | $298753 | $(48123) | $(28) | $—  | $—  | $39345 | $289947 | $295669 | $251803 | $547472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> III - <br> MFS® <br> Global <br> Real <br> Estate <br> Initial <br> Class<br>| $1579 | $(4721) | $(712) | $(3854) | $309 | $(32411) | $(97) | $—  | $—  | $30414 | $(1785) | $(5639) | $102896 | $97257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> - MFS® <br> International <br> Intrinsic <br> Value <br> Initial <br> Class<br>| $2811 | $15185 | $1062 | $19058 | $19596 | $(10904) | $(215) | $—  | $—  | $17915 | $26392 | $45450 | $275037 | $320487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> III - <br> MFS® <br> Mid Cap <br> Value <br> Initial <br> Class<br>| $6702 | $52188 | $66050 | $124940 | $461160 | $(63506) | $(88) | $—  | $—  | $(136757) | $260809 | $385749 | $628780 | $1014529  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> III Mid <br> Cap <br> Value <br> Service <br> Class<br>| $(28113) | $666353 | $751817 | $1390057 | $3347504 | $(429125) | $(142453) | $(428) | $—  | $(640800) | $2134698 | $3524755 | $11576906  | $15101661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - <br> New <br> Discovery <br> Series <br> Service <br> Class<br>| $(290200) | $(541435) | $1931206 | $1099571 | $3428056 | $(663265) | $(268045) | $(757) | $—  | $(335988) | $2160001 | $3259572 | $21446506  | $24706078  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> - MFS® <br> Technology <br> Initial <br> Class<br>| $(9397) | $57987 | $497132 | $545722 | $561241 | $(58778) | $(900) | $—  | $—  | $48206 | $549769 | $1095491 | $1457965  | $2553456  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> Technology <br> Service <br> Class<br>| $(613666) | $1908000 | $12486354  | $13780688  | $13245655  | $(1282857)  | $(480043) | $(1330) | $—  | $(2402073)  | $9079352 | $22860040  | $37328008  | $60188048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - <br> MFS® <br> Value <br> Series <br> Initial <br> Class<br>| $4671 | $40053 | $(529) | $44195 | $189375 | $(306354) | $(238) | $—  | $—  | $48477 | $(68740) | $(24545) | $596938 | $572393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> Value <br> Series <br> Service <br> Class<br>| $36293 | $1560802 | $180434 | $1777529 | $2369860 | $(655069) | $(223445) | $(617) | $—  | $(330131) | $1160598 | $2938127 | $18074915  | $21013042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Emerging <br> Markets <br> Bond <br> Institutional <br> Class<br>| $5920 | $(1319) | $2497 | $7098 | $706 | $(15932) | $(70) | $—  | $—  | $12177 | $(3119) | $3979 | $93609 | $97588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Emerging <br> Markets <br> Bond <br> Advisor <br> Class<br>| $130278 | $(15533) | $35872 | $150617 | $422711 | $(52883) | $(26028) | $(101) | $—  | $66881 | $410580 | $561197 | $2292133  | $2853330  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Global <br> Bond <br> Opportunities <br> (Unhedged) <br> Institutional <br> Class<br>| $2660 | $(521) | $(3358) | $(1219) | $77744 | $(1268) | $(6) | $—  | $—  | $(6784) | $69686 | $68467 | $87284 | $155751 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Global <br> Bond <br> Opportunities <br> (Unhedged) <br> Advisor <br> Class<br>| $158376 | $(63490) | $(229848) | $(134962) | $1664605 | $(292118) | $(86400) | $(130) | $—  | $654141 | $1940098 | $1805136 | $6605477  | $8410613  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Long-<br> Term <br> U.S. Government <br> Institutional <br> Class<br>| $6820 | $(9917) | $(19165) | $(22262) | $42571 | $(27804) | $(98) | $—  | $—  | $106866 | $121535 | $99273 | $242216 | $341489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Long-<br> Term US <br> Government <br> Advisor <br> Class<br>| $304079 | $(758766) | $(1281533)  | $(1736220)  | $6754677 | $(807489) | $(248593) | $(793) | $—  | $1192222 | $6890024 | $5153804 | $20630010  | $25783814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Real <br> Return <br> Institutional <br> Class<br>| $10774 | $(10992) | $8132 | $7914 | $167846 | $(78606) | $(385) | $—  | $—  | $(209749) | $(120894) | $(112980)  | $656832 | $543852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Real <br> Return <br> Advisor <br> Class<br>| $978949 | $(235494) | $(324764) | $418691 | $17618261  | $(1882221)  | $(936457) | $(1739) | $—  | $6947517 | $21745361 | $22164052  | $69189792  | $91353844  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Capital <br> Appreciation <br> Class 2<br>| $(235336) | $1639542 | $5462610 | $6866816 | $18664228  | $(700587) | $(368704) | $(724) | $—  | $(513111) | $17081102 | $23947918  | $26112913  | $50060831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Diversified <br> International<br>| $3156 | $256 | $310 | $3722 | $38291 | $(50589) | $(119) | $—  | $—  | $(6262) | $(18679) | $(14957) | $141633 | $126676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Government <br> & High <br> Quality <br> Bond<br>| $14038 | $(3903) | $(8691) | $1444 | $232686 | $(27219) | $(193) | $—  | $—  | $76609 | $281883 | $283327 | $322684 | $606011 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Small <br> Cap<br>| $(1646) | $307 | $29850 | $28511 | $150594 | $(264244) | $(194) | $—  | $—  | $50671 | $(63173) | $(34662) | $432381 | $397719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal VC <br> Equity <br> Income <br> Class 2<br>| $180623 | $402179 | $3112804 | $3695606 | $4207898 | $(770847) | $(329654) | $(589) | $—  | $(2574546)  | $532262 | $4227868 | $27870171  | $32098039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT <br> International <br> Value <br> Class 1B<br>| $91907 | $122723 | $71539 | $286169 | $2201592 | $(157690) | $(102466) | $(296) | $—  | $756364 | $2697504 | $2983673 | $7338798  | $10322471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT <br> Research <br> Class 1B<br>| $(260446) | $1031519 | $5373465 | $6144538 | $8736595 | $(943883) | $(326246) | $(617) | $—  | $(1116538)  | $6349311 | $12493849  | $23633407  | $36127256  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton <br> Global <br> Bond <br> VIP <br> Class 1<br>| $(1380) | $(5232) | $(21199) | $(27811) | $19256 | $(26915) | $(193) | $—  | $—  | $(59653) | $(67505) | $(95316) | $281887 | $186571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton <br> Global <br> Bond <br> VIP <br> Class 2<br>| $(93959) | $(18342) | $(874051) | $(986352) | $1044506 | $(209481) | $(90225) | $(185) | $—  | $864804 | $1609419 | $623067 | $7129646  | $7752713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Aggressive <br> Allocation<br>| $5065996 | $97198314  | $115375792 | $217640102 | $91093263  | $(154476450)  | $(3728339) | $(161688) | $(4492) | $(19312872)  | $(86590578)  | $131049524  | $1503835056 | $1634884580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All <br> Cap<br>| $(716539) | $7978547 | $16359161  | $23621169  | $9402609 | $(14477342)  | $(279935) | $(4756) | $3503 | $(258320) | $(5614241)  | $18006928  | $129102920  | $147109848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Balanced <br> Income <br> Plus<br>| $6302138 | $1561209 | $12310081  | $20173428  | $7648543 | $(40628126)  | $(158249) | $(8131) | $5574 | $(3519463)  | $(36659852)  | $(16486424)  | $288061917  | $271575493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Diversified <br> Income <br> Plus<br>| $19888589 | $(3200344)  | $15779527  | $32467772  | $14100015  | $(83270054)  | $(300933) | $(20192) | $9217 | $(10902919)  | $(80384866)  | $(47917094)  | $584534797  | $536617703  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Emerging <br> Markets <br> Equity<br>| $815113 | $3825145 | $(532516) | $4107742 | $1733932 | $(8631147)  | $(53040) | $(2532) | $(99) | $(2218605)  | $(9171491)  | $(5063749)  | $54623441  | $49559692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG <br> Index<br>| $(118259) | $1880262 | $6452506 | $8214509 | $4066256 | $(2782377)  | $(223144) | $(2689) | $854 | $(225077) | $833823 | $9048332 | $38892920  | $47941252  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Global <br> Stock<br>| $1607249 | $14112713  | $14212973  | $29932935  | $8740626 | $(28534422)  | $(272260) | $(6332) | $5496 | $38393478  | $18326586 | $48259521  | $210036851  | $258296372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Government <br> Bond<br>| $3906350 | $(3434959)  | $(421014) | $50377 | $7358749 | $(20338469)  | $(374816) | $(5173) | $1495 | $6847889 | $(6510325)  | $(6459948)  | $140804639  | $134344691  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Healthcare<br>| $(970110) | $19072622  | $(19349805)  | $(1247293)  | $10582643  | $(27777460)  | $(461273) | $(10534) | $260 | $(6911083)  | $(24577447)  | $(25824740)  | $241691350  | $215866610  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> High <br> Yield<br>| $20374513 | $(4052708)  | $5577357 | $21899162  | $49818543  | $(34750047)  | $(2445508) | $(12086) | $8446 | $16360981  | $28980329 | $50879491  | $371027194  | $421906685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Income<br>| $15236563 | $(7167690)  | $853609 | $8922482 | $58305139  | $(43263874)  | $(2631955) | $(12189) | $1979 | $57004990  | $69404090 | $78326572  | $441658309  | $519984881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> International <br> Allocation<br>| $4125383 | $2944318 | $130419 | $7200120 | $5373707 | $(29187743)  | $(98931) | $(5652) | $1638 | $(6501457)  | $(30418438)  | $(23218318)  | $218296298  | $195077980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> International <br> Index<br>| $525904 | $568651 | $(572053) | $522502 | $7987550 | $(2994371)  | $(252293) | $(1327) | $37 | $2351644 | $7091240 | $7613742 | $35090173  | $42703915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Large <br> Cap <br> Growth<br>| $(10506829) | $136906772 | $216653839 | $343053782 | $123504638 | $(138798745)  | $(3240509) | $(46339) | $32056 | $(8488364)  | $(27037263)  | $316016519  | $1194740022 | $1510756541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Large <br> Cap <br> Index<br>| $(158395) | $118575376 | $139199836 | $257616817 | $123538820 | $(130365633)  | $(2904817) | $(44000) | $15865 | $(34617974)  | $(44377739)  | $213239078  | $1140689307 | $1353928385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Large <br> Cap <br> Value<br>| $1826336 | $28545809  | $19593453  | $49965598  | $22087621  | $(57335212)  | $(905073) | $(10929) | $7597 | $(14538305)  | $(50694301)  | $(728703)  | $443506310  | $442777607  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Limited <br> Maturity <br> Bond<br>| $8010072 | $(809604) | $5523598 | $12724066  | $24298305  | $(44247471)  | $(985194) | $(9781) | $503 | $2422179 | $(18521459)  | $(5797393)  | $304989990  | $299192597  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Growth<br>| $(943325) | $1366888 | $5997361 | $6420924 | $8169546 | $(5898439)  | $(422716) | $(4014) | $—  | $1964889 | $3809266 | $10230190  | $69827268  | $80057458  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Index<br>| $356521 | $28879660  | $29800195  | $59036376  | $45377653  | $(56770276)  | $(1032450) | $(21821) | $2917 | $(9365982)  | $(21809959)  | $37226417  | $494342781  | $531569198  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Stock<br>| $(4297020)  | $17179565  | $41138732  | $54021277  | $52446978  | $(59221937)  | $(1848935) | $(20797) | $18724 | $(2817186)  | $(11443153)  | $42578124  | $606837013  | $649415137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Value<br>| $2827 | $2233302 | $1371018 | $3607147 | $3253770 | $(4559952)  | $(206278) | $(1831) | $—  | $(4604492)  | $(6118783)  | $(2511636)  | $46635464  | $44123828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderate <br> Allocation<br>| $83495233 | $455550559 | $381298260 | $920344052 | $270833471 | $(1369147559) | $(3643106) | $(286927) | $12180 | $(78515391)  | $(1180747332) | $(260403280) | $8324960701 | $8064557421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderately <br> Aggressive <br> Allocation<br>| $33559578 | $314453611 | $337580900 | $685594089 | $475414781 | $(834252573)  | $(5528899) | $(345917) | $51965 | $(44904065)  | $(409564708)  | $276029381  | $5590099629 | $5866129010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderately <br> Conservative <br> Allocation<br>| $72213704 | $53846855  | $135907620 | $261968179 | $57687637  | $(732390865)  | $(664458) | $(100958) | $27968 | $(67374591)  | $(742815267)  | $(480847088) | $3956532478 | $3475685390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Money <br> Market<br>| $14292344 | $—  | $—  | $14292344  | $54023133  | $(174458471)  | $(348180) | $(13708) | $101 | $133879012 | $13081887 | $27374231  | $368376885  | $395751116  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Opportunity <br> Income <br> Plus<br>| $5998075 | $(3323248)  | $3723794 | $6398621 | $5315456 | $(26763224)  | $(84579) | $(4048) | $(5557) | $33327266  | $11785314 | $18183935  | $152246741  | $170430676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real <br> Estate <br> Securities<br>| $1699531 | $6625322 | $(5848630)  | $2476223 | $4183953 | $(13049217)  | $(121091) | $(4410) | $2590 | $(3878015)  | $(12866190)  | $(10389967)  | $125181090  | $114791123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Small <br> Cap <br> Growth<br>| $(1414617)  | $1781206 | $9779481 | $10146070  | $10032185  | $(9375765)  | $(594550) | $(6099) | $110 | $328237 | $384118 | $10530188  | $106979242  | $117509430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Small <br> Cap <br> Index<br>| $549479 | $13308513  | $19228453  | $33086445  | $45040693  | $(50756170)  | $(1257354) | $(19386) | $2504 | $(9620874)  | $(16610587)  | $16475858  | $481771880  | $498247738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Small <br> Cap <br> Stock<br>| $(2231895)  | $3110767 | $36187566  | $37066438  | $36260684  | $(36994642)  | $(1249605) | $(11482) | $10359 | $(2378408)  | $(4363094)  | $32703344  | $376527369  | $409230713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Capital <br> Growth<br>| $7898 | $78634 | $119049 | $205581 | $177786 | $(113064) | $(339) | $—  | $—  | $376385 | $440768 | $646349 | $1393952  | $2040301  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for** <br> **contract benefits** <br> **and terminations,** <br> **as restated**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> International<br>| $7495 | $(63219) | $166149 | $110425 | $29161 | $(445179) | $(260) | $—  | $—  | $(134602) | $(550880) | $(440455)  | $1550430  | $1109975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Short-<br> Term <br> Investment-<br> Grade<br>| $36318 | $(5189) | $20613 | $51742 | $475525 | $(254004) | $(384) | $—  | $—  | $22922 | $244059 | $295801 | $1072408  | $1368209  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Small <br> Company <br> Growth<br>| $(772) | $(6642) | $46900 | $39486 | $7 | $(35777) | $(375) | $—  | $—  | $(22775) | $(58920) | $(19434) | $402013 | $382579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Total <br> Bond <br> Market <br> Index<br>| $114626 | $(257060) | $124802 | $(17632) | $1401885 | $(2027555)  | $(1620) | $—  | $—  | $270992 | $(356298) | $(373930)  | $5247917  | $4873987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Total <br> Stock <br> Market <br> Index<br>| $55845 | $808661 | $484211 | $1348717 | $1362259 | $(1693719)  | $(2199) | $—  | $—  | $(379539) | $(713198) | $635519 | $6596469  | $7231988  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Global <br> Growth <br> Class 1<br>| $883 | $18938 | $33195 | $53016 | $6865 | $(59416) | $(66) | $—  | $—  | $5186 | $(47431) | $5585 | $261836 | $267421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Global <br> Growth <br> Class 4<br>| $(204676) | $2798934 | $5042122  | $7636380  | $8186147 | $(533426)  | $(488728) | $(1975) | $—  | $(863996) | $6298022 | $13934402  | $34131006  | $48065408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Growth-<br> Income <br> Class 1<br>| $9739 | $55373 | $188167 | $253279 | $31439 | $(17269) | $(488) | $—  | $—  | $(9748) | $3934 | $257213 | $989395 | $1246608  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> Growth-<br> Income <br> Class 4<br>| $9027 | $1784355 | $5742526  | $7535908  | $7209652 | $(132209)  | $(390453) | $(1688) | $—  | $(687862) | $5997440 | $13533348  | $27586033  | $41119381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Growth <br> and <br> Income <br> Class 4<br>| $92444 | $(254209) | $1080618  | $918853 | $2110399 | $(52879) | $(85870) | $(285) | $—  | $(323803) | $1647562 | $2566415 | $5828889  | $8395304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Class 1<br>| $4456 | $(19659) | $90421 | $75218 | $140887 | $(135517)  | $(298) | $—  | $—  | $(9197) | $(4125) | $71093 | $504085 | $575178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American <br> Funds <br> IS® <br> International <br> Class 4<br>| $(3781) | $(69181) | $653449 | $580487 | $685653 | $(77177) | $(54723) | $(214) | $—  | $(36135) | $517404 | $1097891 | $3937410  | $5035301  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock <br> Total <br> Return <br> V.I. <br> Class I<br>| $6629 | $(984) | $11954 | $17599 | $239129 | $(3130) | $—  | $—  | $—  | $(4000) | $231999 | $249598 | $144379 | $393977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock <br> Total <br> Return <br> V.I. <br> Class III<br>| $1693294 | $(264716) | $1552187  | $2980765  | $14925094  | $(1440861)  | $(1005264) | $(2931) | $—  | $3461287 | $15937325  | $18918090  | $64807476  | $83725566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA <br> International <br> Small <br> Portfolio<br>| $5455 | $(4730) | $26852 | $27577 | $6867 | $(3887) | $(180) | $—  | $—  | $9075 | $11875 | $39452 | $199138 | $238590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA US <br> Targeted <br> Value<br>| $20078 | $128895 | $153574 | $302547 | $501051 | $(208836)  | $(139) | $—  | $—  | $703371 | $995447 | $1297994 | $824549 | $2122543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance <br> VT <br> Floating-<br> Rate <br> Income <br> Initial <br> Share <br> Class<br>| $3051674 | $(62282) | $1117235  | $4106627  | $11028386  | $(92774) | $(539245) | $(1181) | $—  | $120920 | $10516106  | $14622733  | $36395320  | $51018053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP <br> Emerging <br> Markets <br> Initial <br> Class<br>| $14012 | $(36759) | $91083 | $68336 | $201406 | $(190494)  | $(224) | $—  | $—  | $41485 | $52173 | $120509 | $768760 | $889269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Emerging <br> Markets <br> Service <br> Class 2<br>| $154096 | $(312374) | $1596917  | $1438639  | $3222513 | $(283124)  | $(216758) | $(715) | $—  | $(595814) | $2126102 | $3564741 | $15760125  | $19324866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Energy <br> Service <br> Class 2<br>| $194682 | $578133 | $(805540) | $(32725) | $3916815 | $(486326)  | $(138072) | $(793) | $—  | $(1219348)  | $2072276 | $2039551 | $14685402  | $16724953  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP <br> International <br> Capital <br> Appreciation <br> Initial <br> Class<br>| $(1091) | $(2289) | $168483 | $165103 | $151674 | $(23573) | $(57) | $—  | $—  | $(69685) | $58359 | $223462 | $555236 | $778698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> International <br> Capital <br> Appreciation <br> Service <br> Class 2<br>| $(426599) | $(168614) | $9656506  | $9061293  | $10199127  | $(225718)  | $(508920) | $(1186) | $—  | $(2211804)  | $7251499 | $16312792  | $32121161  | $48433953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP <br> Value <br> Initial <br> Class<br>| $2750 | $74718 | $98685 | $176153 | $153524 | $(63487) | $(347) | $—  | $—  | $(972780) | $(883090)  | $(706937)  | $1487636  | $780699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP <br> Value <br> Service <br> Class 2<br>| $1067 | $1182083 | $3553307  | $4736457  | $8070689 | $(77961) | $(296324) | $(978) | $—  | $7499 | $7702925 | $12439382  | $21058086  | $33497468  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Small <br> Cap Value <br> VIP <br> Class 2<br>| $(123978) | $878243 | $1332617  | $2086882  | $4084466 | $(301328)  | $(222152) | $(675) | $—  | $(70618) | $3489693 | $5576575 | $14948896  | $20525471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman <br> Sachs VIT <br> Core <br> Fixed <br> Income <br> Service <br> Shares<br>| $732517 | $(143635) | $1496186  | $2085068  | $10848782  | $(723928)  | $(582604) | $(1465) | $—  | $2995823 | $12536608  | $14621676  | $37648278  | $52269954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman <br> Sachs VIT <br> Small <br> Cap <br> Equity <br> Insights <br> Service <br> Shares<br>| $(33242) | $(31647) | $1692808  | $1627919  | $1742699 | $(81184) | $(109291) | $(365) | $—  | $355025 | $1906884 | $3534803 | $7940373  | $11475176  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> Enterprise <br> Institutional <br> Class<br>| $(5022) | $55681 | $120670 | $171329 | $13903 | $(125751)  | $(712) | $—  | $—  | $(31021) | $(143581)  | $27748 | $1081931  | $1109679  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> VIT <br> Enterprise <br> Service <br> Class<br>| $(231168) | $1466570 | $1980546  | $3215948  | $7014146 | $(7801) | $(227985) | $(979) | $—  | $1356956 | $8134337 | $11350285  | $15144164  | $26494449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus <br> Henderson <br> VIT <br> Forty <br> Service <br> Class<br>| $(622974) | $(594321) | $18979832  | $17762537  | $13248185  | $(622174)  | $(673530) | $(2854) | $—  | $(4801557)  | $7148070 | $24910607  | $43835296  | $68745903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Core <br> Bond <br> Trust <br> Series I<br>| $18186 | $(18865) | $40277 | $39598 | $6886 | $(101552)  | $(155) | $—  | $—  | $10819 | $(84002) | $(44404) | $773802 | $729398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> VIT Core <br> Bond <br> Trust <br> Series II<br>| $387635 | $(75856) | $549299 | $861078 | $5947796 | $(179937)  | $(245365) | $(696) | $—  | $1366958 | $6888756 | $7749834 | $15571314  | $23321148  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> International <br> Equity <br> Index <br> Trust <br> Series I<br>| $3700 | $(4032) | $25557 | $25225 | $112718 | $(20144) | $(61) | $—  | $—  | $(71047) | $21466 | $46691 | $153542 | $200233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> International <br> Small <br> Company <br> Trust <br> Series II<br>| $17747 | $26326 | $256829 | $300902 | $472299 | $(47406) | $(34368) | $(92) | $—  | $134890 | $525323 | $826225 | $2171729  | $2997954  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Strategic <br> Income <br> Opportunities <br> Trust <br> Series I<br>| $17859 | $(7535) | $30886 | $41210 | $1 | $(5129) | $(366) | $—  | $—  | $(23693) | $(29187) | $12023 | $603798 | $615821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock <br> Strategic <br> Income <br> Opportunities <br> Trust <br> Series II<br>| $646046 | $(120648) | $1121963  | $1647361  | $6643313 | $(297994)  | $(358761) | $(1031) | $—  | $320491 | $6306018 | $7953379 | $23504782  | $31458161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - <br> MFS® <br> Blended <br> Research <br> Core <br> Equity <br> Initial <br> Class<br>| $6881 | $77913 | $166163 | $250957 | $138239 | $(26411) | $(296) | $—  | $—  | $(477738) | $(366206)  | $(115249)  | $1036857  | $921608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - <br> Core <br> Equity <br> Service <br> Class<br>| $(244047) | $1279648 | $4210340  | $5245941  | $6668244 | $(260945)  | $(324708) | $(841) | $—  | $(1253669)  | $4828081 | $10074022  | $21474787  | $31548809  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III <br> Global <br> Real <br> Estate <br> Service <br> Class<br>| $(36494) | $246005 | $324961 | $534472 | $1193650 | $(81593) | $(49599) | $(260) | $—  | $190128 | $1252326 | $1786798 | $4178162  | $5964960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - <br> MFS® <br> Corporate <br> Bond <br> Initial <br> Class<br>| $8044 | $(963) | $12327 | $19408 | $764 | $(4142) | $(21) | $—  | $—  | $11802 | $8403 | $27811 | $223992 | $251803 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III <br> - MFS® <br> Global <br> Real <br> Estate <br> Initial <br> Class<br>| $343 | $1687 | $11042 | $13072 | $3 | $(1982) | $(145) | $—  | $—  | $(30726) | $(32850) | $(19778) | $122674 | $102896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - <br> MFS® <br> International <br> Intrinsic <br> Value <br> Initial <br> Class<br>| $492 | $18999 | $24378 | $43869 | $8624 | $(10098) | $(228) | $—  | $—  | $(58958) | $(60660) | $(16791) | $291828 | $275037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III <br> - MFS® <br> Mid Cap <br> Value <br> Initial <br> Class<br>| $6873 | $8508 | $63172 | $78553 | $17346 | $(7964) | $(167) | $—  | $—  | $(229362) | $(220147)  | $(141594)  | $770374 | $628780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III <br> Mid Cap <br> Value <br> Service <br> Class<br>| $35568 | $336299 | $746981 | $1118848  | $2380087 | $(146274)  | $(108091) | $(571) | $—  | $345031 | $2470182 | $3589030 | $7987876  | $11576906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - <br> New <br> Discovery <br> Series <br> Service <br> Class<br>| $(223824) | $(493239) | $3023435  | $2306372  | $3348620 | $(242483)  | $(222320) | $(1011) | $—  | $488276 | $3371082 | $5677454 | $15769052  | $21446506  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - <br> MFS® <br> Technology <br> Initial <br> Class<br>| $(5525) | $(8152) | $488581 | $474904 | $185292 | $(21107) | $(703) | $—  | $—  | $(35055) | $128427 | $603331 | $854634 | $1457965  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II <br> Technology <br> Service <br> Class<br>| $(363766) | $(161139) | $12572571  | $12047666  | $7327754 | $(331999)  | $(329222) | $(1200) | $—  | $(2551758)  | $4113575 | $16161241  | $21166767  | $37328008  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - <br> MFS® <br> Value <br> Series <br> Initial <br> Class<br>| $8193 | $38433 | $(4752) | $41874 | $8027 | $(165426)  | $(290) | $—  | $—  | $(29805) | $(187494)  | $(145620)  | $742558 | $596938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT <br> Value <br> Series <br> Service <br> Class<br>| $36384 | $1094482 | $(61465) | $1069401  | $3856757 | $(243673)  | $(181503) | $(661) | $—  | $(41347) | $3389573 | $4458974 | $13615941  | $18074915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Emerging <br> Markets <br> Bond <br> Institutional <br> Class<br>| $4546 | $(1523) | $6037 | $9060 | $62 | $(2174) | $(75) | $—  | $—  | $(5053) | $(7240) | $1820 | $91789 | $93609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Emerging <br> Markets <br> Bond <br> Advisor <br> Class<br>| $80969 | $(34954) | $147883 | $193898 | $411836 | $65069 | $(18834) | $(105) | $—  | $(37291) | $420675 | $614573 | $1677560  | $2292133  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Global <br> Bond <br> Opportunities <br> (Unhedged) <br> Institutional <br> Class<br>| $1795 | $(4308) | $8217 | $5704 | $8010 | $(4168) | $(5) | $—  | $—  | $(99006) | $(95169) | $(89465) | $176749 | $87284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Global <br> Bond <br> Opportunities <br> (Unhedged) <br> Advisor <br> Class<br>| $53176 | $5754 | $186520 | $245450 | $794309 | $(39499) | $(75860) | $(199) | $—  | $303714 | $982465 | $1227915 | $5377562  | $6605477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Long-<br> Term <br> U.S. Government <br> Institutional <br> Class<br>| $4660 | $(71102) | $75246 | $8804 | $2833 | $(58477) | $(145) | $—  | $—  | $(33961) | $(89750) | $(80946) | $323162 | $242216 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Long-<br> Term US <br> Government <br> Advisor <br> Class<br>| $176414 | $(274128) | $652319 | $554605 | $3416812 | $(371858)  | $(220453) | $(914) | $—  | $3307066 | $6130653 | $6685258 | $13944752  | $20630010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Real <br> Return <br> Institutional <br> Class<br>| $29686 | $(72162) | $76753 | $34277 | $117266 | $(64654) | $(551) | $—  | $—  | $(1125876)  | $(1073815)  | $(1039538)  | $1696370  | $656832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT <br> Real <br> Return <br> Advisor <br> Class<br>| $1011181 | $(182071) | $585188 | $1414298  | $15315742  | $(549787)  | $(768874) | $(1870) | $—  | $3064688 | $17059899  | $18474197  | $50715595  | $69189792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Capital <br> Appreciation <br> Class 2<br>| $(96716) | $1388260 | $2895444  | $4186988  | $7568577 | $97738 | $(224257) | $(660) | $—  | $785202 | $8226600 | $12413588  | $13699325  | $26112913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Diversified <br> International<br>| $436 | $(20189) | $50876 | $31123 | $1068 | $(14234) | $(202) | $—  | $—  | $(146845) | $(160213)  | $(129090)  | $270723 | $141633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Government <br> & High <br> Quality <br> Bond<br>| $6207 | $(29745) | $37125 | $13587 | $3232 | $(116699)  | $(223) | $—  | $—  | $(104505) | $(218195)  | $(204608)  | $527292 | $322684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Small <br> Cap<br>| $(2124) | $(27310) | $83980 | $54546 | $5722 | $(108575)  | $(234) | $—  | $—  | $1354 | $(101733)  | $(47187) | $479568 | $432381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal VC <br> Equity <br> Income <br> Class 2<br>| $186070 | $1089975 | $1102093  | $2378138  | $4124482 | $(460194)  | $(290802) | $(752) | $—  | $721029 | $4093763 | $6471901 | $21398270  | $27870171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT <br> International <br> Value <br> Class 1B<br>| $(234) | $31021 | $821378 | $852165 | $2056687 | $65751 | $(66721) | $(253) | $—  | $184517 | $2239981 | $3092146 | $4246652  | $7338798  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT <br> Research <br> Class 1B<br>| $(92409) | $(1838) | $4701248  | $4607001  | $5430579 | $(188401)  | $(222358) | $(649) | $—  | $(707240) | $4311931 | $8918932 | $14714475  | $23633407  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton <br> Global <br> Bond VIP <br> Class 1<br>| $(3231) | $(27161) | $33514 | $3122 | $2211 | $(46003) | $(292) | $—  | $—  | $(511162) | $(555246)  | $(552124)  | $834011 | $281887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton <br> Global <br> Bond VIP <br> Class 2<br>| $(78078) | $(12516) | $225427 | $134833 | $1167255 | $(90006) | $(80219) | $(211) | $—  | $332307 | $1329126 | $1463959 | $5665687  | $7129646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Aggressive <br> Allocation<br>| $8578454 | $34653137  | $187979601  | $231211192  | $88518824  | $(115766197) | $(2925838) | $(178859) | $9750 | $(7560181)  | $(37902501)  | $193308691  | $1310526365 | $1503835056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All <br> Cap<br>| $(327419) | $795794 | $21739035  | $22207410  | $6374505 | $(10251813)  | $(204914) | $(5184) | $(5236) | $1695202 | $(2397440)  | $19809970  | $109292950  | $129102920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Balanced <br> Income <br> Plus<br>| $4270546 | $(3880092)  | $29301287  | $29691741  | $7938737 | $(26191020)  | $(130965) | $(9241) | $3042 | $(2425383)  | $(20814830)  | $8876911 | $279185006  | $288061917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Diversified <br> Income <br> Plus<br>| $16147377 | $(11562690)  | $45904496  | $50489183  | $15496859  | $(74734403)  | $(234686) | $(23270) | $4395 | $(24109817) | $(83600922)  | $(33111739)  | $617646536  | $584534797  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Emerging <br> Markets <br> Equity<br>| $994842 | $(1146299)  | $4269032  | $4117575  | $1822713 | $(6010231)  | $(44899) | $(3135) | $(5974) | $(1635851)  | $(5877377)  | $(1759802)  | $56383243  | $54623441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG <br> Index<br>| $(71152) | $58281 | $8277573  | $8264702  | $3593630 | $(2112394)  | $(185775) | $(2699) | $—  | $(2365689)  | $(1072927)  | $7191775 | $31701145  | $38892920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Global <br> Stock<br>| $56123 | $1327443 | $35777370  | $37160936  | $6386662 | $(19001408)  | $(164838) | $(6388) | $(34489) | $(2874451)  | $(15694912)  | $21466024  | $188570827  | $210036851  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Government <br> Bond<br>| $2858959 | $(4810894)  | $6119870  | $4167935  | $6597228 | $(14532961)  | $(314803) | $(6087) | $1732 | $4679586 | $(3575305)  | $592630 | $140212009  | $140804639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Healthcare<br>| $(1621505)  | $10777140  | $(2643584)  | $6512051  | $11397188  | $(23949691)  | $(365199) | $(13047) | $815 | $(6438726)  | $(19368660)  | $(12856609)  | $254547959  | $241691350  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High <br> Yield<br>| $16491792 | $(7065823)  | $25088196  | $34514165  | $41273229  | $(24426307)  | $(1876410) | $(14014) | $(13312) | $873859 | $15817045  | $50331210  | $320695984  | $371027194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Income<br>| $11994082 | $(12030112)  | $31834967  | $31798937  | $39808650  | $(35109210)  | $(2066742) | $(14283) | $(473) | $21745272 | $24363214  | $56162151  | $385496158  | $441658309  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> International <br> Allocation<br>| $3054550 | $(2103850)  | $32148304  | $33099004  | $5303247 | $(22728529)  | $(86404) | $(6812) | $(22749) | $(8239817)  | $(25781064)  | $7317940 | $210978358  | $218296298  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> International <br> Index<br>| $240380 | $38792 | $4138475  | $4417647  | $5286609 | $(1229735)  | $(189909) | $(1510) | $139 | $3111865 | $6977459 | $11395106  | $23695067  | $35090173  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large <br> Cap <br> Growth<br>| $(10345143) | $114522189 | $268183610  | $372360656  | $65537738  | $(85067567)  | $(2260079) | $(47519) | $19990 | $27711177 | $5893740 | $378254396  | $816485626  | $1194740022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large <br> Cap <br> Index<br>| $1047438 | $82029908  | $147614451  | $230691797  | $67118274  | $(97923935)  | $(2132720) | $(48692) | $13354 | $(21170933) | $(54144652)  | $176547145  | $964142162  | $1140689307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large <br> Cap <br> Value<br>| $2216809 | $30358589  | $14378432  | $46953830  | $23331158  | $(37738856)  | $(735024) | $(12865) | $(13195) | $(38183102) | $(53351884)  | $(6398054)  | $449904364  | $443506310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Limited <br> Maturity <br> Bond<br>| $6320879 | $(4023967)  | $13366590  | $15663502  | $21168999  | $(43888515)  | $(820786) | $(11037) | $(30923) | $(18754009) | $(42336271)  | $(26672769)  | $331662759  | $304989990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Growth<br>| $(754475) | $(613473) | $9975991  | $8608043  | $6742313 | $(3319796)  | $(333838) | $(4347) | $—  | $7956480 | $11040812  | $19648855  | $50178413  | $69827268  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Index<br>| $432276 | $26588553  | $37614766  | $64635595  | $27871041  | $(41240334)  | $(745824) | $(24949) | $(9295) | $(6302161)  | $(20451522)  | $44184073  | $450158708  | $494342781  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Stock<br>| $(4575513)  | $28210532  | $44499030  | $68134049  | $42781937  | $(40887619)  | $(1359275) | $(23354) | $(13472) | $16514683 | $17012900  | $85146949  | $521690064  | $606837013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid <br> Cap <br> Value<br>| $(193105) | $789174 | $4521049  | $5117118  | $4771653 | $(2899341)  | $(174632) | $(2089) | $—  | $(8232091)  | $(6536500)  | $(1419382)  | $48054846  | $46635464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderate <br> Allocation<br>| $87701603 | $(14165639)  | $1025077839 | $1098613803 | $179203319 | $(913508407) | $(2981878) | $(324010) | $66358 | $(67291359) | $(804835977) | $293777826  | $8031182875 | $8324960701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderately <br> Aggressive <br> Allocation<br>| $62192001 | $109569443 | $628384438  | $800145882  | $167351819 | $(556514129) | $(4074464) | $(387359) | $19782 | $(55888661) | $(449493012) | $350652870  | $5239446759 | $5590099629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Moderately <br> Conservative <br> Allocation<br>| $57796567 | $(49771865)  | $388704613  | $396729315  | $44406410  | $(501075718) | $(582020) | $(113782) | $17579 | $(89915363) | $(547262894) | $(150533579) | $4107066057 | $3956532478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Money <br> Market<br>| $11826874 | $—  | $—  | $11826874  | $53010454  | $(86752244)  | $(234350) | $(13356) | $103 | $88600568 | $54611175  | $66438049  | $301938836  | $368376885  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent <br> Opportunity <br> Income <br> Plus<br>| $5877728 | $(6319548)  | $11988466  | $11546646  | $3028454 | $(24625694)  | $(49729) | $(4545) | $(10975) | $(7752092)  | $(29414581)  | $(17867935)  | $170114676  | $152246741  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real <br> Estate <br> Securities<br>| $1145486 | $5660974 | $3330662  | $10137122  | $3124712 | $(13089090)  | $(102078) | $(5342) | $(1594) | $(3218523)  | $(13291915)  | $(3154793)  | $128335883  | $125181090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small <br> Cap <br> Growth<br>| $(1194011)  | $(622148) | $9623695  | $7807536  | $11032700  | $(5970829)  | $(458123) | $(6593) | $95 | $10513779 | $15111029  | $22918565  | $84060677  | $106979242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small <br> Cap <br> Index<br>| $(360798) | $14922789  | $46397903  | $60959894  | $29558801  | $(36327864)  | $(924740) | $(22673) | $(3350) | $2195730 | $(5524096)  | $55435798  | $426336082  | $481771880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small <br> Cap <br> Stock<br>| $(2077798)  | $41948696  | $(2803528)  | $37067370  | $30374088  | $(21704620)  | $(888571) | $(11986) | $653 | $19479116 | $27248680  | $64316050  | $312211319  | $376527369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Capital <br> Growth<br>| $1698 | $51010 | $184525 | $237233 | $513404 | $(110435)  | $(392) | $—  | $—  | $(16576) | $386001 | $623234 | $770718 | $1393952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> International<br>| $21374 | $(270436) | $516157 | $267095 | $77045 | $(514449)  | $(267) | $—  | $—  | $(463747) | $(901418)  | $(634323)  | $2184753  | $1550430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Short-<br> Term <br> Investment-<br> Grade<br>| $21656 | $(36861) | $77628 | $62423 | $121551 | $(431276)  | $(399) | $—  | $—  | $22369 | $(287755)  | $(225332)  | $1297740  | $1072408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF <br> Small <br> Company <br> Growth<br>| $(1301) | $(34110) | $112669 | $77258 | $12 | $(120139)  | $(417) | $—  | $—  | $(9512) | $(130056)  | $(52798) | $454811 | $402013 |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

STATEMENTS OF CHANGES IN NET ASSETS (continued)

FOR THE YEAR ENDED DECEMBER 31, 2023

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Increase (decrease) in net assets from contract related transactions** | **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss), as restated**<br>| **Net realized**<br> **gain (loss) on**<br> **investments and**<br> **capital gain**<br> **distributions**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **on**<br> **investments**<br>| **Net Change in Net** <br> **Assets from** <br> **Operations, as** <br> **restated** | **Proceeds**<br> **from units**<br> **issued**<br>| **Transfers for**<br> **contract benefits** <br>**and**<br> **terminations**<br>| **Rider fee, as** <br> **restated**<br>| **Administrative** <br> **charges**<br>| **Adjustments to**<br> **annuity reserves**<br>| **Transfers**<br> **between**<br> **subaccounts**<br>| **Net Change in Net** <br> **Assets from Unit** <br> **Transactions, as** <br> **restated** | **Net Change**<br> **in Net Assets** | **Net Assets**<br> **Beginning of**<br> **Year** | **Net Assets**<br> **End of Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF Total <br> Bond <br> Market <br> Index<br>| $111267 | $(222581) | $361657 | $250343 | $255289 | $(1406772)  | $(1423) | $—  | $—  | $605111 | $(547795)  | $(297452)  | $5545369  | $5247917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® <br> VIF Total <br> Stock <br> Market <br> Index<br>| $44207 | $435458 | $936283 | $1415948  | $642753 | $(1236088)  | $(1645) | $—  | $—  | $(208782) | $(803762)  | $612186 | $5984283  | $6596469  |

---

The accompanying notes are an integral part of these financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024

**(1) ORGANIZATION** 

The Thrivent Variable Annuity Account I (the Variable Account), is registered as a unit investment trust under the Investment Company Act of 1940, and is a separate account of Thrivent Financial for Lutherans (Thrivent Financial). The Variable Account, which commenced operations on October 31, 2002, contains 97 subaccounts as shown below. 30 of the subaccounts invest in a corresponding portfolio of the Thrivent Series Fund, Inc. (each a fund and collectively the Funds.) For each subaccount, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2024, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.

---

| | |
|:---|:---|
| **Subaccount** | **Series** |
| &nbsp;&nbsp;&nbsp;&nbsp; \*American Funds IS® Global <br> Growth<br>| American Funds Insurance Series — Global Growth Portfolio Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*American Funds IS® Global <br> Growth Class 4<br>| American Funds Insurance Series — Global Growth Portfolio Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*American Funds IS® Growth-<br> Income<br>| American Funds Insurance Series — Growth-Income Portfolio Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*American Funds IS® <br> Growth-Income Class 4<br>| American Funds Insurance Series — Growth-Income Portfolio Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*American Funds IS <br> International Growth and <br> Income Class 4<br>| &nbsp;&nbsp; American Funds Insurance Series — International Growth and Income <br> Portfolio Class 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*American Funds IS® <br> International<br>| American Funds Insurance Series — International Portfolio Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*American Funds IS® <br> International Class 4<br>| American Funds Insurance Series — International Portfolio Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*BlackRock Total Return V.I. <br> Class I<br>| Blackrock Variable Series Funds, Inc.- Total Return V.I. Portfolio Class I |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*BlackRock Total Return V.I. <br> Class III<br>| Blackrock Variable Series Funds, Inc.- Total Return V.I. Portfolio Class III |
| &nbsp;&nbsp;&nbsp;&nbsp; \*DFA VA International Small <br> Portfolio<br>| Dimensional Instutional Class- International Small Portfolio |
| \*DFA VA US Targeted Value | Dimensional Instutional Class- Targeted Value Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Eaton Vance VT Floating-<br> Rate Income<br>| Eaton Vance VT Floating-Rate Income Initial Share Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Fidelity® VIP Emerging <br> Markets Initial Class<br>| &nbsp;&nbsp; Fidelity Variable Insurance Products — Emerging Markets Portfolio Initial <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Fidelity VIP Emerging <br> Markets Service Class 2<br>| &nbsp;&nbsp; Fidelity Variable Insurance Products — Emerging Markets Portfolio Service <br> Class 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Fidelity VIP Energy Service <br> Class 2<br>| Fidelity Variable Insurance Products — Energy Portfolio Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Fidelity® VIP International <br> Capital Appreciation Initial <br> Class<br>| &nbsp;&nbsp; Fidelity Variable Insurance Products — International Capital Appreciation <br> Portfolio Initial Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Fidelity® VIP International <br> Capital Appreciation Service <br> Class 2<br>| &nbsp;&nbsp; Fidelity Variable Insurance Products — International Capital Appreciation <br> Portfolio Service Class 2<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(1) ORGANIZATION - continued**<br>

---

| | |
|:---|:---|
| **Subaccount** | **Series** |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Fidelity® VIP Value Initial <br> Class<br>| Fidelity Variable Insurance Products — Value Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Fidelity VIP Value Service <br> Class 2<br>| Fidelity Variable Insurance Products — Value Portfolio Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Franklin Small Cap Value <br> VIP Class 2<br>| Franklin Small Cap Value VIP Portfolio Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Goldman Sachs VIT Core <br> Fixed Income Service <br> Shares<br>| Goldman Sachs VIT Core Fixed Income Portfolio Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Goldman Sachs VIT Small <br> Cap Equity Insights Service <br> Shares<br>| Goldman Sachs VIT Small Cap Equity Insights Portfolio Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Janus Henderson Enterprise <br> Institutional Class<br>| Janus Henderson Institutional Class — Enterprise Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Janus Henderson VIT <br> Enterprise Service Class<br>| Janus Henderson VIT Enterprise Portfolio Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Janus Henderson VIT Forty <br> Service Class<br>| Janus Henderson VIT Forty Portfolio Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; \*John Hancock Core Bond <br> Trust Series I<br>| John Hancock Core Bond Trust Portfolio Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*John Hancock VIT Core <br> Bond Trust Series II<br>| John Hancock Core Bond Trust Portfolio Series II |
| &nbsp;&nbsp;&nbsp;&nbsp; \*John Hancock International <br> Equity Index Trust Series I<br>| John Hancock International Equity Index Trust Portfolio Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*John Hancock International <br> Small Company Trust Series <br> II<br>| John Hancock International Small Company Trust Portfolio Series II |
| &nbsp;&nbsp;&nbsp;&nbsp; \*John Hancock Strategic <br> Income Opportunities Trust <br> Series I<br>| John Hancock Strategic Income Opportunities Trust Portfolio Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*John Hancock Strategic <br> Income Opportunities Trust <br> Series II<br>| John Hancock Strategic Income Opportunities Trust Portfolio Series II |
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT II — \*\*MFS® <br> Blended Research Core <br> Equity<br>| MFS Blended Research Core Equity Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT II — Core <br> Equity Service Class<br>| &nbsp;&nbsp; MFS Variable Insurance Trust II — Core Equity Portfolio Service Share <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT III Global Real <br> Estate Service Class<br>| &nbsp;&nbsp; MFS Variable Insurance Trust III — Global Real Estate Portfolio Service <br> Share Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT II — \*\*MFS® <br> Corporate Bond<br>| MFS Corporate Bond Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT III — \*\*MFS® <br> Global Real Estate<br>| MFS Global Real Estate Portfolio Initial Class |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(1) ORGANIZATION - continued**<br>

---

| | |
|:---|:---|
| **Subaccount** | **Series** |
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT II — \*\*MFS® <br> International Intrinsic Value<br>| MFS International Intrinsic Value Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT III — \*\*MFS® <br> Mid Cap Value<br>| MFS Mid Cap Value Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT III Mid Cap <br> Value Service Class<br>| &nbsp;&nbsp; MFS Variable Insurance Trust III — Mid Cap Value Portfolio Service Share <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT — New <br> Discovery Series Service <br> Class<br>| &nbsp;&nbsp; MFS Variable Insurance Trust — New Discovery Sereies Service Share <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT II — MFS® <br> Technology Initial Class<br>| MFS Initial Class — Technology Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT II Technology <br> Service Class<br>| &nbsp;&nbsp; MFS Variable Insurance Trust II — Techonology Portfolio Service Share <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*MFS® VIT — \*\*MFS® <br> Value Series<br>| MFS Value Series Portfolio Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*MFS® VIT Value Series <br> Service Class<br>| MFS Variable Insurance Trust — Value Series Service Share Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*PIMCO VIT Emerging <br> Markets Bond Institutional <br> Class<br>| PIMCO VIT Emerging Markets Bond Portfolio Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*PIMCO VIT Emerging <br> Markets Bond Advisor <br> Class<br>| PIMCO VIT Emerging Markets Bond Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*PIMCO VIT Global Bond <br> Opportunities (Unhedged) <br> Institutional Class<br>| &nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) Portfolio Institutional <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*PIMCO VIT Global Bond <br> Opportunities (Unhedged) <br> Advisor Class<br>| &nbsp;&nbsp; PIMC VIT — Global Bond Opportunities (Unhedged) Portfolio Advisor <br> Class<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*PIMCO VIT Long-Term <br> U.S. Government <br> Institutional Class<br>| PIMCO VIT Long - Term U.S. Goverment Portfolio Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*PIMCO VIT Long-Term US <br> Government Advisor Class<br>| PIMCO VIT — Long - Term U.S. Goverment Portfolio Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*PIMCO VIT Real Return <br> Institutional Class<br>| PIMCO VIT Real Return Portfolio Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*PIMCO VIT Real Return <br> Advisor Class<br>| PIMCO VIT — Real Return Portfolio Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Principal Capital <br> Appreciation Class 2<br>| Principal Capital Appreciation Portfolio Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Principal Diversified <br> International<br>| &nbsp;&nbsp; Principal Variable Contracts Funds, Inc. — Diversified International <br> Portfolio<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*Principal Government & High <br> Quality Bond<br>| &nbsp;&nbsp; Principal Variable Contracts Funds, Inc. — Government & High Quality <br> Bond Portfolio<br>|
| \*Principal Small Cap | Principal Variable Contracts Funds, Inc. — Small Cap Portfolio |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(1) ORGANIZATION - continued**<br>

---

| | |
|:---|:---|
| **Subaccount** | **Series** |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Principal VC Equity Income <br> Class 2<br>| Principal VC Equity Income Portfolio Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Putnam VT International <br> Value Class 1B<br>| Putnam VT International Value Portfolio Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Putnam VT Research <br> Class 1B<br>| Putnam VT Research Portfolio Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Templeton Global Bond VIP <br> Class 1<br>| Templeton Global Bond VIP Portfolio Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Templeton Global Bond VIP <br> Class 2<br>| Templeton Global Bond VIP Portfolio Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*Thrivent Aggressive <br> Allocation<br>| Thrivent Series Fund, Inc. — Aggressive Allocation Portfolio |
| \*\*\*\*Thrivent All Cap | Thrivent Series Fund, Inc. — All Cap Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Balanced Income <br> Plus<br>| Thrivent Series Fund, Inc. — Balanced Income Plus Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Diversified <br> Income Plus<br>| Thrivent Series Fund, Inc. — Diversified Income Plus Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Emerging <br> Markets Equity<br>| Thrivent Series Fund, Inc. — Emerging Markets Equity Portfolio |
| \*\*\*\*Thrivent ESG Index | Thrivent Series Fund, Inc. — ESG Index Portfolio |
| \*\*\*\*Thrivent Global Stock (a) | Thrivent Series Fund, Inc. — Global Stock Portfolio |
| \*\*\*Thrivent Government Bond | Thrivent Series Fund, Inc. — Government Bond |
| \*\*\*\*Thrivent Healthcare | Thrivent Series Fund, Inc. — Healthcare Portfolio |
| \*\*\*\*Thrivent High Yield | Thrivent Series Fund, Inc. — High Yield Portfolio |
| \*\*\*\*Thrivent Income | Thrivent Series Fund, Inc. — Income Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent International <br> Allocation<br>| Thrivent Series Fund, Inc. — International Allocation Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent International <br> Index<br>| Thrivent Series Fund, Inc. — International Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Large Cap <br> Growth<br>| Thrivent Series Fund, Inc. — Large Cap Growth Portfolio |
| \*\*\*\*Thrivent Large Cap Index | Thrivent Series Fund, Inc. — Large Cap Index Portfolio |
| \*\*\*\*Thrivent Large Cap Value | Thrivent Series Fund, Inc. — Large Cap Value Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Limited Maturity <br> Bond<br>| Thrivent Series Fund, Inc. — Limited Maturity Bond Portfolio |
| \*\*\*\*Thrivent Mid Cap Growth | Thrivent Series Fund, Inc. — Mid Cap Growth Portfolio |
| \*\*\*\*Thrivent Mid Cap Index | Thrivent Series Fund, Inc. — Mid Cap Index Portfolio |
| \*\*\*\*Thrivent Mid Cap Stock | Thrivent Series Fund, Inc. — Mid Cap Stock Portfolio |
| \*\*\*\*Thrivent Mid Cap Value | Thrivent Series Fund, Inc. — Mid Cap Value Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*Thrivent Moderate <br> Allocation<br>| Thrivent Series Fund, Inc. — Moderate Allocation Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*Thrivent Moderately <br> Aggressive Allocation<br>| Thrivent Series Fund, Inc. — Moderately Aggressive Allocation Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*Thrivent Moderately <br> Conservative Allocation<br>| Thrivent Series Fund, Inc. — Moderately Conservative Allocation Portfolio |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(1) ORGANIZATION - continued**<br>

---

| | |
|:---|:---|
| **Subaccount** | **Series** |
| \*\*\*\*Thrivent Money Market | Thrivent Series Fund, Inc. — Money Market Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Opportunity <br> Income Plus (b)<br>| Thrivent Series Fund, Inc. — Opportunity Income Plus Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Real Estate <br> Securities<br>| Thrivent Series Fund, Inc. — Real Estate Securities Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*Thrivent Small Cap <br> Growth<br>| Thrivent Series Fund, Inc. — Small Cap Growth Portfolio |
| \*\*\*\*Thrivent Small Cap Index | Thrivent Series Fund, Inc. — Small Cap Index Portfolio |
| \*\*\*\*Thrivent Small Cap Stock | Thrivent Series Fund, Inc. — Small Cap Stock Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Vanguard® VIF Capital <br> Growth<br>| Vanguard Variable Insurance Fund — Capital Growth Portfolio |
| \*Vanguard® VIF International | Vanguard Variable Insurance Fund — International Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Vanguard® VIF Short-Term <br> Investment-Grade<br>| &nbsp;&nbsp; Vanguard Variable Insurance Fund — Short-Term Investment Grade <br> Portfolio<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; \*Vanguard® VIF Small <br> Company Growth<br>| Vanguard Variable Insurance Fund — Small Company Growth Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Vanguard® VIF Total Bond <br> Market Index<br>| Vanguard Variable Insurance Fund — Total Bond Market Index Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Vanguard® VIF Total Stock <br> Market Index<br>| Vanguard Variable Insurance Fund — Total Stock Market Index Portfolio |

---

------

(a) Thrivent Low Volatility Equity merged into Thrivent Global Stock as of July 26, 2024.

(b) Thrivent Multidimensional Income merged intoThrivent Opportunity Income Plus as of July 26, 2024.

<br>\*Available in AdvisorFlex Variable Annuity only.

\*\*Available in Retirement Choice Variable Annuity only.

\*\*\*Available in Thrivent Variable Annuity 2002 and 2005 Series and Retirement Choice only.

\*\*\*\*Available in Thrivent Variable Annuity 2002 and 2005 Series, AdvisorFlex and Retirement Choice only.

The Variable Account is used to fund flexible premium deferred variable annuity contracts issued by Thrivent Financial. Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the other assets and liabilities of Thrivent Financial. The assets of the Variable Account will not be charged with any liabilities arising out of any other business conducted by the insurance operations of Thrivent Financial.

A fixed account investment option is available for contract owners of the flexible premium deferred variable annuity. Assets of the fixed account are combined with the general assets of Thrivent Financial and invested by Thrivent Financial as allowed by applicable law. Accordingly, the fixed account assets are not included in the Variable Account financial statements.

**(2) SIGNIFICANT ACCOUNTING POLICIES**

The Variable Account applies the accounting and reporting guidance for investment companies as outlined in Accounting Standards Codification (ASC) 946.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

**Segment Reporting**

Effective for year end reporting, the variable product adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This adoption of the new standard did not affect the variable product's financial position or its results of operations. The standard aims to enhance segment disclosures for improved investment understanding.

The Variable Account's operations constitute a single operating segment, and therefore the single reportable segment of the Variable Account. The chief operating decision maker ("CODM"), Vice President — Solutions Pricing & Development, manages the business activities of the Variable Account and utilizes the Statements of Operations and its net income metric to allocate resources and assess performance of the Variable Account. The accounting policies used to measure the profit and loss of the Variable Account are the same as those described in Note 2.

**Valuation of Investments**

The investments in shares of the Funds are stated at fair value, which is the closing net asset value per share as determined by the Fund. The cost of shares sold and redeemed is determined on the average cost method. Dividend distributions received from the Fund are reinvested in additional shares of the Fund and recorded as income by the subaccount on the ex-dividend date. Series Fund shares owned represent the number of shares of the Fund owned by the subaccount.

**Federal Income Taxes**

Thrivent Financial qualifies as a tax-exempt organization under the Internal Revenue Code. Accordingly, no provision for income taxes has been charged against the Variable Account. Thrivent Financial reserves the right to charge for taxes in the future should Thrivent Financial's tax status change.

**Annuity Reserves**

Annuity reserves, represented as reserves for contracts in annuity payout period in the statement of assets and liabilities, are computed for currently payable contracts according to Section VM-21 of the NAIC Valuation Manual. Changes to annuity reserves are based on actual mortality and risk experience. If the reserves required are less than the original estimated reserve amount held in the Variable Account, the excess is reflected as a payable to Thrivent Financial on the statement of assets and liabilities. If additional reserves are required, a receivable from Thrivent Financial is reflected on the statement of assets and liabilities.

**Death Claims**

Amounts payable under the contract for death benefits remain invested in the separate accounts until the beneficiaries provide instructions to disburse the benefits.

**Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

**Fair Value of Financial Instruments**

In estimating the fair values for financial instruments carried at fair value, the significance of observable and unobservable inputs used to determine fair value are taken into consideration. Each of the financial instruments must be classified into one of three categories based on that evaluation:

Level 1:

Fair value based on quoted prices for identical assets in active markets that are accessible.

Level 2:

Fair value based on quoted prices for similar instruments in active markets that are accessible; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations where the significant value driver inputs are observable.

Level 3:

Fair value based on significant value driver inputs that are not observable.

The Funds in the Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore not categorized in the fair value hierarchy.

**Restatement of Previously Filed Thrivent Variable Annuity Account I Financial Statements**

Subsequent to the filing of the financial statements for the year ended December 31, 2024, management identified an error for certain subaccounts related to rider fees that were reported within the Statements of Operations rather than appropriately classified within the Statements of Changes in Net Assets. This error affected the net investment income (loss) reported on the Statements of Operations as well as the presentation of certain line items in the Statements of Changes in Net Assets but did not impact the Statements of Assets and Liabilities, the notes to the financial statements or individual policyholder account values.

Management also identified two subaccounts that recorded incorrect amounts in the Transfers for contract benefits and terminations financial statement line item within the Statements of Changes in Net Assets. These errors did not impact the Statements of Assets and Liabilities, the Statements of Operations, the notes to the financial statements or individual policyholder account values.

The following tables show the amounts as originally reported, the adjustments and the amounts as restated for the years ended December 31, 2024 and 2023. The tables show only the Funds that were impacted by the errors described above.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Subaccount** | **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>|
| American Funds IS<sup>®</sup> Global Growth Class 1 | $(89)<br>| $13050 | $53611 | $89 | $89 | $89 | $- | $13139 | $53700 |
| American Funds IS<sup>®</sup> Global Growth Class 4 | $(612671)<br>| $(466807)<br>| $4975136 | $612671 | $612671 | $612671 | $- | $145864 | $5587807 |
| American Funds IS<sup>®</sup> Growth-Income Class 1 | $(598)<br>| $24106 | $359764 | $598 | $598 | $598 | $- | $24704 | $360362 |
| American Funds IS<sup>®</sup> Growth-Income Class 4 | $(521736)<br>| $(636420)<br>| $9127157 | $521736 | $521736 | $521736 | $- | $(114684)<br>| $9648893 |
| American Funds IS<sup>®</sup> International Growth and Income <br> Class 4<br>| $(106294)<br>| $14359 | $(1706)<br>| $106294 | $106294 | $106294 | $- | $120653 | $104588 |
| American Funds IS<sup>®</sup> International Class 1 | $(273)<br>| $3902 | $14396 | $273 | $273 | $273 | $- | $4175 | $14669 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Subaccount** | **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>|
| American Funds IS<sup>®</sup> International Class 4 | $(61792)<br>| $(71213)<br>| $(35903)<br>| $61792 | $- | $(9421)<br>| $25889 |
| BlackRock Total Return V.I. Class III | $(1134644 )<br>| $1417432 | $(1340294 )<br>| $1134644 | $- | $2552076 | $(205650)<br>|
| DFA VA International Small Portfolio | $(205)<br>| $18371 | $(3530)<br>| $205 | $- | $18576 | $(3325)<br>|
| DFA VA US Targeted Value | $(128)<br>| $10161 | $156363 | $128 | $- | $10289 | $156491 |
| Eaton Vance VT Floating-Rate Income Initial Share Class | $(703629)<br>| $3228263 | $2977275 | $703629 | $- | $3931892 | $3680904 |
| Fidelity<sup>®</sup> VIP Emerging Markets Initial Class | $(277)<br>| $22817 | $3724 | $277 | $- | $23094 | $4001 |
| Fidelity VIP Emerging Markets Service Class 2 | $(255951)<br>| $(245131)<br>| $1429727 | $255951 | $- | $10820 | $1685678 |
| Fidelity VIP Energy Service Class 2 | $(174386)<br>| $7156 | $256645 | $174386 | $- | $181542 | $431031 |
| Fidelity<sup>®</sup> VIP International Capital Appreciation Initial Class | $(56)<br>| $1602 | $63925 | $56 | $- | $1658 | $63981 |
| Fidelity VIP International Capital Appreciation Service <br> Class 2<br>| $(645384)<br>| $(964966)<br>| $2276365 | $645384 | $- | $(319582)<br>| $2921749 |
| Fidelity<sup>®</sup> VIP Value Initial Class | $(341)<br>| $6438 | $91561 | $341 | $- | $6779 | $91902 |
| Fidelity VIP Value Service Class 2 | $(387922)<br>| $(362083)<br>| $2805396 | $387922 | $- | $25839 | $3193318 |
| Franklin Small Cap Value VIP Class 2 | $(267116)<br>| $(339243)<br>| $1887995 | $267116 | $- | $(72127)<br>| $2155111 |
| Goldman Sachs VIT Core Fixed Income Service Shares | $(714789)<br>| $726890 | $(867280)<br>| $714789 | $- | $1441679 | $(152491)<br>|
| Goldman Sachs VIT Small Cap Equity Insights Service <br> Shares<br>| $(149235)<br>| $(195263)<br>| $1865362 | $149235 | $- | $(46028)<br>| $2014597 |
| Janus Henderson Enterprise Institutional Class | $(598)<br>| $604 | $128741 | $598 | $- | $1202 | $129339 |
| Janus Henderson VIT Enterprise Service Class | $(327913)<br>| $(521469)<br>| $3570481 | $327913 | $- | $(193556)<br>| $3898394 |
| Janus Henderson VIT Forty Service Class | $(907134)<br>| $(1956931 )<br>| $17840988  | $907134 | $- | $(1049797 )<br>| $18748122  |
| John Hancock Core Bond Trust Series I | $(138)<br>| $44758 | $15757 | $138 | $- | $44896 | $15895 |
| John Hancock VIT Core Bond Trust Series II | $(302487)<br>| $403661 | $(417606)<br>| $302487 | $- | $706148 | $(115119)<br>|
| John Hancock International Equity Index Trust Series I | $(61)<br>| $1475 | $6406 | $61 | $- | $1536 | $6467 |
| John Hancock International Small Company Trust Series II | $(39879)<br>| $4709 | $706 | $39879 | $- | $44588 | $40585 |
| John Hancock Strategic Income Opportunities Trust Series I | $(258)<br>| $10248 | $10559 | $258 | $- | $10506 | $10817 |
| John Hancock Strategic Income Opportunities Trust Series II | $(448689)<br>| $63579 | $186243 | $448689 | $- | $512268 | $634932 |
| MFS<sup>®</sup> VIT II - MFS<sup>®</sup> Blended Research Core Equity Initial <br> Class<br>| $(385)<br>| $11585 | $430735 | $385 | $- | $11970 | $431120 |
| MFS<sup>®</sup> VIT II - Core Equity Service Class | $(405267)<br>| $(707707)<br>| $5394336 | $405267 | $- | $(302440)<br>| $5799603 |
| MFS<sup>®</sup> VIT III Global Real Estate Service Class | $(61919)<br>| $(46725)<br>| $(326344)<br>| $61919 | $- | $15194 | $(264425)<br>|
| MFS<sup>®</sup> VIT II - MFS<sup>®</sup> Corporate Bond Initial Class | $(28)<br>| $9563 | $5694 | $28 | $- | $9591 | $5722 |
| MFS<sup>®</sup> VIT III - MFS<sup>®</sup> Global Real Estate Initial Class | $(97)<br>| $1482 | $(3951)<br>| $97 | $- | $1579 | $(3854)<br>|
| MFS<sup>®</sup> VIT II - MFS<sup>®</sup> International Intrinsic Value Initial <br> Class<br>| $(215)<br>| $2596 | $18843 | $215 | $- | $2811 | $19058 |
| MFS<sup>®</sup> VIT III - MFS<sup>®</sup> Mid Cap Value Initial Class | $(88)<br>| $6614 | $124852 | $88 | $- | $6702 | $124940 |
| MFS<sup>®</sup> VIT III Mid Cap Value Service Class | $(142453)<br>| $(170566)<br>| $1247604 | $142453 | $- | $(28113)<br>| $1390057 |
| MFS<sup>®</sup> VIT - New Discovery Series Service Class | $(268045)<br>| $(558245)<br>| $831526 | $268045 | $- | $(290200)<br>| $1099571 |
| MFS<sup>®</sup> VIT II - MFS<sup>®</sup> Technology Initial Class | $(900)<br>| $(10297)<br>| $544822 | $900 | $- | $(9397)<br>| $545722 |
| MFS<sup>®</sup> VIT II Technology Service Class | $(480043)<br>| $(1093709 )<br>| $13300645  | $480043 | $- | $(613666)<br>| $13780688  |
| MFS<sup>®</sup> VIT - MFS<sup>®</sup> Value Series Initial Class | $(238)<br>| $4433 | $43957 | $238 | $- | $4671 | $44195 |
| MFS<sup>®</sup> VIT Value Series Service Class | $(223445)<br>| $(187152)<br>| $1554084 | $223445 | $- | $36293 | $1777529 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Subaccount** | **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>|
| PIMCO VIT Emerging Markets Bond Institutional Class | $(70)<br>| $5850 | $7028 | $70 | $- | $5920 | $7098 |
| PIMCO VIT Emerging Markets Bond Advisor Class | $(26028)<br>| $104250 | $124589 | $26028 | $- | $130278 | $150617 |
| PIMCO VIT Global Bond Opportunities (Unhedged) <br> Institutional Class<br>| $(6)<br>| $2654 | $(1225)<br>| $6 | $- | $2660 | $(1219)<br>|
| PIMCO VIT Global Bond Opportunities (Unhedged) Advisor <br> Class<br>| $(86400)<br>| $71976 | $(221362)<br>| $86400 | $- | $158376 | $(134962)<br>|
| PIMCO VIT Long-Term U.S. Government Institutional Class | $(98)<br>| $6722 | $(22360)<br>| $98 | $- | $6820 | $(22262)<br>|
| PIMCO VIT Long-Term US Government Advisor Class | $(248593)<br>| $55486 | $(1984813 )<br>| $248593 | $- | $304079 | $(1736220 )<br>|
| PIMCO VIT Real Return Institutional Class | $(385)<br>| $10389 | $7529 | $385 | $- | $10774 | $7914 |
| PIMCO VIT Real Return Advisor Class | $(936457)<br>| $42492 | $(517766)<br>| $936457 | $- | $978949 | $418691 |
| Principal Capital Appreciation Class 2 | $(368704)<br>| $(604040)<br>| $6498112 | $368704 | $- | $(235336)<br>| $6866816 |
| Principal Diversified International | $(119)<br>| $3037 | $3603 | $119 | $- | $3156 | $3722 |
| Principal Government & High Quality Bond | $(193)<br>| $13845 | $1251 | $193 | $- | $14038 | $1444 |
| Principal Small Cap | $(194)<br>| $(1840)<br>| $28317 | $194 | $- | $(1646)<br>| $28511 |
| Principal VC Equity Income Class 2 | $(329654)<br>| $(149031)<br>| $3365952 | $329654 | $- | $180623 | $3695606 |
| Putnam VT International Value Class 1B | $(102466)<br>| $(10559)<br>| $183703 | $102466 | $- | $91907 | $286169 |
| Putnam VT Research Class 1B | $(326246)<br>| $(586692)<br>| $5818292 | $326246 | $- | $(260446)<br>| $6144538 |
| Templeton Global Bond VIP Class 1 | $(193)<br>| $(1573)<br>| $(28004)<br>| $193 | $- | $(1380)<br>| $(27811)<br>|
| Templeton Global Bond VIP Class 2 | $(90225)<br>| $(184184)<br>| $(1076577 )<br>| $90225 | $- | $(93959)<br>| $(986352)<br>|
| Thrivent Aggressive Allocation | $(3728339 )<br>| $1337657 | $213911763  | $3728339 | $- | $5065996 | $217640102  |
| Thrivent All Cap | $(279935)<br>| $(996474)<br>| $23341234  | $279935 | $- | $(716539)<br>| $23621169  |
| Thrivent Balanced Income Plus | $(158249)<br>| $6143889 | $20015179  | $158249 | $- | $6302138 | $20173428  |
| Thrivent Diversified Income Plus | $(300933)<br>| $19587656  | $32166839  | $300933 | $- | $19888589  | $32467772  |
| Thrivent Emerging Markets Equity | $(53040)<br>| $762073 | $4054702 | $53040 | $- | $815113 | $4107742 |
| Thrivent ESG Index | $(223144)<br>| $(341403)<br>| $7991365 | $223144 | $- | $(118259)<br>| $8214509 |
| Thrivent Global Stock | $(272260)<br>| $1334989 | $29660675  | $272260 | $- | $1607249 | $29932935  |
| Thrivent Government Bond | $(374816)<br>| $3531534 | $(324439)<br>| $374816 | $- | $3906350 | $50377 |
| Thrivent Healthcare | $(461273)<br>| $(1431383 )<br>| $(1708566 )<br>| $461273 | $- | $(970110)<br>| $(1247293 )<br>|
| Thrivent High Yield | $(2445508 )<br>| $17929005  | $19453654  | $2445508 | $- | $20374513  | $21899162  |
| Thrivent Income | $(2631955 )<br>| $12604608  | $6290527 | $2631955 | $- | $15236563  | $8922482 |
| Thrivent International Allocation | $(98931)<br>| $4026452 | $7101189 | $98931 | $- | $4125383 | $7200120 |
| Thrivent International Index | $(252293)<br>| $273611 | $270209 | $252293 | $- | $525904 | $522502 |
| Thrivent Large Cap Growth | $(3240509 )<br>| $(13747338 )<br>| $339813273  | $3240509 | $- | $(10506829 )<br>| $343053782  |
| Thrivent Large Cap Index | $(2904817 )<br>| $(3063212 )<br>| $254712000  | $2904817 | $- | $(158395)<br>| $257616817  |
| Thrivent Large Cap Value | $(905073)<br>| $921263 | $49060525  | $905073 | $- | $1826336 | $49965598  |
| Thrivent Limited Maturity Bond | $(985194)<br>| $7024878 | $11738872  | $985194 | $- | $8010072 | $12724066  |
| Thrivent Mid Cap Growth | $(422716)<br>| $(1366041 )<br>| $5998208 | $422716 | $- | $(943325)<br>| $6420924 |
| Thrivent Mid Cap Index | $(1032450 )<br>| $(675929)<br>| $58003926  | $1032450 | $- | $356521 | $59036376  |
| Thrivent Mid Cap Stock | $(1848935 )<br>| $(6145955 )<br>| $52172342  | $1848935 | $- | $(4297020 )<br>| $54021277  |
| Thrivent Mid Cap Value | $(206278)<br>| $(203451)<br>| $3400869 | $206278 | $- | $2827 | $3607147 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Subaccount** | **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in**<br> **net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>|
| Thrivent Moderate Allocation | $(28870574 )<br>| $79852127  | $916700946  | $3643106 | $(25227468 )<br>| $83495233  | $920344052  |
| Thrivent Moderately Aggressive Allocation | $(15122366 )<br>| $28030679  | $680065190  | $5528899 | $(9593467 )<br>| $33559578  | $685594089  |
| Thrivent Moderately Conservative Allocation | $(11314139 )<br>| $71549246  | $261303721  | $664458 | $(10649681 )<br>| $72213704  | $261968179  |
| Thrivent Money Market | $(348180)<br>| $13944164  | $13944164  | $348180 | $- | $14292344  | $14292344  |
| Thrivent Opportunity Income Plus | $(84579)<br>| $5913496 | $6314042 | $84579 | $- | $5998075 | $6398621 |
| Thrivent Real Estate Securities | $(121091)<br>| $1578440 | $2355132 | $121091 | $- | $1699531 | $2476223 |
| Thrivent Small Cap Growth | $(594550)<br>| $(2009167 )<br>| $9551520 | $594550 | $- | $(1414617 )<br>| $10146070  |
| Thrivent Small Cap Index | $(1257354 )<br>| $(707875)<br>| $31829091  | $1257354 | $- | $549479 | $33086445  |
| Thrivent Small Cap Stock | $(1249605 )<br>| $(3481500 )<br>| $35816833  | $1249605 | $- | $(2231895 )<br>| $37066438  |
| Vanguard<sup>®</sup> VIF Capital Growth | $(339)<br>| $7559 | $205242 | $339 | $- | $7898 | $205581 |
| Vanguard<sup>®</sup> VIF International | $(260)<br>| $7235 | $110165 | $260 | $- | $7495 | $110425 |
| Vanguard<sup>®</sup> VIF Short-Term Investment-Grade | $(384)<br>| $35934 | $51358 | $384 | $- | $36318 | $51742 |
| Vanguard<sup>®</sup> VIF Small Company Growth | $(375)<br>| $(1147)<br>| $39111 | $375 | $- | $(772)<br>| $39486 |
| Vanguard<sup>®</sup> VIF Total Bond Market Index | $(1620)<br>| $113006 | $(19252)<br>| $1620 | $- | $114626 | $(17632)<br>|
| Vanguard<sup>®</sup> VIF Total Stock Market Index | $(2199)<br>| $53646 | $1346518 | $2199 | $- | $55845 | $1348717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| American Funds <br> IS<sup>®</sup> Global <br> Growth Class 1<br>| $13050 | $53611 | $-  | $1186065 | $89 | $89 | $(89)<br>| $(89)<br>| $13139 | $53700 | $(89)<br>| $1185976 |
| American Funds <br> IS<sup>®</sup> Global <br> Growth Class 4<br>| $(466807)<br>| $4975136 | $- | $15936977  | $612671 | $612671 | $(612671)<br>| $(612671)<br>| $145864 | $5587807 | $(612671)<br>| $15324306  |
| American Funds <br> IS<sup>®</sup> Growth-<br> Income Class 1<br>| $24106 | $359764 | $- | $2123982 | $598 | $598 | $(598)<br>| $(598)<br>| $24704 | $360362 | $(598)<br>| $2123384 |
| American Funds <br> IS<sup>®</sup> Growth-<br> Income Class 4<br>| $(636420)<br>| $9127157 | $- | $12107455  | $521736 | $521736 | $(521736)<br>| $(521736)<br>| $(114684)<br>| $9648893 | $(521736)<br>| $11585719  |
| American Funds <br> IS<sup>®</sup> International <br> Growth and <br> Income Class 4<br>| $14359 | $(1706)<br>| $- | $1965888 | $106294 | $106294 | $(106294)<br>| $(106294)<br>| $120653 | $104588 | $(106294)<br>| $1859594 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| American Funds <br> IS<sup>®</sup> International <br> Class 1<br>| $3902 | $14396 | $- | $(9317)<br>| $273 | $(273)<br>| $4175 | $14669 | $(273)<br>| $(9590)<br>|
| American Funds <br> IS<sup>®</sup> International <br> Class 4<br>| $(71213)<br>| $(35903)<br>| $- | $1114137 | $61792 | $(61792)<br>| $(9421)<br>| $25889 | $(61792)<br>| $1052345 |
| BlackRock Total <br> Return V.I. <br> Class III<br>| $1417432 | $(1340294 )<br>| $- | $17290391  | $1134644 | $(1134644 )<br>| $2552076 | $(205650)<br>| $(1134644 )<br>| $16155747  |
| DFA VA <br> International <br> Small Portfolio<br>| $18371 | $(3530)<br>| $- | $387467 | $205 | $(205)<br>| $18576 | $(3325)<br>| $(205)<br>| $387262 |
| DFA VA US <br> Targeted Value<br>| $10161 | $156363 | $- | $(347885)<br>| $128 | $(128)<br>| $10289 | $156491 | $(128)<br>| $(348013)<br>|
| Eaton Vance VT <br> Floating-Rate <br> Income Initial <br> Share Class<br>| $3228263 | $2977275 | $- | $14343777  | $703629 | $(703629)<br>| $3931892 | $3680904 | $(703629)<br>| $13640148  |
| Fidelity<sup>®</sup> VIP <br> Emerging <br> Markets Initial <br> Class<br>| $22817 | $3724 | $- | $1394995 | $277 | $(277)<br>| $23094 | $4001 | $(277)<br>| $1394718 |
| Fidelity VIP <br> Emerging <br> Markets Service <br> Class 2<br>| $(245131)<br>| $1429727 | $- | $2905231 | $255951 | $(255951)<br>| $10820 | $1685678 | $(255951)<br>| $2649280 |
| Fidelity VIP <br> Energy Service <br> Class 2<br>| $7156 | $256645 | $- | $3509503 | $174386 | $(174386)<br>| $181542 | $431031 | $(174386)<br>| $3335117 |
| Fidelity<sup>®</sup> VIP <br> International <br> Capital <br> Appreciation <br> Initial Class<br>| $1602 | $63925 | $- | $(86285)<br>| $56 | $(56)<br>| $1658 | $63981 | $(56)<br>| $(86341)<br>|
| Fidelity VIP <br> International <br> Capital <br> Appreciation <br> Service Class 2<br>| $(964966)<br>| $2276365 | $- | $11385155  | $645384 | $(645384)<br>| $(319582)<br>| $2921749 | $(645384)<br>| $10739771  |
| Fidelity<sup>®</sup> VIP <br> Value Initial <br> Class<br>| $6438 | $91561 | $- | $110205 | $341 | $(341)<br>| $6779 | $91902 | $(341)<br>| $109864 |
| Fidelity VIP <br> Value Service <br> Class 2<br>| $(362083)<br>| $2805396 | $- | $6960189 | $387922 | $(387922)<br>| $25839 | $3193318 | $(387922)<br>| $6572267 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Franklin Small <br> Cap Value VIP <br> Class 2<br>| $(339243)<br>| $1887995 | $- | $1326720 | $267116 | $(267116)<br>| $(72127)<br>| $2155111 | $(267116)<br>| $1059604 |
| Goldman Sachs <br> VIT Core Fixed <br> Income Service <br> Shares<br>| $726890 | $(867280)<br>| $- | $12939401  | $714789 | $(714789)<br>| $1441679 | $(152491)<br>| $(714789)<br>| $12224612  |
| Goldman Sachs <br> VIT Small Cap <br> Equity Insights <br> Service Shares<br>| $(195263)<br>| $1865362 | $- | $5200417 | $149235 | $(149235)<br>| $(46028)<br>| $2014597 | $(149235)<br>| $5051182 |
| Janus Henderson <br> Enterprise <br> Institutional <br> Class<br>| $604 | $128741 | $- | $(286759)<br>| $598 | $(598)<br>| $1202 | $129339 | $(598)<br>| $(287357)<br>|
| Janus Henderson <br> VIT Enterprise <br> Service Class<br>| $(521469)<br>| $3570481 | $- | $4428174 | $327913 | $(327913)<br>| $(193556)<br>| $3898394 | $(327913)<br>| $4100261 |
| Janus Henderson <br> VIT Forty <br> Service Class<br>| $(1956931 )<br>| $17840988  | $- | $11532922  | $907134 | $(907134)<br>| $(1049797 )<br>| $18748122  | $(907134)<br>| $10625788  |
| John Hancock <br> Core Bond Trust <br> Series I<br>| $44758 | $15757 | $- | $708342 | $138 | $(138)<br>| $44896 | $15895 | $(138)<br>| $708204 |
| John Hancock <br> VIT Core Bond <br> Trust Series II<br>| $403661 | $(417606)<br>| $- | $14577265  | $302487 | $(302487)<br>| $706148 | $(115119)<br>| $(302487)<br>| $14274778  |
| John Hancock <br> International <br> Equity Index <br> Trust Series I<br>| $1475 | $6406 | $- | $1053 | $61 | $(61)<br>| $1536 | $6467 | $(61)<br>| $992 |
| John Hancock <br> International <br> Small Company <br> Trust Series II<br>| $4709 | $706 | $- | $514370 | $39879 | $(39879)<br>| $44588 | $40585 | $(39879)<br>| $474491 |
| John Hancock <br> Strategic Income <br> Opportunities <br> Trust Series I<br>| $10248 | $10559 | $- | $(61433)<br>| $258 | $(258)<br>| $10506 | $10817 | $(258)<br>| $(61691)<br>|
| John Hancock <br> Strategic Income <br> Opportunities <br> Trust Series II<br>| $63579 | $186243 | $- | $11626894  | $448689 | $(448689)<br>| $512268 | $634932 | $(448689)<br>| $11178205  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> Blended <br> Research Core <br> Equity Initial <br> Class<br>| $11585 | $430735 | $- | $2656321 | $385 | $(385)<br>| $11970 | $431120 | $(385)<br>| $2655936 |
| MFS<sup>®</sup> VIT II - <br> Core Equity <br> Service Class<br>| $(707707)<br>| $5394336 | $- | $1575982 | $405267 | $(405267)<br>| $(302440)<br>| $5799603 | $(405267)<br>| $1170715 |
| MFS<sup>®</sup> VIT III <br> Global Real <br> Estate Service <br> Class<br>| $(46725)<br>| $(326344)<br>| $- | $1006527 | $61919 | $(61919)<br>| $15194 | $(264425)<br>| $(61919)<br>| $944608 |
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> Corporate <br> Bond Initial <br> Class<br>| $9563 | $5694 | $- | $289975 | $28 | $(28)<br>| $9591 | $5722 | $(28)<br>| $289947 |
| MFS<sup>®</sup> VIT III - <br> MFS<sup>®</sup> Global <br> Real Estate <br> Initial Class<br>| $1482 | $(3951)<br>| $- | $(1688)<br>| $97 | $(97)<br>| $1579 | $(3854)<br>| $(97)<br>| $(1785)<br>|
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> <br> International <br> Intrinsic Value <br> Initial Class<br>| $2596 | $18843 | $- | $26607 | $215 | $(215)<br>| $2811 | $19058 | $(215)<br>| $26392 |
| MFS<sup>®</sup> VIT III - <br> MFS<sup>®</sup> Mid Cap <br> Value Initial <br> Class<br>| $6614 | $124852 | $- | $260897 | $88 | $(88)<br>| $6702 | $124940 | $(88)<br>| $260809 |
| MFS<sup>®</sup> VIT III <br> Mid Cap Value <br> Service Class<br>| $(170566)<br>| $1247604 | $- | $2277151 | $142453 | $(142453)<br>| $(28113)<br>| $1390057 | $(142453)<br>| $2134698 |
| MFS<sup>®</sup> VIT - <br> New Discovery <br> Series Service <br> Class<br>| $(558245)<br>| $831526 | $- | $2428046 | $268045 | $(268045)<br>| $(290200)<br>| $1099571 | $(268045)<br>| $2160001 |
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> <br> Technology <br> Initial Class<br>| $(10297)<br>| $544822 | $- | $550669 | $900 | $(900)<br>| $(9397)<br>| $545722 | $(900)<br>| $549769 |
| MFS<sup>®</sup> VIT II <br> Technology <br> Service Class<br>| $(1093709 )<br>| $13300645  | $- | $9559395 | $480043 | $(480043)<br>| $(613666)<br>| $13780688  | $(480043)<br>| $9079352 |
| MFS<sup>®</sup> VIT - <br> MFS<sup>®</sup> Value <br> Series Initial <br> Class<br>| $4433 | $43957 | $- | $(68502)<br>| $238 | $(238)<br>| $4671 | $44195 | $(238)<br>| $(68740)<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| MFS<sup>®</sup> VIT <br> Value Series <br> Service Class<br>| $(187152)<br>| $1554084 | $- | $1384043 | $223445 | $(223445)<br>| $36293 | $1777529 | $(223445)<br>| $1160598 |
| PIMCO VIT <br> Emerging <br> Markets Bond <br> Institutional <br> Class<br>| $5850 | $7028 | $- | $(3049)<br>| $70 | $(70)<br>| $5920 | $7098 | $(70)<br>| $(3119)<br>|
| PIMCO VIT <br> Emerging <br> Markets Bond <br> Advisor Class<br>| $104250 | $124589 | $- | $436608 | $26028 | $(26028)<br>| $130278 | $150617 | $(26028)<br>| $410580 |
| PIMCO VIT <br> Global Bond <br> Opportunities <br> (Unhedged) <br> Institutional <br> Class<br>| $2654 | $(1225)<br>| $- | $69692 | $6 | $(6)<br>| $2660 | $(1219)<br>| $(6)<br>| $69686 |
| PIMCO VIT <br> Global Bond <br> Opportunities <br> (Unhedged) <br> Advisor Class<br>| $71976 | $(221362)<br>| $- | $2026498 | $86400 | $(86400)<br>| $158376 | $(134962)<br>| $(86400)<br>| $1940098 |
| PIMCO VIT <br> Long-Term <br> U.S. Government <br> Institutional <br> Class<br>| $6722 | $(22360)<br>| $- | $121633 | $98 | $(98)<br>| $6820 | $(22262)<br>| $(98)<br>| $121535 |
| PIMCO VIT <br> Long-Term US <br> Government <br> Advisor Class<br>| $55486 | $(1984813 )<br>| $- | $7138617 | $248593 | $(248593)<br>| $304079 | $(1736220 )<br>| $(248593)<br>| $6890024 |
| PIMCO VIT <br> Real Return <br> Institutional <br> Class<br>| $10389 | $7529 | $- | $(120509)<br>| $385 | $(385)<br>| $10774 | $7914 | $(385)<br>| $(120894)<br>|
| PIMCO VIT <br> Real Return <br> Advisor Class<br>| $42492 | $(517766)<br>| $- | $22681818  | $936457 | $(936457)<br>| $978949 | $418691 | $(936457)<br>| $21745361  |
| Principal Capital <br> Appreciation <br> Class 2<br>| $(604040)<br>| $6498112 | $- | $17449806  | $368704 | $(368704)<br>| $(235336)<br>| $6866816 | $(368704)<br>| $17081102  |
| Principal <br> Diversified <br> International<br>| $3037 | $3603 | $- | $(18560)<br>| $119 | $(119)<br>| $3156 | $3722 | $(119)<br>| $(18679)<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Principal <br> Government & <br> High Quality <br> Bond<br>| $13845 | $1251 | $- | $282076 | $193 | $(193)<br>| $14038 | $1444 | $(193)<br>| $281883 |
| Principal Small <br> Cap<br>| $(1840)<br>| $28317 | $- | $(62979)<br>| $194 | $(194)<br>| $(1646)<br>| $28511 | $(194)<br>| $(63173)<br>|
| Principal VC <br> Equity Income <br> Class 2<br>| $(149031)<br>| $3365952 | $- | $861916 | $329654 | $(329654)<br>| $180623 | $3695606 | $(329654)<br>| $532262 |
| Putnam VT <br> International <br> Value Class 1B<br>| $(10559)<br>| $183703 | $- | $2799970 | $102466 | $(102466)<br>| $91907 | $286169 | $(102466)<br>| $2697504 |
| Putnam VT <br> Research <br> Class 1B<br>| $(586692)<br>| $5818292 | $- | $6675557 | $326246 | $(326246)<br>| $(260446)<br>| $6144538 | $(326246)<br>| $6349311 |
| Templeton <br> Global Bond <br> VIP Class 1<br>| $(1573)<br>| $(28004)<br>| $- | $(67312)<br>| $193 | $(193)<br>| $(1380)<br>| $(27811)<br>| $(193)<br>| $(67505)<br>|
| Templeton <br> Global Bond <br> VIP Class 2<br>| $(184184)<br>| $(1076577 )<br>| $- | $1699644 | $90225 | $(90225)<br>| $(93959)<br>| $(986352)<br>| $(90225)<br>| $1609419 |
| Thrivent <br> Aggressive <br> Allocation<br>| $1337657 | $213911763  | $- | $(82862239 )<br>| $3728339 | $(3728339)<br>| $5065996 | $217640102  | $(3728339 )<br>| $(86590578 )<br>|
| Thrivent All <br> Cap<br>| $(996474)<br>| $23341234  | $- | $(5334306 )<br>| $279935 | $(279935)<br>| $(716539)<br>| $23621169  | $(279935)<br>| $(5614241 )<br>|
| Thrivent <br> Balanced <br> Income Plus<br>| $6143889 | $20015179  | $- | $(36501603 )<br>| $158249 | $(158249)<br>| $6302138 | $20173428  | $(158249)<br>| $(36659852 )<br>|
| Thrivent <br> Diversified <br> Income Plus<br>| $19587656  | $32166839  | $- | $(80083933 )<br>| $300933 | $(300933)<br>| $19888589  | $32467772  | $(300933)<br>| $(80384866 )<br>|
| Thrivent <br> Emerging <br> Markets Equity<br>| $762073 | $4054702 | $- | $(9118451 )<br>| $53040 | $(53040)<br>| $815113 | $4107742 | $(53040)<br>| $(9171491 )<br>|
| Thrivent ESG <br> Index<br>| $(341403)<br>| $7991365 | $- | $1056967 | $223144 | $(223144)<br>| $(118259)<br>| $8214509 | $(223144)<br>| $833823 |
| Thrivent Global <br> Stock<br>| $1334989 | $29660675  | $- | $18598846  | $272260 | $(272260)<br>| $1607249 | $29932935  | $(272260)<br>| $18326586  |
| Thrivent <br> Government <br> Bond<br>| $3531534 | $(324439)<br>| $- | $(6135509 )<br>| $374816 | $(374816)<br>| $3906350 | $50377 | $(374816)<br>| $(6510325 )<br>|
| Thrivent <br> Healthcare<br>| $(1431383 )<br>| $(1708566 )<br>| $- | $(24116174 )<br>| $461273 | $(461273)<br>| $(970110)<br>| $(1247293 )<br>| $(461273)<br>| $(24577447 )<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Thrivent High <br> Yield<br>| $17929005  | $19453654  | $- | $31425837  | $2445508 | $(2445508 )<br>| $20374513  | $21899162  | $(2445508 )<br>| $28980329  |
| Thrivent Income | $12604608  | $6290527 | $- | $72036045  | $2631955 | $(2631955)<br>| $15236563  | $8922482 | $(2631955 )<br>| $69404090  |
| Thrivent <br> International <br> Allocation<br>| $4026452 | $7101189 | $- | $(30319507 )<br>| $98931 | $(98931)<br>| $4125383 | $7200120 | $(98931)<br>| $(30418438 )<br>|
| Thrivent <br> International <br> Index<br>| $273611 | $270209 | $- | $7343533 | $252293 | $(252293)<br>| $525904 | $522502 | $(252293)<br>| $7091240 |
| Thrivent Large <br> Cap Growth<br>| $(13747338 )<br>| $339813273  | $- | $(23796754 )<br>| $3240509 | $(3240509 )<br>| $(10506829 )<br>| $343053782  | $(3240509 )<br>| $(27037263 )<br>|
| Thrivent Large <br> Cap Index<br>| $(3063212 )<br>| $254712000  | $- | $(41472922 )<br>| $2904817 | $(2904817)<br>| $(158395)<br>| $257616817  | $(2904817 )<br>| $(44377739 )<br>|
| Thrivent Large <br> Cap Value<br>| $921263 | $49060525  | $- | $(49789228 )<br>| $905073 | $(905073)<br>| $1826336 | $49965598  | $(905073)<br>| $(50694301 )<br>|
| Thrivent Limited <br> Maturity Bond<br>| $7024878 | $11738872  | $- | $(17536265 )<br>| $985194 | $(985194)<br>| $8010072 | $12724066  | $(985194)<br>| $(18521459 )<br>|
| Thrivent Mid <br> Cap Growth<br>| $(1366041 )<br>| $5998208 | $- | $4231982 | $422716 | $(422716)<br>| $(943325)<br>| $6420924 | $(422716)<br>| $3809266 |
| Thrivent Mid <br> Cap Index<br>| $(675929)<br>| $58003926  | $- | $(20777509 )<br>| $1032450 | $(1032450)<br>| $356521 | $59036376  | $(1032450 )<br>| $(21809959 )<br>|
| Thrivent Mid <br> Cap Stock<br>| $(6145955 )<br>| $52172342  | $- | $(9594218 )<br>| $1848935 | $(1848935 )<br>| $(4297020 )<br>| $54021277  | $(1848935 )<br>| $(11443153 )<br>|
| Thrivent Mid <br> Cap Value<br>| $(203451)<br>| $3400869 | $- | $(5912505 )<br>| $206278 | $(206278)<br>| $2827 | $3607147 | $(206278)<br>| $(6118783 )<br>|
| Thrivent <br> Moderate <br> Allocation<br>| $79852127  | $916700946  | $- | $(1177104226 )<br>| $3643106 | $(3643106 )<br>| $83495233  | $920344052  | $(3643106 )<br>| $(1180747332 )<br>|
| Thrivent <br> Moderately <br> Aggressive <br> Allocation<br>| $28030679  | $680065190  | $- | $(404035809 )<br>| $5528899 | $(5528899)<br>| $33559578  | $685594089  | $(5528899 )<br>| $(409564708 )<br>|
| Thrivent <br> Moderately <br> Conservative <br> Allocation<br>| $71549246  | $261303721  | $- | $(742150809 )<br>| $664458 | $(664458)<br>| $72213704  | $261968179  | $(664458)<br>| $(742815267 )<br>|
| Thrivent Money <br> Market<br>| $13944164  | $13944164  | $- | $13430067  | $348180 | $(348180)<br>| $14292344  | $14292344  | $(348180)<br>| $13081887  |
| Thrivent <br> Opportunity <br> Income Plus<br>| $5913496 | $6314042 | $- | $11869893  | $84579 | $(84579)<br>| $5998075 | $6398621 | $(84579)<br>| $11785314  |
| Thrivent Real <br> Estate Securities<br>| $1578440 | $2355132 | $- | $(12745099 )<br>| $121091 | $(121091)<br>| $1699531 | $2476223 | $(121091)<br>| $(12866190 )<br>|
| Thrivent Small <br> Cap Growth<br>| $(2009167 )<br>| $9551520 | $- | $978668 | $594550 | $(594550)<br>| $(1414617 )<br>| $10146070  | $(594550)<br>| $384118 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **As Reported December 31, 2024** | **Misstatement** | **Misstatement** | **Misstatement** | **Misstatement** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** | **As Restated December 31, 2024** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Thrivent Small <br> Cap Index<br>| $(707875)<br>| $31829091  | $- | $(15353233 )<br>| $1257354 | $1257354 | $(1257354 )<br>| $(1257354 )<br>| $549479 | $33086445  | $(1257354 )<br>| $(16610587 )<br>|
| Thrivent Small <br> Cap Stock<br>| $(3481500 )<br>| $35816833  | $- | $(3113489 )<br>| $1249605 | $1249605 | $(1249605 )<br>| $(1249605)<br>| $(2231895 )<br>| $37066438  | $(1249605 )<br>| $(4363094 )<br>|
| Vanguard<sup>®</sup> VIF <br> Capital Growth<br>| $7559 | $205242 | $- | $441107 | $339 | $339 | $(339)<br>| $(339)<br>| $7898 | $205581 | $(339)<br>| $440768 |
| Vanguard<sup>®</sup> VIF <br> International<br>| $7235 | $110165 | $- | $(550620)<br>| $260 | $260 | $(260)<br>| $(260)<br>| $7495 | $110425 | $(260)<br>| $(550880)<br>|
| Vanguard<sup>®</sup> VIF <br> Short-Term <br> Investment-<br> Grade<br>| $35934 | $51358 | $- | $244443 | $384 | $384 | $(384)<br>| $(384)<br>| $36318 | $51742 | $(384)<br>| $244059 |
| Vanguard<sup>®</sup> VIF <br> Small Company <br> Growth<br>| $(1147)<br>| $39111 | $- | $(58545)<br>| $375 | $375 | $(375)<br>| $(375)<br>| $(772)<br>| $39486 | $(375)<br>| $(58920)<br>|
| Vanguard<sup>®</sup> VIF <br> Total Bond <br> Market Index<br>| $113006 | $(19252)<br>| $- | $(354678)<br>| $1620 | $1620 | $(1620)<br>| $(1620)<br>| $114626 | $(17632)<br>| $(1620)<br>| $(356298)<br>|
| Vanguard<sup>®</sup> VIF <br> Total Stock <br> Market Index<br>| $53646 | $1346518 | $- | $(710999)<br>| $2199 | $2199 | $(2199)<br>| $(2199)<br>| $55845 | $1348717 | $(2199)<br>| $(713198)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| American Funds <br> IS<sup>®</sup> Global <br> Growth Class 1<br>| $817 | $52950 | $-  | $(47365)<br>| $66 | $66 | $(66)<br>| $(66)<br>| $883 | $53016 | $(66)<br>| $(47431)<br>|
| American Funds <br> IS<sup>®</sup> Global <br> Growth Class 4<br>| $(693404)<br>| $7147652 | $- | $6786750 | $488728 | $488728 | $(488728)<br>| $(488728)<br>| $(204676)<br>| $7636380 | $(488728)<br>| $6298022 |
| American Funds <br> IS<sup>®</sup> Growth-<br> Income Class 1<br>| $9251 | $252791 | $- | $4422 | $488 | $488 | $(488)<br>| $(488)<br>| $9739 | $253279 | $(488)<br>| $3934 |
| American Funds <br> IS<sup>®</sup> Growth-<br> Income Class 4<br>| $(381426)<br>| $7145455 | $- | $6387893 | $390453 | $390453 | $(390453)<br>| $(390453)<br>| $9027 | $7535908 | $(390453)<br>| $5997440 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| American Funds <br> IS<sup>®</sup> International <br> Growth and <br> Income Class 4<br>| $6574 | $832983 | $- | $1733432 | $85870 | $(85870)<br>| $92444 | $918853 | $(85870)<br>| $1647562 |
| American Funds <br> IS<sup>®</sup> International <br> Class 1<br>| $4158 | $74920 | $- | $(3827)<br>| $298 | $(298)<br>| $4456 | $75218 | $(298)<br>| $(4125)<br>|
| American Funds <br> IS<sup>®</sup> International <br> Class 4<br>| $(58504)<br>| $525764 | $- | $572127 | $54723 | $(54723)<br>| $(3781)<br>| $580487 | $(54723)<br>| $517404 |
| BlackRock Total <br> Return V.I. <br> Class III<br>| $688030 | $1975501 | $- | $16942589  | $1005264 | $(1005264)<br>| $1693294 | $2980765 | $(1005264 )<br>| $15937325  |
| DFA VA <br> International <br> Small Portfolio<br>| $5275 | $27397 | $- | $12055 | $180 | $(180)<br>| $5455 | $27577 | $(180)<br>| $11875 |
| DFA VA US <br> Targeted Value<br>| $19939 | $302408 | $- | $995586 | $139 | $(139)<br>| $20078 | $302547 | $(139)<br>| $995447 |
| Eaton Vance VT <br> Floating-Rate <br> Income Initial <br> Share Class<br>| $2512429 | $3567382 | $- | $11055351  | $539245 | $(539245)<br>| $3051674 | $4106627 | $(539245)<br>| $10516106  |
| Fidelity<sup>®</sup> VIP <br> Emerging <br> Markets Initial <br> Class<br>| $13788 | $68112 | $- | $52397 | $224 | $(224)<br>| $14012 | $68336 | $(224)<br>| $52173 |
| Fidelity VIP <br> Emerging <br> Markets Service <br> Class 2<br>| $(62662)<br>| $1221881 | $- | $2342860 | $216758 | $(216758)<br>| $154096 | $1438639 | $(216758)<br>| $2126102 |
| Fidelity VIP <br> Energy Service <br> Class 2<br>| $56610 | $(170797)<br>| $- | $2210348 | $138072 | $(138072)<br>| $194682 | $(32725)<br>| $(138072)<br>| $2072276 |
| Fidelity<sup>®</sup> VIP <br> International <br> Capital <br> Appreciation <br> Initial Class<br>| $(1148)<br>| $165046 | $- | $58416 | $57 | $(57)<br>| $(1091)<br>| $165103 | $(57)<br>| $58359 |
| Fidelity VIP <br> International <br> Capital <br> Appreciation <br> Service Class 2<br>| $(935519)<br>| $8552373 | $- | $7760419 | $508920 | $(508920)<br>| $(426599)<br>| $9061293 | $(508920)<br>| $7251499 |
| Fidelity<sup>®</sup> VIP <br> Value Initial <br> Class<br>| $2403 | $175806 | $- | $(882743)<br>| $347 | $(347)<br>| $2750 | $176153 | $(347)<br>| $(883090)<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Fidelity VIP <br> Value Service <br> Class 2<br>| $(295257)<br>| $4440133 | $- | $7999249 | $296324 | $(296324)<br>| $1067 | $4736457 | $(296324)<br>| $7702925 |
| Franklin Small <br> Cap Value VIP <br> Class 2<br>| $(346130)<br>| $1864730 | $- | $3711845 | $222152 | $(222152)<br>| $(123978)<br>| $2086882 | $(222152)<br>| $3489693 |
| Goldman Sachs <br> VIT Core Fixed <br> Income Service <br> Shares<br>| $149913 | $1502464 | $- | $13119212  | $582604 | $(582604)<br>| $732517 | $2085068 | $(582604)<br>| $12536608  |
| Goldman Sachs <br> VIT Small Cap <br> Equity Insights <br> Service Shares<br>| $(142533)<br>| $1518628 | $- | $2016175 | $109291 | $(109291)<br>| $(33242)<br>| $1627919 | $(109291)<br>| $1906884 |
| Janus Henderson <br> Enterprise <br> Institutional <br> Class<br>| $(5734)<br>| $170617 | $- | $(142869)<br>| $712 | $(712)<br>| $(5022)<br>| $171329 | $(712)<br>| $(143581)<br>|
| Janus Henderson <br> VIT Enterprise <br> Service Class<br>| $(459153)<br>| $2987963 | $- | $8362322 | $227985 | $(227985)<br>| $(231168)<br>| $3215948 | $(227985)<br>| $8134337 |
| Janus Henderson <br> VIT Forty <br> Service Class<br>| $(1296504 )<br>| $17089007  | $- | $7821600 | $673530 | $(673530)<br>| $(622974)<br>| $17762537  | $(673530)<br>| $7148070 |
| John Hancock <br> Core Bond Trust <br> Series I<br>| $18031 | $39443 | $- | $(83847)<br>| $155 | $(155)<br>| $18186 | $39598 | $(155)<br>| $(84002)<br>|
| John Hancock <br> VIT Core Bond <br> Trust Series II<br>| $142270 | $615713 | $- | $7134121 | $245365 | $(245365)<br>| $387635 | $861078 | $(245365)<br>| $6888756 |
| John Hancock <br> International <br> Equity Index <br> Trust Series I<br>| $3639 | $25164 | $- | $21527 | $61 | $(61)<br>| $3700 | $25225 | $(61)<br>| $21466 |
| John Hancock <br> International <br> Small Company <br> Trust Series II<br>| $(16621)<br>| $266534 | $- | $559691 | $34368 | $(34368)<br>| $17747 | $300902 | $(34368)<br>| $525323 |
| John Hancock <br> Strategic Income <br> Opportunities <br> Trust Series I<br>| $17493 | $40844 | $- | $(28821)<br>| $366 | $(366)<br>| $17859 | $41210 | $(366)<br>| $(29187)<br>|
| John Hancock <br> Strategic Income <br> Opportunities <br> Trust Series II<br>| $287285 | $1288600 | $- | $6664779 | $358761 | $(358761)<br>| $646046 | $1647361 | $(358761)<br>| $6306018 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> Blended <br> Research Core <br> Equity Initial <br> Class<br>| $6585 | $250661 | $- | $(365910)<br>| $296 | $(296)<br>| $6881 | $250957 | $(296)<br>| $(366206)<br>|
| MFS<sup>®</sup> VIT II - <br> Core Equity <br> Service Class<br>| $(568755)<br>| $4921233 | $- | $5152789 | $324708 | $(324708)<br>| $(244047)<br>| $5245941 | $(324708)<br>| $4828081 |
| MFS<sup>®</sup> VIT III <br> Global Real <br> Estate Service <br> Class<br>| $(86093)<br>| $484873 | $- | $1301925 | $49599 | $(49599)<br>| $(36494)<br>| $534472 | $(49599)<br>| $1252326 |
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> Corporate <br> Bond Initial <br> Class<br>| $8023 | $19387 | $- | $8424 | $21 | $(21)<br>| $8044 | $19408 | $(21)<br>| $8403 |
| MFS<sup>®</sup> VIT III - <br> MFS<sup>®</sup> Global <br> Real Estate <br> Initial Class<br>| $198 | $12927 | $- | $(32705)<br>| $145 | $(145)<br>| $343 | $13072 | $(145)<br>| $(32850)<br>|
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> <br> International <br> Intrinsic Value <br> Initial Class<br>| $264 | $43641 | $- | $(60432)<br>| $228 | $(228)<br>| $492 | $43869 | $(228)<br>| $(60660)<br>|
| MFS<sup>®</sup> VIT III - <br> MFS<sup>®</sup> Mid Cap <br> Value Initial <br> Class<br>| $6706 | $78386 | $- | $(219980)<br>| $167 | $(167)<br>| $6873 | $78553 | $(167)<br>| $(220147)<br>|
| MFS<sup>®</sup> VIT III <br> Mid Cap Value <br> Service Class<br>| $(72523)<br>| $1010757 | $- | $2578273 | $108091 | $(108091)<br>| $35568 | $1118848 | $(108091)<br>| $2470182 |
| MFS<sup>®</sup> VIT - <br> New Discovery <br> Series Service <br> Class<br>| $(446144)<br>| $2084052 | $- | $3593402 | $222320 | $(222320)<br>| $(223824)<br>| $2306372 | $(222320)<br>| $3371082 |
| MFS<sup>®</sup> VIT II - <br> MFS<sup>®</sup> <br> Technology <br> Initial Class<br>| $(6228)<br>| $474201 | $- | $129130 | $703 | $(703)<br>| $(5525)<br>| $474904 | $(703)<br>| $128427 |
| MFS<sup>®</sup> VIT II <br> Technology <br> Service Class<br>| $(692988)<br>| $11718444  | $- | $4442797 | $329222 | $(329222)<br>| $(363766)<br>| $12047666  | $(329222)<br>| $4113575 |
| MFS<sup>®</sup> VIT - <br> MFS<sup>®</sup> Value <br> Series Initial <br> Class<br>| $7903 | $41584 | $- | $(187204)<br>| $290 | $(290)<br>| $8193 | $41874 | $(290)<br>| $(187494)<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| MFS<sup>®</sup> VIT <br> Value Series <br> Service Class<br>| $(145119)<br>| $887898 | $- | $3571076 | $181503 | $(181503)<br>| $36384 | $1069401 | $(181503)<br>| $3389573 |
| PIMCO VIT <br> Emerging <br> Markets Bond <br> Institutional <br> Class<br>| $4471 | $8985 | $- | $(7165)<br>| $75 | $(75)<br>| $4546 | $9060 | $(75)<br>| $(7240)<br>|
| PIMCO VIT <br> Emerging <br> Markets Bond <br> Advisor Class<br>| $62135 | $175064 | $- | $439509 | $18834 | $(18834)<br>| $80969 | $193898 | $(18834)<br>| $420675 |
| PIMCO VIT <br> Global Bond <br> Opportunities <br> (Unhedged) <br> Institutional <br> Class<br>| $1790 | $5699 | $- | $(95164)<br>| $5 | $(5)<br>| $1795 | $5704 | $(5)<br>| $(95169)<br>|
| PIMCO VIT <br> Global Bond <br> Opportunities <br> (Unhedged) <br> Advisor Class<br>| $(22684)<br>| $169590 | $- | $1058325 | $75860 | $(75860)<br>| $53176 | $245450 | $(75860)<br>| $982465 |
| PIMCO VIT <br> Long-Term <br> U.S. Government <br> Institutional <br> Class<br>| $4515 | $8659 | $- | $(89605)<br>| $145 | $(145)<br>| $4660 | $8804 | $(145)<br>| $(89750)<br>|
| PIMCO VIT <br> Long-Term US <br> Government <br> Advisor Class<br>| $(44039)<br>| $334152 | $- | $6351106 | $220453 | $(220453)<br>| $176414 | $554605 | $(220453)<br>| $6130653 |
| PIMCO VIT <br> Real Return <br> Institutional <br> Class<br>| $29135 | $33726 | $- | $(1073264 )<br>| $551 | $(551)<br>| $29686 | $34277 | $(551)<br>| $(1073815 )<br>|
| PIMCO VIT <br> Real Return <br> Advisor Class<br>| $242307 | $645424 | $- | $17828773  | $768874 | $(768874)<br>| $1011181 | $1414298 | $(768874)<br>| $17059899  |
| Principal Capital <br> Appreciation <br> Class 2<br>| $(320973)<br>| $3962731 | $- | $8450857 | $224257 | $(224257)<br>| $(96716)<br>| $4186988 | $(224257)<br>| $8226600 |
| Principal <br> Diversified <br> International<br>| $234 | $30921 | $- | $(160011)<br>| $202 | $(202)<br>| $436 | $31123 | $(202)<br>| $(160213)<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Principal <br> Government & <br> High Quality <br> Bond<br>| $5984 | $13364 | $- | $(217972)<br>| $223 | $(223)<br>| $6207 | $13587 | $(223)<br>| $(218195)<br>|
| Principal Small <br> Cap<br>| $(2358)<br>| $54312 | $- | $(101499)<br>| $234 | $(234)<br>| $(2124)<br>| $54546 | $(234)<br>| $(101733)<br>|
| Principal VC <br> Equity Income <br> Class 2<br>| $(104732)<br>| $2087336 | $- | $4384565 | $290802 | $(290802)<br>| $186070 | $2378138 | $(290802)<br>| $4093763 |
| Putnam VT <br> International <br> Value Class 1B<br>| $(66955)<br>| $785444 | $- | $2306702 | $66721 | $(66721)<br>| $(234)<br>| $852165 | $(66721)<br>| $2239981 |
| Putnam VT <br> Research <br> Class 1B<br>| $(314767)<br>| $4384643 | $- | $4534289 | $222358 | $(222358)<br>| $(92409)<br>| $4607001 | $(222358)<br>| $4311931 |
| Templeton <br> Global Bond <br> VIP Class 1<br>| $(3523)<br>| $2830 | $- | $(554954)<br>| $292 | $(292)<br>| $(3231)<br>| $3122 | $(292)<br>| $(555246)<br>|
| Templeton <br> Global Bond <br> VIP Class 2<br>| $(158297)<br>| $54614 | $- | $1409345 | $80219 | $(80219)<br>| $(78078)<br>| $134833 | $(80219)<br>| $1329126 |
| Thrivent <br> Aggressive <br> Allocation<br>| $5652616 | $228285354  | $- | $(34976663 )<br>| $2925838 | $(2925838)<br>| $8578454 | $231211192  | $(2925838 )<br>| $(37902501 )<br>|
| Thrivent All <br> Cap<br>| $(532333)<br>| $22002496  | $- | $(2192526 )<br>| $204914 | $(204914)<br>| $(327419)<br>| $22207410  | $(204914)<br>| $(2397440 )<br>|
| Thrivent <br> Balanced <br> Income Plus<br>| $4139581 | $29560776  | $- | $(20683865 )<br>| $130965 | $(130965)<br>| $4270546 | $29691741  | $(130965)<br>| $(20814830 )<br>|
| Thrivent <br> Diversified <br> Income Plus<br>| $15912691  | $50254497  | $- | $(83366236 )<br>| $234686 | $(234686)<br>| $16147377  | $50489183  | $(234686)<br>| $(83600922 )<br>|
| Thrivent <br> Emerging <br> Markets Equity<br>| $949943 | $4072676 | $- | $(5832478 )<br>| $44899 | $(44899)<br>| $994842 | $4117575 | $(44899)<br>| $(5877377 )<br>|
| Thrivent ESG <br> Index<br>| $(256927)<br>| $8078927 | $- | $(887152)<br>| $185775 | $(185775)<br>| $(71152)<br>| $8264702 | $(185775)<br>| $(1072927 )<br>|
| Thrivent Global <br> Stock<br>| $(108715)<br>| $36996098  | $- | $(15530074 )<br>| $164838 | $(164838)<br>| $56123 | $37160936  | $(164838)<br>| $(15694912 )<br>|
| Thrivent <br> Government <br> Bond<br>| $2544156 | $3853132 | $- | $(3260502 )<br>| $314803 | $(314803)<br>| $2858959 | $4167935 | $(314803)<br>| $(3575305 )<br>|
| Thrivent <br> Healthcare<br>| $(1986704 )<br>| $6146852 | $- | $(19003461 )<br>| $365199 | $(365199)<br>| $(1621505 )<br>| $6512051 | $(365199)<br>| $(19368660 )<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Thrivent High <br> Yield<br>| $14615382  | $32637755  | $- | $17693455  | $1876410 | $(1876410 )<br>| $16491792  | $34514165  | $(1876410 )<br>| $15817045  |
| Thrivent Income | $9927340 | $29732195  | $- | $26429956  | $2066742 | $(2066742)<br>| $11994082  | $31798937  | $(2066742 )<br>| $24363214  |
| Thrivent <br> International <br> Allocation<br>| $2968146 | $33012600  | $- | $(25694660 )<br>| $86404 | $(86404)<br>| $3054550 | $33099004  | $(86404)<br>| $(25781064 )<br>|
| Thrivent <br> International <br> Index<br>| $50471 | $4227738 | $- | $7167368 | $189909 | $(189909)<br>| $240380 | $4417647 | $(189909)<br>| $6977459 |
| Thrivent Large <br> Cap Growth<br>| $(12605222 )<br>| $370100577  | $- | $8153819 | $2260079 | $(2260079 )<br>| $(10345143 )<br>| $372360656  | $(2260079 )<br>| $5893740 |
| Thrivent Large <br> Cap Index<br>| $(1085282 )<br>| $228559077  | $- | $(52011932 )<br>| $2132720 | $(2132720)<br>| $1047438 | $230691797  | $(2132720 )<br>| $(54144652 )<br>|
| Thrivent Large <br> Cap Value<br>| $1481785 | $46218806  | $- | $(52616860 )<br>| $735024 | $(735024)<br>| $2216809 | $46953830  | $(735024)<br>| $(53351884 )<br>|
| Thrivent Limited <br> Maturity Bond<br>| $5500093 | $14842716  | $- | $(41515485 )<br>| $820786 | $(820786)<br>| $6320879 | $15663502  | $(820786)<br>| $(42336271 )<br>|
| Thrivent Mid <br> Cap Growth<br>| $(1088313 )<br>| $8274205 | $- | $11374650  | $333838 | $(333838)<br>| $(754475)<br>| $8608043 | $(333838)<br>| $11040812  |
| Thrivent Mid <br> Cap Index<br>| $(313548)<br>| $63889771  | $- | $(19705698 )<br>| $745824 | $(745824)<br>| $432276 | $64635595  | $(745824)<br>| $(20451522 )<br>|
| Thrivent Mid <br> Cap Stock<br>| $(5934788 )<br>| $66774774  | $- | $18372175  | $1359275 | $(1359275 )<br>| $(4575513 )<br>| $68134049  | $(1359275 )<br>| $17012900  |
| Thrivent Mid <br> Cap Value<br>| $(367737)<br>| $4942486 | $- | $(6361868 )<br>| $174632 | $(174632)<br>| $(193105)<br>| $5117118 | $(174632)<br>| $(6536500 )<br>|
| Thrivent <br> Moderate <br> Allocation<br>| $84719725  | $1095631925  | $- | $(801854099 )<br>| $2981878 | $(2981878 )<br>| $87701603  | $1098613803  | $(2981878 )<br>| $(804835977 )<br>|
| Thrivent <br> Moderately <br> Aggressive <br> Allocation<br>| $58117537  | $796071418  | $- | $(445418548 )<br>| $4074464 | $(4074464)<br>| $62192001  | $800145882  | $(4074464 )<br>| $(449493012 )<br>|
| Thrivent <br> Moderately <br> Conservative <br> Allocation<br>| $57214547  | $396147295  | $- | $(546680874 )<br>| $582020 | $(582020)<br>| $57796567  | $396729315  | $(582020)<br>| $(547262894 )<br>|
| Thrivent Money <br> Market<br>| $11592524  | $11592524  | $- | $54845525  | $234350 | $(234350)<br>| $11826874  | $11826874  | $(234350)<br>| $54611175  |
| Thrivent <br> Opportunity <br> Income Plus<br>| $5827999 | $11496917  | $- | $(29364852 )<br>| $49729 | $(49729)<br>| $5877728 | $11546646  | $(49729)<br>| $(29414581 )<br>|
| Thrivent Real <br> Estate Securities<br>| $1043408 | $10035044  | $- | $(13189837 )<br>| $102078 | $(102078)<br>| $1145486 | $10137122  | $(102078)<br>| $(13291915 )<br>|
| Thrivent Small <br> Cap Growth<br>| $(1652134 )<br>| $7349413 | $- | $15569152  | $458123 | $(458123)<br>| $(1194011 )<br>| $7807536 | $(458123)<br>| $15111029  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(2) SIGNIFICANT ACCOUNTING POLICIES - continued**<br>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **As Reported December 31, 2023** | **Misstatement** | **Misstatement** | **Misstatement** | **Misstatement** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** | **As Restated December 31, 2023** |
|  | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
| **Subaccount** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **increase**<br> **(decrease)**<br> **in net**<br> **assets**<br> **resulting**<br> **from**<br> **operations**<br>| **Rider**<br> **fee**<br>| **Net**<br> **Change**<br> **in Net**<br> **Assets**<br> **from**<br> **Unit**<br> **Transactions**<br>|
| Thrivent Small <br> Cap Index<br>| $(1285538 )<br>| $60035154  | $- | $(4599356 )<br>| $924740 | $924740 | $(924740)<br>| $(924740)<br>| $(360798)<br>| $60959894  | $(924740)<br>| $(5524096 )<br>|
| Thrivent Small <br> Cap Stock<br>| $(2966369 )<br>| $36178799  | $- | $28137251  | $888571 | $888571 | $(888571)<br>| $(888571)<br>| $(2077798 )<br>| $37067370  | $(888571)<br>| $27248680  |
| Vanguard<sup>®</sup> VIF <br> Capital Growth<br>| $1306 | $236841 | $- | $386393 | $392 | $392 | $(392)<br>| $(392)<br>| $1698 | $237233 | $(392)<br>| $386001 |
| Vanguard<sup>®</sup> VIF <br> International<br>| $21107 | $266828 | $- | $(901151)<br>| $267 | $267 | $(267)<br>| $(267)<br>| $21374 | $267095 | $(267)<br>| $(901418)<br>|
| Vanguard<sup>®</sup> VIF <br> Short-Term <br> Investment-<br> Grade<br>| $21257 | $62024 | $- | $(287356)<br>| $399 | $399 | $(399)<br>| $(399)<br>| $21656 | $62423 | $(399)<br>| $(287755)<br>|
| Vanguard<sup>®</sup> VIF <br> Small Company <br> Growth<br>| $(1718)<br>| $76841 | $- | $(129639)<br>| $417 | $417 | $(417)<br>| $(417)<br>| $(1301)<br>| $77258 | $(417)<br>| $(130056)<br>|
| Vanguard<sup>®</sup> VIF <br> Total Bond <br> Market Index<br>| $109844 | $248920 | $- | $(546372)<br>| $1423 | $1423 | $(1423)<br>| $(1423)<br>| $111267 | $250343 | $(1423)<br>| $(547795)<br>|
| Vanguard<sup>®</sup> VIF <br> Total Stock <br> Market Index<br>| $42562 | $1414303 | $- | $(802117)<br>| $1645 | $1645 | $(1645)<br>| $(1645)<br>| $44207 | $1415948 | $(1645)<br>| $(803762)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **As Reported**<br> **December 31, 2024**<br>| **Misstatement** | **As Restated**<br> **December 31, 2024**<br>|
|  | **Statements of Changes**<br> **in Net Assets**<br>| **Statements of Changes**<br> **in Net Assets**<br>| **Statements of Changes**<br> **in Net Assets**<br>|
| **Subaccount** | **Transfers for contract**<br> **benefits and terminations**<br>| **Transfers for contract**<br> **benefits and terminations**<br>| **Transfers for contract**<br> **benefits and terminations**<br>|
| PIMCO VIT Emerging Markets Bond Institutional Class | $(21871)<br>| $5939<br>| $(15932)<br>|
| PIMCO VIT Global Bond Opportunities (Unhedged) Institutional Class | $4671<br>| $(5939)<br>| $(1268)<br>|

---

**Subsequent Events**

Management has evaluated Variable Account related events and transactions that occurred during the period from the date of the Statement of Assets and Liabilities through April 25, 2025 the date of issuance of the Variable Account's financial statements. There were no events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Variable Account's financial statements.

In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through October 23, 2025, the date of reissuance of the Variable Account's financial statements.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)<br>

**(3) EXPENSE CHARGES**

Proceeds received by the Variable Account from units issued represent gross contract premiums received by Thrivent Financial. No charge for sales distribution expense is deducted from premiums received.

A surrender charge is deducted from the accumulated value of the contract to compensate Thrivent Financial if a contract is surrendered in whole or in part during the first six years the contract is in force. The surrender charge is 6% during the first Contract Year for the 2002 series and 7% for the 2005 series. This charge decreases by 1% each subsequent contract year. The surrender charge for the AdvisorFlex VA Series is 2% during the first Contract Year and 1% for the second and third Contract Years. No surrender charge is deducted for surrenders occurring more than 3 years since the first premium was applied. For purposes of the surrender charge calculation, up to 10% of a contract's accumulated value may be excluded from the calculation each year. This charge is deducted by redeeming units of the subaccounts of the Variable Account.

A daily charge is deducted from the value of the net assets of the Variable Account to compensate Thrivent Financial for mortality and expense risks assumed in connection with the contract and is equivalent to an annual rate of 1.00% — 2.20% of the average daily net assets of the Variable Account for the 2002 and 2005 series depending on the death benefit option of the contract as shown below. For AdvisorFlex VA series, a daily charge equivalent to an annual rate of 0.40% of the average daily net assets of the Variable Account is deducted for mortality and expense charges. 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 annual rate of 0.85% for the 2002 and 2005 series. For the AdvisorFlex VA series, this rate is 0.40%. An administrative charge equivalent to an annual rate of 0.75% is charged for contracts that have the return protection allocation (RPA) benefit.\*

---

| | | |
|:---|:---|:---|
| **Mortality and Expense Risk Charge 2002 Series** | **Current** | **Maximum** |
| With Basic Death Benefit only | 1.00<br> %<br>| 1.25<br> %<br>|
| With Maximum Anniversary Death Benefit (MADB) | 1.10 | 1.35 |
| With Premium Accumulation Death Benefit (PADB) | 1.25 | 1.50 |
| With Earnings Addition Death Benefit (EADB) | 1.40 | 1.45 |
| With MADB and PADB | 1.50 | 1.55 |
| With MADB and EADB | 1.25 | 1.50 |
| With PADB and EADB | 1.40 | 1.65 |
| With MADB, PADB and EADB | 1.45 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With Basic Death Benefit & Return Protection Allocation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RPA)<br>| 1.75 | 2.00 |
| With MADB and RPA | 1.85 | 2.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mortality and Expense Risk Charge 2005 Series** | **Years 1-7** | **After 7 years** |
| With Basic Death Benefit only | 1.25<br> %<br>| 1.15<br> %<br>|
| With MADB | 1.45 | 1.35 |
| With PADB | 1.65 | 1.55 |
| With EADB | 1.50 | 1.40 |
| With MADB and PADB | 1.75 | 1.65 |
| With MADB and EADB | 1.60 | 1.50 |
| With PADB and EADB | 1.80 | 1.70 |
| With MADB, PADB and EADB | 1.90 | 1.80 |
| With Basic Death Benefit & RPA | 2.00 | 1.90 |
| With MADB and RPA | 2.20 | 2.10 |
| With GLWB (Guaranteed Lifetime Withdrawal Benefit) | &nbsp;&nbsp; 2.00-2.50 | &nbsp;&nbsp; 1.90-2.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(3) EXPENSE CHARGES - continued**<br>

---

| | | |
|:---|:---|:---|
| **Mortality and Expense Risk Charge AdvisorFlex VA Series** | **Current** | **Maximum** |
| With Basic Death Benefit only | 0.40<br> %<br>| 0.50<br> %<br>|
| With MADB\*\* | 0.60<br> %<br>| 0.90<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mortality and Expense Risk Charge Retirement Choice Series** | **Current** | **Maximum** |
| With Basic Death Benefit only | 1.25<br> %<br>| 1.25<br> %<br>|
| With MADB | 1.50<br> %<br>| 1.75<br> %<br>|
| With GLWB | 1.55<br> %<br>| 3.75<br> %<br>|

---

------

\*The current RPA charge is 0.75% except for the 10 year allocation period in the RP Moderately Conservative Allocation which has a current charge of 0.50%.

\*\* The MADB charge for AdvisorFlex Variable Annuity is deducted quarterly, beginning three months after the Date of Issue. The MADB charge is deducted from the Fixed Account and the Subaccounts of the Variable Account on a pro rata basis.

**Fund Facilitation Fees AdvisorFlex Variable Annuity**

A daily charge is deducted from the value of the net assets of the Variable Account to compensate Thrivent for expenses assumed from contracts with the Variable Investment Trusts. The charge is based on the average daily net assets of the Variable Account.

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Current** | **Maximum** |
| American Funds IS® Global Growth | 0.35<br> %<br>| 0.40<br> %<br>|
| American Funds IS® Growth-Income | 0.35<br> %<br>| 0.40<br> %<br>|
| American Funds IS® International | 0.35<br> %<br>| 0.40<br> %<br>|
| BlackRock Total Return V.I. | 0.35<br> %<br>| 0.40<br> %<br>|
| DFA VA International Small Portfolio | 0.35<br> %<br>| 0.40<br> %<br>|
| DFA VA US Targeted Value | 0.35<br> %<br>| 0.40<br> %<br>|
| Fidelity VIP Emerging Markets | 0.20<br> %<br>| 0.40<br> %<br>|
| Fidelity VIP Intl Capital Appreciation | 0.20<br> %<br>| 0.40<br> %<br>|
| Fidelity VIP Value | 0.20<br> %<br>| 0.40<br> %<br>|
| Janus Henderson Enterprise | 0.20<br> %<br>| 0.40<br> %<br>|
| JHVIT Core Bond Trust | 0.10<br> %<br>| 0.40<br> %<br>|
| JHVIT International Equity Index Trust B | 0.10<br> %<br>| 0.40<br> %<br>|
| JHVIT Strategic Income Opportunities Trust | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT II Blended Research Core Equity | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT II Corporate Bond | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT II International Intrinsic Value | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT II Technology | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT III Global Real Estate | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT III Mid Cap Value | 0.10<br> %<br>| 0.40<br> %<br>|
| MFS VIT Value Series | 0.10<br> %<br>| 0.40<br> %<br>|
| PIMCO VIT Emerging Markets Bond | 0.35<br> %<br>| 0.40<br> %<br>|
| PIMCO VIT Global Bond Opportunites (Unhedged) | 0.35<br> %<br>| 0.40<br> %<br>|
| PIMCO VIT Long-Term U.S. Government | 0.35<br> %<br>| 0.40<br> %<br>|
| PIMCO VIT Real Return | 0.35<br> %<br>| 0.40<br> %<br>|
| Principal Diversified International | 0.35<br> %<br>| 0.40<br> %<br>|
| Principal Government & High Quality Bond | 0.35<br> %<br>| 0.40<br> %<br>|
| Principal Small Cap | 0.35<br> %<br>| 0.40<br> %<br>|
| Templeton Global Bond VIP | 0.20<br> %<br>| 0.40<br> %<br>|
| Vanguard VIF Capital Growth | 0.35<br> %<br>| 0.40<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(3) EXPENSE CHARGES - continued**<br>

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Current** | **Maximum** |
| Vanguard VIF International | 0.35<br> %<br>| 0.40<br> %<br>|
| Vanguard VIF Short-Term Investment-Grade | 0.35<br> %<br>| 0.40<br> %<br>|
| Vanguard VIF Small Company Growth | 0.35<br> %<br>| 0.40<br> %<br>|
| Vanguard VIF Total Bond Market Index | 0.10<br> %<br>| 0.40<br> %<br>|
| Vanguard VIF Total Stock Market Index | 0.10<br> %<br>| 0.40<br> %<br>|

---

Additionally, during the year ended December 31, 2024, management fees were paid indirectly to Thrivent Financial in its capacity as advisor to the Fund.

**(4) UNIT ACTIVITY**

Transactions (including transfers among subaccounts) for accumulation and death claim units were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units**<br> **Outstanding** <br> **at**<br> **January 1,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Issued**<br> **as a**<br> **result of**<br> **merger**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global <br> Growth Class 1<br>| &nbsp;&nbsp; 17240 | &nbsp;&nbsp; 806 | &nbsp;&nbsp; (3615)<br>| &nbsp;&nbsp; 14431 | &nbsp;&nbsp; 65133 |  | &nbsp;&nbsp; (7570)<br>| &nbsp;&nbsp; 71994 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global <br> Growth Class 4<br>| &nbsp;&nbsp; 3226559 | &nbsp;&nbsp; 1489563 | &nbsp;&nbsp; (954018)<br>| &nbsp;&nbsp; 3762104 | &nbsp;&nbsp; 2233504 |  | &nbsp;&nbsp; (1173732)<br>| &nbsp;&nbsp; 4821876 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> Growth-Income Class 1<br>| &nbsp;&nbsp; 62586 | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; (1651)<br>| &nbsp;&nbsp; 62822 | &nbsp;&nbsp; 125581 |  | &nbsp;&nbsp; (36312)<br>| &nbsp;&nbsp; 152091 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> Growth-Income Class 4<br>| &nbsp;&nbsp; 2343154 | &nbsp;&nbsp; 929920 | &nbsp;&nbsp; (462461)<br>| &nbsp;&nbsp; 2810613 | &nbsp;&nbsp; 1466202 |  | &nbsp;&nbsp; (793834)<br>| &nbsp;&nbsp; 3482981 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Growth and <br> Income Class 4<br>| &nbsp;&nbsp; 542731 | &nbsp;&nbsp; 314681 | &nbsp;&nbsp; (173073)<br>| &nbsp;&nbsp; 684339 | &nbsp;&nbsp; 330327 |  | &nbsp;&nbsp; (185277)<br>| &nbsp;&nbsp; 829389 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Class 1<br>| &nbsp;&nbsp; 48959 | &nbsp;&nbsp; 13868 | &nbsp;&nbsp; (14357)<br>| &nbsp;&nbsp; 48470 | &nbsp;&nbsp; 15176 |  | &nbsp;&nbsp; (15995)<br>| &nbsp;&nbsp; 47651 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® <br> International Class 4<br>| &nbsp;&nbsp; 407702 | &nbsp;&nbsp; 133720 | &nbsp;&nbsp; (84572)<br>| &nbsp;&nbsp; 456850 | &nbsp;&nbsp; 190014 |  | &nbsp;&nbsp; (101139)<br>| &nbsp;&nbsp; 545725 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. <br> Class I<br>| &nbsp;&nbsp; 14841 | &nbsp;&nbsp; 24320 | &nbsp;&nbsp; (580)<br>| &nbsp;&nbsp; 38581 | &nbsp;&nbsp; 25157 |  | &nbsp;&nbsp; (8836)<br>| &nbsp;&nbsp; 54902 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. <br> Class III<br>| &nbsp;&nbsp; 7742673 | &nbsp;&nbsp; 3821045 | &nbsp;&nbsp; (1954901)<br>| &nbsp;&nbsp; 9608817 | &nbsp;&nbsp; 5066820 |  | &nbsp;&nbsp; (3216546)<br>| &nbsp;&nbsp; 11459091 |
| &nbsp;&nbsp;&nbsp;&nbsp; DFA VA International Small <br> Portfolio<br>| &nbsp;&nbsp; 18064 | &nbsp;&nbsp; 3431 | &nbsp;&nbsp; (2386)<br>| &nbsp;&nbsp; 19109 | &nbsp;&nbsp; 31751 |  | &nbsp;&nbsp; (2470)<br>| &nbsp;&nbsp; 48390 |
| DFA VA US Targeted Value | &nbsp;&nbsp; 54421 | &nbsp;&nbsp; 85831 | &nbsp;&nbsp; (22655)<br>| &nbsp;&nbsp; 117597 | &nbsp;&nbsp; 21819 |  | &nbsp;&nbsp; (39732)<br>| &nbsp;&nbsp; 99684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance VT Floating-<br> Rate Income Initial Share <br> Class<br>| &nbsp;&nbsp; 3503395 | &nbsp;&nbsp; 1962784 | &nbsp;&nbsp; (995066)<br>| &nbsp;&nbsp; 4471113 | &nbsp;&nbsp; 2818339 |  | &nbsp;&nbsp; (1657145)<br>| &nbsp;&nbsp; 5632307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Emerging <br> Markets Initial Class<br>| &nbsp;&nbsp; 61853 | &nbsp;&nbsp; 22495 | &nbsp;&nbsp; (18720)<br>| &nbsp;&nbsp; 65628 | &nbsp;&nbsp; 107356 |  | &nbsp;&nbsp; (18776)<br>| &nbsp;&nbsp; 154208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Emerging <br> Markets Service Class 2<br>| &nbsp;&nbsp; 1526181 | &nbsp;&nbsp; 672760 | &nbsp;&nbsp; (468350)<br>| &nbsp;&nbsp; 1730591 | &nbsp;&nbsp; 728223 |  | &nbsp;&nbsp; (502994)<br>| &nbsp;&nbsp; 1955820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Energy Service <br> Class 2<br>| &nbsp;&nbsp; 554193 | &nbsp;&nbsp; 414976 | &nbsp;&nbsp; (334536)<br>| &nbsp;&nbsp; 634633 | &nbsp;&nbsp; 388653 |  | &nbsp;&nbsp; (266315)<br>| &nbsp;&nbsp; 756971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP International <br> Capital Appreciation <br> Initial Class<br>| &nbsp;&nbsp; 43259 | &nbsp;&nbsp; 13891 | &nbsp;&nbsp; (9281)<br>| &nbsp;&nbsp; 47869 | &nbsp;&nbsp; 31574 |  | &nbsp;&nbsp; (36208)<br>| &nbsp;&nbsp; 43235 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(4) UNIT ACTIVITY - continued**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units**<br> **Outstanding** <br> **at**<br> **January 1,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Issued**<br> **as a**<br> **result of**<br> **merger**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP International <br> Capital Appreciation <br> Service Class 2<br>| &nbsp;&nbsp; 3252152 | &nbsp;&nbsp; 1706129 | &nbsp;&nbsp; (1054146)<br>| &nbsp;&nbsp; 3904135 | &nbsp;&nbsp; 1661119 |  | &nbsp;&nbsp; (868539)<br>| &nbsp;&nbsp; 4696715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Value Initial <br> Class<br>| &nbsp;&nbsp; 94106 | &nbsp;&nbsp; 9498 | &nbsp;&nbsp; (62129)<br>| &nbsp;&nbsp; 41475 | &nbsp;&nbsp; 18186 |  | &nbsp;&nbsp; (12513)<br>| &nbsp;&nbsp; 47148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Value Service <br> Class 2<br>| &nbsp;&nbsp; 1326147 | &nbsp;&nbsp; 925656 | &nbsp;&nbsp; (463934)<br>| &nbsp;&nbsp; 1787869 | &nbsp;&nbsp; 931519 |  | &nbsp;&nbsp; (614357)<br>| &nbsp;&nbsp; 2105031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Small Cap Value <br> VIP Class 2<br>| &nbsp;&nbsp; 1061353 | &nbsp;&nbsp; 616005 | &nbsp;&nbsp; (368598)<br>| &nbsp;&nbsp; 1308760 | &nbsp;&nbsp; 432581 |  | &nbsp;&nbsp; (369038)<br>| &nbsp;&nbsp; 1372303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Core <br> Fixed Income Service <br> Shares<br>| &nbsp;&nbsp; 4532435 | &nbsp;&nbsp; 2730659 | &nbsp;&nbsp; (1242446)<br>| &nbsp;&nbsp; 6020648 | &nbsp;&nbsp; 2695489 |  | &nbsp;&nbsp; (1277267)<br>| &nbsp;&nbsp; 7438870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Small <br> Cap Equity Insights <br> Service Shares<br>| &nbsp;&nbsp; 639976 | &nbsp;&nbsp; 332389 | &nbsp;&nbsp; (185107)<br>| &nbsp;&nbsp; 787258 | &nbsp;&nbsp; 540647 |  | &nbsp;&nbsp; (243798)<br>| &nbsp;&nbsp; 1084107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Enterprise <br> Institutional Class<br>| &nbsp;&nbsp; 63380 | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; (9195)<br>| &nbsp;&nbsp; 55386 | &nbsp;&nbsp; 3432 |  | &nbsp;&nbsp; (17482)<br>| &nbsp;&nbsp; 41336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT <br> Enterprise Service Class<br>| &nbsp;&nbsp; 1247398 | &nbsp;&nbsp; 1094069 | &nbsp;&nbsp; (465299)<br>| &nbsp;&nbsp; 1876168 | &nbsp;&nbsp; 808804 |  | &nbsp;&nbsp; (540062)<br>| &nbsp;&nbsp; 2144910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty <br> Service Class<br>| &nbsp;&nbsp; 4431383 | &nbsp;&nbsp; 2046846 | &nbsp;&nbsp; (1439490)<br>| &nbsp;&nbsp; 5038739 | &nbsp;&nbsp; 2258056 |  | &nbsp;&nbsp; (1613186)<br>| &nbsp;&nbsp; 5683609 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond <br> Trust Series I<br>| &nbsp;&nbsp; 79295 | &nbsp;&nbsp; 6119 | &nbsp;&nbsp; (14472)<br>| &nbsp;&nbsp; 70942 | &nbsp;&nbsp; 77148 |  | &nbsp;&nbsp; (8158)<br>| &nbsp;&nbsp; 139932 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond <br> Trust Series II<br>| &nbsp;&nbsp; 1870005 | &nbsp;&nbsp; 1503232 | &nbsp;&nbsp; (687965)<br>| &nbsp;&nbsp; 2685272 | &nbsp;&nbsp; 2387263 |  | &nbsp;&nbsp; (754784)<br>| &nbsp;&nbsp; 4317751 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock International <br> Equity Index Trust B <br> Series I<br>| &nbsp;&nbsp; 13659 | &nbsp;&nbsp; 14039 | &nbsp;&nbsp; (12188)<br>| &nbsp;&nbsp; 15510 | &nbsp;&nbsp; 7218 |  | &nbsp;&nbsp; (7314)<br>| &nbsp;&nbsp; 15414 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock International <br> Small Company Trust <br> Series II<br>| &nbsp;&nbsp; 188394 | &nbsp;&nbsp; 91657 | &nbsp;&nbsp; (47702)<br>| &nbsp;&nbsp; 232349 | &nbsp;&nbsp; 105688 |  | &nbsp;&nbsp; (69864)<br>| &nbsp;&nbsp; 268173 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic <br> Income Opportunities <br> Trust Series I<br>| &nbsp;&nbsp; 58517 | &nbsp;&nbsp; 5111 | &nbsp;&nbsp; (7849)<br>| &nbsp;&nbsp; 55779 | &nbsp;&nbsp; 16451 |  | &nbsp;&nbsp; (22377)<br>| &nbsp;&nbsp; 49853 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic <br> Income Opportunities <br> Trust Series II<br>| &nbsp;&nbsp; 2472169 | &nbsp;&nbsp; 1355156 | &nbsp;&nbsp; (703121)<br>| &nbsp;&nbsp; 3124204 | &nbsp;&nbsp; 2069473 |  | &nbsp;&nbsp; (965011)<br>| &nbsp;&nbsp; 4228666 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Blended Research Core <br> Equity Initial Class<br>| &nbsp;&nbsp; 64115 | &nbsp;&nbsp; 7479 | &nbsp;&nbsp; (27032)<br>| &nbsp;&nbsp; 44562 | &nbsp;&nbsp; 123555 |  | &nbsp;&nbsp; (12896)<br>| &nbsp;&nbsp; 155221 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - Core Equity <br> Service Class<br>| &nbsp;&nbsp; 1766367 | &nbsp;&nbsp; 919776 | &nbsp;&nbsp; (546342)<br>| &nbsp;&nbsp; 2139801 | &nbsp;&nbsp; 517567 |  | &nbsp;&nbsp; (450260)<br>| &nbsp;&nbsp; 2207108 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Global Real <br> Estate Service Class<br>| &nbsp;&nbsp; 391182 | &nbsp;&nbsp; 206165 | &nbsp;&nbsp; (88841)<br>| &nbsp;&nbsp; 508506 | &nbsp;&nbsp; 208627 |  | &nbsp;&nbsp; (126183)<br>| &nbsp;&nbsp; 590950 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Corporate Bond Initial <br> Class<br>| &nbsp;&nbsp; 22205 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; (398)<br>| &nbsp;&nbsp; 22992 | &nbsp;&nbsp; 31335 |  | &nbsp;&nbsp; (5549)<br>| &nbsp;&nbsp; 48778 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III - MFS® <br> Global Real Estate Initial <br> Class<br>| &nbsp;&nbsp; 10016 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; (3251)<br>| &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 3043 |  | &nbsp;&nbsp; (3223)<br>| &nbsp;&nbsp; 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> International Intrinsic <br> Value Initial Class<br>| &nbsp;&nbsp; 23598 | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; (5850)<br>| &nbsp;&nbsp; 18997 | &nbsp;&nbsp; 2711 |  | &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp; 20745 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(4) UNIT ACTIVITY - continued**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units**<br> **Outstanding** <br> **at**<br> **January 1,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Issued**<br> **as a**<br> **result of**<br> **merger**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III - MFS® Mid <br> Cap Value Initial Class<br>| &nbsp;&nbsp; 51261 | &nbsp;&nbsp; 2292 | &nbsp;&nbsp; (16251)<br>| &nbsp;&nbsp; 37302 | &nbsp;&nbsp; 33603 |  | &nbsp;&nbsp; (17726)<br>| &nbsp;&nbsp; 53179 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Mid Cap <br> Value Service Class<br>| &nbsp;&nbsp; 552925 | &nbsp;&nbsp; 342345 | &nbsp;&nbsp; (173285)<br>| &nbsp;&nbsp; 721985 | &nbsp;&nbsp; 275856 |  | &nbsp;&nbsp; (157660)<br>| &nbsp;&nbsp; 840181 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - New <br> Discovery Series Service <br> Class<br>| &nbsp;&nbsp; 1651956 | &nbsp;&nbsp; 840939 | &nbsp;&nbsp; (501801)<br>| &nbsp;&nbsp; 1991094 | &nbsp;&nbsp; 670567 |  | &nbsp;&nbsp; (479303)<br>| &nbsp;&nbsp; 2182358 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® <br> Technology Initial Class<br>| &nbsp;&nbsp; 51337 | &nbsp;&nbsp; 12637 | &nbsp;&nbsp; (6907)<br>| &nbsp;&nbsp; 57067 | &nbsp;&nbsp; 22784 |  | &nbsp;&nbsp; (6423)<br>| &nbsp;&nbsp; 73428 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II Technology <br> Service Class<br>| &nbsp;&nbsp; 2411545 | &nbsp;&nbsp; 1413841 | &nbsp;&nbsp; (1025915)<br>| &nbsp;&nbsp; 2799471 | &nbsp;&nbsp; 1987528 |  | &nbsp;&nbsp; (1436883)<br>| &nbsp;&nbsp; 3350116 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT - MFS® Value <br> Initial Class<br>| &nbsp;&nbsp; 49653 | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; (18742)<br>| &nbsp;&nbsp; 37167 | &nbsp;&nbsp; 16053 |  | &nbsp;&nbsp; (21128)<br>| &nbsp;&nbsp; 32092 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT Value Series <br> Service Class<br>| &nbsp;&nbsp; 1003893 | &nbsp;&nbsp; 545754 | &nbsp;&nbsp; (295979)<br>| &nbsp;&nbsp; 1253668 | &nbsp;&nbsp; 358961 |  | &nbsp;&nbsp; (287185)<br>| &nbsp;&nbsp; 1325444 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging <br> Markets Bond <br> Institutional Class<br>| &nbsp;&nbsp; 9558 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; (880)<br>| &nbsp;&nbsp; 8825 | &nbsp;&nbsp; 2577 |  | &nbsp;&nbsp; (2794)<br>| &nbsp;&nbsp; 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging <br> Markets Bond Advisor <br> Class<br>| &nbsp;&nbsp; 192987 | &nbsp;&nbsp; 101364 | &nbsp;&nbsp; (53825)<br>| &nbsp;&nbsp; 240526 | &nbsp;&nbsp; 95637 |  | &nbsp;&nbsp; (53911)<br>| &nbsp;&nbsp; 282252 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond <br> Opportunities <br> (Unhedged) Institutional <br> Class<br>| &nbsp;&nbsp; 18538 | &nbsp;&nbsp; 2216 | &nbsp;&nbsp; (12004)<br>| &nbsp;&nbsp; 8750 | &nbsp;&nbsp; 7890 |  | &nbsp;&nbsp; (853)<br>| &nbsp;&nbsp; 15787 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond <br> Opportunities <br> (Unhedged) Advisor <br> Class<br>| &nbsp;&nbsp; 593357 | &nbsp;&nbsp; 230134 | &nbsp;&nbsp; (121685)<br>| &nbsp;&nbsp; 701806 | &nbsp;&nbsp; 398251 |  | &nbsp;&nbsp; (189689)<br>| &nbsp;&nbsp; 910368 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term <br> U.S. Government <br> Institutional Class<br>| &nbsp;&nbsp; 36958 | &nbsp;&nbsp; 10423 | &nbsp;&nbsp; (20583)<br>| &nbsp;&nbsp; 26798 | &nbsp;&nbsp; 17542 |  | &nbsp;&nbsp; (3894)<br>| &nbsp;&nbsp; 40446 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term US <br> Government Advisor <br> Class<br>| &nbsp;&nbsp; 2191689 | &nbsp;&nbsp; 1743374 | &nbsp;&nbsp; (774667)<br>| &nbsp;&nbsp; 3160396 | &nbsp;&nbsp; 2364213 |  | &nbsp;&nbsp; (1264520)<br>| &nbsp;&nbsp; 4260089 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return <br> Institutional Class<br>| &nbsp;&nbsp; 155555 | &nbsp;&nbsp; 15886 | &nbsp;&nbsp; (112994)<br>| &nbsp;&nbsp; 58447 | &nbsp;&nbsp; 18732 |  | &nbsp;&nbsp; (29507)<br>| &nbsp;&nbsp; 47672 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return <br> Advisor Class<br>| &nbsp;&nbsp; 5347956 | &nbsp;&nbsp; 3293651 | &nbsp;&nbsp; (1508486)<br>| &nbsp;&nbsp; 7133121 | &nbsp;&nbsp; 4118046 |  | &nbsp;&nbsp; (1903384)<br>| &nbsp;&nbsp; 9347783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Capital <br> Appreciation Class 2<br>| &nbsp;&nbsp; 1082627 | &nbsp;&nbsp; 1068488 | &nbsp;&nbsp; (477453)<br>| &nbsp;&nbsp; 1673662 | &nbsp;&nbsp; 1571099 |  | &nbsp;&nbsp; (656479)<br>| &nbsp;&nbsp; 2588282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Diversified <br> International<br>| &nbsp;&nbsp; 24547 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; (13620)<br>| &nbsp;&nbsp; 11016 | &nbsp;&nbsp; 2722 |  | &nbsp;&nbsp; (4257)<br>| &nbsp;&nbsp; 9481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Government & <br> High Quality Bond<br>| &nbsp;&nbsp; 56764 | &nbsp;&nbsp; 2197 | &nbsp;&nbsp; (25513)<br>| &nbsp;&nbsp; 33448 | &nbsp;&nbsp; 37084 |  | &nbsp;&nbsp; (7630)<br>| &nbsp;&nbsp; 62902 |
| Principal Small Cap | &nbsp;&nbsp; 34316 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; (8812)<br>| &nbsp;&nbsp; 26982 | &nbsp;&nbsp; 12984 |  | &nbsp;&nbsp; (16594)<br>| &nbsp;&nbsp; 23372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal VC Equity Income <br> Class 2<br>| &nbsp;&nbsp; 1625185 | &nbsp;&nbsp; 816626 | &nbsp;&nbsp; (509647)<br>| &nbsp;&nbsp; 1932164 | &nbsp;&nbsp; 458642 |  | &nbsp;&nbsp; (435084)<br>| &nbsp;&nbsp; 1955722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Putnam VT International <br> Value Class 1B<br>| &nbsp;&nbsp; 332683 | &nbsp;&nbsp; 333421 | &nbsp;&nbsp; (175601)<br>| &nbsp;&nbsp; 490503 | &nbsp;&nbsp; 306594 |  | &nbsp;&nbsp; (133046)<br>| &nbsp;&nbsp; 664051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Putnam VT Research <br> Class 1B<br>| &nbsp;&nbsp; 1211864 | &nbsp;&nbsp; 757709 | &nbsp;&nbsp; (440135)<br>| &nbsp;&nbsp; 1529438 | &nbsp;&nbsp; 880312 |  | &nbsp;&nbsp; (534819)<br>| &nbsp;&nbsp; 1874931 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(4) UNIT ACTIVITY - continued**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units**<br> **Outstanding** <br> **at**<br> **January 1,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Issued**<br> **as a**<br> **result of**<br> **merger**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP <br> Class 1<br>| &nbsp;&nbsp; 96571 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; (65501)<br>| &nbsp;&nbsp; 31820 | &nbsp;&nbsp; 2728 |  | &nbsp;&nbsp; (10707)<br>| &nbsp;&nbsp; 23841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP <br> Class 2<br>| &nbsp;&nbsp; 646872 | &nbsp;&nbsp; 266739 | &nbsp;&nbsp; (112488)<br>| &nbsp;&nbsp; 801123 | &nbsp;&nbsp; 420035 |  | &nbsp;&nbsp; (225785)<br>| &nbsp;&nbsp; 995373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive <br> Allocation<br>| &nbsp;&nbsp; 55721879 | &nbsp;&nbsp; 13250446 | &nbsp;&nbsp; (12102298)<br>| &nbsp;&nbsp; 56870027 | &nbsp;&nbsp; 11825411 |  | &nbsp;&nbsp; (12936427)<br>| &nbsp;&nbsp; 55759011 |
| Thrivent All Cap | &nbsp;&nbsp; 3705786 | &nbsp;&nbsp; 1180703 | &nbsp;&nbsp; (1029858)<br>| &nbsp;&nbsp; 3856631 | &nbsp;&nbsp; 1068488 |  | &nbsp;&nbsp; (922342)<br>| &nbsp;&nbsp; 4002777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income <br> Plus<br>| &nbsp;&nbsp; 13720078 | &nbsp;&nbsp; 2712874 | &nbsp;&nbsp; (3461513)<br>| &nbsp;&nbsp; 12971439 | &nbsp;&nbsp; 2120165 |  | &nbsp;&nbsp; (3452361)<br>| &nbsp;&nbsp; 11639243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income <br> Plus<br>| &nbsp;&nbsp; 31736293 | &nbsp;&nbsp; 5712117 | &nbsp;&nbsp; (9398647)<br>| &nbsp;&nbsp; 28049763 | &nbsp;&nbsp; 4643634 |  | &nbsp;&nbsp; (7812835)<br>| &nbsp;&nbsp; 24880562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets <br> Equity<br>| &nbsp;&nbsp; 4757505 | &nbsp;&nbsp; 1055735 | &nbsp;&nbsp; (1525570)<br>| &nbsp;&nbsp; 4287670 | &nbsp;&nbsp; 859744 |  | &nbsp;&nbsp; (1523175)<br>| &nbsp;&nbsp; 3624239 |
| Thrivent ESG Index | &nbsp;&nbsp; 2546726 | &nbsp;&nbsp; 896148 | &nbsp;&nbsp; (970121)<br>| &nbsp;&nbsp; 2472753 | &nbsp;&nbsp; 785629 |  | &nbsp;&nbsp; (734567)<br>| &nbsp;&nbsp; 2523815 |
| Thrivent Global Stock | &nbsp;&nbsp; 7960989 | &nbsp;&nbsp; 1314072 | &nbsp;&nbsp; (1757889)<br>| &nbsp;&nbsp; 7517172 | &nbsp;&nbsp; 2159735 | &nbsp;&nbsp; 1918177 | &nbsp;&nbsp; (2918395)<br>| &nbsp;&nbsp; 8676689 |
| Thrivent Government Bond | &nbsp;&nbsp; 11400069 | &nbsp;&nbsp; 4286941 | &nbsp;&nbsp; (4278760)<br>| &nbsp;&nbsp; 11408250 | &nbsp;&nbsp; 3894360 |  | &nbsp;&nbsp; (4110021)<br>| &nbsp;&nbsp; 11192589 |
| Thrivent Healthcare | &nbsp;&nbsp; 9027818 | &nbsp;&nbsp; 2738182 | &nbsp;&nbsp; (2703575)<br>| &nbsp;&nbsp; 9062425 | &nbsp;&nbsp; 2049905 |  | &nbsp;&nbsp; (2223666)<br>| &nbsp;&nbsp; 8888664 |
| Thrivent High Yield | &nbsp;&nbsp; 21116307 | &nbsp;&nbsp; 8979799 | &nbsp;&nbsp; (6205598)<br>| &nbsp;&nbsp; 23890508 | &nbsp;&nbsp; 10239231 |  | &nbsp;&nbsp; (6546115)<br>| &nbsp;&nbsp; 27583624 |
| Thrivent Income | &nbsp;&nbsp; 31357184 | &nbsp;&nbsp; 12446557 | &nbsp;&nbsp; (8800679)<br>| &nbsp;&nbsp; 35003062 | &nbsp;&nbsp; 16535707 |  | &nbsp;&nbsp; (9351595)<br>| &nbsp;&nbsp; 42187174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent International <br> Allocation<br>| &nbsp;&nbsp; 19231247 | &nbsp;&nbsp; 2946136 | &nbsp;&nbsp; (5160840)<br>| &nbsp;&nbsp; 17016543 | &nbsp;&nbsp; 2519042 |  | &nbsp;&nbsp; (4812387)<br>| &nbsp;&nbsp; 14723198 |
| Thrivent International Index | &nbsp;&nbsp; 2082068 | &nbsp;&nbsp; 1336342 | &nbsp;&nbsp; (766215)<br>| &nbsp;&nbsp; 2652195 | &nbsp;&nbsp; 1259259 |  | &nbsp;&nbsp; (734227)<br>| &nbsp;&nbsp; 3177227 |
| Thrivent Large Cap Growth | &nbsp;&nbsp; 31132638 | &nbsp;&nbsp; 12811030 | &nbsp;&nbsp; (10211135)<br>| &nbsp;&nbsp; 33732533 | &nbsp;&nbsp; 14155382 |  | &nbsp;&nbsp; (10885901)<br>| &nbsp;&nbsp; 37002014 |
| Thrivent Large Cap Index | &nbsp;&nbsp; 34904189 | &nbsp;&nbsp; 11259919 | &nbsp;&nbsp; (10634862)<br>| &nbsp;&nbsp; 35529246 | &nbsp;&nbsp; 12358202 |  | &nbsp;&nbsp; (10299270)<br>| &nbsp;&nbsp; 37588178 |
| Thrivent Large Cap Value | &nbsp;&nbsp; 15630857 | &nbsp;&nbsp; 4518586 | &nbsp;&nbsp; (5679254)<br>| &nbsp;&nbsp; 14470189 | &nbsp;&nbsp; 3300209 |  | &nbsp;&nbsp; (4333830)<br>| &nbsp;&nbsp; 13436568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity <br> Bond<br>| &nbsp;&nbsp; 28810385 | &nbsp;&nbsp; 8479101 | &nbsp;&nbsp; (11653683)<br>| &nbsp;&nbsp; 25635803 | &nbsp;&nbsp; 8399997 |  | &nbsp;&nbsp; (9466792)<br>| &nbsp;&nbsp; 24569008 |
| Thrivent Mid Cap Growth | &nbsp;&nbsp; 4602553 | &nbsp;&nbsp; 2382045 | &nbsp;&nbsp; (1433203)<br>| &nbsp;&nbsp; 5551395 | &nbsp;&nbsp; 2287826 |  | &nbsp;&nbsp; (1958819)<br>| &nbsp;&nbsp; 5880402 |
| Thrivent Mid Cap Index | &nbsp;&nbsp; 14425852 | &nbsp;&nbsp; 4706261 | &nbsp;&nbsp; (4211724)<br>| &nbsp;&nbsp; 14920389 | &nbsp;&nbsp; 5232192 |  | &nbsp;&nbsp; (4551689)<br>| &nbsp;&nbsp; 15600892 |
| Thrivent Mid Cap Stock | &nbsp;&nbsp; 16043207 | &nbsp;&nbsp; 6257473 | &nbsp;&nbsp; (3915450)<br>| &nbsp;&nbsp; 18385230 | &nbsp;&nbsp; 6556991 |  | &nbsp;&nbsp; (5129073)<br>| &nbsp;&nbsp; 19813148 |
| Thrivent Mid Cap Value | &nbsp;&nbsp; 3033500 | &nbsp;&nbsp; 1164432 | &nbsp;&nbsp; (1560747)<br>| &nbsp;&nbsp; 2637185 | &nbsp;&nbsp; 627046 |  | &nbsp;&nbsp; (958190)<br>| &nbsp;&nbsp; 2306041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate <br> Allocation<br>| &nbsp;&nbsp; 430664927 | &nbsp;&nbsp; 47736970 | &nbsp;&nbsp; (84607206)<br>| &nbsp;&nbsp; 393794691 | &nbsp;&nbsp; 46121168 |  | &nbsp;&nbsp; (94295723)<br>| &nbsp;&nbsp; 345620136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately <br> Aggressive Allocation<br>| &nbsp;&nbsp; 248038649 | &nbsp;&nbsp; 33621492 | &nbsp;&nbsp; (48932189)<br>| &nbsp;&nbsp; 232727952 | &nbsp;&nbsp; 54013716 |  | &nbsp;&nbsp; (57455186)<br>| &nbsp;&nbsp; 229286482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately <br> Conservative Allocation<br>| &nbsp;&nbsp; 263124399 | &nbsp;&nbsp; 42522155 | &nbsp;&nbsp; (75846856)<br>| &nbsp;&nbsp; 229799698 | &nbsp;&nbsp; 27235133 |  | &nbsp;&nbsp; (68344880)<br>| &nbsp;&nbsp; 188689951 |
| Thrivent Money Market | &nbsp;&nbsp; 307059506 | &nbsp;&nbsp; 296239968 | &nbsp;&nbsp; (244072489)<br>| &nbsp;&nbsp; 359226985 | &nbsp;&nbsp; 325215985 |  | &nbsp;&nbsp; (313987873)<br>| &nbsp;&nbsp; 370455097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income <br> Plus<br>| &nbsp;&nbsp; 12472929 | &nbsp;&nbsp; 2360718 | &nbsp;&nbsp; (4442357)<br>| &nbsp;&nbsp; 10391290 | &nbsp;&nbsp; 2701511 | &nbsp;&nbsp; 2747154 | &nbsp;&nbsp; (4416358)<br>| &nbsp;&nbsp; 11423597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate <br> Securities<br>| &nbsp;&nbsp; 4901671 | &nbsp;&nbsp; 1271411 | &nbsp;&nbsp; (1676356)<br>| &nbsp;&nbsp; 4496726 | &nbsp;&nbsp; 864374 |  | &nbsp;&nbsp; (1165649)<br>| &nbsp;&nbsp; 4195451 |
| Thrivent Small Cap Growth | &nbsp;&nbsp; 6217126 | &nbsp;&nbsp; 3276925 | &nbsp;&nbsp; (2101775)<br>| &nbsp;&nbsp; 7392276 | &nbsp;&nbsp; 2283628 |  | &nbsp;&nbsp; (2191031)<br>| &nbsp;&nbsp; 7484873 |
| Thrivent Small Cap Index | &nbsp;&nbsp; 14388542 | &nbsp;&nbsp; 5166200 | &nbsp;&nbsp; (4100444)<br>| &nbsp;&nbsp; 15454298 | &nbsp;&nbsp; 5492011 |  | &nbsp;&nbsp; (4741776)<br>| &nbsp;&nbsp; 16204533 |
| Thrivent Small Cap Stock | &nbsp;&nbsp; 10028935 | &nbsp;&nbsp; 4681157 | &nbsp;&nbsp; (2729887)<br>| &nbsp;&nbsp; 11980205 | &nbsp;&nbsp; 4376206 |  | &nbsp;&nbsp; (3683167)<br>| &nbsp;&nbsp; 12673244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Capital <br> Growth<br>| &nbsp;&nbsp; 47164 | &nbsp;&nbsp; 29990 | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp; 67154 | &nbsp;&nbsp; 29017 |  | &nbsp;&nbsp; (8844)<br>| &nbsp;&nbsp; 87327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF <br> International<br>| &nbsp;&nbsp; 159565 | &nbsp;&nbsp; 39865 | &nbsp;&nbsp; (99850)<br>| &nbsp;&nbsp; 99580 | &nbsp;&nbsp; 4727 |  | &nbsp;&nbsp; (38347)<br>| &nbsp;&nbsp; 65960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Short-Term <br> Investment-Grade<br>| &nbsp;&nbsp; 127188 | &nbsp;&nbsp; 50924 | &nbsp;&nbsp; (78361)<br>| &nbsp;&nbsp; 99751 | &nbsp;&nbsp; 54909 |  | &nbsp;&nbsp; (32411)<br>| &nbsp;&nbsp; 122249 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(4) UNIT ACTIVITY - continued**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units**<br> **Outstanding** <br> **at**<br> **January 1,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2023**<br>| **Units**<br> **Issued**<br>| **Units**<br> **Issued**<br> **as a**<br> **result of**<br> **merger**<br>| **Units**<br> **Redeemed**<br>| **Units**<br> **Outstanding** <br> **at**<br> **December** <br> **31,**<br> **2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Small <br> Company Growth<br>| &nbsp;&nbsp; 34252 | &nbsp;&nbsp; 8026 | &nbsp;&nbsp; (16776)<br>| &nbsp;&nbsp; 25502 | &nbsp;&nbsp; 952 |  | &nbsp;&nbsp; (4495)<br>| &nbsp;&nbsp; 21959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Bond <br> Market Index<br>| &nbsp;&nbsp; 566060 | &nbsp;&nbsp; 159410 | &nbsp;&nbsp; (215537)<br>| &nbsp;&nbsp; 509933 | &nbsp;&nbsp; 196032 |  | &nbsp;&nbsp; (235818)<br>| &nbsp;&nbsp; 470147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Stock <br> Market Index<br>| &nbsp;&nbsp; 367333 | &nbsp;&nbsp; 86472 | &nbsp;&nbsp; (130715)<br>| &nbsp;&nbsp; 323090 | &nbsp;&nbsp; 76090 |  | &nbsp;&nbsp; (111413)<br>| &nbsp;&nbsp; 287767 |

---

**(5) PURCHASES AND SALES OF INVESTMENTS**

The aggregate costs of purchases and proceeds from sales of investments in the Funds for the year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| American Funds IS® Global Growth Class 1 | &nbsp;&nbsp; $1364409  | &nbsp;&nbsp; $152575 |
| American Funds IS® Global Growth Class 4 | &nbsp;&nbsp; 20998596 | &nbsp;&nbsp; 3935159 |
| American Funds IS® Growth-Income Class 1 | &nbsp;&nbsp; 3002378 | &nbsp;&nbsp; 806313 |
| American Funds IS® Growth-Income Class 4 | &nbsp;&nbsp; 17131238 | &nbsp;&nbsp; 3427266 |
| American Funds IS® International Growth and Income Class 4 | &nbsp;&nbsp; 2798977 | &nbsp;&nbsp; 818729 |
| American Funds IS® International Class 1 | &nbsp;&nbsp; 172407 | &nbsp;&nbsp; 177822 |
| American Funds IS® International Class 4 | &nbsp;&nbsp; 1740781 | &nbsp;&nbsp; 697857 |
| BlackRock Total Return V.I. Class I | &nbsp;&nbsp; 256165 | &nbsp;&nbsp; 73214 |
| BlackRock Total Return V.I. Class III | &nbsp;&nbsp; 25408878 | &nbsp;&nbsp; 6701055 |
| DFA VA International Small Portfolio | &nbsp;&nbsp; 456870 | &nbsp;&nbsp; 34037 |
| DFA VA US Targeted Value | &nbsp;&nbsp; 507278 | &nbsp;&nbsp; 720712 |
| Eaton Vance VT Floating-Rate Income Initial Share Class | &nbsp;&nbsp; 22121868 | &nbsp;&nbsp; 4549828 |
| Fidelity® VIP Emerging Markets Initial Class | &nbsp;&nbsp; 1690335 | &nbsp;&nbsp; 272523 |
| Fidelity VIP Emerging Markets Service Class 2 | &nbsp;&nbsp; 5129337 | &nbsp;&nbsp; 2469239 |
| Fidelity VIP Energy Service Class 2 | &nbsp;&nbsp; 5885497 | &nbsp;&nbsp; 2368839 |
| Fidelity® VIP International Capital Appreciation Initial Class | &nbsp;&nbsp; 546440 | &nbsp;&nbsp; 631124 |
| Fidelity VIP International Capital Appreciation Service Class 2 | &nbsp;&nbsp; 12977870 | &nbsp;&nbsp; 2557681 |
| Fidelity® VIP Value Initial Class | &nbsp;&nbsp; 433111 | &nbsp;&nbsp; 222431 |
| Fidelity VIP Value Service Class 2 | &nbsp;&nbsp; 14692771 | &nbsp;&nbsp; 3900897 |
| Franklin Small Cap Value VIP Class 2 | &nbsp;&nbsp; 4305322 | &nbsp;&nbsp; 2810176 |
| Goldman Sachs VIT Core Fixed Income Service Shares | &nbsp;&nbsp; 15986887 | &nbsp;&nbsp; 2320596 |
| Goldman Sachs VIT Small Cap Equity Insights Service Shares | &nbsp;&nbsp; 7863013 | &nbsp;&nbsp; 1446722 |
| Janus Henderson Enterprise Institutional Class | &nbsp;&nbsp; 117188 | &nbsp;&nbsp; 366764 |
| Janus Henderson VIT Enterprise Service Class | &nbsp;&nbsp; 7806419 | &nbsp;&nbsp; 2552533 |
| Janus Henderson VIT Forty Service Class | &nbsp;&nbsp; 23112142 | &nbsp;&nbsp; 8308204 |
| John Hancock Core Bond Trust Series I | &nbsp;&nbsp; 837594 | &nbsp;&nbsp; 84495 |
| John Hancock Core Bond Trust Series II | &nbsp;&nbsp; 16504985 | &nbsp;&nbsp; 1524060 |
| John Hancock International Equity Index Trust B Series I | &nbsp;&nbsp; 102030 | &nbsp;&nbsp; 99502 |
| John Hancock International Small Company Trust Series II | &nbsp;&nbsp; 1021435 | &nbsp;&nbsp; 477386 |
| John Hancock Strategic Income Opportunities Trust Series I | &nbsp;&nbsp; 171879 | &nbsp;&nbsp; 223065 |
| John Hancock Strategic Income Opportunities Trust Series II | &nbsp;&nbsp; 13620528 | &nbsp;&nbsp; 1930054 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(5) PURCHASES AND SALES OF INVESTMENTS - continued**<br>

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II - MFS® Blended Research Core Equity Initial <br> Class<br>| &nbsp;&nbsp; 3107572 | &nbsp;&nbsp; 281781 |
| MFS® VIT II - Core Equity Service Class | &nbsp;&nbsp; 5927871 | &nbsp;&nbsp; 3494603 |
| MFS® VIT III Global Real Estate Service Class | &nbsp;&nbsp; 1612835 | &nbsp;&nbsp; 653032 |
| MFS® VIT II - MFS® Corporate Bond Initial Class | &nbsp;&nbsp; 362575 | &nbsp;&nbsp; 63037 |
| MFS® VIT III - MFS® Global Real Estate Initial Class | &nbsp;&nbsp; 42001 | &nbsp;&nbsp; 42207 |
| MFS® VIT II - MFS® International Intrinsic Value Initial Class | &nbsp;&nbsp; 59826 | &nbsp;&nbsp; 16449 |
| MFS® VIT III - MFS® Mid Cap Value Initial Class | &nbsp;&nbsp; 619117 | &nbsp;&nbsp; 313256 |
| MFS® VIT III Mid Cap Value Service Class | &nbsp;&nbsp; 3983531 | &nbsp;&nbsp; 1315235 |
| MFS® VIT - New Discovery Series Service Class | &nbsp;&nbsp; 3672299 | &nbsp;&nbsp; 1802499 |
| MFS® VIT II - MFS® Technology Initial Class | &nbsp;&nbsp; 742844 | &nbsp;&nbsp; 184247 |
| MFS® VIT II Technology Service Class | &nbsp;&nbsp; 14309682 | &nbsp;&nbsp; 5311545 |
| MFS® VIT - MFS® Value Initial Class | &nbsp;&nbsp; 320477 | &nbsp;&nbsp; 352019 |
| MFS® VIT Value Series Service Class | &nbsp;&nbsp; 4724814 | &nbsp;&nbsp; 2017490 |
| PIMCO VIT Emerging Markets Bond Institutional Class | &nbsp;&nbsp; 35177 | &nbsp;&nbsp; 32376 |
| PIMCO VIT Emerging Markets Bond Advisor Class | &nbsp;&nbsp; 766136 | &nbsp;&nbsp; 225279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) Institutional <br> Class<br>| &nbsp;&nbsp; 81390 | &nbsp;&nbsp; 9043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) Advisor <br> Class<br>| &nbsp;&nbsp; 2778867 | &nbsp;&nbsp; 680393 |
| PIMCO VIT Long-Term U.S. Government Institutional Class | &nbsp;&nbsp; 163200 | &nbsp;&nbsp; 34845 |
| PIMCO VIT Long-Term US Government Advisor Class | &nbsp;&nbsp; 10475590 | &nbsp;&nbsp; 3281486 |
| PIMCO VIT Real Return Institutional Class | &nbsp;&nbsp; 224043 | &nbsp;&nbsp; 334163 |
| PIMCO VIT Real Return Advisor Class | &nbsp;&nbsp; 25761879 | &nbsp;&nbsp; 3037569 |
| Principal Capital Appreciation Class 2 | &nbsp;&nbsp; 21078736 | &nbsp;&nbsp; 3092474 |
| Principal Diversified International | &nbsp;&nbsp; 42603 | &nbsp;&nbsp; 58126 |
| Principal Government & High Quality Bond | &nbsp;&nbsp; 371081 | &nbsp;&nbsp; 75160 |
| Principal Small Cap | &nbsp;&nbsp; 211887 | &nbsp;&nbsp; 268647 |
| Principal VC Equity Income Class 2 | &nbsp;&nbsp; 4799788 | &nbsp;&nbsp; 3801336 |
| Putnam VT International Value Class 1B | &nbsp;&nbsp; 3627803 | &nbsp;&nbsp; 814357 |
| Putnam VT Research Class 1B | &nbsp;&nbsp; 9963227 | &nbsp;&nbsp; 3697730 |
| Templeton Global Bond VIP Class 1 | &nbsp;&nbsp; 22602 | &nbsp;&nbsp; 91486 |
| Templeton Global Bond VIP Class 2 | &nbsp;&nbsp; 2063108 | &nbsp;&nbsp; 547648 |
| Thrivent Aggressive Allocation | &nbsp;&nbsp; 216184799 | &nbsp;&nbsp; 237382545 |
| Thrivent All Cap | &nbsp;&nbsp; 23158313 | &nbsp;&nbsp; 26059020 |
| Thrivent Balanced Income Plus | &nbsp;&nbsp; 37479656 | &nbsp;&nbsp; 67842942 |
| Thrivent Diversified Income Plus | &nbsp;&nbsp; 67115996 | &nbsp;&nbsp; 127621487 |
| Thrivent Emerging Markets Equity | &nbsp;&nbsp; 12741017 | &nbsp;&nbsp; 16852636 |
| Thrivent ESG Index | &nbsp;&nbsp; 10233202 | &nbsp;&nbsp; 9518495 |
| Thrivent Global Stock | &nbsp;&nbsp; 76506806 | &nbsp;&nbsp; 50161963 |
| Thrivent Government Bond | &nbsp;&nbsp; 33306939 | &nbsp;&nbsp; 35912412 |
| Thrivent Healthcare | &nbsp;&nbsp; 32974237 | &nbsp;&nbsp; 46387405 |
| Thrivent High Yield | &nbsp;&nbsp; 99770769 | &nbsp;&nbsp; 50424371 |
| Thrivent Income | &nbsp;&nbsp; 142833562 | &nbsp;&nbsp; 58194885 |
| Thrivent International Allocation | &nbsp;&nbsp; 24359620 | &nbsp;&nbsp; 50654314 |
| Thrivent International Index | &nbsp;&nbsp; 14399149 | &nbsp;&nbsp; 6782042 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(5) PURCHASES AND SALES OF INVESTMENTS - continued**<br>

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases** | **Sales** |
| Thrivent Large Cap Growth | &nbsp;&nbsp; 270218294 | &nbsp;&nbsp; 217397229 |
| Thrivent Large Cap Index | &nbsp;&nbsp; 207937295 | &nbsp;&nbsp; 238555307 |
| Thrivent Large Cap Value | &nbsp;&nbsp; 64774995 | &nbsp;&nbsp; 101413516 |
| Thrivent Limited Maturity Bond | &nbsp;&nbsp; 62949108 | &nbsp;&nbsp; 73461005 |
| Thrivent Mid Cap Growth | &nbsp;&nbsp; 19665992 | &nbsp;&nbsp; 16800050 |
| Thrivent Mid Cap Index | &nbsp;&nbsp; 90161042 | &nbsp;&nbsp; 103728362 |
| Thrivent Mid Cap Stock | &nbsp;&nbsp; 89719854 | &nbsp;&nbsp; 98735389 |
| Thrivent Mid Cap Value | &nbsp;&nbsp; 8457442 | &nbsp;&nbsp; 13949483 |
| Thrivent Moderate Allocation | &nbsp;&nbsp; 884983232 | &nbsp;&nbsp; 1648673977 |
| Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 840413898 | &nbsp;&nbsp; 1015011843 |
| Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 294308986 | &nbsp;&nbsp; 928674698 |
| Thrivent Money Market | &nbsp;&nbsp; 225040614 | &nbsp;&nbsp; 197666484 |
| Thrivent Opportunity Income Plus | &nbsp;&nbsp; 68372769 | &nbsp;&nbsp; 50583822 |
| Thrivent Real Estate Securities | &nbsp;&nbsp; 17255581 | &nbsp;&nbsp; 23745642 |
| Thrivent Small Cap Growth | &nbsp;&nbsp; 20372497 | &nbsp;&nbsp; 21403103 |
| Thrivent Small Cap Index | &nbsp;&nbsp; 81977508 | &nbsp;&nbsp; 98041119 |
| Thrivent Small Cap Stock | &nbsp;&nbsp; 63810420 | &nbsp;&nbsp; 70415765 |
| Vanguard® VIF Capital Growth | &nbsp;&nbsp; 710870 | &nbsp;&nbsp; 221419 |
| Vanguard® VIF International | &nbsp;&nbsp; 123288 | &nbsp;&nbsp; 620218 |
| Vanguard® VIF Short-Term Investment-Grade | &nbsp;&nbsp; 622986 | &nbsp;&nbsp; 342608 |
| Vanguard® VIF Small Company Growth | &nbsp;&nbsp; 16719 | &nbsp;&nbsp; 76411 |
| Vanguard® VIF Total Bond Market Index | &nbsp;&nbsp; 2079173 | &nbsp;&nbsp; 2320845 |
| Vanguard® VIF Total Stock Market Index | &nbsp;&nbsp; 2232322 | &nbsp;&nbsp; 2402242 |

---

**(6) FINANCIAL HIGHLIGHTS**

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2024, except as indicated in Note 1, follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **American Funds IS®** <br> **Global Growth Class 1**<br>|  |  |  |  |  |
| Units (a) | 71994 | 14431 | 17240 | 36233 | 36615 |
| Unit value | $20.93 | $18.51 | $15.17 | $20.26 | $17.48 |
| Net assets | $1507097 | $267421 | $261836 | $734318 | $640526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 2.61<br> %<br>| 1.08<br> %<br>| 0.67<br> %<br>| 0.58<br> %<br>| 0.52<br> %<br>|
| Total return (d) | 13.08<br> %<br>| 21.99<br> %<br>| (25.10)<br> %<br>| 15.85<br> %<br>| 29.80<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **American Funds IS®** <br> **Global Growth Class 4**<br>|  |  |  |  |  |
| Units (a) | 4821876 | 3762104 | 3226559 | 2001793 | 459264 |
| Unit value | $14.50-$14.31  | $12.91-$12.78  | $10.66-$10.58  | $14.33-$14.27  | $12.46-$12.44  |
| Net assets | $68977521  | $48065408  | $34131006  | $28557768  | $5712550  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.45<br> %<br>| 0.74<br> %<br>| 0.50<br> %<br>| 0.19<br> %<br>| 0.03<br> %<br>|
| Total return (d) (4) | 11.97 - 12.31<br> %<br>| 20.78 - 21.14<br> %<br>| (25.85) - (25.63)<br> %<br>| 14.69 - 15.04<br> %<br>| 24.38 - 24.57<br> %<br>|
| **American Funds IS®** <br> **Growth-Income** <br> **Class 1**<br>|  |  |  |  |  |
| Units (a) | 152091 | 62822 | 62586 | 69963 | 49596 |
| Unit value | $24.53 | $19.84 | $15.81 | $19.03 | $15.41 |
| Net assets | $3730354  | $1246608  | $989395 | $1331148  | $764147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 2.04<br> %<br>| 1.63<br> %<br>| 1.54<br> %<br>| 1.51<br> %<br>| 1.65<br> %<br>|
| Total return (d) | 23.60<br> %<br>| 25.52<br> %<br>| (16.91)<br> %<br>| 23.49<br> %<br>| 12.96<br> %<br>|
| **American Funds IS®** <br> **Growth-Income** <br> **Class 4**<br>|  |  |  |  |  |
| Units (a) | 3482981 | 2810613 | 2343154 | 1263016 | 474948 |
| Unit value | $18.15-$17.90  | $14.78-$14.63  | $11.86-$11.77  | $14.38-$14.31  | $11.72-$11.71  |
| Net assets | $62353993  | $41119381  | $27586033  | $18076077  | $5559670  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.00<br> %<br>| 1.27<br> %<br>| 1.31<br> %<br>| 1.16<br> %<br>| 1.56<br> %<br>|
| Total return (d) (4) | 22.37 - 22.74<br> %<br>| 24.27 - 24.64<br> %<br>| (17.74) - (17.49)<br> %<br>| 22.26 - 22.63<br> %<br>| 17.06 - 17.24<br> %<br>|
| **American Funds IS®** <br> **International Growth** <br> **and Income Class 4**<br>|  |  |  |  |  |
| Units (a) | 829389 | 684339 | 542731 | 335829 | 90952 |
| Unit value | $12.66-$12.49  | $12.40-$12.27  | $10.82-$10.74  | $12.93-$12.87  | $12.42-$12.40  |
| Net assets | $10359486  | $8395304  | $5828889  | $4323192  | $1128128  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.48<br> %<br>| 2.59<br> %<br>| 3.37<br> %<br>| 4.11<br> %<br>| 1.95<br> %<br>|
| Total return (d) (4) | 1.82 -<br> 2.12%<br>| 14.23 - 14.57<br> %<br>| (16.57) - (16.32)<br> %<br>| 3.79 -<br> 4.10%<br>| 24.04 - 24.22<br> %<br>|
| **American Funds IS®** <br> **International Class 1**<br>|  |  |  |  |  |
| Units (a) | 47651 | 48470 | 48959 | 43709 | 94691 |
| Unit value | $12.18 | $11.87 | $10.30 | $13.06 | $13.32 |
| Net assets | $580257 | $575178 | $504085 | $570837 | $1261546  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 1.45<br> %<br>| 1.57<br> %<br>| 2.07<br> %<br>| 2.10<br> %<br>| 0.90<br> %<br>|
| Total return (d) | 2.62<br> %<br>| 15.25<br> %<br>| (21.16)<br> %<br>| (1.97)<br> %<br>| 13.42<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **American Funds IS®** <br> **International Class 4**<br>|  |  |  |  |  |
| Units (a) | 545725 | 456850 | 407702 | 252971 | 80030 |
| Unit value | $11.36-$11.20  | $11.14-$11.02  | $9.73-$9.66  | $12.44-$12.38  | $12.78-$12.76  |
| Net assets | $6113535  | $5035301  | $3937410  | $3132211  | $1020861  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.04<br> %<br>| 1.16<br> %<br>| 1.78<br> %<br>| 3.34<br> %<br>| 0.62<br> %<br>|
| Total return (d) (4) | 1.64 - 1.95<br> %<br>| 14.13 - 14.47<br> %<br>| (22.00) - (21.77)<br> %<br>| (2.93) - (2.64)<br> %<br>| 27.56 - 27.75<br> %<br>|
| **BlackRock Total Return** <br> **V.I. Class I**<br>|  |  |  |  |  |
| Units (a) | 54902 | 38581 | 14841 | 14684 | 21410 |
| Unit value | $10.31 | $10.24 | $9.75 | $11.43 | $11.68 |
| Net assets | $563816 | $393977 | $144379 | $167772 | $249847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 4.31<br> %<br>| 3.63<br> %<br>| 2.21<br> %<br>| 1.82<br> %<br>| 2.15<br> %<br>|
| Total return (d) | 0.62<br> %<br>| 5.04<br> %<br>| (14.69)<br> %<br>| (2.17)<br> %<br>| 8.07<br> %<br>|
| **BlackRock Total Return** <br> **V.I. Class III**<br>|  |  |  |  |  |
| Units (a) | 11459091 | 9608817 | 7742673 | 4819795 | 1117776 |
| Unit value | $8.85-$8.73  | $8.83-$8.74  | $8.46-$8.39  | $9.96-$9.91  | $10.23-$10.21  |
| Net assets | $99675663  | $83725566  | $64807476  | $47740662  | $11399787  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 3.98<br> %<br>| 3.51<br> %<br>| 1.90<br> %<br>| 1.23<br> %<br>| 0.62<br> %<br>|
| Total return (d) (4) | (0.13) - 0.17<br> %<br>| 4.11 -<br> 4.42%<br>| (15.33) - (15.08)<br> %<br>| (2.92) - (2.62)<br> %<br>| 2.12 -<br> 2.27%<br>|
| **DFA VA International** <br> **Small Portfolio**<br>|  |  |  |  |  |
| Units (a) | 48390 | 19109 | 18064 | 25610 | 30595 |
| Unit value | $12.86 | $12.49 | $11.02 | $13.49 | $11.86 |
| Net assets | $622527 | $238590 | $199138 | $345392 | $362877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 5.18<br> %<br>| 3.24<br> %<br>| 2.25<br> %<br>| 2.61<br> %<br>| 1.93<br> %<br>|
| Total return (d) | 3.04<br> %<br>| 13.26<br> %<br>| (18.26)<br> %<br>| 13.71<br> %<br>| 8.59<br> %<br>|
| **DFA VA US Targeted** <br> **Value**<br>|  |  |  |  |  |
| Units (a) | 99684 | 117597 | 54421 | 182156 | 91976 |
| Unit value | $19.37 | $18.05 | $15.15 | $15.93 | $11.49 |
| Net assets | $1931021  | $2122543  | $824549 | $2902558  | $1057200  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 1.27<br> %<br>| 2.36<br> %<br>| 0.55<br> %<br>| 2.15<br> %<br>| 1.75<br> %<br>|
| Total return (d) | 7.32<br> %<br>| 19.14<br> %<br>| (4.93)<br> %<br>| 38.64<br> %<br>| 3.20<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Eaton Vance VT Floating-**<br> **Rate Income Initial** <br> **Share Class**<br>|  |  |  |  |  |
| Units (a) | 5632307 | 4471113 | 3503395 | 1323842 | 129617 |
| Unit value | $12.30-$12.13  | $11.53-$11.41  | $10.47-$10.39  | $10.86-$10.81  | $10.59-$10.57  |
| Net assets | $68339105  | $51018053  | $36395320  | $14317533  | $1370342  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 7.68<br> %<br>| 8.22<br> %<br>| 4.96<br> %<br>| 2.85<br> %<br>| 1.51<br> %<br>|
| Total return (d) (4) | 6.33 - 6.65<br> %<br>| 9.83 -<br> 10.16%<br>| (3.94) -<br> (3.65)%<br>| 2.31 -<br> 2.62%<br>| 5.70 -<br> 5.86%<br>|
| **Fidelity® VIP Emerging** <br> **Markets Initial Class**<br>|  |  |  |  |  |
| Units (a) | 154208 | 65628 | 61853 | 64683 | 85757 |
| Unit value | $14.85 | $13.58 | $12.45 | $15.68 | $16.14 |
| Net assets | $2287988  | $889269 | $768760 | $1012454  | $1382046  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Investment income ratio (c) | 2.42<br> %<br>| 2.30<br> %<br>| 1.66<br> %<br>| 2.06<br> %<br>| 0.82<br> %<br>|
| Total return (d) | 9.37<br> %<br>| 9.01<br> %<br>| (20.59)<br> %<br>| (2.83)<br> %<br>| 30.48<br> %<br>|
| **Fidelity VIP Emerging** <br> **Markets Service** <br> **Class 2**<br>|  |  |  |  |  |
| Units (a) | 1955820 | 1730591 | 1526181 | 937607 | 178851 |
| Unit value | $12.26-$12.10  | $11.29-$11.17  | $10.40-$10.33  | $13.19-$13.13  | $13.65-$13.63  |
| Net assets | $23659824  | $19324866  | $15760125  | $12312593  | $2436975  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.28<br> %<br>| 2.15<br> %<br>| 1.88<br> %<br>| 3.15<br> %<br>| 0.85<br> %<br>|
| Total return (d) (4) | 8.33 - 8.66<br> %<br>| 8.13 -<br> 8.46%<br>| (21.36) - (21.12)<br> %<br>| (3.62) - (3.33)<br> %<br>| 36.26 - 36.46<br> %<br>|
| **Fidelity VIP Energy** <br> **Service Class 2**<br>|  |  |  |  |  |
| Units (a) | 756971 | 634633 | 554193 | 193497 | 62473 |
| Unit value | $27.44-$27.07  | $26.63-$26.35  | $26.70-$26.50  | $16.55-$16.47  | $10.79-$10.77  |
| Net assets | $20491101  | $16724953  | $14685402  | $3187690  | $673078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.16<br> %<br>| 2.47<br> %<br>| 2.78<br> %<br>| 2.85<br> %<br>| 4.36<br> %<br>|
| Total return (d) (4) | 2.72 - 3.03<br> %<br>| (0.55) - (0.25)<br> %<br>| 60.85 -<br> 61.33%<br>| 52.91 -<br> 53.37%<br>| 7.74 -<br> 7.90%<br>|
| **Fidelity® VIP** <br> **International Capital** <br> **Appreciation Initial** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 43235 | 47869 | 43259 | 43837 | 35204 |
| Unit value | $17.49 | $16.27 | $12.84 | $17.54 | $15.71 |
| Net assets | $756338 | $778698 | $555236 | $769052 | $553046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Investment income ratio (c) | 0.85<br> %<br>| 0.43<br> %<br>| 0.30<br> %<br>| 0.00<br> %<br>| 0.28<br> %<br>|
| Total return (d) | 7.54<br> %<br>| 26.74<br> %<br>| (26.84)<br> %<br>| 11.67<br> %<br>| 21.50<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Fidelity VIP International** <br> **Capital Appreciation** <br> **Service Class 2**<br>|  |  |  |  |  |
| Units (a) | 4696715 | 3904135 | 3252152 | 1705920 | 411670 |
| Unit value | $13.40-$13.22  | $12.54-$12.41  | $9.95-$9.88  | $13.68-$13.62  | $12.32-$12.30  |
| Net assets | $62095473  | $48433953  | $32121161  | $23235598  | $5064332  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.65<br> %<br>| 0.17<br> %<br>| 0.11<br> %<br>| 0.00<br> %<br>| 0.25<br> %<br>|
| Total return (d) (4) | 6.57 -<br> 6.89%<br>| 25.60 - 25.98<br> %<br>| (27.48) - (27.27)<br> %<br>| 10.72 -<br> 11.05%<br>| 23.02 - 23.21<br> %<br>|
| **Fidelity® VIP Value Initial** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 47148 | 41475 | 94106 | 36332 | 29117 |
| Unit value | $20.84 | $18.82 | $15.81 | $16.59 | $12.82 |
| Net assets | $982465 | $780699 | $1487636  | $602568 | $373257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Investment income ratio (c) | 1.31<br> %<br>| 0.86<br> %<br>| 2.35<br> %<br>| 1.86<br> %<br>| 1.56<br> %<br>|
| Total return (d) | 10.70<br> %<br>| 19.07<br> %<br>| (4.68)<br> %<br>| 29.38<br> %<br>| 5.62<br> %<br>|
| **Fidelity VIP Value Service** <br> **Class 2**<br>|  |  |  |  |  |
| Units (a) | 2105031 | 1787869 | 1326147 | 517398 | 130177 |
| Unit value | $20.83-$20.55  | $18.93-$18.74  | $16.00-$15.88  | $16.88-$16.80  | $13.13-$13.11  |
| Net assets | $43263053  | $33497468  | $21058086  | $8691844  | $1707050  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.28<br> %<br>| 1.25<br> %<br>| 1.69<br> %<br>| 2.17<br> %<br>| 1.76<br> %<br>|
| Total return (d) (4) | 9.69 -<br> 10.03%<br>| 17.99 - 18.34<br> %<br>| (5.48) -<br> (5.19)%<br>| 28.11 -<br> 28.49%<br>| 31.13 - 31.33<br> %<br>|
| **Franklin Small Cap Value** <br> **VIP Class 2**<br>|  |  |  |  |  |
| Units (a) | 1372303 | 1308760 | 1061353 | 627010 | 152184 |
| Unit value | $17.54-$17.30  | $15.85-$15.68  | $14.19-$14.08  | $15.93-$15.86  | $12.83-$12.81  |
| Net assets | $23740186  | $20525471  | $14948896  | $9942902  | $1949191  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.91<br> %<br>| 0.53<br> %<br>| 0.97<br> %<br>| 0.97<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 10.31 -<br> 10.64%<br>| 11.35 - 11.68<br> %<br>| (11.18) - (10.91)<br> %<br>| 23.81 -<br> 24.18%<br>| 28.08 - 28.27<br> %<br>|
| **Goldman Sachs VIT Core** <br> **Fixed Income Service** <br> **Shares**<br>|  |  |  |  |  |
| Units (a) | 7438870 | 6020648 | 4532435 | 2902428 | 714151 |
| Unit value | $8.77-$8.65  | $8.77-$8.68  | $8.37-$8.31  | $9.86-$9.81  | $10.18-$10.16  |
| Net assets | $64342075  | $52269954  | $37648278  | $28477292  | $7256760  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 3.69<br> %<br>| 2.87<br> %<br>| 1.48<br> %<br>| 1.08<br> %<br>| 0.93<br> %<br>|
| Total return (d) (4) | (0.37) - (0.07)<br> %<br>| 4.52 -<br> 4.83%<br>| (15.34) - (15.09)<br> %<br>| (3.44) - (3.15)<br> %<br>| 1.62 -<br> 1.77%<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Goldman Sachs VIT Small** <br> **Cap Equity Insights** <br> **Service Shares**<br>|  |  |  |  |  |
| Units (a) | 1084107 | 787258 | 639976 | 324002 | 66287 |
| Unit value | $17.34-$17.10  | $14.73-$14.58  | $12.50-$12.41  | $15.70-$15.63  | $12.84-$12.82  |
| Net assets | $18540955  | $11475176  | $7940373  | $5064960  | $849514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.89<br> %<br>| 0.89<br> %<br>| 0.12<br> %<br>| 0.39<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 17.33 - 17.69<br> %<br>| 17.48 - 17.83<br> %<br>| (20.63) - (20.39)<br> %<br>| 21.96 - 22.33<br> %<br>| 28.18 - 28.37<br> %<br>|
| **Janus Henderson** <br> **Enterprise Institutional** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 41336 | 55386 | 63380 | 64866 | 97240 |
| Unit value | $23.02 | $20.04 | $17.07 | $20.43 | $17.59 |
| Net assets | $951661 | $1109679  | $1081931  | $1325200  | $1710641  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Investment income ratio (c) | 0.73<br> %<br>| 0.15<br> %<br>| 0.40<br> %<br>| 0.39<br> %<br>| 0.11<br> %<br>|
| Total return (d) | 14.91<br> %<br>| 17.37<br> %<br>| (16.44)<br> %<br>| 16.13<br> %<br>| 18.76<br> %<br>|
| **Janus Henderson VIT** <br> **Enterprise Service** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 2144910 | 1876168 | 1247398 | 752121 | 195495 |
| Unit value | $16.30-$16.08  | $14.27-$14.12  | $12.23-$12.14  | $14.73-$14.66  | $12.76-$12.74  |
| Net assets | $34493104  | $26494449  | $15144164  | $11026674  | $2490231  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.62<br> %<br>| 0.11<br> %<br>| 0.26<br> %<br>| 0.22<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 13.88 - 14.22<br> %<br>| 16.32 - 16.67<br> %<br>| (17.19) - (16.94)<br> %<br>| 15.09 - 15.44<br> %<br>| 27.38 - 27.57<br> %<br>|
| **Janus Henderson VIT** <br> **Forty Service Class**<br>|  |  |  |  |  |
| Units (a) | 5683609 | 5038739 | 4431383 | 2269317 | 492574 |
| Unit value | $17.50-$17.26  | $13.79-$13.64  | $9.97-$9.89  | $15.18-$15.11  | $12.50-$12.48  |
| Net assets | $98119813  | $68745903  | $43835296  | $34298617  | $6148759  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.01<br> %<br>| 0.13<br> %<br>| 0.06<br> %<br>| 0.48<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 26.53 - 26.92<br> %<br>| 37.92 - 38.34<br> %<br>| (34.55) - (34.35)<br> %<br>| 21.08 - 21.44<br> %<br>| 24.83 - 25.02<br> %<br>|
| **John Hancock Core Bond** <br> **Trust Series I**<br>|  |  |  |  |  |
| Units (a) | 139932 | 70942 | 79295 | 85822 | 51746 |
| Unit value | $10.39 | $10.28 | $9.76 | $11.35 | $11.64 |
| Net assets | $1453497  | $729398 | $773802 | $974407 | $602436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 3.87<br> %<br>| 2.99<br> %<br>| 2.09<br> %<br>| 2.18<br> %<br>| 2.14<br> %<br>|
| Total return (d) | 1.03<br> %<br>| 5.36<br> %<br>| (14.05)<br> %<br>| (2.48)<br> %<br>| 8.25<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **John Hancock Core Bond** <br> **Trust Series II**<br>|  |  |  |  |  |
| Units (a) | 4317751 | 2685272 | 1870005 | 1168969 | 262694 |
| Unit value | $8.80-$8.68  | $8.78-$8.68  | $8.39-$8.33  | $9.83-$9.78  | $10.15-$10.13  |
| Net assets | $37480807  | $23321148  | $15571314  | $11435576  | $2661499  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 3.59<br> %<br>| 3.21<br> %<br>| 2.36<br> %<br>| 2.24<br> %<br>| 2.42<br> %<br>|
| Total return (d) (4) | (0.05) - 0.25<br> %<br>| 4.30 -<br> 4.61%<br>| (14.88) - (14.63)<br> %<br>| (3.44) - (3.15)<br> %<br>| 1.32 -<br> 1.47%<br>|
| **John Hancock** <br> **International Equity** <br> **Index Trust B Series I**<br>|  |  |  |  |  |
| Units (a) | 15414 | 15510 | 13659 | 21173 | 15364 |
| Unit value | $13.47 | $12.91 | $11.24 | $13.48 | $12.59 |
| Net assets | $207692 | $200233 | $153542 | $285310 | $193386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.36<br> %<br>| 2.69<br> %<br>| 3.51<br> %<br>| 3.77<br> %<br>| 2.79<br> %<br>|
| Total return (d) | 4.37<br> %<br>| 14.84<br> %<br>| (16.58)<br> %<br>| 7.06<br> %<br>| 10.20<br> %<br>|
| **John Hancock** <br> **International Small** <br> **Company Trust Series** <br> **II**<br>|  |  |  |  |  |
| Units (a) | 268173 | 232349 | 188394 | 116295 | 28117 |
| Unit value | $13.28-$13.10  | $13.04-$12.90  | $11.61-$11.53  | $14.36-$14.30  | $12.78-$12.76  |
| Net assets | $3513030  | $2997954  | $2171729  | $1662478  | $358695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.56<br> %<br>| 1.93<br> %<br>| 2.09<br> %<br>| 1.53<br> %<br>| 1.65<br> %<br>|
| Total return (d) (4) | 1.53 - 1.83<br> %<br>| 11.93 - 12.27<br> %<br>| (19.36) - (19.12)<br> %<br>| 12.06 -<br> 12.39%<br>| 27.57 - 27.76<br> %<br>|
| **John Hancock Strategic** <br> **Income Opportunities** <br> **Trust Series I**<br>|  |  |  |  |  |
| Units (a) | 49853 | 55779 | 58517 | 48004 | 35367 |
| Unit value | $11.33 | $11.04 | $10.32 | $11.53 | $11.48 |
| Net assets | $564947 | $615821 | $603798 | $553411 | $405899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 2.56<br> %<br>| 3.57<br> %<br>| 3.69<br> %<br>| 3.14<br> %<br>| 1.91<br> %<br>|
| Total return (d) | 2.64<br> %<br>| 7.00<br> %<br>| (10.50)<br> %<br>| 0.45<br> %<br>| 8.05<br> %<br>|
| **John Hancock Strategic** <br> **Income Opportunities** <br> **Trust Series II**<br>|  |  |  |  |  |
| Units (a) | 4228666 | 3124204 | 2472169 | 1500673 | 215685 |
| Unit value | $10.37-$10.23  | $10.18-$10.07  | $9.58-$9.51  | $10.78-$10.73  | $10.81-$10.79  |
| Net assets | $43271298  | $31458161  | $23504782  | $16106225  | $2327734  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.59<br> %<br>| 3.56<br> %<br>| 3.83<br> %<br>| 4.71<br> %<br>| 1.73<br> %<br>|
| Total return (d) (4) | 1.63 - 1.93<br> %<br>| 5.90 -<br> 6.22%<br>| (11.41) - (11.15)<br> %<br>| (0.55) - (0.25)<br> %<br>| 7.92 -<br> 8.09%<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **MFS® VIT II - MFS®** <br> **Blended Research Core** <br> **Equity Initial Class**<br>|  |  |  |  |  |
| Units (a) | 155221 | 44562 | 64115 | 13871 | 13235 |
| Unit value | $25.83 | $20.68 | $16.17 | $19.35 | $15.01 |
| Net assets | $4008664  | $921608 | $1036857  | $268398 | $198703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.04<br> %<br>| 1.20<br> %<br>| 1.42<br> %<br>| 1.29<br> %<br>| 1.65<br> %<br>|
| Total return (d) | 24.87<br> %<br>| 27.89<br> %<br>| (16.42)<br> %<br>| 28.88<br> %<br>| 14.76<br> %<br>|
| **MFS® VIT II - Core** <br> **Equity Service Class**<br>|  |  |  |  |  |
| Units (a) | 2207108 | 2139801 | 1766367 | 822895 | 148578 |
| Unit value | $17.69-$17.45  | $14.90-$14.74  | $12.25-$12.16  | $14.99-$14.92  | $12.10-$12.08  |
| Net assets | $38519127  | $31548809  | $21474787  | $12276626  | $1794795  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.39<br> %<br>| 0.33<br> %<br>| 0.10<br> %<br>| 0.33<br> %<br>| 0.20<br> %<br>|
| Total return (d) (4) | 18.37 -<br> 18.73%<br>| 21.27 - 21.64<br> %<br>| (18.51) - (18.26)<br> %<br>| 23.50 - 23.87<br> %<br>| 20.80 - 20.98<br> %<br>|
| **MFS® VIT III Global Real** <br> **Estate Service Class**<br>|  |  |  |  |  |
| Units (a) | 590950 | 508506 | 391182 | 186083 | 39461 |
| Unit value | $11.40-$11.24  | $11.85-$11.73  | $10.76-$10.68  | $14.91-$14.84  | $11.59-$11.57  |
| Net assets | $6645143  | $5964960  | $4178162  | $2762005  | $456663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.47<br> %<br>| 0.49<br> %<br>| 1.30<br> %<br>| 1.28<br> %<br>| 0.16<br> %<br>|
| Total return (d) (4) | (4.14) - (3.85)<br> %<br>| 9.83 - 10.15<br> %<br>| (28.04) - (27.82)<br> %<br>| 28.26 - 28.64<br> %<br>| 15.73 - 15.90<br> %<br>|
| **MFS® VIT II - MFS®** <br> **Corporate Bond Initial** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 48778 | 22992 | 22205 | 25791 | 23218 |
| Unit value | $11.22 | $10.95 | $10.09 | $12.12 | $12.35 |
| Net assets | $547472 | $251803 | $223992 | $312601 | $286838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 3.39<br> %<br>| 3.98<br> %<br>| 3.32<br> %<br>| 2.61<br> %<br>| 3.35<br> %<br>|
| Total return (d) | 2.48<br> %<br>| 8.57<br> %<br>| (16.77)<br> %<br>| (1.89)<br> %<br>| 10.02<br> %<br>|
| **MFS® VIT III - MFS®** <br> **Global Real Estate** <br> **Initial Class**<br>|  |  |  |  |  |
| Units (a) | 7395 | 7575 | 10016 | 10457 | 9382 |
| Unit value | $13.15 | $13.58 | $12.25 | $16.85 | $13.01 |
| Net assets | $97257 | $102896 | $122674 | $176175 | $122082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.96<br> %<br>| 0.86<br> %<br>| 1.67<br> %<br>| 1.52<br> %<br>| 4.78<br> %<br>|
| Total return (d) | (3.18)<br> %<br>| 10.90<br> %<br>| (27.30)<br> %<br>| 29.48<br> %<br>| 0.98<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **MFS® VIT II - MFS®** <br> **International Intrinsic** <br> **Value Initial Class**<br>|  |  |  |  |  |
| Units (a) | 20745 | 18997 | 23598 | 28298 | 32131 |
| Unit value | $15.45 | $14.48 | $12.37 | $16.26 | $14.78 |
| Net assets | $320487 | $275037 | $291828 | $460103 | $474915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.40<br> %<br>| 0.68<br> %<br>| 0.76<br> %<br>| 0.35<br> %<br>| 1.02<br> %<br>|
| Total return (d) | 6.71<br> %<br>| 17.07<br> %<br>| (23.94)<br> %<br>| 10.00<br> %<br>| 19.92<br> %<br>|
| **MFS® VIT III - MFS®** <br> **Mid Cap Value Initial** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 53179 | 37302 | 51261 | 111218 | 11331 |
| Unit value | $19.08 | $16.86 | $15.03 | $16.56 | $12.70 |
| Net assets | $1014529  | $628780 | $770374 | $1841588  | $143958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.22<br> %<br>| 1.54<br> %<br>| 1.27<br> %<br>| 1.43<br> %<br>| 1.34<br> %<br>|
| Total return (d) | 13.18<br> %<br>| 12.17<br> %<br>| (9.24)<br> %<br>| 30.33<br> %<br>| 3.35<br> %<br>|
| **MFS® VIT III Mid Cap** <br> **Value Service Class**<br>|  |  |  |  |  |
| Units (a) | 840181 | 721985 | 552925 | 311929 | 51428 |
| Unit value | $18.22-$17.97  | $16.20-$16.03  | $14.56-$14.45  | $16.15-$16.08  | $12.48-$12.46  |
| Net assets | $15101661  | $11576906  | $7987876  | $5014460  | $640965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.01<br> %<br>| 1.61<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.34<br> %<br>|
| Total return (d) (4) | 12.10 - 12.43<br> %<br>| 10.99 - 11.33<br> %<br>| (10.13) -<br> (9.86)%<br>| 28.98 - 29.37<br> %<br>| 24.63 - 24.82<br> %<br>|
| **MFS® VIT - New** <br> **Discovery Series** <br> **Service Class**<br>|  |  |  |  |  |
| Units (a) | 2182358 | 1991094 | 1651956 | 926447 | 225301 |
| Unit value | $11.47-$11.32  | $10.88-$10.77  | $9.62-$9.55  | $13.87-$13.81  | $13.79-$13.76  |
| Net assets | $24706078  | $21446506  | $15769052  | $12791561  | $3101126  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 5.10 -<br> 5.42%<br>| 12.84 - 13.18<br> %<br>| (30.86) - (30.66)<br> %<br>| 0.31 -<br> 0.61%<br>| 37.64 - 37.85<br> %<br>|
| **MFS® VIT II - MFS®** <br> **Technology Initial** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 73428 | 57067 | 51337 | 56216 | 65164 |
| Unit value | $34.77 | $25.55 | $16.65 | $26.02 | $23.00 |
| Net assets | $2553456  | $1457965  | $854634 | $1462707  | $1498927  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) | 36.11<br> %<br>| 53.47<br> %<br>| (36.02)<br> %<br>| 13.12<br> %<br>| 46.10<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **MFS® VIT II Technology** <br> **Service Class**<br>|  |  |  |  |  |
| Units (a) | 3350116 | 2799471 | 2411545 | 1291379 | 387944 |
| Unit value | $18.21-$17.97  | $13.47-$13.33  | $8.84-$8.78  | $13.92-$13.86  | $12.39-$12.37  |
| Net assets | $60188048  | $37328008  | $21166767  | $17892235  | $4798306  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 34.74 - 35.15<br> %<br>| 51.91 - 52.37<br> %<br>| (36.65) - (36.46)<br> %<br>| 12.02 -<br> 12.36%<br>| 23.69 - 23.87<br> %<br>|
| **MFS® VIT - MFS® Value** <br> **Initial Class**<br>|  |  |  |  |  |
| Units (a) | 32092 | 37167 | 49653 | 40414 | 36708 |
| Unit value | $17.84 | $16.06 | $14.96 | $15.97 | $12.80 |
| Net assets | $572393 | $596938 | $742558 | $645557 | $469732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.44<br> %<br>| 1.73<br> %<br>| 1.53<br> %<br>| 1.48<br> %<br>| 1.83<br> %<br>|
| Total return (d) | 11.05<br> %<br>| 7.40<br> %<br>| (6.38)<br> %<br>| 24.83<br> %<br>| 2.96<br> %<br>|
| **MFS® VIT Value Series** <br> **Service Class**<br>|  |  |  |  |  |
| Units (a) | 1325444 | 1253668 | 1003893 | 520766 | 64906 |
| Unit value | $16.07-$15.85  | $14.57-$14.42  | $13.67-$13.56  | $14.70-$14.63  | $11.86-$11.84  |
| Net assets | $21013042  | $18074915  | $13615941  | $7619987  | $768366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.43<br> %<br>| 1.48<br> %<br>| 1.31<br> %<br>| 1.35<br> %<br>| 0.72<br> %<br>|
| Total return (d) (4) | 9.96 - 10.29<br> %<br>| 6.30 -<br> 6.62%<br>| (7.31) -<br> (7.03)%<br>| 23.60 -<br> 23.97%<br>| 18.38 - 18.56<br> %<br>|
| **PIMCO VIT Emerging** <br> **Markets Bond** <br> **Institutional Class**<br>|  |  |  |  |  |
| Units (a) | 8608 | 8825 | 9558 | 14295 | 24953 |
| Unit value | $11.34 | $10.61 | $9.60 | $11.46 | $11.83 |
| Net assets | $97588 | $93609 | $91789 | $163853 | $295297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 6.59<br> %<br>| 5.85<br> %<br>| 4.93<br> %<br>| 4.64<br> %<br>| 4.94<br> %<br>|
| Total return (d) | 6.88<br> %<br>| 10.45<br> %<br>| (16.21)<br> %<br>| (3.14)<br> %<br>| 6.07<br> %<br>|
| **PIMCO VIT Emerging** <br> **Markets Bond Advisor** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 282252 | 240526 | 192987 | 139447 | 22667 |
| Unit value | $10.25-$10.11  | $9.63-$9.53  | $8.76-$8.69  | $10.50-$10.45  | $10.89-$10.87  |
| Net assets | $2853330  | $2292133  | $1677560  | $1457694  | $246490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 6.25<br> %<br>| 5.63<br> %<br>| 4.76<br> %<br>| 4.42<br> %<br>| 2.10<br> %<br>|
| Total return (d) (4) | 6.08 -<br> 6.40%<br>| 9.63 -<br> 9.96%<br>| (16.85) - (16.60)<br> %<br>| (3.87) - (3.58)<br> %<br>| 8.74 -<br> 8.90%<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PIMCO VIT Global Bond** <br> **Opportunities** <br> **(Unhedged)** <br> **Institutional Class**<br>|  |  |  |  |  |
| Units (a) | 15787 | 8750 | 18538 | 7199 | 7536 |
| Unit value | $9.87 | $9.98 | $9.53 | $10.78 | $11.31 |
| Net assets | $155751 | $87284 | $176749 | $77574 | $85241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 3.70<br> %<br>| 2.31<br> %<br>| 1.68<br> %<br>| 5.12<br> %<br>| 2.65<br> %<br>|
| Total return (d) | (1.10)<br> %<br>| 4.63<br> %<br>| (11.54)<br> %<br>| (4.73)<br> %<br>| 9.46<br> %<br>|
| **PIMCO VIT Global Bond** <br> **Opportunities** <br> **(Unhedged) Advisor** <br> **Class**<br>|  |  |  |  |  |
| Units (a) | 910368 | 701806 | 593357 | 389840 | 79114 |
| Unit value | $9.36-$9.24  | $9.51-$9.41  | $9.13-$9.06  | $10.37-$10.32  | $10.93-$10.92  |
| Net assets | $8410613  | $6605477  | $5377562  | $4023891  | $863759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 3.34<br> %<br>| 2.16<br> %<br>| 1.41<br> %<br>| 4.61<br> %<br>| 0.49<br> %<br>|
| Total return (d) (4) | (1.84) - (1.55)<br> %<br>| 3.85 - 4.16<br> %<br>| (12.20) - (11.93)<br> %<br>| (5.44) - (5.16)<br> %<br>| 9.16 -<br> 9.32%<br>|
| **PIMCO VIT Long-Term** <br> **U.S. Government** <br> **Institutional Class**<br>|  |  |  |  |  |
| Units (a) | 40446 | 26798 | 36958 | 41816 | 74789 |
| Unit value | $8.44 | $9.04 | $8.74 | $12.37 | $13.07 |
| Net assets | $341489 | $242216 | $323162 | $517164 | $977200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 2.89<br> %<br>| 2.52<br> %<br>| 2.18<br> %<br>| 1.77<br> %<br>| 1.75<br> %<br>|
| Total return (d) | (6.58)<br> %<br>| 3.36<br> %<br>| (29.30)<br> %<br>| (5.35)<br> %<br>| 16.69<br> %<br>|
| **PIMCO VIT Long-Term** <br> **US Government** <br> **Advisor Class**<br>|  |  |  |  |  |
| Units (a) | 4260089 | 3160396 | 2191689 | 1444284 | 452374 |
| Unit value | $6.13-$6.05  | $6.60-$6.53  | $6.41-$6.36  | $9.11-$9.07  | $9.67-$9.65  |
| Net assets | $25783814  | $20630010  | $13944752  | $13095499  | $4366319  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 - 1.25<br> %<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.54<br> %<br>| 2.28<br> %<br>| 1.96<br> %<br>| 1.44<br> %<br>| 0.77<br> %<br>|
| Total return (d) (4) | (7.28) - (7.00)<br> %<br>| 2.59 - 2.90<br> %<br>| (29.83) - (29.62)<br> %<br>| (6.06) - (5.78)<br> %<br>| (3.48) - (3.33)<br> %<br>|
| **PIMCO VIT Real Return** <br> **Institutional Class**<br>|  |  |  |  |  |
| Units (a) | 47672 | 58447 | 155555 | 18139 | 18857 |
| Unit value | $11.41 | $11.24 | $10.91 | $12.45 | $11.87 |
| Net assets | $543852 | $656832 | $1696370  | $225905 | $223760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 2.86<br> %<br>| 3.21<br> %<br>| 4.63<br> %<br>| 5.13<br> %<br>| 1.57<br> %<br>|
| Total return (d) | 1.51<br> %<br>| 3.05<br> %<br>| (12.43)<br> %<br>| 4.95<br> %<br>| 11.04<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PIMCO VIT Real Return** <br> **Advisor Class**<br>|  |  |  |  |  |
| Units (a) | 9347783 | 7133121 | 5347956 | 2632206 | 566896 |
| Unit value | $9.91-$9.77  | $9.80-$9.70  | $9.55-$9.48  | $10.96-$10.91  | $10.49-$10.47  |
| Net assets | $91353844  | $69189792  | $50715595  | $28718691  | $5937347  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.43<br> %<br>| 2.92<br> %<br>| 6.60<br> %<br>| 5.20<br> %<br>| 0.70<br> %<br>|
| Total return (d) (4) | 0.75 -<br> 1.06%<br>| 2.28 -<br> 2.59%<br>| (13.08) - (12.82)<br> %<br>| 4.17 -<br> 4.48%<br>| 4.73 -<br> 4.89%<br>|
| **Principal Capital** <br> **Appreciation Class 2**<br>|  |  |  |  |  |
| Units (a) | 2588282 | 1673662 | 1082627 | 512562 | 150236 |
| Unit value | $19.60-$19.34  | $15.77-$15.60  | $12.75-$12.65  | $15.44-$15.37  | $12.22-$12.20  |
| Net assets | $50060831  | $26112913  | $13699325  | $7876327  | $1833496  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.54<br> %<br>| 0.74<br> %<br>| 0.71<br> %<br>| 0.87<br> %<br>| 0.70<br> %<br>|
| Total return (d) (4) | 23.96 - 24.34<br> %<br>| 23.30 - 23.67<br> %<br>| (17.65) - (17.41)<br> %<br>| 25.91 - 26.29<br> %<br>| 22.04 - 22.23<br> %<br>|
| **Principal Diversified** <br> **International**<br>|  |  |  |  |  |
| Units (a) | 9481 | 11016 | 24547 | 21415 | 16014 |
| Unit value | $13.36 | $12.86 | $11.03 | $13.89 | $12.75 |
| Net assets | $126676 | $141633 | $270723 | $297456 | $204193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 3.37<br> %<br>| 1.01<br> %<br>| 2.82<br> %<br>| 1.15<br> %<br>| 3.40<br> %<br>|
| Total return (d) | 3.92<br> %<br>| 16.57<br> %<br>| (20.60)<br> %<br>| 8.93<br> %<br>| 15.29<br> %<br>|
| **Principal Government &** <br> **High Quality Bond**<br>|  |  |  |  |  |
| Units (a) | 62902 | 33448 | 56764 | 39874 | 23053 |
| Unit value | $9.63 | $9.65 | $9.29 | $10.61 | $10.84 |
| Net assets | $606011 | $322684 | $527292 | $423127 | $249763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 3.21<br> %<br>| 2.26<br> %<br>| 1.52<br> %<br>| 2.19<br> %<br>| 3.00<br> %<br>|
| Total return (d) | (0.14)<br> %<br>| 3.86<br> %<br>| (12.46)<br> %<br>| (2.06)<br> %<br>| 2.10<br> %<br>|
| **Principal Small Cap** |  |  |  |  |  |
| Units (a) | 23372 | 26982 | 34316 | 27243 | 24513 |
| Unit value | $17.02 | $16.03 | $13.98 | $17.74 | $14.88 |
| Net assets | $397719 | $432381 | $479568 | $483308 | $364744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 0.36<br> %<br>| 0.31<br> %<br>| 0.07<br> %<br>| 0.34<br> %<br>| 0.59<br> %<br>|
| Total return (d) | 6.19<br> %<br>| 14.67<br> %<br>| (21.22)<br> %<br>| 19.23<br> %<br>| 21.28<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Principal VC Equity** <br> **Income Class 2**<br>|  |  |  |  |  |
| Units (a) | 1955722 | 1932164 | 1625185 | 1021935 | 212353 |
| Unit value | $16.64-$16.41  | $14.58-$14.42  | $13.27-$13.17  | $15.00-$14.93  | $12.40-$12.38  |
| Net assets | $32098039  | $27870171  | $21398270  | $15259817  | $2628630  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 1.83<br> %<br>| 2.00<br> %<br>| 1.89<br> %<br>| 2.30<br> %<br>| 0.99<br> %<br>|
| Total return (d) (4) | 13.78 -<br> 14.13%<br>| 9.55 -<br> 9.88%<br>| (11.82) - (11.56)<br> %<br>| 20.63 -<br> 20.99%<br>| 23.79 -<br> 23.97%<br>|
| **Putnam VT International** <br> **Value Class 1B**<br>|  |  |  |  |  |
| Units (a) | 664051 | 490503 | 332683 | 142273 | 26217 |
| Unit value | $15.76-$15.54  | $15.12-$14.96  | $12.86-$12.76  | $13.93-$13.87  | $12.24-$12.22  |
| Net assets | $10322471  | $7338798  | $4246652  | $1973232  | $320332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 2.20<br> %<br>| 1.24<br> %<br>| 1.63<br> %<br>| 1.19<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 3.90 -<br> 4.21%<br>| 17.21 - 17.56<br> %<br>| (7.96) -<br> (7.69)%<br>| 13.51 -<br> 13.85%<br>| 22.19 -<br> 22.37%<br>|
| **Putnam VT Research** <br> **Class 1B**<br>|  |  |  |  |  |
| Units (a) | 1874931 | 1529438 | 1211864 | 711477 | 115149 |
| Unit value | $19.53-$19.27  | $15.62-$15.45  | $12.23-$12.14  | $14.93-$14.86  | $12.14-$12.12  |
| Net assets | $36127256  | $23633407  | $14714475  | $10574866  | $1396070  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.36<br> %<br>| 0.76<br> %<br>| 0.50<br> %<br>| 0.06<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | 24.70 -<br> 25.07%<br>| 27.26 - 27.64<br> %<br>| (18.31) - (18.06)<br> %<br>| 22.59 -<br> 22.96%<br>| 21.24 -<br> 21.42%<br>|
| **Templeton Global Bond** <br> **VIP Class 1**<br>|  |  |  |  |  |
| Units (a) | 23841 | 31820 | 96571 | 45952 | 38896 |
| Unit value | $7.83 | $8.86 | $8.64 | $9.13 | $9.63 |
| Net assets | $186571 | $281887 | $834011 | $419572 | $374605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 7.43<br> %<br>|
| Total return (d) | (11.66)<br> %<br>| 2.58<br> %<br>| (5.42)<br> %<br>| (5.19)<br> %<br>| (5.64)<br> %<br>|
| **Templeton Global Bond** <br> **VIP Class 2**<br>|  |  |  |  |  |
| Units (a) | 995373 | 801123 | 646872 | 399928 | 80372 |
| Unit value | $7.89-$7.79  | $8.99-$8.90  | $8.82-$8.76  | $9.37-$9.33  | $9.96-$9.94  |
| Net assets | $7752713  | $7129646  | $5665687  | $3731512  | $799252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>| 0.95 -<br> 1.25%<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) (4) | (12.48) - (12.22)<br> %<br>| 1.61 -<br> 1.91%<br>| (6.13) -<br> (5.85)%<br>| (6.17) - (5.89)<br> %<br>| (0.56) - (0.41)<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent Aggressive** <br> **Allocation**<br>|  |  |  |  |  |
| Units (a) | 55767379 | 56880838 | 55734564 | 50958440 | 45770855 |
| Unit value | $38.45-$34.26  | $33.42-$30.09  | $28.28-$25.70  | $34.79-$31.91  | $29.22-$27.06  |
| Net assets | $1634884580  | $1503835056  | $1310526365  | $1592020437  | $1315366149  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.85 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.50<br> %<br>| 1.84<br> %<br>| 0.83<br> %<br>| 0.79<br> %<br>| 1.19<br> %<br>|
| Total return (d) | 13.87 - 15.05<br> %<br>| 17.07 - 18.18<br> %<br>| (19.46) - (18.70)<br> %<br>| 17.94 -<br> 19.06%<br>| 14.93 - 16.03<br> %<br>|
| **Thrivent All Cap** |  |  |  |  |  |
| Units (a) | 4005238 | 3859370 | 3709019 | 3310176 | 2815027 |
| Unit value | $22.71-$44.97  | $19.02-$38.23  | $15.64-$31.90  | $19.19-$39.75  | $15.53-$32.65  |
| Net assets | $147109848  | $129102920  | $109292950  | $133898909  | $104192038  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.67<br> %<br>| 0.94<br> %<br>| 0.57<br> %<br>| 0.41<br> %<br>| 0.74<br> %<br>|
| Total return (d) | 17.62 - 19.42<br> %<br>| 19.84 - 21.64<br> %<br>| (19.75) - (18.53)<br> %<br>| 21.78 -<br> 23.62%<br>| 20.85 - 22.68<br> %<br>|
| **Thrivent Balanced Income** <br> **Plus**<br>|  |  |  |  |  |
| Units (a) | 11662774 | 12996129 | 13747137 | 14150375 | 13099180 |
| Unit value | $14.71-$22.06  | $13.60-$20.72  | $12.14-$18.77  | $14.14-$22.19  | $12.63-$20.11  |
| Net assets | $271575493  | $288061917  | $279185006  | $345191744  | $295972316  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 3.39<br> %<br>| 2.74<br> %<br>| 2.09<br> %<br>| 2.33<br> %<br>| 2.88<br> %<br>|
| Total return (d) | 6.50 -<br> 8.12%<br>| 10.35 - 12.01<br> %<br>| (15.39) - (14.11)<br> %<br>| 10.33 -<br> 11.99%<br>| 7.05 -<br> 8.68%<br>|
| **Thrivent Diversified** <br> **Income Plus**<br>|  |  |  |  |  |
| Units (a) | 24899989 | 28071287 | 31760348 | 34245680 | 33619798 |
| Unit value | $13.26-$20.36  | $12.42-$19.37  | $11.32-$17.91  | $12.97-$20.83  | $12.18-$19.87  |
| Net assets | $536617703  | $584534797  | $617646536  | $788123628  | $750655046  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 4.70<br> %<br>| 3.90<br> %<br>| 2.90<br> %<br>| 2.98<br> %<br>| 3.37<br> %<br>|
| Total return (d) | 5.14 -<br> 6.74%<br>| 8.14 -<br> 9.77%<br>| (14.03) - (12.73)<br> %<br>| 4.86 -<br> 6.44%<br>| 5.34 -<br> 6.94%<br>|
| **Thrivent Emerging** <br> **Markets Equity (2)**<br>|  |  |  |  |  |
| Units (a) | 3627730 | 4292097 | 4762843 | 5014757 | 5015606 |
| Unit value | $11.53-$12.49  | $10.63-$11.69  | $9.78-$10.91  | $13.25-$15.01  | $13.96-$16.06  |
| Net assets | $49559692  | $54623441  | $56383243  | $81336910  | $86966301  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 2.69<br> %<br>| 3.01<br> %<br>| 0.84<br> %<br>| 0.17<br> %<br>| 2.26<br> %<br>|
| Total return (d) | 6.89 -<br> 8.52%<br>| 7.08 -<br> 8.70%<br>| (27.30) - (26.20)<br> %<br>| (6.52) - (5.11)<br> %<br>| 24.79 - 26.68<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent ESG Index** |  |  |  |  |  |
| Units (a) | 2524592 | 2472753 | 2546726 | 1899065 | 527156 |
| Unit value | $20.37-$18.99  | $16.72-$15.83  | $13.10-$12.58  | $16.82-$16.40  | $12.91-$12.78  |
| Net assets | $47941252  | $38892920  | $31701145  | $30914809  | $6682274  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.92<br> %<br>| 1.02<br> %<br>| 0.54<br> %<br>| 0.00<br> %<br>| 1.58<br> %<br>|
| Total return (d) (5) | 20.00 -<br> 21.83%<br>| 25.79 - 27.68<br> %<br>| (23.30) - (22.14)<br> %<br>| 28.32 -<br> 30.26%<br>| 27.84 - 29.13<br> %<br>|
| **Thrivent Global Stock (1)** |  |  |  |  |  |
| Units (a) | 8688831 | 7530885 | 7977894 | 8055021 | 8041771 |
| Unit value | $18.95-$28.21  | $16.51-$24.95  | $13.58-$20.84  | $16.83-$26.21  | $14.00-$22.13  |
| Net assets | $258296372  | $210036851  | $188570827  | $247555704  | $214093727  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.85<br> %<br>| 1.25<br> %<br>| 1.11<br> %<br>| 0.90<br> %<br>| 1.72<br> %<br>|
| Total return (d) | 13.06 -<br> 14.78%<br>| 19.74 - 21.55<br> %<br>| (20.49) - (19.29)<br> %<br>| 18.44 -<br> 20.22%<br>| 13.04 - 14.75<br> %<br>|
| **Thrivent Government** <br> **Bond**<br>|  |  |  |  |  |
| Units (a) | 11200439 | 11417642 | 11411596 | 12155208 | 13248482 |
| Unit value | $14.30-$11.87  | $14.26-$11.96  | $13.69-$11.68  | $15.54-$13.28  | $15.93-$13.74  |
| Net assets | $134344691  | $140804639  | $140212009  | $173524548  | $200209449  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.85 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 1.00 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>|
| Investment income ratio (c) | 4.00<br> %<br>| 3.26<br> %<br>| 2.17<br> %<br>| 1.33<br> %<br>| 1.45<br> %<br>|
| Total return (d) | (0.73) -<br> 0.29%<br>| 2.41 -<br> 3.39%<br>| (12.05) - (11.26)<br> %<br>| (3.37) - (2.45)<br> %<br>| 5.20 -<br> 6.20%<br>|
| **Thrivent Healthcare (2)** |  |  |  |  |  |
| Units (a) | 8889927 | 9063971 | 9029649 | 8567447 | 7637889 |
| Unit value | $17.34-$31.96  | $17.42-$32.60  | $16.79-$31.90  | $17.85-$34.42  | $15.89-$31.11  |
| Net assets | $215866610  | $241691350  | $254547959  | $279464082  | $246553932  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.77<br> %<br>| 0.55<br> %<br>| 0.26<br> %<br>| 0.29<br> %<br>| 0.44<br> %<br>|
| Total return (d) | (1.95) - (0.46)<br> %<br>| 2.19 -<br> 3.73%<br>| (7.32) -<br> (5.92)%<br>| 10.64 -<br> 12.32%<br>| 16.56 - 18.33<br> %<br>|
| **Thrivent High Yield** |  |  |  |  |  |
| Units (a) | 27594341 | 23903219 | 21130949 | 17343620 | 12084885 |
| Unit value | $12.72-$21.39  | $11.93-$20.37  | $10.71-$18.57  | $11.98-$21.08  | $11.52-$20.58  |
| Net assets | $421906685  | $371027194  | $320695984  | $333603985  | $268932773  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 6.32<br> %<br>| 6.03<br> %<br>| 5.43<br> %<br>| 4.58<br> %<br>| 5.23<br> %<br>|
| Total return (d) | 4.99 -<br> 6.59%<br>| 9.74 - 11.39<br> %<br>| (11.91) - (10.58)<br> %<br>| 2.43 -<br> 3.98%<br>| 0.82 -<br> 2.35%<br>|
| **Thrivent Income** |  |  |  |  |  |
| Units (a) | 42196768 | 35012912 | 31369862 | 30222402 | 23840944 |
| Unit value | $11.63-$15.19  | $11.31-$15.01  | $10.39-$14.00  | $12.40-$16.96  | $12.51-$17.36  |
| Net assets | $519984881  | $441658309  | $385496158  | $481017558  | $434815946  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 4.35<br> %<br>| 4.16<br> %<br>| 3.48<br> %<br>| 2.78<br> %<br>| 2.87<br> %<br>|
| Total return (d) | 1.22 -<br> 2.76%<br>| 7.24 -<br> 8.85%<br>| (17.45) - (16.20)<br> %<br>| (2.34) - (0.86)<br> %<br>| 9.60 - 11.26<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent International** <br> **Allocation**<br>|  |  |  |  |  |
| Units (a) | 14737909 | 17034123 | 19251900 | 20547058 | 21954746 |
| Unit value | $12.85-$11.78  | $12.37-$11.52  | $10.51-$9.94  | $12.93-$12.41  | $11.34-$11.05  |
| Net assets | $195077980  | $218296298  | $210978358  | $278430874  | $262864089  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 3.10<br> %<br>| 2.64<br> %<br>| 2.72<br> %<br>| 1.56<br> %<br>| 3.27<br> %<br>|
| Total return (d) | 2.30 -<br> 3.86%<br>| 15.89 - 17.64<br> %<br>| (19.88) - (18.67)<br> %<br>| 12.31 - 14.00<br> %<br>| 2.02 -<br> 3.57%<br>|
| **Thrivent International** <br> **Index**<br>|  |  |  |  |  |
| Units (a) | 3178129 | 2653029 | 2082968 | 1480935 | 540512 |
| Unit value | $14.61-$13.62  | $14.19-$13.43  | $12.10-$11.62  | $14.22-$13.87  | $12.88-$12.75  |
| Net assets | $42703915  | $35090173  | $23695067  | $20093484  | $6769981  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 2.51<br> %<br>| 2.05<br> %<br>| 2.63<br> %<br>| 0.20<br> %<br>| 2.47<br> %<br>|
| Total return (d) (5) | 1.37 -<br> 2.91%<br>| 15.55 - 17.29<br> %<br>| (16.17) - (14.90)<br> %<br>| 8.78 - 10.42<br> %<br>| 27.48 - 28.77<br> %<br>|
| **Thrivent Large Cap** <br> **Growth (3)**<br>|  |  |  |  |  |
| Units (a) | 37019210 | 33752027 | 31154599 | 26075956 | 22630148 |
| Unit value | $33.21-$65.42  | $25.53-$51.06  | $17.42-$35.38  | $26.36-$54.33  | $21.52-$45.03  |
| Net assets | $1510756541  | $1194740022  | $816485626  | $1235655537  | $1061750788  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.42<br> %<br>| 0.21<br> %<br>| 0.00<br> %<br>| 0.13<br> %<br>| 0.27<br> %<br>|
| Total return (d) | 28.14 - 30.09<br> %<br>| 44.32 - 46.49<br> %<br>| (34.88) - (33.90)<br> %<br>| 20.66 - 22.48<br> %<br>| 40.63 - 42.76<br> %<br>|
| **Thrivent Large Cap Index** |  |  |  |  |  |
| Units (a) | 37608194 | 35551242 | 34928519 | 31215425 | 27848685 |
| Unit value | $26.31-$48.56  | $21.18-$39.69  | $16.87-$32.10  | $20.73-$40.04  | $16.21-$31.78  |
| Net assets | $1353928385  | $1140689307  | $964142162  | $1196717061  | $946222165  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.17<br> %<br>| 1.34<br> %<br>| 1.22<br> %<br>| 1.38<br> %<br>| 1.59<br> %<br>|
| Total return (d) | 22.37 - 24.23<br> %<br>| 23.64 - 25.51<br> %<br>| (19.83) - (18.62)<br> %<br>| 26.00 - 27.90<br> %<br>| 15.89 - 17.65<br> %<br>|
| **Thrivent Large Cap Value** |  |  |  |  |  |
| Units (a) | 13445394 | 14480359 | 15642553 | 11718403 | 8494451 |
| Unit value | $20.67-$34.79  | $18.36-$31.36  | $16.33-$28.32  | $17.20-$30.28  | $13.07-$23.37  |
| Net assets | $442777607  | $443506310  | $449904364  | $392185141  | $236539549  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.58<br> %<br>| 1.73<br> %<br>| 1.30<br> %<br>| 1.23<br> %<br>| 1.96<br> %<br>|
| Total return (d) | 10.94 - 12.63<br> %<br>| 10.75 - 12.42<br> %<br>| (6.47) -<br> (5.06)%<br>| 29.57 - 31.53<br> %<br>| 2.47 -<br> 4.02%<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent Limited Maturity** <br> **Bond**<br>|  |  |  |  |  |
| Units (a) | 24574840 | 25642892 | 28818919 | 31006267 | 30015889 |
| Unit value | $11.65-$11.60  | $11.08-$11.19  | $10.46-$10.72  | $10.96-$11.40  | $10.97-$11.59  |
| Net assets | $299192597  | $304989990  | $331662759  | $383309678  | $382320724  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 3.86<br> %<br>| 3.20<br> %<br>| 2.06<br> %<br>| 1.55<br> %<br>| 2.04<br> %<br>|
| Total return (d) | 3.62 -<br> 5.20%<br>| 4.38 -<br> 5.96%<br>| (5.99) -<br> (4.57)%<br>| (1.62) - (0.13)<br> %<br>| 2.05 -<br> 3.59%<br>|
| **Thrivent Mid Cap Growth** |  |  |  |  |  |
| Units (a) | 5880402 | 5551395 | 4602553 | 3289704 | 1779613 |
| Unit value | $15.09-$14.07  | $13.76-$13.03  | $11.80-$11.33  | $16.57-$16.16  | $14.88-$14.73  |
| Net assets | $80057458  | $69827268  | $50178413  | $51338068  | $25785096  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) (5) | 8.03 -<br> 9.67%<br>| 14.93 - 16.66<br> %<br>| (29.87) - (28.81)<br> %<br>| 9.69 -<br> 11.35%<br>| 47.33 - 48.82<br> %<br>|
| **Thrivent Mid Cap Index** |  |  |  |  |  |
| Units (a) | 15605047 | 14925200 | 14431415 | 13343874 | 12599220 |
| Unit value | $19.19-$42.90  | $16.95-$38.48  | $14.65-$33.75  | $16.95-$39.65  | $13.68-$32.47  |
| Net assets | $531569198  | $494342781  | $450158708  | $532282428  | $447450110  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.26<br> %<br>| 1.34<br> %<br>| 1.09<br> %<br>| 0.96<br> %<br>| 1.36<br> %<br>|
| Total return (d) | 11.48 - 13.18<br> %<br>| 14.01 - 15.73<br> %<br>| (14.88) - (13.59)<br> %<br>| 22.13 -<br> 23.98%<br>| 11.26 - 12.95<br> %<br>|
| **Thrivent Mid Cap Stock** |  |  |  |  |  |
| Units (a) | 19825484 | 18399182 | 16059207 | 13350288 | 10583080 |
| Unit value | $19.58-$46.80  | $17.83-$43.26  | $15.67-$38.61  | $19.18-$47.96  | $14.95-$37.95  |
| Net assets | $649415137  | $606837013  | $521690064  | $619228569  | $464981691  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.52<br> %<br>| 0.42<br> %<br>| 0.31<br> %<br>| 0.23<br> %<br>| 0.50<br> %<br>|
| Total return (d) | 8.18 -<br> 9.83%<br>| 12.05 - 13.74<br> %<br>| (19.50) - (18.29)<br> %<br>| 26.39 -<br> 28.30%<br>| 19.39 - 21.20<br> %<br>|
| **Thrivent Mid Cap Value** |  |  |  |  |  |
| Units (a) | 2306041 | 2637185 | 3033500 | 1602453 | 201601 |
| Unit value | $20.12-$18.76  | $18.41-$17.43  | $16.31-$15.67  | $17.28-$16.85  | $13.26-$13.12  |
| Net assets | $44123828  | $46635464  | $48054846  | $27150058  | $2648090  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.22<br> %<br>| 0.82<br> %<br>| 0.00<br> %<br>| 0.59<br> %<br>| 2.07<br> %<br>|
| Total return (d) (5) | 7.64 -<br> 9.28%<br>| 11.19 - 12.86<br> %<br>| (7.01) -<br> (5.60)%<br>| 28.42 -<br> 30.36%<br>| 31.24 - 32.57<br> %<br>|
| **Thrivent Moderate** <br> **Allocation**<br>|  |  |  |  |  |
| Units (a) | 345811536 | 394022406 | 430931227 | 457703594 | 474953726 |
| Unit value | $28.55-$23.58  | $25.46-$16.70  | $22.95-$14.74  | $26.65-$18.03  | $23.87-$16.40  |
| Net assets | $8064557421  | $8324960701  | $8031182875  | $10460789782  | $9859224387  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.85 -<br> 2.20%<br>| 0.95 -<br> 2.50%<br>| 1.00 -<br> 2.50%<br>| 0.95 -<br> 2.50%<br>| 0.95 -<br> 2.50%<br>|
| Investment income ratio (c) | 2.39<br> %<br>| 2.59<br> %<br>| 1.63<br> %<br>| 1.51<br> %<br>| 1.99<br> %<br>|
| Total return (d) | 10.66 - 12.14<br> %<br>| 13.32 - 15.09<br> %<br>| (18.25) - (17.02)<br> %<br>| 9.91 -<br> 11.62%<br>| 10.76 - 12.49<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent Moderately** <br> **Aggressive Allocation**<br>|  |  |  |  |  |
| Units (a) | 229425795 | 232884222 | 248212768 | 252502236 | 254503383 |
| Unit value | $32.63-$28.68  | $28.83-$18.44  | $26.02-$16.04  | $30.26-$19.86  | $26.26-$16.88  |
| Net assets | $5866129010  | $5590099629  | $5239446759  | $6720738329  | $6072214856  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.85 -<br> 1.90%<br>| 0.95 -<br> 2.25%<br>| 1.00 -<br> 2.25%<br>| 0.95 -<br> 2.25%<br>| 0.95 -<br> 2.50%<br>|
| Investment income ratio (c) | 1.86<br> %<br>| 2.54<br> %<br>| 1.29<br> %<br>| 1.20<br> %<br>| 1.64<br> %<br>|
| Total return (d) | 12.02 - 13.18<br> %<br>| 14.99 - 16.49<br> %<br>| (19.25) - (18.23)<br> %<br>| 13.76 -<br> 15.25%<br>| 11.58 -<br> 13.33%<br>|
| **Thrivent Moderately** <br> **Conservative** <br> **Allocation**<br>|  |  |  |  |  |
| Units (a) | 188817537 | 229940856 | 263282506 | 288148731 | 301352955 |
| Unit value | $21.73-$17.74  | $20.22-$16.73  | $18.21-$15.26  | $21.56-$18.29  | $20.30-$17.44  |
| Net assets | $3475685390  | $3956532478  | $4107066057  | $5354916413  | $5315293591  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.85 -<br> 2.20%<br>| 0.95 -<br> 2.20%<br>| 0.95 -<br> 2.20%<br>| 0.95 -<br> 2.20%<br>| 0.95 -<br> 2.20%<br>|
| Investment income ratio (c) | 3.25<br> %<br>| 2.90<br> %<br>| 2.10<br> %<br>| 1.81<br> %<br>| 2.27<br> %<br>|
| Total return (d) | 6.06 -<br> 7.48%<br>| 9.65 - 11.03<br> %<br>| (16.58) - (15.54)<br> %<br>| 4.86 -<br> 6.18%<br>| 7.94 -<br> 9.30%<br>|
| **Thrivent Money Market** |  |  |  |  |  |
| Units (a) | 370457155 | 359229225 | 307061975 | 206124449 | 274389851 |
| Unit value | $1.13-$.93  | $1.08-$.90  | $1.03-$.88  | $1.02-$.88  | $1.03-$.90  |
| Net assets | $395751116  | $368376885  | $301938836  | $202004399  | $271701235  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.95 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 4.92<br> %<br>| 4.79<br> %<br>| 1.53<br> %<br>| 0.00<br> %<br>| 0.22<br> %<br>|
| Total return (d) | 3.08 -<br> 4.65%<br>| 2.91 -<br> 4.46%<br>| (0.54) -<br> 0.41%<br>| (1.88) - (0.40)<br> %<br>| (1.60) - (0.11)<br> %<br>|
| **Thrivent Opportunity** <br> **Income Plus (1)**<br>|  |  |  |  |  |
| Units (a) | 11457686 | 10412603 | 12496467 | 14153211 | 14378390 |
| Unit value | $11.58-$13.61  | $11.05-$13.18  | $10.18-$12.33  | $11.42-$14.04  | $11.27-$14.05  |
| Net assets | $170430676  | $152246741  | $170114676  | $218770327  | $222189723  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 4.90<br> %<br>| 4.91<br> %<br>| 4.02<br> %<br>| 2.99<br> %<br>| 3.32<br> %<br>|
| Total return (d) | 3.25 -<br> 4.82%<br>| 6.89 -<br> 8.50%<br>| (12.18) - (10.85)<br> %<br>| (0.12) -<br> 1.39%<br>| 2.41 -<br> 3.97%<br>|
| **Thrivent Real Estate** <br> **Securities**<br>|  |  |  |  |  |
| Units (a) | 4200014 | 4501814 | 4907245 | 4831218 | 4777399 |
| Unit value | $13.83-$25.38  | $13.46-$25.07  | $12.27-$23.20  | $16.55-$31.78  | $11.70-$22.79  |
| Net assets | $114791123  | $125181090  | $128335883  | $182777809  | $134355521  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 2.58<br> %<br>| 2.15<br> %<br>| 1.15<br> %<br>| 1.38<br> %<br>| 2.01<br> %<br>|
| Total return (d) | 1.25 -<br> 2.79%<br>| 8.07 -<br> 9.70%<br>| (27.00) - (25.90)<br> %<br>| 39.44 -<br> 41.55%<br>| (7.14) - (5.73)<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Thrivent Small Cap** <br> **Growth**<br>|  |  |  |  |  |
| Units (a) | 7485513 | 7392971 | 6217878 | 5181321 | 3695052 |
| Unit value | $18.60-$16.83  | $16.85-$15.47  | $15.40-$14.35  | $20.06-$18.98  | $17.99-$17.28  |
| Net assets | $117509430  | $106979242  | $84060677  | $94094140  | $63415976  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total return (d) | 8.74 - 10.39<br> %<br>| 7.80 -<br> 9.42%<br>| (24.36) - (23.22)<br> %<br>| 9.83 - 11.49<br> %<br>| 52.45 - 54.76<br> %<br>|
| **Thrivent Small Cap Index** |  |  |  |  |  |
| Units (a) | 16208011 | 15458372 | 14393240 | 12939309 | 11859869 |
| Unit value | $17.65-$39.58  | $16.34-$37.21  | $14.17-$32.75  | $17.00-$39.87  | $13.49-$32.12  |
| Net assets | $498247738  | $481771880  | $426336082  | $512703893  | $418911563  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 1.31<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 0.82<br> %<br>| 1.18<br> %<br>|
| Total return (d) | 6.38 -<br> 8.00%<br>| 13.62 - 15.33<br> %<br>| (17.87) - (16.63)<br> %<br>| 24.13 - 26.00<br> %<br>| 9.01 - 10.66<br> %<br>|
| **Thrivent Small Cap Stock** |  |  |  |  |  |
| Units (a) | 12681807 | 11990018 | 10040194 | 8359146 | 6678954 |
| Unit value | $21.43-$39.01  | $19.32-$35.70  | $17.23-$32.31  | $19.32-$36.77  | $15.54-$30.04  |
| Net assets | $409230713  | $376527369  | $312211319  | $331659086  | $252029483  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>| 0.40 -<br> 1.90%<br>|
| Investment income ratio (c) | 0.62<br> %<br>| 0.61<br> %<br>| 0.33<br> %<br>| 0.79<br> %<br>| 0.69<br> %<br>|
| Total return (d) | 9.26 - 10.92<br> %<br>| 10.51 - 12.18<br> %<br>| (12.14) - (10.82)<br> %<br>| 22.42 - 24.27<br> %<br>| 20.38 - 22.20<br> %<br>|
| **Vanguard® VIF Capital** <br> **Growth**<br>|  |  |  |  |  |
| Units (a) | 87327 | 67154 | 47164 | 56887 | 70958 |
| Unit value | $23.36 | $20.76 | $16.34 | $19.48 | $16.15 |
| Net assets | $2040301  | $1393952  | $770718 | $1108183  | $1145847  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 1.17<br> %<br>| 0.91<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 1.43<br> %<br>|
| Total return (d) | 12.56<br> %<br>| 27.03<br> %<br>| (16.12)<br> %<br>| 20.63<br> %<br>| 16.59<br> %<br>|
| **Vanguard® VIF** <br> **International**<br>|  |  |  |  |  |
| Units (a) | 65960 | 99580 | 159565 | 140513 | 100776 |
| Unit value | $16.88 | $15.60 | $13.71 | $19.77 | $20.23 |
| Net assets | $1109975  | $1550430  | $2184753  | $2773429  | $2034331  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 1.32<br> %<br>| 1.84<br> %<br>| 1.30<br> %<br>| 0.23<br> %<br>| 1.28<br> %<br>|
| Total return (d) | 8.19<br> %<br>| 13.80<br> %<br>| (30.64)<br> %<br>| (2.28)<br> %<br>| 56.40<br> %<br>|

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Vanguard® VIF Short-**<br> **Term Investment-**<br> **Grade**<br>|  |  |  |  |  |
| Units (a) | 122249 | 99751 | 127188 | 254929 | 61709 |
| Unit value | $11.19 | $10.75 | $10.20 | $10.90 | $11.04 |
| Net assets | $1368209 | $1072408 | $1297740 | $2779729 | $681017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 3.55<br> %<br>| 2.32<br> %<br>| 1.90<br> %<br>| 0.96<br> %<br>| 2.77<br> %<br>|
| Total return (d) | 4.10<br> %<br>| 5.37<br> %<br>| (6.43)<br> %<br>| (1.20)<br> %<br>| 4.70<br> %<br>|
| **Vanguard® VIF Small** <br> **Company Growth**<br>|  |  |  |  |  |
| Units (a) | 21959 | 25502 | 34252 | 38106 | 50502 |
| Unit value | $17.45 | $15.78 | $13.29 | $17.94 | $15.82 |
| Net assets | $382579 | $402013 | $454811 | $682991 | $798615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Investment income ratio (c) | 0.56<br> %<br>| 0.44<br> %<br>| 0.26<br> %<br>| 0.40<br> %<br>| 0.74<br> %<br>|
| Total return (d) | 10.54<br> %<br>| 18.75<br> %<br>| (25.91)<br> %<br>| 13.36<br> %<br>| 22.26<br> %<br>|
| **Vanguard® VIF Total** <br> **Bond Market Index**<br>|  |  |  |  |  |
| Units (a) | 470147 | 509933 | 566060 | 602724 | 719000 |
| Unit value | $10.37 | $10.29 | $9.80 | $11.34 | $11.60 |
| Net assets | $4873987 | $5247917 | $5545369 | $6837588 | $8340789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 2.95<br> %<br>| 2.50<br> %<br>| 2.07<br> %<br>| 2.32<br> %<br>| 2.25<br> %<br>|
| Total return (d) | 0.73<br> %<br>| 5.05<br> %<br>| (13.65)<br> %<br>| (2.21)<br> %<br>| 7.04<br> %<br>|
| **Vanguard® VIF Total** <br> **Stock Market Index**<br>|  |  |  |  |  |
| Units (a) | 287767 | 323090 | 367333 | 386235 | 463268 |
| Unit value | $25.13 | $20.42 | $16.29 | $20.36 | $16.29 |
| Net assets | $7231988 | $6596469 | $5984283 | $7864503 | $7545779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to net <br> assets (b)<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Investment income ratio (c) | 1.36<br> %<br>| 1.22<br> %<br>| 1.35<br> %<br>| 1.25<br> %<br>| 1.46<br> %<br>|
| Total return (d) | 23.09<br> %<br>| 25.32<br> %<br>| (19.99)<br> %<br>| 25.01<br> %<br>| 19.95<br> %<br>|

---

(a) These amounts represent the units for contracts in accumulation, contracts in death claim, and contracts in payout.

(b) These amounts represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. The RPA fee is not included.

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(6) FINANCIAL HIGHLIGHTS - continued**<br>

(c) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against the contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(d) These amounts represent the total return for periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation in footnotes 4 and 5 below indicate the effective date of the investment option in the Variable Account. The total returns and unit values are presented as a range of minimum to maximum values, based on the price level representing the minimum and maximum expense ratio amounts.

(1) The following mergers were effective July 26, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Low Volatility Equity merged into Global Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Multidimensional Income merged into Opportunity Income Plus.

(2) The following name changes were effective April 30, 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Thrivent Emerging Markets Equity was formerly known as Thrivent Partner Emerging Markets Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Thrivent Healthcare was formerly known as Thrivent Partner Healthcare.

(3) Thrivent Partner Growth Stock merged into the Thrivent Large Cap Growth Portfolio as of August 31, 2020.

(4) For the period June 30, 2020 (commencement of operations) to December 31, 2020.

(5) For the period April 29, 2020 (commencement of operations) to December 31, 2020.

**(7) UNIT FAIR VALUE**

Thrivent Variable Annuity Account I contains four different products, which have unique combinations of features and fees that are charged against the contract owner's account balance. In addition, all four products offer the selection of additional death benefit options. Differences in the fee structure result in multiple different unit values, expense ratios and total returns. Units, unit values and asset balances for each

subaccount are as follows:

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| **Flexible Premium Deferred Variable Annuity – 2002** |  |  |  |
| Basic Death Benefits only – 1.00% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 862257 | &nbsp;&nbsp; $40.13 | $34604108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 85054 | &nbsp;&nbsp; $69.49 | $5910208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 385642 | &nbsp;&nbsp; $31.26 | $12057120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 318133 | &nbsp;&nbsp; $33.35 | $10611380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 78477 | &nbsp;&nbsp; $14.28 | $1121202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 37690 | &nbsp;&nbsp; $19.73 | $743685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 465652 | &nbsp;&nbsp; $40.12 | $18683545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 362458 | &nbsp;&nbsp; $14.92 | $5408456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 107512 | &nbsp;&nbsp; $36.55 | $3929613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 236709 | &nbsp;&nbsp; $35.68 | $8446485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 505702 | &nbsp;&nbsp; $20.32 | $10276653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 1142739 | &nbsp;&nbsp; $13.48 | $15400416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; 22647 | &nbsp;&nbsp; $14.14 | $320344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 661564 | &nbsp;&nbsp; $95.12 | $62930541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 480289 | &nbsp;&nbsp; $75.02 | $36032247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 394653 | &nbsp;&nbsp; $56.20 | $22180011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 558038 | &nbsp;&nbsp; $14.27 | $7964972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 56699 | &nbsp;&nbsp; $14.62 | $828795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 185950 | &nbsp;&nbsp; $73.95 | $13750833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 368604 | &nbsp;&nbsp; $80.15 | $29542542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 29114 | &nbsp;&nbsp; $19.49 | $567280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 3637318 | &nbsp;&nbsp; $29.01 | $105521818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 2855662 | &nbsp;&nbsp; $33.60 | $95939864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 1800664 | &nbsp;&nbsp; $21.83 | $39309688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 6064666 | &nbsp;&nbsp; $1.09 | $6620938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 195069 | &nbsp;&nbsp; $16.63 | $3243985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 159315 | &nbsp;&nbsp; $49.93 | $7954821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 66733 | &nbsp;&nbsp; $17.76 | $1185340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 188957 | &nbsp;&nbsp; $71.41 | $13492629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 289563 | &nbsp;&nbsp; $71.13 | $20596118 |
|  |  |  | **$595175637**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| MADB – 1.10% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 2003135 | &nbsp;&nbsp; $39.35 | $78822322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 189624 | &nbsp;&nbsp; $67.96 | $12887557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 777454 | &nbsp;&nbsp; $30.58 | $23773783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 813344 | &nbsp;&nbsp; $32.62 | $26533591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 178188 | &nbsp;&nbsp; $14.05 | $2503246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39012 | &nbsp;&nbsp; $19.64 | $766177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 1441684 | &nbsp;&nbsp; $39.24 | $56577111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 921816 | &nbsp;&nbsp; $14.59 | $13453233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 233195 | &nbsp;&nbsp; $35.95 | $8382379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 524530 | &nbsp;&nbsp; $34.89 | $18306067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 1213553 | &nbsp;&nbsp; $19.87 | $24120425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 2757386 | &nbsp;&nbsp; $13.25 | $36544190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33952 | &nbsp;&nbsp; $14.08 | $478013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 1473616 | &nbsp;&nbsp; $93.04 | $137100143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 965200 | &nbsp;&nbsp; $73.38 | $70823567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 900808 | &nbsp;&nbsp; $55.00 | $49539860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 1640278 | &nbsp;&nbsp; $13.96 | $22898676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 147923 | &nbsp;&nbsp; $14.55 | $2152147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 415350 | &nbsp;&nbsp; $72.33 | $30040778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 873663 | &nbsp;&nbsp; $78.39 | $68486076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53744 | &nbsp;&nbsp; $19.39 | $1042330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 9309257 | &nbsp;&nbsp; $28.45 | $264805650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 6604380 | &nbsp;&nbsp; $32.94 | $217557185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 3877480 | &nbsp;&nbsp; $21.41 | $82997592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 15480874 | &nbsp;&nbsp; $1.07 | $16537154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 589411 | &nbsp;&nbsp; $16.27 | $9591700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 357646 | &nbsp;&nbsp; $48.86 | $17474477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 175655 | &nbsp;&nbsp; $17.64 | $3099277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 388160 | &nbsp;&nbsp; $69.84 | $27108890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 736832 | &nbsp;&nbsp; $69.57 | $51260256 |
|  |  |  | **$1375663852**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| PADB – 1.25% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 39715 | &nbsp;&nbsp; $38.20 | $1517301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 2288 | &nbsp;&nbsp; $65.74 | $150421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 39589 | &nbsp;&nbsp; $29.58 | $1170983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 35706 | &nbsp;&nbsp; $31.56 | $1126726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 2108 | &nbsp;&nbsp; $13.70 | $28880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.50 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 29914 | &nbsp;&nbsp; $37.96 | $1135493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 19895 | &nbsp;&nbsp; $14.12 | $280850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 1903 | &nbsp;&nbsp; $35.06 | $66713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 15975 | &nbsp;&nbsp; $33.75 | $539287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 40065 | &nbsp;&nbsp; $19.22 | $770311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 46379 | &nbsp;&nbsp; $12.93 | $599479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.98 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 38482 | &nbsp;&nbsp; $89.99 | $3462201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 21013 | &nbsp;&nbsp; $70.97 | $1491376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 23326 | &nbsp;&nbsp; $53.23 | $1241725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 48713 | &nbsp;&nbsp; $13.50 | $657768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp; $14.45 | $9794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp; $69.96 | $292674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 18544 | &nbsp;&nbsp; $75.82 | $1406067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 1764 | &nbsp;&nbsp; $19.26 | $33969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 268980 | &nbsp;&nbsp; $27.62 | $7428571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 89614 | &nbsp;&nbsp; $31.98 | $2866096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 158668 | &nbsp;&nbsp; $20.78 | $3297456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 169493 | &nbsp;&nbsp; $1.03 | $175317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 8873 | &nbsp;&nbsp; $15.75 | $139781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 5560 | &nbsp;&nbsp; $47.30 | $262954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp; 6092 | &nbsp;&nbsp; $17.47 | $106410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 3436 | &nbsp;&nbsp; $67.55 | $232138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 21104 | &nbsp;&nbsp; $67.29 | $1420094 |
|  |  |  | **$31910835**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| EADB – 1.20% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp; 5068 | &nbsp;&nbsp; $38.58 | $195525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 1659 | &nbsp;&nbsp; $66.47 | $110255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp; 8332 | &nbsp;&nbsp; $29.91 | $249201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp; 3459 | &nbsp;&nbsp; $31.91 | $110362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.82 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.55 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp; 7884 | &nbsp;&nbsp; $38.38 | $302617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp; 3590 | &nbsp;&nbsp; $14.27 | $51248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 2128 | &nbsp;&nbsp; $35.35 | $75213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 3824 | &nbsp;&nbsp; $34.13 | $130547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 11913 | &nbsp;&nbsp; $19.44 | $231596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 23771 | &nbsp;&nbsp; $13.03 | $309826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.01 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 14995 | &nbsp;&nbsp; $91.00 | $1364483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp; 4475 | &nbsp;&nbsp; $71.77 | $321166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 12026 | &nbsp;&nbsp; $53.81 | $647161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 7420 | &nbsp;&nbsp; $13.65 | $101319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.48 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp; $70.74 | $122350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 7170 | &nbsp;&nbsp; $76.67 | $549750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.30 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 137213 | &nbsp;&nbsp; $27.89 | $3826969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 61220 | &nbsp;&nbsp; $32.30 | $1977361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; $20.99 | $436539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 130303 | &nbsp;&nbsp; $1.05 | $136222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 6303 | &nbsp;&nbsp; $15.92 | $100367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 6756 | &nbsp;&nbsp; $47.81 | $323032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp; 1808 | &nbsp;&nbsp; $17.53 | $31696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp; $68.31 | $131197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 5295 | &nbsp;&nbsp; $68.04 | $360255 |
|  |  |  | **$12196257**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| MADB & PADB – 1.30% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 223818 | &nbsp;&nbsp; $37.83 | $8467037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp; 17400 | &nbsp;&nbsp; $65.01 | $1131217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 98969 | &nbsp;&nbsp; $29.25 | $2894244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 50389 | &nbsp;&nbsp; $31.21 | $1571943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp; 11241 | &nbsp;&nbsp; $13.59 | $152734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.46 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 118596 | &nbsp;&nbsp; $37.54 | $4452091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 77327 | &nbsp;&nbsp; $13.96 | $1078386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 11964 | &nbsp;&nbsp; $34.77 | $415951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 46354 | &nbsp;&nbsp; $33.38 | $1547567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 104907 | &nbsp;&nbsp; $19.01 | $1993529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 213038 | &nbsp;&nbsp; $12.82 | $2730670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp; 10039 | &nbsp;&nbsp; $13.95 | $140024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 129666 | &nbsp;&nbsp; $89.00 | $11540173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 97933 | &nbsp;&nbsp; $70.19 | $6874126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 63359 | &nbsp;&nbsp; $52.66 | $3336389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 122169 | &nbsp;&nbsp; $13.35 | $1631453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp; 10664 | &nbsp;&nbsp; $14.41 | $153706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 37587 | &nbsp;&nbsp; $69.19 | $2600584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 68624 | &nbsp;&nbsp; $74.99 | $5145940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 5446 | &nbsp;&nbsp; $19.21 | $104644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 817787 | &nbsp;&nbsp; $27.35 | $22364042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 514239 | &nbsp;&nbsp; $31.67 | $16285608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 282090 | &nbsp;&nbsp; $20.58 | $5805001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 808987 | &nbsp;&nbsp; $1.02 | $827619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 49742 | &nbsp;&nbsp; $15.58 | $774852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 32154 | &nbsp;&nbsp; $46.79 | $1503730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 10147 | &nbsp;&nbsp; $17.41 | $176652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 35652 | &nbsp;&nbsp; $66.81 | $2381818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 59473 | &nbsp;&nbsp; $66.55 | $3957822 |
|  |  |  | **$112039552**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| MADB & EADB – 1.25% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 181138 | &nbsp;&nbsp; $38.20 | $6920264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 11195 | &nbsp;&nbsp; $65.74 | $735962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 19347 | &nbsp;&nbsp; $29.58 | $572264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 33102 | &nbsp;&nbsp; $31.56 | $1044545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5331 | &nbsp;&nbsp; $13.70 | $73045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690 | &nbsp;&nbsp; $19.50 | $52463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 48040 | &nbsp;&nbsp; $37.96 | $1823536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 30175 | &nbsp;&nbsp; $14.12 | $425985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 11181 | &nbsp;&nbsp; $35.06 | $391964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 22032 | &nbsp;&nbsp; $33.75 | $743788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; 45443 | &nbsp;&nbsp; $19.22 | $873678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 110527 | &nbsp;&nbsp; $12.93 | $1428638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037 | &nbsp;&nbsp; $13.98 | $14497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 68198 | &nbsp;&nbsp; $89.99 | $6137339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 44360 | &nbsp;&nbsp; $70.97 | $3148428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 40740 | &nbsp;&nbsp; $53.23 | $2168715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; 41052 | &nbsp;&nbsp; $13.50 | $554376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7490 | &nbsp;&nbsp; $14.45 | $108214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 14599 | &nbsp;&nbsp; $69.96 | $1021304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 40159 | &nbsp;&nbsp; $75.82 | $3045006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp; $19.26 | $26898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 410771 | &nbsp;&nbsp; $27.62 | $11344491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 272901 | &nbsp;&nbsp; $31.98 | $8728116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 74815 | &nbsp;&nbsp; $20.78 | $1554819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 1044442 | &nbsp;&nbsp; $1.03 | $1079912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 29190 | &nbsp;&nbsp; $15.75 | $459810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 13749 | &nbsp;&nbsp; $47.30 | $650253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 12267 | &nbsp;&nbsp; $17.47 | $214285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 14586 | &nbsp;&nbsp; $67.55 | $985337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 33079 | &nbsp;&nbsp; $67.29 | $2225891 |
|  |  |  | **$58553823**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| PADB & EADB – 1.40% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp; $37.09 | $26309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; $63.59 | $3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 3891 | &nbsp;&nbsp; $28.61 | $111322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 5475 | &nbsp;&nbsp; $30.52 | $167114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp; $13.36 | $5319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.37 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 8540 | &nbsp;&nbsp; $36.72 | $313576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; $13.65 | $21398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp; $34.19 | $17558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; $32.65 | $108254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; $18.59 | $28811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 11387 | &nbsp;&nbsp; $12.61 | $143545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.88 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 4942 | &nbsp;&nbsp; $87.05 | $430181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 4185 | &nbsp;&nbsp; $68.65 | $287337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; $51.53 | $106590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 15287 | &nbsp;&nbsp; $13.06 | $199679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.35 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; $67.67 | $109967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 1756 | &nbsp;&nbsp; $73.34 | $128804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.12 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 50911 | &nbsp;&nbsp; $26.81 | $1365132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 27307 | &nbsp;&nbsp; $31.05 | $847944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 25062 | &nbsp;&nbsp; $20.18 | $505687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 5873 | &nbsp;&nbsp; $1.00 | $5890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp; $15.25 | $4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; $45.78 | $64626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; $17.29 | $463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp; $65.34 | $50134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; $65.09 | $139853 |
|  |  |  | **$5193785**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| MADB, PADB & EADB – 1.45% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 400821 | &nbsp;&nbsp; $36.73 | $14721693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 28699 | &nbsp;&nbsp; $62.89 | $1804752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 217019 | &nbsp;&nbsp; $28.29 | $6140492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 175082 | &nbsp;&nbsp; $30.19 | $5285002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 17261 | &nbsp;&nbsp; $13.25 | $228724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 16244 | &nbsp;&nbsp; $19.32 | $313856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 322073 | &nbsp;&nbsp; $36.31 | $11694903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 197498 | &nbsp;&nbsp; $13.50 | $2667044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 36905 | &nbsp;&nbsp; $33.91 | $1251331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 75055 | &nbsp;&nbsp; $32.29 | $2423839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 185602 | &nbsp;&nbsp; $18.39 | $3413496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 404147 | &nbsp;&nbsp; $12.50 | $5052399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5242 | &nbsp;&nbsp; $13.85 | $72606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 214218 | &nbsp;&nbsp; $86.09 | $18439562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 185526 | &nbsp;&nbsp; $67.89 | $12596259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 139326 | &nbsp;&nbsp; $50.97 | $7101741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 223626 | &nbsp;&nbsp; $12.92 | $2888640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 30931 | &nbsp;&nbsp; $14.31 | $442713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 101553 | &nbsp;&nbsp; $66.92 | $6796198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 176368 | &nbsp;&nbsp; $72.53 | $12792486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5515 | &nbsp;&nbsp; $19.08 | $105218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 1128349 | &nbsp;&nbsp; $26.55 | $29958992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 774866 | &nbsp;&nbsp; $30.75 | $23825324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 622281 | &nbsp;&nbsp; $19.98 | $12432963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 2237390 | &nbsp;&nbsp; $0.99 | $2215442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 87757 | &nbsp;&nbsp; $15.08 | $1323750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 56155 | &nbsp;&nbsp; $45.29 | $2543113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 23835 | &nbsp;&nbsp; $17.24 | $410819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 81317 | &nbsp;&nbsp; $64.62 | $5254820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 145916 | &nbsp;&nbsp; $64.37 | $9392645 |
|  |  |  | **$203590822**  |
| Basic Death Benefits & RPA – 1.75% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $25.28 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $29.28 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.02 | $—  |
|  |  |  | **$-** |
| MADB & RPA – 1.60% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $16.02 | $—  |
|  |  |  | **$-** |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| MADB & RPA – 1.85% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $24.79 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $28.70 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.65 | $—  |
|  |  |  | **$-** |
| **Flexible Premium Deferred Variable Annuity – 2005** |  |  |  |
| Years 1-7 Basic Death Benefit only – 1.25% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 2927386 | &nbsp;&nbsp; $38.94 | $113985292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 231208 | &nbsp;&nbsp; $51.11 | $11816932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 1140789 | &nbsp;&nbsp; $25.07 | $28601792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 2447236 | &nbsp;&nbsp; $23.14 | $56631682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 352682 | &nbsp;&nbsp; $13.92 | $4910139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 154611 | &nbsp;&nbsp; $19.58 | $3027353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 501237 | &nbsp;&nbsp; $32.06 | $16070457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 640167 | &nbsp;&nbsp; $13.49 | $8640130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 427800 | &nbsp;&nbsp; $35.62 | $15239558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 993042 | &nbsp;&nbsp; $24.31 | $24147688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 1967764 | &nbsp;&nbsp; $17.27 | $33983352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 1346756 | &nbsp;&nbsp; $13.13 | $17688758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; 216204 | &nbsp;&nbsp; $14.04 | $3034768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 2027622 | &nbsp;&nbsp; $74.35 | $150752517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 2923561 | &nbsp;&nbsp; $55.19 | $161350669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 877583 | &nbsp;&nbsp; $39.54 | $34702380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 1261217 | &nbsp;&nbsp; $13.18 | $16623854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 331624 | &nbsp;&nbsp; $14.51 | $4810331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 1389966 | &nbsp;&nbsp; $48.76 | $67770968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 916611 | &nbsp;&nbsp; $53.19 | $48749915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 194571 | &nbsp;&nbsp; $19.34 | $3762207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 15185287 | &nbsp;&nbsp; $28.15 | $427554999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 11291209 | &nbsp;&nbsp; $32.60 | $367929314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 5850416 | &nbsp;&nbsp; $21.18 | $123877198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 38368836 | &nbsp;&nbsp; $1.06 | $40645634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 1266823 | &nbsp;&nbsp; $15.46 | $19591174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 263234 | &nbsp;&nbsp; $28.85 | $7594103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 615069 | &nbsp;&nbsp; $17.57 | $10808831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 1353797 | &nbsp;&nbsp; $44.98 | $60894946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 566393 | &nbsp;&nbsp; $44.33 | $25107911 |
|  |  |  | **$1910304852**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 MADB – 1.45% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 2016158 | &nbsp;&nbsp; $37.43 | $75472959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 101050 | &nbsp;&nbsp; $49.14 | $4965137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 523967 | &nbsp;&nbsp; $24.10 | $12629634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 1026818 | &nbsp;&nbsp; $22.25 | $22844139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 150965 | &nbsp;&nbsp; $13.47 | $2032781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69553 | &nbsp;&nbsp; $19.40 | $1349216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 265658 | &nbsp;&nbsp; $30.82 | $8188558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 356113 | &nbsp;&nbsp; $12.97 | $4620648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 214629 | &nbsp;&nbsp; $34.45 | $7394834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 386510 | &nbsp;&nbsp; $23.37 | $9036517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; 889539 | &nbsp;&nbsp; $16.60 | $14769702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 464406 | &nbsp;&nbsp; $12.70 | $5899318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67634 | &nbsp;&nbsp; $13.91 | $940513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 934478 | &nbsp;&nbsp; $71.48 | $66795401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 1138801 | &nbsp;&nbsp; $53.06 | $60423779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 516578 | &nbsp;&nbsp; $38.02 | $19638371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; 847749 | &nbsp;&nbsp; $12.67 | $10720655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 130705 | &nbsp;&nbsp; $14.37 | $1878267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 563077 | &nbsp;&nbsp; $46.87 | $26394157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 464602 | &nbsp;&nbsp; $51.13 | $23755749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 101444 | &nbsp;&nbsp; $19.16 | $1943259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 9093664 | &nbsp;&nbsp; $27.06 | $246083183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 7726165 | &nbsp;&nbsp; $31.34 | $242125592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 2454952 | &nbsp;&nbsp; $20.36 | $49991463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 20352785 | &nbsp;&nbsp; $1.02 | $20712783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 643871 | &nbsp;&nbsp; $14.86 | $9573571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 108979 | &nbsp;&nbsp; $27.74 | $3023637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 349761 | &nbsp;&nbsp; $17.34 | $6064812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 560348 | &nbsp;&nbsp; $43.24 | $24231465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 302894 | &nbsp;&nbsp; $42.62 | $12908515 |
|  |  |  | **$996408615**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 PADB – 1.65% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 135103 | &nbsp;&nbsp; $35.99 | $4862174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8914 | &nbsp;&nbsp; $47.24 | $421077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 36413 | &nbsp;&nbsp; $23.17 | $843813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 72318 | &nbsp;&nbsp; $21.39 | $1546769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1912 | &nbsp;&nbsp; $13.02 | $24895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; $19.22 | $3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 23698 | &nbsp;&nbsp; $29.63 | $702239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 27036 | &nbsp;&nbsp; $12.47 | $337281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 17798 | &nbsp;&nbsp; $33.32 | $593086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 33523 | &nbsp;&nbsp; $22.47 | $753619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 116409 | &nbsp;&nbsp; $15.96 | $1858308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 31615 | &nbsp;&nbsp; $12.29 | $388424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1729 | &nbsp;&nbsp; $13.78 | $23826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 58499 | &nbsp;&nbsp; $68.72 | $4019956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 57949 | &nbsp;&nbsp; $51.01 | $2955980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 18279 | &nbsp;&nbsp; $36.55 | $668080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; 79779 | &nbsp;&nbsp; $12.18 | $971989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 26593 | &nbsp;&nbsp; $14.24 | $378597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 29496 | &nbsp;&nbsp; $45.06 | $1329209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 22364 | &nbsp;&nbsp; $49.16 | $1099329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.98 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 719410 | &nbsp;&nbsp; $26.02 | $18716139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 405451 | &nbsp;&nbsp; $30.13 | $12215382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 290327 | &nbsp;&nbsp; $19.58 | $5683731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 3694627 | &nbsp;&nbsp; $0.98 | $3617233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 68810 | &nbsp;&nbsp; $14.29 | $983634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 11452 | &nbsp;&nbsp; $26.66 | $305360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 19433 | &nbsp;&nbsp; $17.11 | $332495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 34038 | &nbsp;&nbsp; $41.57 | $1415083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7551 | &nbsp;&nbsp; $40.97 | $309384 |
|  |  |  | **$67361038**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 EADB – 1.50% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 27625 | &nbsp;&nbsp; $37.07 | $1024098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 3293 | &nbsp;&nbsp; $48.65 | $160220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp; 3632 | &nbsp;&nbsp; $23.87 | $86691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp; 5240 | &nbsp;&nbsp; $22.03 | $115446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 4529 | &nbsp;&nbsp; $13.35 | $60472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp; 1654 | &nbsp;&nbsp; $19.35 | $32015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 10901 | &nbsp;&nbsp; $30.52 | $332726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $12.85 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 4836 | &nbsp;&nbsp; $34.17 | $165247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 4760 | &nbsp;&nbsp; $23.14 | $110267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp; 4449 | &nbsp;&nbsp; $16.44 | $73154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 21831 | &nbsp;&nbsp; $12.60 | $275014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp; $13.87 | $16199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 16529 | &nbsp;&nbsp; $70.78 | $1169899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 28227 | &nbsp;&nbsp; $52.54 | $1483032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; $37.64 | $528267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 9644 | &nbsp;&nbsp; $12.55 | $121007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911 | &nbsp;&nbsp; $14.34 | $13067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 14090 | &nbsp;&nbsp; $46.42 | $653993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 7798 | &nbsp;&nbsp; $50.63 | $394836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp; $19.11 | $22467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 154107 | &nbsp;&nbsp; $26.80 | $4129427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 56680 | &nbsp;&nbsp; $31.03 | $1758825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 23395 | &nbsp;&nbsp; $20.16 | $471732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 228433 | &nbsp;&nbsp; $1.01 | $230393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 12668 | &nbsp;&nbsp; $14.72 | $186476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 6282 | &nbsp;&nbsp; $27.46 | $172530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp; $17.28 | $7612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 14686 | &nbsp;&nbsp; $42.82 | $628844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 8702 | &nbsp;&nbsp; $42.20 | $367218 |
|  |  |  | **$14791177**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 MADB & PADB – 1.75% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 98770 | &nbsp;&nbsp; $35.29 | $3485266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp; 11864 | &nbsp;&nbsp; $46.32 | $549496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 44872 | &nbsp;&nbsp; $22.72 | $1019555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 103072 | &nbsp;&nbsp; $20.97 | $2161588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp; 14671 | &nbsp;&nbsp; $12.81 | $187895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp; $19.13 | $34202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; $29.06 | $465552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 23633 | &nbsp;&nbsp; $12.23 | $289103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 19392 | &nbsp;&nbsp; $32.77 | $635505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 29323 | &nbsp;&nbsp; $22.03 | $646335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 96791 | &nbsp;&nbsp; $15.65 | $1514882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 39994 | &nbsp;&nbsp; $12.08 | $483288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp; 3947 | &nbsp;&nbsp; $13.71 | $54128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 91206 | &nbsp;&nbsp; $67.38 | $6145400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 79149 | &nbsp;&nbsp; $50.02 | $3958716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 44270 | &nbsp;&nbsp; $35.84 | $1586431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 58176 | &nbsp;&nbsp; $11.94 | $694992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp; 12606 | &nbsp;&nbsp; $14.17 | $178630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 54182 | &nbsp;&nbsp; $44.19 | $2394072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 46389 | &nbsp;&nbsp; $48.20 | $2235852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 4811 | &nbsp;&nbsp; $18.89 | $90867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 513597 | &nbsp;&nbsp; $25.51 | $13101136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 431154 | &nbsp;&nbsp; $29.54 | $12736490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 204589 | &nbsp;&nbsp; $19.20 | $3927137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 775041 | &nbsp;&nbsp; $0.96 | $742990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 21242 | &nbsp;&nbsp; $14.01 | $297732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 11695 | &nbsp;&nbsp; $26.14 | $305767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 34244 | &nbsp;&nbsp; $17.00 | $581997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 57798 | &nbsp;&nbsp; $40.76 | $2356032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 31649 | &nbsp;&nbsp; $40.17 | $1271422 |
|  |  |  | **$64132458**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 MADB & EADB – 1.60% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 105768 | &nbsp;&nbsp; $36.34 | $3844082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp; $47.71 | $53819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 28317 | &nbsp;&nbsp; $23.40 | $662675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 18010 | &nbsp;&nbsp; $21.60 | $389027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 3967 | &nbsp;&nbsp; $13.13 | $52095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.26 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 18168 | &nbsp;&nbsp; $29.93 | $543720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931 | &nbsp;&nbsp; $12.60 | $11748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 4857 | &nbsp;&nbsp; $33.60 | $163212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 27960 | &nbsp;&nbsp; $22.69 | $634607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 22774 | &nbsp;&nbsp; $16.12 | $367154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 25948 | &nbsp;&nbsp; $12.39 | $321249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp; $13.81 | $3340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 25907 | &nbsp;&nbsp; $69.40 | $1797907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 68384 | &nbsp;&nbsp; $51.51 | $3522812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 21748 | &nbsp;&nbsp; $36.91 | $802717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 1872 | &nbsp;&nbsp; $12.30 | $23100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp; $14.27 | $61630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 41726 | &nbsp;&nbsp; $45.51 | $1898971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 17924 | &nbsp;&nbsp; $49.64 | $889814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp; $19.02 | $9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 117340 | &nbsp;&nbsp; $26.27 | $3082929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 176971 | &nbsp;&nbsp; $30.43 | $5384535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 70388 | &nbsp;&nbsp; $19.77 | $1391616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 193559 | &nbsp;&nbsp; $0.99 | $191483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 28109 | &nbsp;&nbsp; $14.43 | $405730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 8360 | &nbsp;&nbsp; $26.93 | $225118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 17618 | &nbsp;&nbsp; $17.17 | $302447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 19284 | &nbsp;&nbsp; $41.98 | $809642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 13059 | &nbsp;&nbsp; $41.38 | $540357 |
|  |  |  | **$28387131**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 PADB & EADB – 1.80% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp; $34.94 | $6601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp; $45.86 | $31809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 29671 | &nbsp;&nbsp; $22.50 | $667558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; $20.77 | $30329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $12.70 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; $19.08 | $1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; $28.77 | $28928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp; $12.11 | $11304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp; $32.50 | $28306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; $21.81 | $26896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 1791 | &nbsp;&nbsp; $15.49 | $27764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 4836 | &nbsp;&nbsp; $11.98 | $57953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.68 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 3575 | &nbsp;&nbsp; $66.72 | $238484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; $49.53 | $80628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 1229 | &nbsp;&nbsp; $35.48 | $43612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp; $11.83 | $10914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.14 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp; $43.75 | $5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; $47.73 | $65237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.85 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 32928 | &nbsp;&nbsp; $25.26 | $831715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 14923 | &nbsp;&nbsp; $29.25 | $436520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 26606 | &nbsp;&nbsp; $19.01 | $505699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $0.95 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 3647 | &nbsp;&nbsp; $13.88 | $50618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp; $25.89 | $25649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; $16.94 | $29067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp; $40.36 | $4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp; $39.78 | $16100 |
|  |  |  | **$3263130**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 1-7 MADB, PADB & EADB – 1.90% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 736374 | &nbsp;&nbsp; $34.26 | $25229588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 35377 | &nbsp;&nbsp; $44.97 | $1590986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 117734 | &nbsp;&nbsp; $22.06 | $2597013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 373283 | &nbsp;&nbsp; $20.36 | $7601003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 68643 | &nbsp;&nbsp; $12.49 | $856437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 15901 | &nbsp;&nbsp; $18.99 | $302027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 93622 | &nbsp;&nbsp; $28.21 | $2641215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 88568 | &nbsp;&nbsp; $11.87 | $1051957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 77505 | &nbsp;&nbsp; $31.96 | $2477340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 204648 | &nbsp;&nbsp; $21.39 | $4379473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 262589 | &nbsp;&nbsp; $15.19 | $3991147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 218472 | &nbsp;&nbsp; $11.78 | $2574760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; 19029 | &nbsp;&nbsp; $13.62 | $259106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 261862 | &nbsp;&nbsp; $65.42 | $17131633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 446643 | &nbsp;&nbsp; $48.56 | $21690455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 143327 | &nbsp;&nbsp; $34.79 | $4987030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 198981 | &nbsp;&nbsp; $11.60 | $2308230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 90871 | &nbsp;&nbsp; $14.07 | $1278662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 251573 | &nbsp;&nbsp; $42.90 | $10793103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 144658 | &nbsp;&nbsp; $46.80 | $6769770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 44514 | &nbsp;&nbsp; $18.76 | $834973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 3703812 | &nbsp;&nbsp; $24.77 | $91735623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 2457079 | &nbsp;&nbsp; $28.68 | $70475223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 840136 | &nbsp;&nbsp; $18.64 | $15658228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 5844002 | &nbsp;&nbsp; $0.93 | $5449363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 167101 | &nbsp;&nbsp; $13.61 | $2274306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 46022 | &nbsp;&nbsp; $25.38 | $1168243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 141737 | &nbsp;&nbsp; $16.83 | $2384882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 227889 | &nbsp;&nbsp; $39.58 | $9019619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 111975 | &nbsp;&nbsp; $39.01 | $4367650 |
|  |  |  | **$323879045**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 8+ Basic Death Benefits – 0.90% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 10063609 | &nbsp;&nbsp; $40.93 | $411904228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671890 | &nbsp;&nbsp; $53.72 | $36096845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp; 2755257 | &nbsp;&nbsp; $26.35 | $72613561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp; 7515510 | &nbsp;&nbsp; $24.32 | $182813759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 1181557 | &nbsp;&nbsp; $14.53 | $17162351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535154 | &nbsp;&nbsp; $19.82 | $10608895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp; 1386535 | &nbsp;&nbsp; $33.70 | $46729271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp; 2401852 | &nbsp;&nbsp; $14.18 | $34070677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 1670792 | &nbsp;&nbsp; $37.17 | $62095830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 2318993 | &nbsp;&nbsp; $25.55 | $59263308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp; 4814075 | &nbsp;&nbsp; $18.15 | $87382109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp; 3758105 | &nbsp;&nbsp; $13.70 | $51497119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299787 | &nbsp;&nbsp; $14.21 | $4260353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp; 4024116 | &nbsp;&nbsp; $78.15 | $314496719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp; 5622091 | &nbsp;&nbsp; $58.01 | $326154708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp; 2239066 | &nbsp;&nbsp; $41.57 | $93069998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 4768216 | &nbsp;&nbsp; $13.85 | $66056277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783946 | &nbsp;&nbsp; $14.69 | $11512943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 2515359 | &nbsp;&nbsp; $51.25 | $128917121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 2160079 | &nbsp;&nbsp; $55.91 | $120762629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324930 | &nbsp;&nbsp; $19.58 | $6360962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 71521845 | &nbsp;&nbsp; $29.59 | $2116511413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 44069563 | &nbsp;&nbsp; $34.26 | $1510019844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 39006752 | &nbsp;&nbsp; $22.26 | $868476136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 110548290 | &nbsp;&nbsp; $1.11 | $123094747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 3192184 | &nbsp;&nbsp; $16.25 | $51885357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920636 | &nbsp;&nbsp; $30.33 | $27918885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961217 | &nbsp;&nbsp; $17.88 | $17188161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 2355985 | &nbsp;&nbsp; $47.28 | $111395511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 1407651 | &nbsp;&nbsp; $46.60 | $65592818 |
|  |  |  | **$7035912535**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Maximum Anniversary Death Benefit (Option A) – <br> 1.10% Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 9020002 | &nbsp;&nbsp; $39.35 | $354931992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 467287 | &nbsp;&nbsp; $51.65 | $24135279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 2057230 | &nbsp;&nbsp; $25.34 | $52123988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 4903625 | &nbsp;&nbsp; $23.39 | $114674648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 714802 | &nbsp;&nbsp; $14.05 | $10041795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 166571 | &nbsp;&nbsp; $19.64 | $3271372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 1107036 | &nbsp;&nbsp; $32.40 | $35868816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 1350167 | &nbsp;&nbsp; $13.64 | $18413124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 1210881 | &nbsp;&nbsp; $35.95 | $43526089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 1461440 | &nbsp;&nbsp; $24.57 | $35907007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 3081352 | &nbsp;&nbsp; $17.45 | $53771673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 2262005 | &nbsp;&nbsp; $13.25 | $29978572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; 168050 | &nbsp;&nbsp; $14.08 | $2365971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 2681758 | &nbsp;&nbsp; $75.14 | $201495694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 3010430 | &nbsp;&nbsp; $55.77 | $167901817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 1810401 | &nbsp;&nbsp; $39.96 | $72345986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 3054112 | &nbsp;&nbsp; $13.32 | $40676939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 505761 | &nbsp;&nbsp; $14.55 | $7358390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 1314832 | &nbsp;&nbsp; $49.27 | $64785700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 1568727 | &nbsp;&nbsp; $53.75 | $84315561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 286492 | &nbsp;&nbsp; $19.39 | $5556279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 51478996 | &nbsp;&nbsp; $28.45 | $1464339449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 36469296 | &nbsp;&nbsp; $32.94 | $1201349203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 23519623 | &nbsp;&nbsp; $21.41 | $503438469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 78021146 | &nbsp;&nbsp; $1.07 | $83515089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 2518766 | &nbsp;&nbsp; $15.63 | $39359339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 693612 | &nbsp;&nbsp; $29.15 | $20221862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 603405 | &nbsp;&nbsp; $17.64 | $10646555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 1264613 | &nbsp;&nbsp; $45.46 | $57484395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 1129973 | &nbsp;&nbsp; $44.80 | $50620396 |
|  |  |  | **$4854421449**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Premium Accumulation Death Benefit (Option B) – <br> 1.30% Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 305958 | &nbsp;&nbsp; $37.83 | $11574386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 47066 | &nbsp;&nbsp; $49.66 | $2337069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 83646 | &nbsp;&nbsp; $24.36 | $2037499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 310690 | &nbsp;&nbsp; $22.48 | $6985195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 20444 | &nbsp;&nbsp; $13.59 | $277775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3903 | &nbsp;&nbsp; $19.46 | $75930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 59472 | &nbsp;&nbsp; $31.15 | $1852524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 79844 | &nbsp;&nbsp; $13.11 | $1046846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 76457 | &nbsp;&nbsp; $34.77 | $2658111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 93645 | &nbsp;&nbsp; $23.62 | $2211924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 177558 | &nbsp;&nbsp; $16.78 | $2978896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 119687 | &nbsp;&nbsp; $12.82 | $1534176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3815 | &nbsp;&nbsp; $13.95 | $53215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 103567 | &nbsp;&nbsp; $72.23 | $7481119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 149134 | &nbsp;&nbsp; $53.62 | $7996523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 59055 | &nbsp;&nbsp; $38.42 | $2268797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 205389 | &nbsp;&nbsp; $12.80 | $2629848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 54172 | &nbsp;&nbsp; $14.41 | $780810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 74489 | &nbsp;&nbsp; $47.37 | $3528573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 61056 | &nbsp;&nbsp; $51.67 | $3154916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9090 | &nbsp;&nbsp; $19.21 | $174660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 2197770 | &nbsp;&nbsp; $27.35 | $60102446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 1146337 | &nbsp;&nbsp; $31.67 | $36303806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 1020200 | &nbsp;&nbsp; $20.58 | $20994257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 3574164 | &nbsp;&nbsp; $1.03 | $3678283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 131794 | &nbsp;&nbsp; $15.02 | $1979979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 40670 | &nbsp;&nbsp; $28.03 | $1139922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 47375 | &nbsp;&nbsp; $17.41 | $824784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 76698 | &nbsp;&nbsp; $43.70 | $3351760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 40415 | &nbsp;&nbsp; $43.07 | $1740584 |
|  |  |  | **$193754613**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Earnings Additions Death Benefit (Option C) – <br> 1.15% Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 60640 | &nbsp;&nbsp; $38.96 | $2362796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 12192 | &nbsp;&nbsp; $51.14 | $623563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 24336 | &nbsp;&nbsp; $25.09 | $610549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 70913 | &nbsp;&nbsp; $23.16 | $1642117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8106 | &nbsp;&nbsp; $13.93 | $112928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5838 | &nbsp;&nbsp; $19.59 | $114389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 14491 | &nbsp;&nbsp; $32.08 | $464925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp; $13.50 | $59404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 19542 | &nbsp;&nbsp; $35.65 | $696627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 27732 | &nbsp;&nbsp; $24.33 | $674662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; 12984 | &nbsp;&nbsp; $17.28 | $224352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 42581 | &nbsp;&nbsp; $13.14 | $559649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2677 | &nbsp;&nbsp; $14.05 | $37596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 46161 | &nbsp;&nbsp; $74.40 | $3434355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 40610 | &nbsp;&nbsp; $55.23 | $2242741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 35569 | &nbsp;&nbsp; $39.57 | $1407459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037 | &nbsp;&nbsp; $13.19 | $66440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp; $14.52 | $41076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 14347 | &nbsp;&nbsp; $48.79 | $700011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 19439 | &nbsp;&nbsp; $53.22 | $1034554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516 | &nbsp;&nbsp; $19.35 | $68036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 511675 | &nbsp;&nbsp; $28.17 | $14412208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 416224 | &nbsp;&nbsp; $32.62 | $13576675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 156924 | &nbsp;&nbsp; $21.20 | $3326063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 1039508 | &nbsp;&nbsp; $1.06 | $1101809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 22964 | &nbsp;&nbsp; $15.47 | $355330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 11631 | &nbsp;&nbsp; $28.87 | $335763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 19322 | &nbsp;&nbsp; $17.59 | $339782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 14145 | &nbsp;&nbsp; $45.01 | $636666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 22140 | &nbsp;&nbsp; $44.36 | $982088 |
|  |  |  | **$52244613**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 8+ Options A and B – 1.40% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 519489 | &nbsp;&nbsp; $37.09 | $19269049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 34134 | &nbsp;&nbsp; $48.69 | $1661900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 152926 | &nbsp;&nbsp; $23.88 | $3652437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 279661 | &nbsp;&nbsp; $22.04 | $6164980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 68094 | &nbsp;&nbsp; $13.36 | $909889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp; $19.37 | $84244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 58340 | &nbsp;&nbsp; $30.54 | $1781836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 115044 | &nbsp;&nbsp; $12.85 | $1478937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 81198 | &nbsp;&nbsp; $34.19 | $2776224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 115040 | &nbsp;&nbsp; $23.16 | $2664446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 161454 | &nbsp;&nbsp; $16.45 | $2655929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 163335 | &nbsp;&nbsp; $12.61 | $2059001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1429 | &nbsp;&nbsp; $13.88 | $19844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 177321 | &nbsp;&nbsp; $70.83 | $12558952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 240799 | &nbsp;&nbsp; $52.57 | $12659895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 110935 | &nbsp;&nbsp; $37.67 | $4178825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 205248 | &nbsp;&nbsp; $12.55 | $2576862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 31413 | &nbsp;&nbsp; $14.35 | $450670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 132011 | &nbsp;&nbsp; $46.45 | $6131482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 94478 | &nbsp;&nbsp; $50.66 | $4786680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 13321 | &nbsp;&nbsp; $19.12 | $254744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 2836299 | &nbsp;&nbsp; $26.81 | $76052097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 1754260 | &nbsp;&nbsp; $31.05 | $54473219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 911926 | &nbsp;&nbsp; $20.18 | $18400213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 5064826 | &nbsp;&nbsp; $1.01 | $5110566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 103885 | &nbsp;&nbsp; $14.73 | $1530265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 35489 | &nbsp;&nbsp; $27.48 | $975307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 56284 | &nbsp;&nbsp; $17.29 | $973363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 127294 | &nbsp;&nbsp; $42.85 | $5454404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 68578 | &nbsp;&nbsp; $42.23 | $2895922 |
|  |  |  | **$254642182**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 8+ Options A and C – 1.25% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 152412 | &nbsp;&nbsp; $38.20 | $5822808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 10191 | &nbsp;&nbsp; $50.15 | $511036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 29016 | &nbsp;&nbsp; $24.60 | $713784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 79374 | &nbsp;&nbsp; $22.71 | $1802214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 11761 | &nbsp;&nbsp; $13.70 | $161144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; 12399 | &nbsp;&nbsp; $19.50 | $241819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 28777 | &nbsp;&nbsp; $31.46 | $905270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 31250 | &nbsp;&nbsp; $13.24 | $413777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 19972 | &nbsp;&nbsp; $35.06 | $700165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 27480 | &nbsp;&nbsp; $23.85 | $655550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; 54301 | &nbsp;&nbsp; $16.94 | $920023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 78907 | &nbsp;&nbsp; $12.93 | $1019929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7239 | &nbsp;&nbsp; $13.98 | $101212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 79750 | &nbsp;&nbsp; $72.95 | $5817697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 72479 | &nbsp;&nbsp; $54.15 | $3924754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 53166 | &nbsp;&nbsp; $38.80 | $2062735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 139493 | &nbsp;&nbsp; $12.93 | $1803770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9441 | &nbsp;&nbsp; $14.45 | $136398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 36744 | &nbsp;&nbsp; $47.84 | $1757786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 32987 | &nbsp;&nbsp; $52.18 | $1721348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5852 | &nbsp;&nbsp; $19.26 | $112711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 987337 | &nbsp;&nbsp; $27.62 | $27267775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 721701 | &nbsp;&nbsp; $31.98 | $23081904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 293407 | &nbsp;&nbsp; $20.78 | $6097619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 1394636 | &nbsp;&nbsp; $1.04 | $1449479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 47596 | &nbsp;&nbsp; $15.17 | $722105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 23259 | &nbsp;&nbsp; $28.31 | $658367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6482 | &nbsp;&nbsp; $17.47 | $113233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 32751 | &nbsp;&nbsp; $44.13 | $1445392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 38670 | &nbsp;&nbsp; $43.49 | $1681900 |
|  |  |  | **$93823704**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 8+ Options B and C – 1.45% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 29429 | &nbsp;&nbsp; $36.73 | $1080882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 4303 | &nbsp;&nbsp; $48.21 | $207441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $23.65 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 17430 | &nbsp;&nbsp; $21.83 | $380468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp; $13.25 | $14087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.32 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp; 1849 | &nbsp;&nbsp; $30.24 | $55918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp; $12.73 | $2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 4878 | &nbsp;&nbsp; $33.91 | $165400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 4445 | &nbsp;&nbsp; $22.93 | $101944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp; 3566 | &nbsp;&nbsp; $16.29 | $58084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 11017 | &nbsp;&nbsp; $12.50 | $137757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.85 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 12991 | &nbsp;&nbsp; $70.13 | $911058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp; 5714 | &nbsp;&nbsp; $52.06 | $297462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp; $37.30 | $22753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 6164 | &nbsp;&nbsp; $12.43 | $76623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.31 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 3266 | &nbsp;&nbsp; $45.99 | $150229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 2841 | &nbsp;&nbsp; $50.17 | $142530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.08 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 111888 | &nbsp;&nbsp; $26.55 | $2970757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 112684 | &nbsp;&nbsp; $30.75 | $3464778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 57256 | &nbsp;&nbsp; $19.98 | $1143964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 242470 | &nbsp;&nbsp; $1.00 | $242267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 8003 | &nbsp;&nbsp; $14.58 | $116726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 2889 | &nbsp;&nbsp; $27.21 | $78612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp; $17.24 | $151050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 3244 | &nbsp;&nbsp; $42.43 | $137655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp; $41.81 | $56653 |
|  |  |  | **$12167437**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Years 8+ Options A, B and C – 1.55% Expense Ratio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 1839848 | &nbsp;&nbsp; $36.01 | $66258113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp; 102710 | &nbsp;&nbsp; $47.27 | $4855106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 495135 | &nbsp;&nbsp; $23.19 | $11481522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 1133340 | &nbsp;&nbsp; $21.40 | $24256800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 242255 | &nbsp;&nbsp; $13.03 | $3157038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76957 | &nbsp;&nbsp; $19.23 | $1479935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; 242253 | &nbsp;&nbsp; $29.65 | $7183581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; 279348 | &nbsp;&nbsp; $12.48 | $3486666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; 287883 | &nbsp;&nbsp; $33.35 | $9599694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; 337245 | &nbsp;&nbsp; $22.48 | $7583479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; 765174 | &nbsp;&nbsp; $15.97 | $12220779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 612133 | &nbsp;&nbsp; $12.29 | $7525879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22895 | &nbsp;&nbsp; $13.79 | $315620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 545170 | &nbsp;&nbsp; $68.77 | $37488718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 812304 | &nbsp;&nbsp; $51.04 | $41463883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 355360 | &nbsp;&nbsp; $36.57 | $12996535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; 691682 | &nbsp;&nbsp; $12.19 | $8431199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 118545 | &nbsp;&nbsp; $14.25 | $1688805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 418851 | &nbsp;&nbsp; $45.09 | $18887960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 378843 | &nbsp;&nbsp; $49.19 | $18635272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46955 | &nbsp;&nbsp; $18.99 | $891691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 8900608 | &nbsp;&nbsp; $26.03 | $231714246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 6323042 | &nbsp;&nbsp; $30.15 | $190628259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 3084481 | &nbsp;&nbsp; $19.59 | $60425280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 14380757 | &nbsp;&nbsp; $0.98 | $14088409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; 440602 | &nbsp;&nbsp; $14.30 | $6301261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; 163443 | &nbsp;&nbsp; $26.68 | $4360987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 136800 | &nbsp;&nbsp; $17.12 | $2342153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 400156 | &nbsp;&nbsp; $41.60 | $16647106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; 228639 | &nbsp;&nbsp; $41.00 | $9374000 |
|  |  |  | **$835769976**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Basic Death Benefits and Return Protection – 1.40% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $16.44 | $—  |
|  |  |  | **$-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Basic Death Benefits and Return Protection – 1.65% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $25.78 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $29.86 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.40 | $—  |
|  |  |  | **$-** |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Maximum Anniversary Death Benefit and Return <br> Protection – 1.60% Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $16.02 | $—  |
|  |  |  | **$-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Maximum Anniversary Death Benefit and Return <br> Protection – 1.85% Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $24.79 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $28.70 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.65 | $—  |
|  |  |  | **$-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 1-7 Guaranteed Lifetime Withdrawal Benefit – 1.80% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 17641931 | &nbsp;&nbsp; $15.81 | $278911377 |
|  |  |  | **$278911377** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 1-7 Guaranteed Lifetime Withdrawal Benefit – 2.20% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564 | &nbsp;&nbsp; $18.46 | $28873 |
|  |  |  | **$28873** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Guaranteed Lifetime Withdrawal Benefit – 1.45% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 73311022 | &nbsp;&nbsp; $16.53 | $1211428251  |
|  |  |  | **$1211428251**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Guaranteed Lifetime Withdrawal Benefit – 1.85% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 107938770 | &nbsp;&nbsp; $19.30 | $2083518753  |
|  |  |  | **$2083518753**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years 8+ Guaranteed Lifetime Withdrawal Benefit – 1.85% <br> Expense Ratio<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 38088708 | &nbsp;&nbsp; $20.64 | $786248935 |
|  |  |  | **$786248935** |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| AdvisorFlex |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global Growth Class 1 | &nbsp;&nbsp; 71994 | &nbsp;&nbsp; $20.93 | $1507097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Growth-Income Class 1 | &nbsp;&nbsp; 152091 | &nbsp;&nbsp; $24.53 | $3730354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Class 1 | &nbsp;&nbsp; 47651 | &nbsp;&nbsp; $12.18 | $580257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. Class I | &nbsp;&nbsp; 54902 | &nbsp;&nbsp; $10.31 | $563816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA International Small Portfolio | &nbsp;&nbsp; 48390 | &nbsp;&nbsp; $12.86 | $622527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA US Targeted Value | &nbsp;&nbsp; 99684 | &nbsp;&nbsp; $19.37 | $1930812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Emerging Markets Initial Class | &nbsp;&nbsp; 154208 | &nbsp;&nbsp; $14.85 | $2287988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP International Capital Appreciation Initial <br> Class<br>| &nbsp;&nbsp; 43235 | &nbsp;&nbsp; $17.49 | $756338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Value Initial Class | &nbsp;&nbsp; 47148 | &nbsp;&nbsp; $20.84 | $982465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Enterprise Institutional Class | &nbsp;&nbsp; 41336 | &nbsp;&nbsp; $23.02 | $951661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond Trust Series I | &nbsp;&nbsp; 139932 | &nbsp;&nbsp; $10.39 | $1453497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International Equity Index Trust B Series <br> I<br>| &nbsp;&nbsp; 15414 | &nbsp;&nbsp; $13.47 | $207692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic Income Opportunities Trust <br> Series I<br>| &nbsp;&nbsp; 49853 | &nbsp;&nbsp; $11.33 | $564947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Blended Research Core Equity <br> Initial Class<br>| &nbsp;&nbsp; 155221 | &nbsp;&nbsp; $25.83 | $4008664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Corporate Bond Initial Class | &nbsp;&nbsp; 48778 | &nbsp;&nbsp; $11.22 | $547472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III – MFS® Global Real Estate Initial <br> Class<br>| &nbsp;&nbsp;&nbsp; 7395 | &nbsp;&nbsp; $13.15 | $97257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® International Intrinsic Value <br> Initial Class<br>| &nbsp;&nbsp; 20745 | &nbsp;&nbsp; $15.45 | $320487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III – MFS® Mid Cap Value Initial Class | &nbsp;&nbsp; 53179 | &nbsp;&nbsp; $19.08 | $1014529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Technology Initial Class | &nbsp;&nbsp; 73428 | &nbsp;&nbsp; $34.77 | $2553456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT – MFS® Value Initial Class | &nbsp;&nbsp; 32092 | &nbsp;&nbsp; $17.84 | $572393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging Markets Bond Institutional Class | &nbsp;&nbsp;&nbsp; 8608 | &nbsp;&nbsp; $11.34 | $97588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) <br> Institutional Class<br>| &nbsp;&nbsp; 15787 | &nbsp;&nbsp; $9.87 | $155751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term U.S. Government Institutional <br> Class<br>| &nbsp;&nbsp; 40446 | &nbsp;&nbsp; $8.44 | $341489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return Institutional Class | &nbsp;&nbsp; 47672 | &nbsp;&nbsp; $11.41 | $543852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Diversified International | &nbsp;&nbsp;&nbsp; 9481 | &nbsp;&nbsp; $13.36 | $126676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Government & High Quality Bond | &nbsp;&nbsp; 62902 | &nbsp;&nbsp; $9.63 | $606011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Small Cap | &nbsp;&nbsp; 23372 | &nbsp;&nbsp; $17.02 | $397719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP Class 1 | &nbsp;&nbsp; 23841 | &nbsp;&nbsp; $7.83 | $186571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp; 6311 | &nbsp;&nbsp; $22.71 | $143335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 83283 | &nbsp;&nbsp; $14.71 | $1225009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 138608 | &nbsp;&nbsp; $13.26 | $1837817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp; 10272 | &nbsp;&nbsp; $11.53 | $118486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $20.37 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 65860 | &nbsp;&nbsp; $18.95 | $1248123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 38055 | &nbsp;&nbsp; $17.34 | $659752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 67618 | &nbsp;&nbsp; $12.72 | $860065 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 120711 | &nbsp;&nbsp; $11.63 | $1403455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 22361 | &nbsp;&nbsp; $12.85 | $287247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp; 22980 | &nbsp;&nbsp; $14.61 | $335635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 285417 | &nbsp;&nbsp; $33.21 | $9477516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 146516 | &nbsp;&nbsp; $26.31 | $3854595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 120212 | &nbsp;&nbsp; $20.67 | $2485238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 121006 | &nbsp;&nbsp; $11.65 | $1410293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp; 121747 | &nbsp;&nbsp; $15.09 | $1837603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 77038 | &nbsp;&nbsp; $19.19 | $1478277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 114088 | &nbsp;&nbsp; $19.58 | $2233686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 6773 | &nbsp;&nbsp; $20.12 | $136279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 799082 | &nbsp;&nbsp; $1.13 | $900793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 28842 | &nbsp;&nbsp; $11.58 | $334067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 34561 | &nbsp;&nbsp; $13.83 | $478113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 37990 | &nbsp;&nbsp; $18.60 | $706658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 54937 | &nbsp;&nbsp; $17.65 | $969785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 80919 | &nbsp;&nbsp; $21.43 | $1734399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Capital Growth | &nbsp;&nbsp; 87327 | &nbsp;&nbsp; $23.36 | $2040301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF International | &nbsp;&nbsp; 65960 | &nbsp;&nbsp; $16.88 | $1109975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Short-Term Investment-Grade | &nbsp;&nbsp; 122249 | &nbsp;&nbsp; $11.19 | $1368209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Small Company Growth | &nbsp;&nbsp; 21959 | &nbsp;&nbsp; $17.45 | $382579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Bond Market Index | &nbsp;&nbsp; 470147 | &nbsp;&nbsp; $10.37 | $4873987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Stock Market Index | &nbsp;&nbsp; 287767 | &nbsp;&nbsp; $25.13 | $7231988 |
|  |  |  | **$80872631**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Death Claims – 2002 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp; $38.45 | $3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp; $48.31 | $13627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp; $25.96 | $87641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp;&nbsp; 1838 | &nbsp;&nbsp; $23.71 | $43582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp; $14.65 | $2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.87 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp; 7350 | &nbsp;&nbsp; $32.43 | $238383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp; 5725 | &nbsp;&nbsp; $14.30 | $81892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp; $37.48 | $25059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 5490 | &nbsp;&nbsp; $24.89 | $136633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp; 6210 | &nbsp;&nbsp; $18.24 | $113284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; 16649 | &nbsp;&nbsp; $13.82 | $230125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp; $14.24 | $2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp; 3489 | &nbsp;&nbsp; $72.40 | $252598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp; $56.35 | $274110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp; $40.63 | $231250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp; 8959 | &nbsp;&nbsp; $13.89 | $124481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.72 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 3764 | &nbsp;&nbsp; $47.05 | $177115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp; $49.78 | $81885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp; 5184 | &nbsp;&nbsp; $19.62 | $101725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 48551 | &nbsp;&nbsp; $28.55 | $1386291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp; $32.63 | $53996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 24724 | &nbsp;&nbsp; $21.73 | $537255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 137551 | &nbsp;&nbsp; $1.11 | $153165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 1409 | &nbsp;&nbsp; $16.37 | $23075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 3364 | &nbsp;&nbsp; $28.16 | $94711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; $17.94 | $1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 4259 | &nbsp;&nbsp; $42.78 | $182158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 4990 | &nbsp;&nbsp; $42.64 | $212769 |
|  |  |  | **$4865855**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Death Claims – 2005 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp;&nbsp; 4703 | &nbsp;&nbsp; $38.45 | $180839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp; $48.31 | $13007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp;&nbsp; 6184 | &nbsp;&nbsp; $25.96 | $160510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 12984 | &nbsp;&nbsp; $23.71 | $307829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; $14.65 | $19181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.87 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp; 8130 | &nbsp;&nbsp; $32.43 | $263671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp; 5033 | &nbsp;&nbsp; $14.30 | $71986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp; 1401 | &nbsp;&nbsp; $37.48 | $52520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp; 6789 | &nbsp;&nbsp; $24.89 | $168961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp; 8272 | &nbsp;&nbsp; $18.24 | $150926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp; 7151 | &nbsp;&nbsp; $13.82 | $98806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.24 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp; 4745 | &nbsp;&nbsp; $72.40 | $343592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 11351 | &nbsp;&nbsp; $56.35 | $639606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp; 7188 | &nbsp;&nbsp; $40.63 | $292041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 52817 | &nbsp;&nbsp; $13.89 | $733859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp; $14.72 | $7676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; $47.05 | $235276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp; 3501 | &nbsp;&nbsp; $49.78 | $174281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp; $19.62 | $8314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 290458 | &nbsp;&nbsp; $28.55 | $8293531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 78057 | &nbsp;&nbsp; $32.63 | $2547328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 180918 | &nbsp;&nbsp; $21.73 | $3931364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 156652 | &nbsp;&nbsp; $1.11 | $174440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp; 3871 | &nbsp;&nbsp; $16.37 | $63375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp; 3651 | &nbsp;&nbsp; $28.16 | $102814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp; $17.94 | $9432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp; 4036 | &nbsp;&nbsp; $42.78 | $172630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp; 3255 | &nbsp;&nbsp; $42.64 | $138793 |
|  |  |  | **$19356588**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Death Claims – AdvisorFlex |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global Growth Class 1 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.93 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Growth-Income Class 1 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $24.53 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Class 1 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.18 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. Class I | &nbsp;&nbsp; —  | &nbsp;&nbsp; $10.31 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA International Small Portfolio | &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.86 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA VA US Targeted Value | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.37 | $209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Emerging Markets Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $14.85 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP International Capital Appreciation Initial <br> Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.49 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity® VIP Value Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.84 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Enterprise Institutional Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $23.02 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond Trust Series I | &nbsp;&nbsp; —  | &nbsp;&nbsp; $10.39 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International Equity Index Trust B Series <br> I<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.47 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic Income Opportunities Trust <br> Series I<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.33 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Blended Research Core Equity <br> Initial Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $25.83 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Corporate Bond Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.22 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III – MFS® Global Real Estate Initial <br> Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.15 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® International Intrinsic Value <br> Initial Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $15.45 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III – MFS® Mid Cap Value Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.08 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – MFS® Technology Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $34.77 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT – MFS® Value Initial Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.84 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging Markets Bond Institutional Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.34 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) <br> Institutional Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $9.87 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term U.S. Government Institutional <br> Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $8.44 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return Institutional Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.41 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Diversified International | &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.36 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Government & High Quality Bond | &nbsp;&nbsp; —  | &nbsp;&nbsp; $9.63 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Small Cap | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.02 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP Class 1 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $7.83 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp; —  | &nbsp;&nbsp; $22.71 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; —  | &nbsp;&nbsp; $14.71 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.26 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.53 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.37 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; —  | &nbsp;&nbsp; $18.95 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.34 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.72 | $—  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.63 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.85 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $14.61 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; —  | &nbsp;&nbsp; $33.21 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $26.31 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.67 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.65 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp; —  | &nbsp;&nbsp; $15.09 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.19 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.58 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.12 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; —  | &nbsp;&nbsp; $1.13 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.83 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; —  | &nbsp;&nbsp; $18.60 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.65 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; —  | &nbsp;&nbsp; $21.43 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Capital Growth | &nbsp;&nbsp; —  | &nbsp;&nbsp; $23.36 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF International | &nbsp;&nbsp; —  | &nbsp;&nbsp; $16.88 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Short-Term Investment-Grade | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.19 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Small Company Growth | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.45 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Bond Market Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $10.37 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard® VIF Total Stock Market Index | &nbsp;&nbsp; —  | &nbsp;&nbsp; $25.13 | $—  |
|  |  |  | **$209**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Retirement Choice |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global Growth Class 4 | &nbsp;&nbsp; 4821876 | &nbsp;&nbsp; $14.31 | $68977521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Growth-Income Class 4 | &nbsp;&nbsp; 3482981 | &nbsp;&nbsp; $17.90 | $62353993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Growth and Income <br> Class 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 829389 | &nbsp;&nbsp; $12.49 | $10359486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Class 4 | &nbsp;&nbsp;&nbsp;&nbsp; 545725 | &nbsp;&nbsp; $11.20 | $6113535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. Class III | &nbsp;&nbsp; 11459091 | &nbsp;&nbsp; $8.73 | $99675663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance VT Floating-Rate Income Initial Share <br> Class<br>| &nbsp;&nbsp; 5632307 | &nbsp;&nbsp; $12.13 | $68339105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Emerging Markets Service Class 2 | &nbsp;&nbsp; 1955820 | &nbsp;&nbsp; $12.10 | $23659824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Energy Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 756971 | &nbsp;&nbsp; $27.07 | $20491101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP International Capital Appreciation Service <br> Class 2<br>| &nbsp;&nbsp; 4696715 | &nbsp;&nbsp; $13.22 | $62095473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Value Service Class 2 | &nbsp;&nbsp; 2105031 | &nbsp;&nbsp; $20.55 | $43263053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Small Cap Value VIP Class 2 | &nbsp;&nbsp; 1372303 | &nbsp;&nbsp; $17.30 | $23740186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Core Fixed Income Service Shares | &nbsp;&nbsp; 7438870 | &nbsp;&nbsp; $8.65 | $64342075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Small Cap Equity Insights Service <br> Shares<br>| &nbsp;&nbsp; 1084107 | &nbsp;&nbsp; $17.10 | $18540955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Service Class | &nbsp;&nbsp; 2144910 | &nbsp;&nbsp; $16.08 | $34493104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Service Class | &nbsp;&nbsp; 5682536 | &nbsp;&nbsp; $17.26 | $98101029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond Trust Series II | &nbsp;&nbsp; 4317751 | &nbsp;&nbsp; $8.68 | $37480807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International Small Company Trust Series <br> II<br>| &nbsp;&nbsp;&nbsp;&nbsp; 268173 | &nbsp;&nbsp; $13.10 | $3513030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic Income Opportunities Trust <br> Series II<br>| &nbsp;&nbsp; 4228666 | &nbsp;&nbsp; $10.23 | $43271298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – Core Equity Service Class | &nbsp;&nbsp; 2207108 | &nbsp;&nbsp; $17.45 | $38519127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Global Real Estate Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 590950 | &nbsp;&nbsp; $11.24 | $6645143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Mid Cap Value Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 840181 | &nbsp;&nbsp; $17.97 | $15101661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT – New Discovery Series Service Class | &nbsp;&nbsp; 2182358 | &nbsp;&nbsp; $11.32 | $24706078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II Technology Service Class | &nbsp;&nbsp; 3350116 | &nbsp;&nbsp; $17.97 | $60188048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT Value Series Service Class | &nbsp;&nbsp; 1325444 | &nbsp;&nbsp; $15.85 | $21013042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging Markets Bond Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp; 282252 | &nbsp;&nbsp; $10.11 | $2853330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) <br> Advisor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; 910368 | &nbsp;&nbsp; $9.24 | $8410613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term US Government Advisor Class | &nbsp;&nbsp; 4260089 | &nbsp;&nbsp; $6.05 | $25783814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return Advisor Class | &nbsp;&nbsp; 9347783 | &nbsp;&nbsp; $9.77 | $91353844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Capital Appreciation Class 2 | &nbsp;&nbsp; 2588282 | &nbsp;&nbsp; $19.34 | $50060831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal VC Equity Income Class 2 | &nbsp;&nbsp; 1955722 | &nbsp;&nbsp; $16.41 | $32098039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT International Value Class 1B | &nbsp;&nbsp;&nbsp;&nbsp; 664051 | &nbsp;&nbsp; $15.54 | $10322471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT Research Class 1B | &nbsp;&nbsp; 1874931 | &nbsp;&nbsp; $19.27 | $36127256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; 995373 | &nbsp;&nbsp; $7.79 | $7752713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; 23998795 | &nbsp;&nbsp; $16.17 | $387948032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp; 1916637 | &nbsp;&nbsp; $17.75 | $34013354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; 2473216 | &nbsp;&nbsp; $12.96 | $32042841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; 4934462 | &nbsp;&nbsp; $11.61 | $57269807 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 474064 | &nbsp;&nbsp; $11.17 | $5296556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp; 1379210 | &nbsp;&nbsp; $18.43 | $25422038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp; 2323901 | &nbsp;&nbsp; $16.03 | $37253932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp; 4168036 | &nbsp;&nbsp; $8.82 | $36745217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp; 4303946 | &nbsp;&nbsp; $12.00 | $51633837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp; 20508915 | &nbsp;&nbsp; $11.67 | $239290280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp; 27510677 | &nbsp;&nbsp; $9.44 | $259608960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 766035 | &nbsp;&nbsp; $13.11 | $10044813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp; 2265332 | &nbsp;&nbsp; $13.17 | $29841383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp; 23012170 | &nbsp;&nbsp; $18.51 | $425861237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp; 20924562 | &nbsp;&nbsp; $19.02 | $397963687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp; 5425962 | &nbsp;&nbsp; $18.73 | $101615834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp; 10195962 | &nbsp;&nbsp; $10.41 | $106150920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp; 3400012 | &nbsp;&nbsp; $12.93 | $43948534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp; 7897614 | &nbsp;&nbsp; $17.54 | $138523159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp; 12198863 | &nbsp;&nbsp; $16.91 | $206260304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp; 1159504 | &nbsp;&nbsp; $18.90 | $21914720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp; 53513644 | &nbsp;&nbsp; $13.46 | $720534565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp; 66345134 | &nbsp;&nbsp; $14.45 | $958459395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp; 12858118 | &nbsp;&nbsp; $11.52 | $148063178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 59683933 | &nbsp;&nbsp; $1.06 | $63017656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp; 1744763 | &nbsp;&nbsp; $10.44 | $18210109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp; 1172484 | &nbsp;&nbsp; $12.44 | $14584785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp; 4130053 | &nbsp;&nbsp; $14.16 | $58463667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp; 8883670 | &nbsp;&nbsp; $17.01 | $151117017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp; 7310620 | &nbsp;&nbsp; $19.05 | $139291425 |
|  |  |  | **$6140138490**  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| Death Claims – Retirement Choice |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Global Growth Class 4 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $14.50 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® Growth-Income Class 4 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $18.15 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Growth and Income <br> Class 4<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.66 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds IS® International Class 4 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.36 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Total Return V.I. Class III | &nbsp;&nbsp; —  | &nbsp;&nbsp; $8.85 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance VT Floating-Rate Income Initial Share <br> Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.30 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Emerging Markets Service Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $12.26 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Energy Service Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $27.44 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP International Capital Appreciation Service <br> Class 2<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.40 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity VIP Value Service Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $20.83 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Small Cap Value VIP Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.54 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Core Fixed Income Service Shares | &nbsp;&nbsp; —  | &nbsp;&nbsp; $8.77 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs VIT Small Cap Equity Insights Service <br> Shares<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.34 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Enterprise Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $16.30 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson VIT Forty Service Class | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; $17.50 | $18784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Core Bond Trust Series II | &nbsp;&nbsp; —  | &nbsp;&nbsp; $8.80 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock International Small Company Trust Series <br> II<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.28 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock Strategic Income Opportunities Trust <br> Series II<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $10.37 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II – Core Equity Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.69 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Global Real Estate Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.40 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT III Mid Cap Value Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $18.22 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT – New Discovery Series Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.47 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT II Technology Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $18.21 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS® VIT Value Series Service Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $16.07 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Emerging Markets Bond Advisor Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $10.25 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Global Bond Opportunities (Unhedged) <br> Advisor Class<br>| &nbsp;&nbsp; —  | &nbsp;&nbsp; $9.36 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Long-Term US Government Advisor Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $6.13 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO VIT Real Return Advisor Class | &nbsp;&nbsp; —  | &nbsp;&nbsp; $9.91 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Capital Appreciation Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.60 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal VC Equity Income Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $16.64 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT International Value Class 1B | &nbsp;&nbsp; —  | &nbsp;&nbsp; $15.76 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Putnam VT Research Class 1B | &nbsp;&nbsp; —  | &nbsp;&nbsp; $19.53 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Templeton Global Bond VIP Class 2 | &nbsp;&nbsp; —  | &nbsp;&nbsp; $7.89 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Aggressive Allocation | &nbsp;&nbsp; —  | &nbsp;&nbsp; $16.39 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent All Cap | &nbsp;&nbsp; —  | &nbsp;&nbsp; $17.99 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Balanced Income Plus | &nbsp;&nbsp; —  | &nbsp;&nbsp; $13.13 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Diversified Income Plus | &nbsp;&nbsp; —  | &nbsp;&nbsp; $11.76 | $—  |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(7) UNIT FAIR VALUE - continued**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Units** | **Unit Value** | **Assets in Accumulation** <br> **Period**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $11.32 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent ESG Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.68 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Global Stock | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $16.25 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Government Bond | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $8.94 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Healthcare | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $12.16 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent High Yield | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $11.83 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Income | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $9.56 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Allocation | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.29 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent International Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.35 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.76 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.28 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Large Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $18.98 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Limited Maturity Bond | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $10.55 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.10 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp; $17.78 | $13617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $17.14 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.16 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $13.65 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.64 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Moderately Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $11.67 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Money Market | &nbsp;&nbsp; 12771 | &nbsp;&nbsp; $1.07 | $13667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Opportunity Income Plus | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $10.58 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $12.61 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $14.35 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $17.24 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrivent Small Cap Stock | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; $19.31 | $—  |
|  |  |  | **$46068**  |

---

**(8) SUBACCOUNT MERGERS**

A Special Meeting of shareholders of the Thrivent Low Volatillity Equity and Thrivent Multidimensional Income (the "Target Portfolios") which is a separate series of Thrivent Series Fund, Inc. ("the Fund"), was held on June 27, 2024. The Contractholders of each Subaccount voted in favor of merging the Target Portfolios into the Portfolios shown below ("the Acquiring Portfolios") effective July 26, 2024.

---

| | | |
|:---|:---|:---|
|  | **The Target Portfolio** | **The Acquiring Portfolio** |
| Merger 1 | Thrivent Low Volatility Equity | Thrivent Global Stock |
| Merger 2 | Thrivent Multidimensional Income | Thrivent Opportunity Income Plus |

---

The merger was accomplished by tax free exchanges as detailed below:

---

| | | |
|:---|:---|:---|
| **Merger 1** | **Net Assets as of** <br>**July 26, 2024**<br>| **Shares as of** <br>**July 26, 2024**<br>|
| Acquiring Portfolio | &nbsp;&nbsp; $214474587  | &nbsp;&nbsp; 15048525 |

---

------

**THRIVENT VARIABLE ANNUITY ACCOUNT I**

NOTES TO FINANCIAL STATEMENTS (continued)

**(8) SUBACCOUNT MERGERS - continued**<br>

---

| | | |
|:---|:---|:---|
| **Merger 1** | **Net Assets as of** <br> **July 26, 2024**<br>| **Shares as of** <br> **July 26, 2024**<br>|
| Target Portfolio | &nbsp;&nbsp; $46487184 | &nbsp;&nbsp; 3819284 |
| After Acquisition | &nbsp;&nbsp; $260961771  | &nbsp;&nbsp; 18867809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Merger 2** | **Net Assets as of** <br>**July 26, 2024**<br>| **Shares as of** <br>**July 26, 2024**<br>|
| Acquiring Portfolio | &nbsp;&nbsp; $142852449  | &nbsp;&nbsp; 15903064 |
| Target Portfolio | &nbsp;&nbsp; $38512544 | &nbsp;&nbsp; 4282741 |
| After Acquisition | &nbsp;&nbsp; $181364993  | &nbsp;&nbsp; 20185805 |

---

The target portfolios had the following unrealized appreciation/depreciation, accumulated net realized gains/losses and net investment income as of July 25, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Investment** <br>**Income (loss)**<br>| **Accumulated Net** <br>**Realized Gain** <br>**(Loss)**<br>|
| Thrivent Low Volatility Equity | &nbsp;&nbsp; $(2623453 )<br>| &nbsp;&nbsp; $1476685  | &nbsp;&nbsp; $4835837  |
| Thrivent Multidimensional Income | &nbsp;&nbsp; $3122825  | &nbsp;&nbsp; $3025829  | &nbsp;&nbsp; $(4928254 )<br>|

---

Assuming the acquisition had been completed on January 1, 2024 the beginning of the annual reporting period of the Portfolios, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024, would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Investment** <br>**Income (loss)**<br>| **Accumulated Net** <br>**Realized Gain** <br>**(Loss)**<br>|
| Thrivent Global Stock | &nbsp;&nbsp; $11589520  | &nbsp;&nbsp; $2811674  | &nbsp;&nbsp; $18948550  |
| Thrivent Opportunity Income Plus | &nbsp;&nbsp; $6846618  | &nbsp;&nbsp; $8939324  | &nbsp;&nbsp; $(8251502 )<br>|

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Target Portfolio that have been included in the Acquiring Portfolio's statement of operations since July 26, 2024.

Assuming the acquisition had been completed on January 1, 2023 the beginning of the annual reporting period of the Portfolios, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2023, would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Investment** <br>**Income (loss)**<br>| **Accumulated Net** <br>**Realized Gain** <br>**(Loss)**<br>|
| Thrivent Global Stock | &nbsp;&nbsp; $(86602999 )<br>| &nbsp;&nbsp; $(490676 )<br>| &nbsp;&nbsp; $31481165  |
| Thrivent Opportunity Income Plus | &nbsp;&nbsp; $(32914325 )<br>| &nbsp;&nbsp; $5845378  | &nbsp;&nbsp; $(7310252 )<br>|

---

------

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use in the supplement to the Post-Effective Amendments No. 11 & 75 to the Registration Statement on Form N-4 (No. 333-229611 & 811-21111) (the "Registration Statement") of our report dated April 25, 2025, except for the effects of the restatement discussed in Note 2, as to which the date is October 23, 2025 relating to the financial statements of each of the subaccounts of Thrivent Variable Annuity Account I indicated in our report.

/s/ PricewaterhouseCoopers LLP

Minneapolis, MN <br> October 23, 2025

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