# EDGAR Filing Document

**Accession Number:** 0000315754
**File Stem:** 0001193125-26-095550
**Filing Date:** 2026-3
**Character Count:** 1026216
**Document Hash:** c74c7f95d23c062e5179bb7cda07ff5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095550.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095550

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AUGUSTAR VARIABLE INSURANCE PRODUCTS FUND INC
- **CENTRAL INDEX KEY:** 0000315754

**ORGANIZATION NAME:**
- **EIN:** 310978635
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03015
- **FILM NUMBER:** 26729211

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FINANCIAL WAY
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242
- **BUSINESS PHONE:** 513-794-6171

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL WAY
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AUGUSTAR(SM) VARIABLE INSURANCE PRODUCTS FUND INC
- **DATE OF NAME CHANGE:** 20231130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OHIO NATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ON MARKET YIELD FUND INC
- **DATE OF NAME CHANGE:** 19821026

## Series and Classes Contracts Data

### AVIP AB Small Cap Portfolio (Series ID: S000007874)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021415 | Class I      |  |
| C000266291 | Class II     |  |

### AVIP AB Mid Cap Core Portfolio (Series ID: S000007875)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021416 | Class I      |  |
| C000266292 | Class II     |  |

### AVIP S&P 500® Index Portfolio (Series ID: S000007877)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021418 | Class I      |  |
| C000266293 | Class II     |  |

### AVIP High Income Bond Portfolio (Series ID: S000007878)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021419 | Class I      |  |
| C000266294 | Class II     |  |

### AVIP BlackRock Advantage Large Cap Value Portfolio (Series ID: S000007879)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021420 | Class I      |  |
| C000266295 | Class II     |  |

### AVIP Nasdaq-100® Index Portfolio (Series ID: S000007880)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021421 | Class I      |  |
| C000266296 | Class II     |  |

### AVIP BlackRock Advantage Large Cap Core Portfolio (Series ID: S000007881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021422 | Class I      |  |
| C000266297 | Class II     |  |

### AVIP BlackRock Advantage Small Cap Growth Portfolio (Series ID: S000007882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021423 | Class I      |  |
| C000266298 | Class II     |  |

### AVIP S&P MidCap 400® Index Portfolio (Series ID: S000007887)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021428 | Class I      |  |
| C000266299 | Class II     |  |

### AVIP Bond Portfolio (Series ID: S000007889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021430 | Class I      |  |
| C000266300 | Class II     |  |

### AVIP BlackRock Balanced Allocation Portfolio (Series ID: S000007890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021431 | Class I      |  |
| C000266301 | Class II     |  |

### AVIP BlackRock Advantage International Equity Portfolio (Series ID: S000007891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021432 | Class I      |  |
| C000266302 | Class II     |  |

### AVIP Fidelity Institutional AM® Equity Growth Portfolio (Series ID: S000007895)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021436 | Class I      |  |
| C000266303 | Class II     |  |

### AVIP BlackRock Advantage Large Cap Growth Portfolio (Series ID: S000017305)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047872 | Class I      |  |
| C000266304 | Class II     |  |

### AVIP Constellation Dynamic Risk Balanced Portfolio (Series ID: S000045337)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000141102 | Class I      |  |
| C000266305 | Class II     |  |

### AVIP Moderately Conservative Model Portfolio (Series ID: S000056643)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000179130 | AVIP Moderately Conservative Model Portfolio |  |

### AVIP Balanced Model Portfolio (Series ID: S000056644)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000179131 | AVIP Balanced Model Portfolio |  |

### AVIP Moderate Growth Model Portfolio (Series ID: S000056645)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000179132 | AVIP Moderate Growth Model Portfolio |  |

### AVIP Growth Model Portfolio (Series ID: S000056646)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000179133 | AVIP Growth Model Portfolio |  |

### AVIP Constellation Managed Risk Balanced Portfolio (Series ID: S000068473)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000218947 | AVIP Constellation Managed Risk Balanced Portfolio |  |

### AVIP Constellation Managed Risk Moderate Growth Portfolio (Series ID: S000068474)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000218948 | AVIP Constellation Managed Risk Moderate Growth Portfolio |  |

### AVIP Constellation Managed Risk Growth Portfolio (Series ID: S000068475)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218949 | AVIP Constellation Managed Risk Growth Portfolio |  |

### AVIP Intech U.S. Low Volatility Portfolio (Series ID: S000068476)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218950 | Class I      |  |
| C000266306 | Class II     |  |

### AVIP Core Plus Bond Portfolio (Series ID: S000068477)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218951 | Class I      |  |
| C000266307 | Class II     |  |

### AVIP AB Relative Value Portfolio (Series ID: S000074393)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232289 | Class I      |  |
| C000266308 | Class II     |  |

?xml version='1.0' encoding='ASCII'? a8b34747-041f-4785-8c15-9b20296cd18a

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-03015

Augustar<sup>®</sup> Variable Insurance Products Fund, Inc.

(Exact name of registrant as specified in charter)

------

One Financial Way, Cincinnati, OH 45242

(Address of principal executive offices) (Zip code)

CT Corporation

300 E. Lombard St., Suite 1400

Baltimore, MD 21202

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
513-794-6100

#### Date of fiscal year end:
December 31

#### Date of reporting period:
December 31, 2025

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ### AVIP Bond Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Bond Portfolio | $63 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio outperformed its primary benchmark for the year. Outperformance was driven by corporate bond allocation and security selection. Allocation to corporate credit was a positive contributor relative to the index. This performance was augmented by an even larger positive sector contribution from the Financials, Information Technology, and Communication Services sectors though there was a partial offset by underperformance from the Consumer Discretionary and Materials sectors. During the latter part of the year, the Portfolio increased its allocation to higher-rated collateralized loan obligations ("CLOs") to enhance yield and improve overall credit quality. This allocation aided the performance of the Portfolio compared to the benchmark, as the credit spread on CLOs added were greater than that of the overall index.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105490.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP Bond Portfolio** | 7.67 | (0.06) | 3.36 |
| **ICE BofA U.S. Broad Market Index (Broad-based market index)** | 7.15 | (0.42) | 2.01 |
| **ICE BofA U.S. Corporate Index (Secondary comparative index)** | 7.78 | 0.11 | 3.36 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$267081883 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1333272 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia / The 6.875%, 10/27/2085 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp N.A. 4.704%, 08/18/2028 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. 4.810%, 10/22/2036 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. 5.500%, 07/15/2044 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley 4.892%, 10/22/2036 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. 4.500%, 09/15/2047 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP 2.750%, 01/15/2027 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. 5.600%, 09/05/2035 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. / The 4.369%, 10/21/2031 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. 5.625%, 11/15/2055 | 1.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105485.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105480.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

Derivatives Risk, Swap Risk, and CDX Tranche Risk were added as principal investment risks within the Portfolio's December 5, 2025 Prospectus.

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.82% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP BlackRock Balanced Allocation Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Balanced Allocation Portfolio | $62 | 0.57% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio's equity sleeve outperformed the primary benchmark for the year, and the fixed income sleeve outperformed the fixed income portion of the secondary benchmark. However, the Portfolio's allocation to fixed income securities was the primary driver of underperformance for the year compared to the primary benchmark, as the domestic fixed income market generally underperformed compared to the equity markets.

In the equity sleeve, security selection was the main driver of outperformance for the year, driven by selection in Financials, Health Care, and Industrials. Sector allocation decisions had muted impact on performance, with an underweight to Materials contributing to performance while an overweight to Information Technology detracted. At the security level, the top contributors to relative performance for the year were overweights to Lam Research Corp., Cardinal Health, Inc., and Comfort Systems U.S.A., Inc., while overweights to Comcast Corp. Class A, Equinix, Inc, and Motorola Solutions, Inc. were the top detractors.

In the fixed income sleeve, outperformance compared to the fixed income portion of the secondary benchmark was driven by exposure by sector allocation to Financials and Consumer Staples as the allocation to corporate credit was largely neutral. Positive returns compared to the fixed income portion of the secondary index for the year were observed across most credit ratings, led by AA- and BBB-rated securities. During the year, the Portfolio benefited from curve positioning to the intermediate part of the curve, compared to the fixed income portion of the secondary benchmark, with a net contribution of 38 basis points.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105471.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Balanced Allocation Portfolio** | 16.61 | 10.39 | 10.82 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |
| **70% S&P 500<sup>®</sup> Index/30% ICE BofA U.S. Corporate Index (Secondary comparative index)** | 14.88 | 10.09 | 11.44 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$367961405 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1883282 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105466.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105461.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP BlackRock Advantage International Equity Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Advantage International Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Advantage International Equity Portfolio | $103 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio outperformed the primary benchmark for the year. Security selection drove outperformance, while sector allocation also modestly contributed. Selection within Financials, Health Care, and Consumer Staples were top contributors to relative performance for the year. Underweight allocations to Consumer Discretionary and Consumer Staples contributed to outperformance, while an overweight allocation to Information Technology detracted. From a country perspective, security selection drove performance through positioning in the United Kingdom, Japan, and France. Country allocation detracted from outperformance for the year, as underweight allocations to the Netherlands and Spain struggled. This impact was partially offset by an underweight allocation to Denmark. At the security level, top contributors to relative performance for the year were Banco Santander SA, Rolls-Royce Holdings PLC, and Barclays PLC, while adidas AG, Recruit Holdings Co. Ltd., and London Stock Exchange Group PLC were top detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Advantage International Equity Portfolio** | 33.04 | 10.56 | 8.33 |
| **MSCI EAFE Index (Net-USD) (Broad-based market index)** | 31.22 | 8.92 | 8.18 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349999298 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2482860 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;147% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Country

Weightings

---

| | |
|:---|:---|
| Japan | 23.6% |
| United Kingdom | 14.9% |
| France | 12.0% |
| Germany | 9.2% |
| Switzerland | 8.3% |
| Australia | 7.2% |
| Netherlands | 4.7% |
| Spain | 4.5% |
| Hong Kong | 2.8% |
| Italy | 2.3% |

---

Portfolio

Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105447.jpg)

Sector

Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105442.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio | $83 | 0.77% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio's underperformance for the year was largely due to negative security selection within the Information Technology and Consumer Discretionary sectors. An underweight positioning in the Information Technology sector and overweight to Consumer Discretionary also detracted. The underweight positions in Apple, Inc. and Broadcom, Inc. were the largest detractors in the Information Technology sector. The Portfolio's overweight position in Amazon.com, Inc. and the out of benchmark position in HubSpot, Inc. were among other large detractors. Conversely, security selection in the Industrials sector aided relative performance; notably, the Portfolio's overweight positions in GE Vernova, Inc. and General Electric Co. (operating as "GE Aerospace"). The Portfolio's out of benchmark position in Taiwan Semiconductor Manufacturing Co. Ltd - ADR and an overweight to NVIDIA Corp. were also among the largest contributors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105433.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio** | 15.35 | 10.69 | 15.69 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$246266844 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$988890 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105428.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105423.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 1.26%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.81% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP AB Small Cap Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP AB Small Cap Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP AB Small Cap Portfolio | $88 | 0.86% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The primary driver of the Portfolio's absolute and relative performance for the year was managing a small cap stock portfolio to optimize the risk and return opportunities within that market capitalization universe. Security selection, and to a lesser extent, sector allocation, detracted from performance relative to the benchmark. From a security selection perspective, Industrials, Consumer Discretionary, Information Technology, and Financials holdings explained most of the detraction, while selection within Health Care was a partial offset. From a sector allocation perspective, significant underweight positions in Information Technology and Communication Services detracted. Only slightly offsetting this detraction, an underweight in Consumer Staples and overweight in Industrials contributed.

Consistent with the Portfolio's small cap mandate, the Portfolio did not hold certain large capitalization Information Technology stocks that drove the primary benchmark's returns during the year. Nearly half of the Portfolio's security selection detraction came from only three Information Technology stocks not held in the Portfolio: Alphabet, Inc., NVIDIA Corp., and Broadcom, Inc. These were not held due to the market capitalization range of the small cap universe. In addition, several individual holdings related to consumer spending and highly affected by tariff uncertainty underperformed their sector peers, contributing to relative detraction. Positioning within Health Care in the second half of the year partially offset some of the headwinds in other sectors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105414.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP AB Small Cap Portfolio** | 4.89 | 1.53 | 8.67 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$282304702 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;520 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1059657 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;99% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 0.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105409.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105404.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 1.10% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP AB Mid Cap Core Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP AB Mid Cap Core Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP AB Mid Cap Core Portfolio | $95 | 0.92% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio's relative underperformance for the year was primarily driven by security selection, with sector allocation playing a secondary role. Stock selection within Consumer Discretionary, Information Technology and Industrials detracted most meaningfully from relative performance, while positive stock selection within Utilities, Real Estate, and Healthcare partially offset these effects. From a sector allocation perspective, underweight positions in Information Technology and Communication Services detracted along with an overweight in Real Estate. Overweight sector positions in Industrials and Healthcare, along with an underweight to Consumer Staples contributed.

Consistent with the Portfolio's mid cap core mandate, the Portfolio did not hold certain large capitalization Information Technology stocks that drove the primary benchmark's returns during the year. Half of the Portfolio's security selection detraction came from only three Information Technology stocks not held in the Portfolio: Alphabet, Inc., NVIDIA Corp., and Broadcom, Inc . These were not held due to the market capitalization range of the mid cap universe. In addition, several individual holdings related to consumer spending underperformed their sector peers, contributing to relative detractors. Offsetting these effects, positive stock selection related to Artificial Intelligence ("AI") and related infrastructure spending contributed and helped to offset the detraction from not holding larger cap Information Technology companies. The net negative security selection reflected the Portfolio's focus on risk-adjusted returns within the mid cap core universe, which resulted in performance outcomes that underperformed the benchmark.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP AB Mid Cap Core Portfolio** | 6.42 | 4.96 | 9.99 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$102033725 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;629 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$570683 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;78% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems U.S.A., Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. Class A | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 0.5% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105390.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105385.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 1.15% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP S&P 500<sup>®</sup> Index Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP S&P 500<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP S&P 500<sup>®</sup> Index Portfolio | $41 | 0.38% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio intends to track the underlying return of the S&P 500<sup>®</sup> Index (also the Portfolio's primary, broad-based benchmark). Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark.

Information Technology, Communication Services and Financials were the top contributing sectors, while Real Estate, Materials, and Consumer Staples were the bottom contributing sectors for the year. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio's benchmark-relative performance for the year. Benchmark constituents that contributed the most to Portfolio and benchmark returns included NVIDIA Corp. and Google parent Alphabet, Inc. UnitedHealth Group, Inc., Fiserv, Inc., and Salesforce, Inc. were leading detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105376.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP S&P 500<sup>®</sup> Index Portfolio** | 17.43 | 13.98 | 14.37 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1184943012 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3974688 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B | 1.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105371.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105366.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 0.71%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.56% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP BlackRock Advantage Large Cap Value Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Advantage Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Advantage Large Cap Value Portfolio | $82 | 0.75% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The primary driver of the Portfolio's absolute and relative performance for the year was managing a large cap value stock portfolio to optimize the risk and return opportunities within that market capitalization and style universe. Relative to the primary benchmark, the Portfolio outperformed for the year.

Security selection drove outperformance for the year, while sector allocation detracted relative to the primary benchmark. Selection within Financials, Industrials, and Consumer Staples were key contributors to relative performance for the year while security selection within Real Estate and Communication Services struggled. An underweight allocation to Information Technology detracted from performance for the year, while an underweight to Consumer Discretionary contributed. At the security level, the top contributors to relative performance for the year were an underweight to Apple, Inc., an overweight to Micron Technology, Inc., and an overweight to Citigroup, Inc. while an underweight to NVIDIA Corp., not holding Broadcom, Inc., and an overweight to Comcast Corp. Class A were top detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105357.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Advantage Large Cap Value Portfolio** | 18.44 | 12.15 | 9.82 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$188489347 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1265856 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;71% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. / The | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105352.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105347.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP High Income Bond Portfolio

### (Formerly AVIP Federated High Income Bond Portfolio)
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP High Income Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP High Income Bond Portfolio | $92 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
For the year ended December 31, 2025, the Portfolio returned 8.31% versus 7.15% for its primary benchmark, the ICE BofA U.S. Broad Market Index, and 8.50% for its secondary benchmark, the ICE BofA U.S. High Yield Constrained Index. Effective at the end of business on December 5, 2025, Constellation Investments, Inc. ("CINV") terminated its sub-advisory agreement with Federated Investment Management Company ("Federated") and assumed portfolio management responsibilities. As a result of the termination of the sub-advisory agreement, the name of the Portfolio was changed from AVIP Federated High Income Bond Portfolio to AVIP High Income Bond Portfolio and the Portfolio's investment strategy was revised. For the period from January 1, 2025 to December 5, 2025 (the "first performance period"), the Portfolio returned 7.86% versus 6.92% for its primary benchmark and 7.98% versus its secondary benchmark. For the period from December 6, 2025 to December 31, 2025 (the "latter performance period"), the Portfolio returned 0.41% versus 0.21% for its primary benchmark and 0.49% for its secondary benchmark.

**Federated:** Sector allocation and security selection decisions were both drivers of the Portfolio's outperformance for the first performance period, as compared to its primary benchmark The Portfolio benefitted from a lower duration than the primary benchmark, primarily by not holding U.S. Treasury securities, which were a large component of the benchmark's holdings. The Portfolio benefitted from an overweight to, and selection within, the Energy, Capital Goods, and Basic Industry sectors. The primary detractors from relative performance were not owning securities in the mortgage backed and foreign sovereign sectors, which performed well during the first performance period. Slight detractions from performance can further be attributed to sector allocation decisions in the Media sector. Top relative contributors for the period at the security level were Foundation Building Materials, Inc. 6.000% due 03/01/2029, Seagate Data Storage Technology Pte. Ltd. 9.625% due 12/01/2032, and Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC 4.000% due 09/01/2029. Top relative detractors were McAfee Corp. 7.375% due 02/15/2030, CSC Holdings LLC 3.375% due 02/15/2031, and Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A. Inc. 5.250% due 08/15/2027.

**CINV**: The Portfolio's outperformance for the latter performance period, as compared to the primary benchmark, was driven by corporate bond allocation and security selection. Positive contributions for the period were observed from high-yield securities with moderate credit risk. During the latter performance period, the Portfolio reduced exposure to higher-risk segments of the high-yield market to enhance overall credit quality, with the weighting of CCCs declining from 11.5% to 2.89% and the credit rating of the overall Portfolio moved to BB/BB- from BB-/B+.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105319.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP High Income Bond Portfolio** | 8.31 | 3.85 | 5.77 |
| **ICE BofA U.S. Broad Market Index (Broad-based market index)** | 7.15 | (0.42) | 2.01 |
| **ICE BofA U.S. High Yield Constrained Index (Secondary comparative index)** | 8.50 | 4.50 | 6.44 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$119095997 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$886465 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Portfolio High Yield Bond ETF | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund 6.000%, 11/22/2034 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Private Credit Corp. 5.375%, 01/31/2029 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions BDC 6.550%, 03/15/2032 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree Strategic Credit Fund 6.500%, 07/23/2029 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connect Finco SARL / Connect U.S. Finco LLC 9.000%, 09/15/2029 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC 8.500%, 10/01/2030 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC 7.250%, 03/15/2032 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP 7.950%, 08/11/2028 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc. 9.375%, 09/01/2029 | 0.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105314.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105309.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

At a meeting held on August 28, 2025, the Fund's Board of Directors, including a majority of the Directors who are not "interested persons" (the "Independent Directors") of the Fund approved the termination of the sub-advisory agreement between the Portfolio's adviser, CINV and Federated, the prior sub-adviser to the Portfolio. Effective at the end of business December 5, 2025, CINV assumed the day-to-day portfolio management and the Portfolio's name and investment strategy were revised as a result. The following principal risks were added to the Portfolio's December 5, 2025 Prospectus due to the new investment strategy: Derivatives Risk, Swap Risk, and CDX Tranche Risk.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Nasdaq-100<sup>®</sup> Index Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Nasdaq-100<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio | $49 | 0.44% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio intends to track the underlying return of the Nasdaq-100<sup>®</sup> Index (the Portfolio's secondary benchmark). Compared to the Portfolio's primary, broad-based benchmark, the S&P 500<sup>®</sup> Index, the Portfolio's outperformance for the year was driven by both relative sector allocation and stock selection variances. Information Technology was the top contributing sector, driven by both stock selection and sector allocation variances. Health Care and Real Estate were also additive. Industrials was the largest detractor to relative performance, driven by the stock selection variances within that sector. Consumer Staples and Communication Services rounded out the bottom performing sectors compared to the primary benchmark. Overweights to Broadcom, Inc., Palantir Technologies Inc. Class A, Micron Technology, Inc., and NVIDIA Corp. were the top contributing holdings for the year. Not holding JPMorgan Chase & Co., Eli Lily & Co. and Johnson & Johnson were top detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105300.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP Nasdaq-100<sup>®</sup> Index Portfolio** | 20.54 | 14.85 | 19.20 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |
| **Nasdaq-100<sup>®</sup> Index (Secondary comparative index)** | 21.02 | 15.30 | 19.70 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$261776046 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$957730 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. Class A | 2.2% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105295.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105290.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP BlackRock Advantage Large Cap Core Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Advantage Large Cap Core Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Advantage Large Cap Core Portfolio | $77 | 0.70% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio outperformed the primary benchmark for the year. Security selection was the main driver of outperformance, driven by selection in Financials, Health Care, and Consumer Discretionary. Sector allocation decisions had muted impact on relative performance, with an underweight to Materials contributing to performance while an overweight to Consumer Discretionary detracted. At the security level, the top contributors to relative performance for the year were overweights to Lam Research Corp. and Amphenol Corp. Class A, as well as holding off-benchmark position Comfort Systems U.S.A., Inc. Overweights to Comcast Corp. Class A, Equinix Inc., and Adobe, Inc. were the main detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105281.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Advantage Large Cap Core Portfolio** | 20.20 | 14.57 | 13.59 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$327786691 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2061516 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105276.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105271.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP BlackRock Advantage Small Cap Growth Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Advantage Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Advantage Small Cap Growth Portfolio | $99 | 0.92% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The primary driver of the Portfolio's absolute and relative performance for the year was managing a small cap growth stock portfolio to optimize the risk and return opportunities within that market capitalization and style universe. Relative to the S&P 500<sup>®</sup> Index, the Portfolio underperformed.

Security selection, and to a lesser extent, sector allocation decisions, drove the Portfolio's underperformance for the year. Underweight allocations to, and selection decisions within Communication Services and Information Technology drove underperformance. An underweight to Consumer Staples and an overweight allocation to Industrials somewhat offset weakness. Selection within Consumer Discretionary was also a key contributor to underperformance, while selection within Health Care, Materials, and Industrials contributed. At the security level, top contributors to relative performance for the year were off-benchmark positions in Bloom Energy Corp. Class A, Credo Technology Group Holding Ltd., and Guardant Health, Inc., while not holding NVIDIA Corp., Alphabet, Inc., and Broadcom, Inc. were the main detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105262.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Advantage Small Cap Growth Portfolio** | 14.14 | 3.08 | 9.71 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$129932410 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;551 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$994345 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;131% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. Class A | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. | 0.8% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105257.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105252.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP S&P MidCap 400<sup>®</sup> Index Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP S&P MidCap 400<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | $42 | 0.41% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio intends to track the underlying return of the S&P MidCap 400<sup>®</sup> Index (the Portfolio's secondary benchmark). Compared to the Portfolio's primary, broad-based benchmark, the S&P 500<sup>®</sup> Index, the Portfolio's underperformance for the year was driven mostly by stock selection, but also sector allocation. Underweighted positioning and stock selection within Information Technology were the largest overall detractors, followed by stock selection within the Consumer Discretionary and Financials sectors. Compared to the S&P 500<sup>®</sup> Index, Utilities was the only sector where the relative variance of the Portfolio contributed positively, due to security selection. Top relative contributors on an individual security basis were off-benchmark positions within Ciena Corp., Lumentum Holdings, Inc., and an overweight to Comfort Systems U.S.A., Inc. while top individual detractors were not holding benchmark positions NVIDIA Corp., Alphabet, Inc. and Broadcom, Inc.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105243.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP S&P MidCap 400<sup>®</sup> Index Portfolio** | 7.08 | 8.57 | 9.16 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |
| **S&P MidCap 400<sup>®</sup> Index (Secondary comparative index)** | 7.50 | 9.12 | 10.72 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

Prior to December 19, 2016, the Portfolio was known as the Target VIP Portfolio. The strategy of the Target VIP Portfolio was to seek above average total return by investing in common stocks of companies which were identified by a model that applied separate uniquely specialized strategies.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$525657303 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1847700 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. Class A | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. Class A | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. | 0.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105238.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105233.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 0.73%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP BlackRock Advantage Large Cap Growth Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP BlackRock Advantage Large Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP BlackRock Advantage Large Cap Growth Portfolio | $79 | 0.71% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The primary driver of the Portfolio's absolute and relative performance for the year was managing a large cap growth stock portfolio to optimize the risk and return opportunities within that market capitalization and style universe. Relative to the S&P 500<sup>®</sup> Index, the Portfolio outperformed for the year.

Both sector allocation decisions and security selection drove the Portfolio's outperformance for the year. An overweight allocation to Information Technology drove outperformance, while an overweight allocation to Consumer Discretionary detracted. Selection within Health Care and Industrials were key contributors to outperformance for the year while selection within Information Technology and Materials struggled. At the security level, the top contributors to relative performance for the year were overweights to Advanced Micro Devices, Inc., Broadcom, Inc., and Lam Research Corp. while overweights to ServiceNow, Inc. and Salesforce., Inc, and an underweight to Micron Technology, Inc. were top detractors.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105224.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP BlackRock Advantage Large Cap Growth Portfolio** | 21.51 | 13.88 | 15.52 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$464801320 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3020311 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2.8% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105219.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105214.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 1.02%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Constellation Dynamic Risk Balanced Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Constellation Dynamic Risk Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Constellation Dynamic Risk Balanced Portfolio | $89 | 0.84% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio's underperformance relative to its benchmark was primarily driven by its allocation to fixed income securities, as the primary benchmark outperformed the fixed income portion of the secondary benchmark by about 10%. Approximately 45% of the Portfolio is allocated to fixed income securities, while the primary benchmark is a pure equity index. Within the equity sleeve, the Portfolio underperformed the primary benchmark, mostly due to its allocations to the iShares Small-Cap ETF and the iShares Core S&P Mid-Cap ETF. These ETFs carry relatively lower exposure to the Information Technology sector, which was a leading driver of equity market performance during the year. Futures and swap contracts contributed 50 basis points to absolute return.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Portfolio. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105205.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **AVIP Constellation Dynamic Risk Balanced Portfolio** | 12.44 | 4.92 | 8.94 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.82 |
| **55% S&P 500<sup>®</sup> Index/45% ICE BofA U.S. Broad Market Index (Secondary comparative index)** | 13.10 | 7.71 | 9.14 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1546311183 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10226278 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MBS ETF | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.625%, 02/15/2055 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.750%, 05/15/2055 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Small-Cap ETF | 1.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105200.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105195.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

Derivatives Risk was added as a principal investment risk within the Portfolio's December 5, 2025 Prospectus.

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 1.13%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

On October 10, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.90% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Core Plus Bond Portfolio

### (Formerly AVIP Federated Core Plus Bond Portfolio)
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Core Plus Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Core Plus Bond Portfolio | $60 | 0.58% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
For the year ended December 31, 2025, the Portfolio returned 6.60% versus 7.15% for its primary benchmark, the ICE BofA U.S. Broad Market Index. Effective at the end of business on December 5, 2025, Constellation Investments, Inc. ("CINV") terminated its sub-advisory agreement with Federated Investment Management Company ("Federated") and assumed portfolio management responsibilities. Due to the termination of the sub-advisory agreement, the name of the Portfolio was changed from AVIP Federated Core Plus Bond Portfolio to AVIP Core Plus Bond Portfolio and the Portfolio's investment strategies were revised. For the period from January 1, 2025 to December 5, 2025 (the "first performance period"), the Portfolio returned 6.48% versus 6.92% for its primary benchmark. For the period from December 6, 2025 to December 31, 2025 (the "latter performance period"), the Portfolio returned 0.11% versus 0.21% for its primary benchmark.

**Federated:** For the first performance period, the Portfolio underperformed the benchmark on a net-of fees basis. Portfolio performance on a gross basis was driven by the Portfolio's security selection with positive contributions from emerging markets and high yield bonds. In addition, the Portfolio's yield curve steepening positioning, with an overweight to shorter maturities and an underweight to longer maturities, was a positive contributor. The Portfolio's out-of-index allocations to trade finance loans and high yield bonds was also a positive contributor which more than offset the negative contributions from underweight allocations to investment grade corporates and U.S. Treasuries. The Portfolio's interest rate sensitivity (duration), which was less than the benchmark, was a negative contributor to relative performance. From an individual security perspective, the top contributors to relative performance for the first performance period were short positions in the September 2025 and December 2025 CBT 2-Year U.S. Treasury Note futures contracts, as well as shares of the Federated Project and Trade Finance Core Fund. The top detractors during the first performance period were long positions in September 2025, December 2025, and March 2025 CBT 2-Year U.S. Treasury Note futures contracts.

**CINV:** The latter performance period was limited to the last few weeks of the year. During the latter performance period, the Portfolio underperformed the benchmark on a net-of-fees basis. Positive security selection, along with allocation to Ginne Mae Mortgages partially offset the impact of expenses. Some underperformance was also derived from exposure to the longer-end of the Treasury yield curve. The Portfolio added higher-rated CLOs to enhance overall credit quality while improving spread and yield.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105571.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **Since inception<br>(May 01, 2020)** |
| **AVIP Core Plus Bond Portfolio** | 6.60 | (0.36) | 0.49 |
| **ICE BofA U.S. Broad Market Index (Broad-based market index)** | 7.15 | (0.42) | 0.07 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$514262198 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;631 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2683744 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.125%, 03/31/2032 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.625%, 02/15/2035 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.250%, 08/15/2054 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 3.750%, 08/31/2031 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 3.875%, 11/30/2027 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.000%, 01/31/2029 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 3.750%, 10/31/2032 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.375%, 11/30/2030 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.375%, 12/31/2029 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.125%, 10/31/2031 | 1.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105643.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105649.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

At a meeting held on August 28, 2025, the Fund's Board of Directors, including a majority of the Directors who are not "interested persons" (the "Independent Directors") of the Fund approved the termination of the sub-advisory agreement between the Portfolio's adviser, CINV and Federated, the prior sub-adviser to the Portfolio. Effective at the end of business December 5, 2025, CINV assumed the day-to-day portfolio management and the Portfolio's name and investment strategy were revised as a result. The following principal risks were added to the Portfolio's December 5, 2025 Prospectus due to the new investment strategy: CDX Tranche Risk and Swap Risk.

On August 25, 2025, an expense limitation agreement entered into by the Portfolio's adviser, whereby the Portfolio's annual net operating expenses would not exceed 0.76%, expired. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Intech U.S. Low Volatility Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Intech U.S. Low Volatility Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Intech U.S. Low Volatility Portfolio | $66 | 0.62% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
For the year, the S&P 500<sup>®</sup> Index returned 17.88%, extending the broad rally that began in mid-April amid economic growth, strong corporate earnings, lower inflation, and Federal Reserve interest rate cuts. However, the environment created meaningful challenges, as markets operated with selective leadership (e.g., narrow gains driven by Artificial Intelligence ("AI")/technology mega-caps), elevated risk preference (e.g., fear of missing out ("FOMO"), and rising dispersion (e.g., large spreads between stock winners and losers). These conditions tested portfolio construction, particularly for approaches that rely on broad participation and risk reduction rather than concentrated exposure. The best-performing sectors for the year were Communication Services, Information Technology, and Industrials, whereas the worst-performing sectors were Real Estate and Consumer Staples.

The Portfolio's defensive positioning—characterized by an underweight to high-beta stocks and an overweight to low-beta stocks—was a key driver of underperformance for the year. An average overweight in the Consumer Staples sector, which underperformed the broader market, further detracted from relative performance for the year. Market leadership remained concentrated and narrow in 2025, as only three of eleven GICS sectors and 31% of the S&P 500<sup>®</sup> Index constituents outperformed for the year. As a result, the strategy's broader diversification and smaller-size positioning were headwinds to the Portfolio's performance relative to its benchmark.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_106812.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **Since inception<br>(June 25, 2021)** |
| **AVIP Intech U.S. Low Volatility Portfolio** | 12.23 | 9.05 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 12.67 |
| **S&P 500<sup>®</sup> Low Volatility Index (Secondary comparative index)** | 4.36 | 6.18 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$558341993 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3350294 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. / The | 1.1% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_106823.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105550.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP AB Relative Value Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP AB Relative Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP AB Relative Value Portfolio | $78 | 0.74% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
In continuation of trends seen in 2024, growth stocks significantly outperformed value stocks within the S&P 500<sup>®</sup> Index for the year. Market performance was heavily concentrated in the "Magnificent Seven" stocks (Tesla, Inc., NVIDIA Corp., Meta Platforms, Inc. Class A, Alphabet, Inc., Apple, Inc., Microsoft Corp., and Amazon.com, Inc.), which accounted for approximately 42% of the benchmark's total return for the year. Artificial Intelligence ("AI")-levered names were a major tailwind for growth and, while the Portfolio did hold positions in Alphabet and Meta Platforms, Inc., this exposure was not sufficient to offset the benchmark's roughly 30% weight in the Magnificent Seven.

Both stock and sector selection weighed on relative performance for the year. An underweight to Information Technology was a notable headwind, particularly the absence of positions in NVIDIA Corp., Broadcom, Inc., and Micron Technology, Inc., all of which benefited from strong AI-related enthusiasm. An overweight to Fiserv, Inc., a financial technology and payment processing provider, detracted. An underweight in Alphabet, Inc. also hurt relative performance for the year, as the company shifted from being perceived as an AI laggard to a strong competitor in the AI landscape. In addition, an overweight to consulting firm Accenture PLC underperformed amid concerns that AI could disrupt the consulting industry, despite the company's attractive valuation and strong profitability.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105638.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **Since inception<br>(December 02, 2021)** |
| **AVIP AB Relative Value Portfolio** | 10.11 | 8.46 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 12.40 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$127912900 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$771434 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 2.2% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105595.jpg)

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_105608.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On October 17, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.86% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Constellation Managed Risk Balanced Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Constellation Managed Risk Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Constellation Managed Risk Balanced Portfolio | $63 | 0.59% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The portfolio underperformed its primary benchmark due to its allocation to fixed income ETFs. The primary benchmark is an equity index, while the Portfolio maintains a more balanced allocation between equities and fixed income, roughly 50% equities and 50% fixed income. Specifically, underperformance relative to the benchmark was driven by allocations to the iShares Core U.S. Aggregate Bond ETF and, to a lesser extent, the iShares iBoxx $ Investment Grade Corporate Bond ETF. This was partially offset by a positive contribution from the Portfolio's allocation to international equity ETFs, specifically iShares Core MSCI EAFE ETF. Domestic equity allocations detracted slightly, with iShares Core S&P Mid-Cap ETF underperforming as mid-cap performance trailed the broader benchmark. However, Invesco QQQ Trust Series 1 ETF aided relative performance within the domestic equity space as the Information Technology – heavy NASDQ outperformed the broader benchmark. Futures and swap contracts contributed 116 basis points to absolute return.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_106787.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **Since inception<br>(June 25, 2021)** |
| **AVIP Constellation Managed Risk Balanced Portfolio** | 13.29 | 4.36 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 12.67 |
| **50% MSCI All Country World Index/50% ICE BofA U.S. Broad Market Index (Secondary comparative index)** | 14.63 | 4.86 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$501553778 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2839009 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | 39.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Portfolio S&P 500 Value ETF | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 1.7% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_106795.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Constellation Managed Risk Moderate Growth Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Constellation Managed Risk Moderate Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Constellation Managed Risk Moderate Growth Portfolio | $62 | 0.58% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio underperformed its primary benchmark due to its allocation to fixed income ETFs. The primary benchmark is an equity index, while the Portfolio maintains a more balanced allocation between equities and fixed income, roughly 65% equities and 35% fixed income. Specifically, underperformance relative to the benchmark was driven by the Portfolio's allocation to iShares Core U.S. Aggregate Bond ETF. This was partially offset by a positive contribution from Portfolio's allocation to international equity ETFs, specifically iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF. Domestic equity allocations detracted slightly, with iShares Core S&P Mid-Cap ETF underperforming as mid-cap performance trailed the broader benchmark. However, Invesco QQQ Trust Series 1 ETF aided relative performance within the domestic equity space as the Information Technology – heavy NASDQ outperformed the broader benchmark. Futures contracts contributed 124 basis points to absolute return.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_106783.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **Since inception<br>(October 14, 2022)** |
| **AVIP Constellation Managed Risk Moderate Growth Portfolio** | 14.75 | 15.14 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 23.17 |
| **65% MSCI All Country World Index/35% ICE BofA U.S. Broad Market Index (Secondary comparative index)** | 16.92 | 16.16 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1251235481 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3375590 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | 34.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 33.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 13.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Total U.S. Stock Market ETF | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Portfolio S&P 500 Value ETF | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | 0.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105498.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since December 31, 2024. For more complete information, you may review the Fund's prospectus dated December 5, 2025, which is available at www.augustarfund.com or by calling 877-781-6392 (toll free).

On October 17, 2025, the Portfolio's adviser entered into an expense limitation agreement whereby the Portfolio's annual net operating expenses will not exceed 0.78% for a period of two years. No expense waivers or reimbursements were made during the year in connection with the expense limitation agreement.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

AVIP Constellation Managed Risk Growth Portfolio

![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Constellation Managed Risk Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Constellation Managed Risk Growth Portfolio | $64 | 0.59% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio underperformed its primary benchmark due to its allocation to fixed income ETFs. The primary benchmark is an equity index, while the Portfolio maintains a more balanced allocation between equities and fixed income, roughly 85% equities and 15% fixed income. Specifically, underperformance relative to the benchmark was driven by the Portfolio's allocation to iShares Core U.S. Aggregate Bond ETF. This was partially offset by a positive contribution from Portfolio's allocation to international equity ETFs, specifically iShares Core MSCI EAFE ETF and iShares MSCI EAFE ETF. Domestic equity allocations detracted slightly, with iShares Core S&P Mid-Cap ETF underperforming as mid-cap performance trailed the broader benchmark. However, Invesco QQQ Trust Series 1 ETF aided relative performance within the domestic equity space as the Information Technology – heavy NASDQ outperformed the broader benchmark. Futures contracts contributed 76 basis points to absolute return.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105531.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **Since inception<br>(October 14, 2022)** |
| **AVIP Constellation Managed Risk Growth Portfolio** | 15.92 | 17.68 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 23.17 |
| **85% MSCI All Country World Index/15% ICE BofA U.S. Broad Market Index (Secondary comparative index)** | 20.00 | 19.62 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$420629766 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2310235 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 39.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | 18.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Portfolio S&P 500 Value ETF | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Total U.S. Stock Market ETF | 2.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105539.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Moderately Conservative Model Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Moderately Conservative Model Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Moderately Conservative Model Portfolio | $51 | 0.48% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio underperformed its benchmark for the year, as it is an asset allocation Portfolio. The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of fixed income funds with a lesser allocation to equity funds. The main source of underperformance was the Portfolio's allocation to fixed income funds, with U.S. equity fund allocation underperforming as well. Some of the underperformance was offset by the Portfolio's allocation to international equity funds, which all outperformed the Portfolio's primary benchmark. The funds held that detracted most were AVIP Core Plus Bond Portfolio, PIMCO Low Duration Institutional, and PIMCO Total Return Institutional. The funds held that contributed most to relative performance were AVIP BlackRock Advantage International Equity Portfolio, DFA International Core Equity Portfolio Institutional, and DFA Emerging Markets Portfolio Institutional.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105186.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **Since inception<br>(March 01, 2017)** |
| **AVIP Moderately Conservative Model Portfolio** | 11.43 | 4.21 | 5.54 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.65 |
| **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index (Secondary comparative index)** | 12.87 | 4.06 | 5.82 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$165539278 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$687031 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Institutional | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Core Plus Bond Portfolio | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P 500<sup>®</sup> Index Portfolio | 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Low Duration Institutional | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Bond Portfolio | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP High Income Bond Portfolio | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage International Equity Portfolio | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Value Portfolio | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA International Core Equity Portfolio Institutional | 3.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105181.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Balanced Model Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Balanced Model Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Balanced Model Portfolio | $46 | 0.43% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio underperformed its benchmark for the year, as it is an asset allocation Portfolio. The Portfolio invests in affiliated and unaffiliated mutual funds, comprised of fixed income and equity funds with a lesser allocation to fixed income funds. The main source of underperformance was the Portfolio's allocation to fixed income funds, with U.S. equity fund allocation underperforming as well. Some of the underperformance was offset by the Portfolio's allocation to international equity funds, which all outperformed the Portfolio's primary benchmark. The funds held that detracted most were AVIP S&P MidCap 400<sup>®</sup> Index Portfolio, AVIP Core Plus Bond Portfolio, and PIMCO Low Duration Institutional. The funds held that contributed most to relative performance were AVIP BlackRock Advantage International Equity Portfolio, DFA International Core Equity Portfolio Institutional, and DFA Emerging Markets Portfolio Institutional.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105159.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **Since inception<br>(March 01, 2017)** |
| **AVIP Balanced Model Portfolio** | 13.80 | 5.87 | 6.89 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.65 |
| **Morningstar<sup>®</sup> Moderate Target Risk Index (Secondary comparative index)** | 15.95 | 5.95 | 7.45 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$678584330 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2749289 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P 500<sup>®</sup> Index Portfolio | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Institutional | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Core Plus Bond Portfolio | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Low Duration Institutional | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage International Equity Portfolio | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Bond Portfolio | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA International Core Equity Portfolio Institutional | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Value Portfolio | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP High Income Bond Portfolio | 4.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105154.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Moderate Growth Model Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Moderate Growth Model Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Moderate Growth Model Portfolio | $45 | 0.42% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio underperformed its benchmark for the year, as it is an asset allocation Portfolio. The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds with a lesser allocation to fixed income funds. The main source of underperformance was the Portfolio's allocation to fixed income funds, with U.S. equity fund allocation underperforming as well. Some of the underperformance was offset by the Portfolio's allocation to international equity funds, which all outperformed the Portfolio's primary benchmark. The funds held that detracted most were AVIP S&P MidCap 400<sup>®</sup> Index Portfolio, AVIP Core Plus Bond Portfolio, and PIMCO Total Return Institutional. The funds held that contributed most to relative performance were AVIP BlackRock Advantage International Equity Portfolio, DFA International Core Equity Portfolio Institutional, and DFA Emerging Markets Portfolio Institutional.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105140.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **Since inception<br>(March 01, 2017)** |
| **AVIP Moderate Growth Model Portfolio** | 15.81 | 7.58 | 8.46 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.65 |
| **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index (Secondary comparative index)** | 18.45 | 7.94 | 9.15 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1373880332 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5499431 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P 500<sup>®</sup> Index Portfolio | 19.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage International Equity Portfolio | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Institutional | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Core Plus Bond Portfolio | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA International Core Equity Portfolio Institutional | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Value Portfolio | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP AB Relative Value Portfolio | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Bond Portfolio | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Core Portfolio | 4.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105135.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

### AVIP Growth Model Portfolio
![AVIP Fund Logo](images_226.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the AVIP Growth Model Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Portfolio Expenses - What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| AVIP Growth Model Portfolio | $49 | 0.45% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Portfolio slightly underperformed its benchmark, as it is an asset allocation Portfolio. The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds with a lesser allocation to fixed income funds. The main source of underperformance on a net basis was the Portfolio's allocation within U.S. Equity funds, with an allocation to fixed income funds underperforming as well. Much of the underperformance was offset by the Portfolio's allocation to international equity funds, which all outperformed the Portfolio's primary benchmark. The funds held that detracted most were AVIP S&P MidCap 400<sup>®</sup> Index Portfolio, AVIP AB Relative Value Portfolio, and AVIP AB Small Cap Portfolio. The funds held that contributed most to relative performance were AVIP BlackRock Advantage International Equity Portfolio, DFA International Core Equity Portfolio Institutional, and DFA Emerging Markets Portfolio Institutional.

#### Portfolio Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Portfolio since the Portfolio's inception. They assume a hypothetical $10,000 initial investment in the Portfolio at the beginning of the first fiscal year, as well as in an appropriate broad-based securities market index and an optional secondary comparative index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_105338.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%) (As of December 31, 2025)** | **1 Year** | **5 Years** | **Since inception<br>(March 01, 2017)** |
| **AVIP Growth Model Portfolio** | 17.78 | 8.85 | 9.67 |
| **S&P 500<sup>®</sup> Index (Broad-based market index)** | 17.88 | 14.42 | 14.65 |
| **Morningstar<sup>®</sup> Aggressive Target Risk Index (Secondary comparative index)** | 20.43 | 9.59 | 10.40 |

---

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares nor fees related to available insurance or annuity products.

#### Key Portfolio Statistics (As of December 31, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$339703391 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1347283 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings (As of December 31, 2025)
The tables below show the investment makeup of the Portfolio, presented in terms of percentages of the net assets of the Portfolio.

Top 10 Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P 500<sup>®</sup> Index Portfolio | 19.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage International Equity Portfolio | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA International Core Equity Portfolio Institutional | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Value Portfolio | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP AB Relative Value Portfolio | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Core Portfolio | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Small Cap Growth Portfolio | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP AB Small Cap Portfolio | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA Emerging Markets Portfolio Institutional | 3.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_105333.jpg)

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, holdings, and proxy voting information at www.augustarfund.com. You can also request this information by contacting us at 877-781-6392 (toll-free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to variable contract owners having beneficial interest in the Portfolio or Fund, as applicable, with the same residential address, provided those contract owners have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they maintain a balance in the Portfolio or the Fund. If you would like to receive individual mailings, please call 877-781-6392 (toll-free) and the Fund will send separate copies of these materials within 30 days after receiving your request.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code Of Ethics
As of the end of the period covered by this report, AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc. (the "Fund") has adopted a code of ethics that applies to the Fund's principal executive officer and principal financial officer. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of this Code of Ethics is filed as Exhibit EX-99.CODE to this Form N-CSR and is also available, without charge, upon request, by calling 877-781-6392 toll free.

#### Item 3. Audit Committee Financial Expert.
The Fund's Board of Directors has determined that the Fund has an audit committee financial expert serving on its Audit Committee. The Audit Committee financial expert is Madeleine W. Ludlow, who is independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees And Services.
The aggregate fees for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Fund's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are listed below.

Audit Fees

Audits of the Portfolios:

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $421000 |
| Fiscal year ended December 31, 2024: | $400000 |

---

Audit-Related Fees

Consent(s) on N-1A Annual Registration Statement(s) filed with the SEC:

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $22000 |
| Fiscal year ended December 31, 2024: | $18000 |

---

Tax Fees

Tax Diversification Testing:

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $44500 |
| Fiscal year ended December 31, 2024: | $42375 |

---

All Other Fees None.

Audit Committee Pre-Approval Policies and Procedures:

The Fund's Audit Committee has adopted an Audit Committee Charter that requires that the Audit Committee oversee the quality and appropriateness of the accounting methods used in the preparation of the Fund's financial statements, and the independent audit thereof; approve the selection and compensation of the independent auditors; and pre-approve the performance, by the independent auditors, of non-audit services for the Fund, its investment adviser, or any affiliated entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Fund.

Services Approved Pursuant to Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

During the fiscal years ended December 31, 2025 and 2024, there were no non-audit services provided by the Fund's principal accountant that would have required pre-approval by the Fund's Audit Committee. The audit-related fees aforementioned were pre-approved by the Fund's Audit Committee, although not required by paragraph (c) (7) (ii) of Regulation S-X, as the audit-related fees were less than five percent of the total amount of revenues paid to the Fund's principal accountant.

Not Applicable.

There were no non-audit services provided by the Fund's principal accountant, other than items disclosed in item (b) above, in which a fee was billed to the Fund, the Fund's adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years.

Not applicable, as there were no non-audit services performed by the Fund's principal accountant that were rendered to the Fund, the Fund's adviser, or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant that were not pre-approved for the last two fiscal years.

Not Applicable.

Not Applicable.

#### Item 5. Audit Committee Of Listed Registrants.
Not Applicable.

#### Item 6. Investments.
The information required is disclosed as part of the financial statements included in Item 7.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imgb484d1231.gif)

AuguStar Variable

Insurance Products Fund, Inc.

**Annual Financial Statements and Additional Information**

December 31, 2025

![](img3e0afbdf2.gif)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [The following pages contain the Schedules of Investments for the Fund's Portfolios:](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_1) <br>|  |
| [AVIP Bond Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_1) | 2 |
| [AVIP BlackRock Balanced Allocation Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_5) | 6 |
| [AVIP BlackRock Advantage International Equity Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_11) | 12 |
| [AVIP Fidelity Institutional AM](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_15)<sup>®</sup>[Equity Growth Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_15) | 16 |
| [AVIP AB Small Cap Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_17) | 18 |
| [AVIP AB Mid Cap Core Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_23) | 24 |
| [AVIP S&P 500](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_29)<sup>®</sup>[Index Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_29) | 30 |
| [AVIP BlackRock Advantage Large Cap Value Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_35) | 36 |
| [AVIP High Income Bond Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_38)**[(formerly AVIP Federated High Income Bond Portfolio)](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_38)** | 39 |
| [AVIP Nasdaq-100](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_43)<sup>®</sup>[Index Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_43) | 44 |
| [AVIP BlackRock Advantage Large Cap Core Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_45) | 46 |
| [AVIP BlackRock Advantage Small Cap Growth Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_47) | 48 |
| [AVIP S&P MidCap 400](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_54)<sup>®</sup>[Index Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_54) | 55 |
| [AVIP BlackRock Advantage Large Cap Growth Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_59) | 60 |
| [AVIP Constellation Dynamic Risk Balanced Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_61) | 62 |
| [AVIP Core Plus Bond Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_65)**[(formerly AVIP Federated Core Plus Bond Portfolio)](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_65)** | 66 |
| [AVIP Intech U.S. Low Volatility Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_76) | 77 |
| [AVIP AB Relative Value Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_78) | 79 |
| [AVIP Constellation Managed Risk Balanced Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_79) | 80 |
| [AVIP Constellation Managed Risk Moderate Growth Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_80) | 81 |
| [AVIP Constellation Managed Risk Growth Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_81) | 82 |
| [AVIP Moderately Conservative Model Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_82) | 83 |
| [AVIP Balanced Model Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_83) | 84 |
| [AVIP Moderate Growth Model Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_84) | 85 |
| [AVIP Growth Model Portfolio](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FI-FundInformation-3_85) | 86 |
| [Statements of Assets and Liabilities](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FS-PageNumber_1) | 87 |
| [Statements of Operations](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FS-PageNumber_4) | 90 |
| [Statements of Changes in Net Assets](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FS-PageNumber_7) | 93 |
| [Financial Highlights](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_FIHI-FIHI-SeeAccompanyingNotes_1) | 100 |
| [Notes to Financial Statements](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_NTF-NotestoFinancialStatements_1) | 106 |
| [Report of Independent Registered Public Accounting Firm](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_RPT-ReportofIndependentRegisteredPublicAccountingFirm-3_1) | 128 |
| [Additional Information (Unaudited)](#xx_457b44aa-3a36-4334-a433-1547d1f3bc9e_Al-AdditionalInformation-Intro_1) | 129 |

---

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–79.7%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–5.2%** |  |  |  |  |
| AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $972143 |
| Charter Communications Operating LLC / Charter Communications Operating Capital Corp. <br> (Media)<br>| 3.700% | 04/01/2051 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 629432 |
| Comcast Corp. (Media) | 3.250% | 11/01/2039 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2343983 |
| Cox Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 06/30/2043 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 1924747 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 5.625% | 11/15/2055 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2639370 |
| NTT Finance Corp. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.876% | 07/16/2030 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 886019 |
| Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2040918 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.700% | 01/15/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1964972 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.125% | 08/15/2046 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 601159 |
|  |  |  |  | &nbsp;&nbsp; 14002743 |
| **Consumer Discretionary–2.0%** |  |  |  |  |
| Home Depot, Inc. / The (Specialty Retail) | 2.375% | 03/15/2051 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1147080 |
| Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1267703 |
| Mattel, Inc. (Leisure Products) | 5.000% | 11/17/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1510401 |
| Sekisui House U.S., Inc. (Household Durables) | 3.850% | 01/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1442700 |
|  |  |  |  | &nbsp;&nbsp; 5367884 |
| **Consumer Staples–4.4%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 5.625% | 02/06/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2079375 |
| Campbell's Company / The (Food Products) | 4.550% | 03/21/2031 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492511 |
| Coty Inc. / HFC Prestige Products, Inc. / HFC Prestige International U.S. LLC (Personal Care <br> Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.600% | 01/15/2031 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1412734 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026558 |
| JBS U.S.A. Holding Lux SARL / JBS U.S.A. Foods Group Holdings, Inc. / JBS U.S.A. Food Co. <br> (Food Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 04/15/2066 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 896109 |
| Kellanova (Food Products) | 4.500% | 04/01/2046 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1761945 |
| Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1369907 |
| Smithfield Foods, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.000% | 10/15/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1840165 |
|  |  |  |  | &nbsp;&nbsp; 11879304 |
| **Energy–6.8%** |  |  |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 4.080% | 12/15/2047 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1591403 |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.200% | 09/15/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2488975 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2033061 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2070254 |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 854747 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 10/01/2034 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1836023 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.050% | 10/01/2054 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1434680 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.000% | 06/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1056511 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 08/15/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1535266 |
| Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.150% | 01/15/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 794057 |
| Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.500% | 12/15/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492023 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 958641 |
|  |  |  |  | &nbsp;&nbsp; 18145641 |
| **Financials–37.9%** |  |  |  |  |
| Antares Holdings LP (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.750% | 01/15/2027 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2931925 |
| Apollo Debt Solutions BDC (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.200% | 12/08/2028 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1499718 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1582784 |
| Avolon Holdings Funding Ltd. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.900% | 10/10/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2010608 |
| Bank of America Corp. (Rate is fixed until 01/24/2035, then SOFR + 131) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.511% | 01/24/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042598 |
| Bank of America Corp. (Rate is fixed until 03/08/2032, then H15T5Y + 200) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.846% | 03/08/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 941735 |
| Bank of Nova Scotia / The (Rate is fixed until 10/27/2035, then H15T5Y + 273) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 10/27/2085 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3075812 |
| Belrose Funding Trust II (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.792% | 05/15/2055 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1297928 |
| BGC Group, Inc. (Capital Markets) | 6.150% | 04/02/2030 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2588610 |
| Blackstone Private Credit Fund (Capital Markets) | 6.000% | 01/29/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2030184 |
| Capital One Financial Corp. (Rate is fixed until 09/11/2030, then SOFR + 125) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.493% | 09/11/2031 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1397947 |
| Capital One Financial Corp. (Rate is fixed until 09/11/2035, then SOFR + 163) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.197% | 09/11/2036 | &nbsp;&nbsp; 2135000 | &nbsp;&nbsp; 2124231 |
| Capital One N.A. (Banks) | USISOA05 + 173 | 08/09/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2077974 |
| Charles Schwab Corp. / The (Rate is fixed until 11/14/2035, then SOFR + 123) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.914% | 11/14/2036 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2483213 |
| Citigroup, Inc. (Rate is fixed until 01/24/2035, then SOFR + 183) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.020% | 01/24/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2094782 |
| Comerica Bank (Rate is fixed until 08/25/2032, then SOFR + 261) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.332% | 08/25/2033 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2515961 |
| Deutsche Bank AG (Rate is fixed until 12/10/2030, then SOFR + 110) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.469% | 12/10/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996595 |
| First Citizens BancShares, Inc. (Rate is fixed until 09/05/2030, then H15T5Y + 185) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.600% | 09/05/2035 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2745217 |
| First Horizon Bank (Banks) | 5.750% | 05/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 11/05/2026 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2010866 |
| Goldman Sachs BDC, Inc. (Capital Markets) | 5.650% | 09/09/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2007118 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 10/21/2030, then SOFR + 106) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.369% | 10/21/2031 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2693565 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 07/23/2034, then SOFR + 155) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.330% | 07/23/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1541187 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 10/23/2034, then SOFR + 142) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.016% | 10/23/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005353 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 01/31/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2002223 |
| HSBC Holdings PLC (Rate is fixed until 11/06/2035, then SOFR + 143) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.133% | 11/06/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2005470 |
| Intesa Sanpaolo SpA (Rate is fixed until 06/01/2041, then H15T1Y + 275) (Banks)<br> (a)(b) | 4.950% | 06/01/2042 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1276084 |
| JPMorgan Chase & Co. (Rate is fixed until 10/22/2035, then SOFR + 119) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.810% | 10/22/2036 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2978892 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (Mortgage REIT)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 07/15/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2120506 |
| LPL Holdings, Inc. (Capital Markets) | 5.200% | 03/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1534998 |
| M&T Bank Corp. (Rate is fixed until 07/30/2030, then H15T5Y + 143) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.400% | 07/30/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2019728 |
| Macquarie Bank Ltd. (Rate is fixed until 08/13/2035, then H15T1Y + 145) (Capital Markets)<br> (a)(b) | 5.642% | 08/13/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013562 |
| Morgan Stanley (Rate is fixed until 07/19/2034, then SOFR + 156) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.320% | 07/19/2035 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1852923 |
| Morgan Stanley (Rate is fixed until 10/22/2035, then SOFR + 131) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.892% | 10/22/2036 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2973443 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 02/05/2031 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1488961 |
| Oaktree Strategic Credit Fund (Capital Markets) | 6.500% | 07/23/2029 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1543618 |
| Pinnacle Bank (Rate is fixed until 01/15/2031, then H15T5Y + 230) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.957% | 01/15/2036 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2111654 |
| Prudential Financial, Inc. (Rate is fixed until 09/15/2027, then QL + 238) (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 09/15/2047 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2968762 |
| Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, then SOFR + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.490% | 01/06/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982888 |
| Sixth Street Lending Partners (Capital Markets) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 923715 |
| Stellantis Financial Services U.S. Corp. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.400% | 09/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015408 |
| Synchrony Financial (Consumer Finance) | 5.150% | 03/19/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2026841 |
| Synchrony Financial (Rate is fixed until 07/29/2035, then SOFR + 207) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 07/29/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2052882 |
| Toronto-Dominion Bank / The (Banks) | 4.928% | 10/15/2035 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2498155 |
| UBS Group AG (Rate is fixed until 08/05/2035, then USISSO05 + 330) (Capital Markets)<br> (a)(b) | 7.000% | Perpetual | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510353 |
| UBS Group AG (Rate is fixed until 09/23/2030, then SOFR + 106) (Capital Markets)<br> (a)(b) | 4.398% | 09/23/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1990272 |
| UBS Group AG (Rate is fixed until 03/23/2036, then SOFR + 134) (Capital Markets)<br> (a)(b) | 5.010% | 03/23/2037 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1982359 |
| Unum Group (Insurance) | 5.250% | 12/15/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1984985 |
| Webster Financial Corp. (Rate is fixed until 09/11/2030, then H15T5Y + 213) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.784% | 09/11/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998805 |
| Wells Fargo & Co. (Rate is fixed until 01/24/2030, then SOFR + 111) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.244% | 01/24/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2071040 |
| Wells Fargo & Co. (Rate is fixed until 04/30/2040, then SOFR + 253) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.068% | 04/30/2041 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1163386 |
| Wells Fargo & Co. (Banks) | 4.650% | 11/04/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 876259 |
| Westpac Banking Corp. (Rate is fixed until 11/23/2026, then USISOA05 + 224) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.322% | 11/23/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999290 |
| Willis North America, Inc. (Insurance) | 5.150% | 03/15/2036 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1600131 |
| Zions Bancorp N.A. (Rate is fixed until 08/18/2027, then SOFR + 116) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.704% | 08/18/2028 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2999996 |
|  |  |  |  | &nbsp;&nbsp; 101296581 |
| **Health Care–3.6%** |  |  |  |  |
| AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1647110 |
| Baxter International, Inc. (Health Care Equip. & Supplies) | 5.650% | 12/15/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2024036 |
| HCA, Inc. (Health Care Providers & Svs.) | 4.900% | 11/15/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1972652 |
| Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.800% | 06/30/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 920060 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.500% | 07/15/2044 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2977719 |
|  |  |  |  | &nbsp;&nbsp; 9541577 |
| **Industrials–1.4%** |  |  |  |  |
| FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2008283 |
| TTX Co. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.650% | 12/01/2052 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1648331 |
|  |  |  |  | &nbsp;&nbsp; 3656614 |
| **Information Technology–2.0%** |  |  |  |  |
| Amphenol Corp. (Electronic Equip., Instr. & Comp.) | 5.300% | 11/15/2055 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp; 1461631 |
| Foundry JV Holdco LLC (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.400% | 01/25/2038 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1600015 |
| Oracle Corp. (Software) | 5.200% | 09/26/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 958081 |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1243976 |
|  |  |  |  | &nbsp;&nbsp; 5263703 |
| **Materials–1.8%** |  |  |  |  |
| Anglo American Capital PLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 04/10/2027 | &nbsp;&nbsp; 724000 | &nbsp;&nbsp; 729548 |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 640200 |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.850% | 04/27/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 922422 |
| Westlake Corp. (Chemicals) | 6.375% | 11/15/2055 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2459556 |
|  |  |  |  | &nbsp;&nbsp; 4751726 |
| **Real Estate–7.7%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 3.950% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Real Estate (continued)** |  |  |  |  |
| American Tower Corp. (Specialized REITs) | 4.700% | 12/15/2032 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1000217 |
| Brixmor Operating Partnership LP (Retail REITs) | 4.850% | 02/15/2033 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp; 1342836 |
| COPT Defense Properties LP (Office REITs) | 4.500% | 10/15/2030 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1343445 |
| Essential Properties LP (Diversified REITs) | 5.400% | 12/01/2035 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1302392 |
| Healthcare Realty Holdings LP (Health Care REITs) | 3.625% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986503 |
| Highwoods Realty LP (Office REITs) | 5.350% | 01/15/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 749438 |
| Host Hotels & Resorts LP (Hotel & Resort REITs) | 4.250% | 12/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001961 |
| Kilroy Realty LP (Office REITs) | 4.250% | 08/15/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1959444 |
| Kimco Realty OP LLC (Retail REITs) | 5.300% | 02/01/2036 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1433579 |
| Piedmont Operating Partnership LP (Office REITs) | 5.625% | 01/15/2033 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2525619 |
| Store Capital LLC (Diversified REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.400% | 04/30/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2037241 |
| VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 09/01/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001950 |
| VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 12/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998048 |
|  |  |  |  | &nbsp;&nbsp; 20678304 |
| **Utilities–6.9%** |  |  |  |  |
| AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 801187 |
| AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | &nbsp;&nbsp; 1351000 | &nbsp;&nbsp; 1034076 |
| Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1700284 |
| Commonwealth Edison Co. (Electric Utilities) | 5.650% | 06/01/2054 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1983246 |
| Connecticut Light and Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 796252 |
| Consolidated Edison Co. of New York, Inc. (Electric Utilities) | 5.700% | 05/15/2054 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2491926 |
| Dominion Energy, Inc. (Rate is fixed until 02/15/2031, then H15T5Y + 226) (Multi-Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 02/15/2056 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004613 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 758338 |
| Enel Finance International N.V. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 09/30/2055 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1948666 |
| Entergy Corp. (Rate is fixed until 06/15/2036, then H15T5Y + 201) (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.100% | 06/15/2056 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998448 |
| Eversource Energy (Electric Utilities) | 3.300% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982185 |
| Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1369704 |
| Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1125570 |
| Sempra (Rate is fixed until 04/01/2031, then H15T5Y + 263) (Multi-Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 04/01/2056 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1378115 |
|  |  |  |  | &nbsp;&nbsp; 18372610 |
| **Total Corporate Bonds (Cost $219,661,497)** |  |  |  | &nbsp;&nbsp; $212956687 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities–17.6%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–15.0%** |  |  |  |  |
| AGL CLO 2021-12A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 10/20/2038 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2001200 |
| Aimco CLO 2023-20A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 10/16/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000977 |
| Apidos CLO XXXIX Ltd. 2022-39A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 10/21/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000024 |
| Ares LVII CLO Ltd. 2020-57A A1R2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 10/25/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997502 |
| Ballyrock CLO 2019-2A A1R3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/25/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2003601 |
| Benefit Street Partners CLO 44 Ltd. 2025-44A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/15/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998000 |
| Carlyle U.S. CLO 2025-7A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 01/25/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| Cayuga Park CLO Ltd. 2020-1A AR2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 10/17/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998900 |
| CIFC Funding 2021-2A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 01/15/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997505 |
| Dryden 2025-120A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/15/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| HPS Loan Management 15 2019-15A A1R2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/22/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| KKR Financial CLO 2013-1A A1R3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 125 | 10/15/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000767 |
| Madison Park Funding XLVIII Ltd. 2021-48A AR <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/19/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997700 |
| Midocean Credit CLO XX 2025-20A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 01/20/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997490 |
| OHA Credit Funding 16-R Ltd. 2023-16RA A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 10/20/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001003 |
| Orion CLO 2023-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 10/25/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998877 |
| Regatta XIX Funding Ltd. 2022-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/20/2038 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1999223 |
| TCW CLO 2025-2A A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 01/15/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997354 |
| Trinitas CLO XXXVII Ltd. 2025-37A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/22/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997248 |
| Voya CLO 2023-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 01/20/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997501 |
|  |  |  |  | &nbsp;&nbsp; 39984872 |
| **Industrials–2.6%** |  |  |  |  |
| Air Canada 2017-1 Class B Pass Through Trust <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.700% | 01/15/2026 | &nbsp;&nbsp; 787037 | &nbsp;&nbsp; 786380 |
| American Airlines 2025-1 Class A Pass Through Trust  | 4.900% | 05/11/2038 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2380642 |
| FedEx Corp. 2020-1 Class AA Pass Through Trust  | 1.875% | 02/20/2034 | &nbsp;&nbsp; 2197911 | &nbsp;&nbsp; 1917644 |
| United Airlines 2016-1 Class B Pass Through Trust  | 3.650% | 01/07/2026 | &nbsp;&nbsp; 643750 | &nbsp;&nbsp; 643553 |
| United Airlines 2019-2 Class AA Pass Through Trust  | 2.700% | 05/01/2032 | &nbsp;&nbsp; 1279885 | &nbsp;&nbsp; 1174652 |
|  |  |  |  | &nbsp;&nbsp; 6902871 |
| **Total Asset-Backed Securities (Cost $47,252,715)** |  |  |  | &nbsp;&nbsp; $46887743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Securities–1.3%** | **Rate** | **Quantity** | **Value** |
| **Financials–1.3%** |  |  |  |
| Bank of America Corp. DR (Rate is fixed until 07/26/2030, then H15T5Y + 235) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; $2031412 |
| Huntington Bancshares, Inc. (Rate is fixed until 10/15/2030, then H15T5Y + 265) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1401183 |
| **Total Preferred Securities (Cost $3,400,000)** |  |  | &nbsp;&nbsp; $3432595 |
| **Total Investments – 98.6% (Cost $270,314,212)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  |  | &nbsp;&nbsp; $263277025 |
| **Other Assets in Excess of Liabilities – 1.4%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  |  | &nbsp;&nbsp; 3804858 |
| **Net Assets – 100.0%** |  |  | &nbsp;&nbsp; $267081883 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CLO: | Collateralized Loan Obligation |
| DR: | Depositary Receipt |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 3.480% at 12/31/2025 |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.730% at 12/31/2025 |
| QL: | Quarterly U.S. LIBOR Rate. This rate is linked to U.S. LIBOR, which is no longer published. An alternate reference rate will be determined by the issuer <br> prior to the date the security becomes a variable rate instrument.<br>|
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 3.870% at 12/31/2025 |
| TSFR3M: | Quarterly CME Term Secured Overnight Financing Rate ("SOFR"), 3.652% at 12/31/2025 |
| USISOA05: | 5 Year Secured Overnight Financing Rate ("SOFR") Spread-Adjusted ICE Swap Rate, 3.717% at 12/31/2025 |

---

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, <br> normally to qualified buyers under Rule 144A. At December 31, 2025, the value of these securities totaled $83,217,969, or 31.2% of the Portfolio's net assets.<br>|
| (b) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates <br> stated, including interest rate caps and floors, if any, are those in effect at December 31, 2025.<br>|
| (c) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (d) | Includes $506,028 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Treasury Note - Long | 25 | March 20, 2026 | &nbsp;&nbsp; $2809031 | &nbsp;&nbsp; $2810938 | &nbsp;&nbsp; $1907 | &nbsp;&nbsp; $(5078)<br>|
| CBT U.S. Long Bond - Long | 20 | March 20, 2026 | &nbsp;&nbsp; 2301288 | &nbsp;&nbsp; 2311875 | &nbsp;&nbsp; 10587 | &nbsp;&nbsp; (4375)<br>|
| CBT U.S. Ultra Bond - Long | 61 | March 20, 2026 | &nbsp;&nbsp; 7297475 | &nbsp;&nbsp; 7198000 | &nbsp;&nbsp; (99475)<br>| &nbsp;&nbsp; (22875)<br>|
| CBT 5-Year U.S. Treasury Note - Long | 20 | March 31, 2026 | &nbsp;&nbsp; 2181909 | &nbsp;&nbsp; 2186094 | &nbsp;&nbsp; 4185 | &nbsp;&nbsp; (2344)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$14589703** | &nbsp;&nbsp; **$14506907** | &nbsp;&nbsp; **$(82796)**<br>| &nbsp;&nbsp; **$(34672)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–72.2%** | **Shares** | **Value** |
| **Communication Services–8.0%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & Svs.) | 28727 | $8991551 |
| Alphabet, Inc. Class C (Interactive Media & Svs.) | 21743 | 6822953 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 37347 | 927700 |
| Comcast Corp. Class A (Media) | 50503 | 1509535 |
| Fox Corp. Class B (Media) | 671 | 43568 |
| Meta Platforms, Inc. Class A (Interactive Media & Svs.) | 11675 | 7706551 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23540 | 2207110 |
| Take-Two Interactive Software, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2628 | 672847 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 3528 | 716325 |
|  |  | 29598140 |
| **Consumer Discretionary–7.4%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 54946 | 12682636 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 151 | 512117 |
| Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 268 | 1435228 |
| BorgWarner, Inc. (Automobile Components) | 30641 | 1380683 |
| Garmin Ltd. (Household Durables) | 1602 | 324966 |
| Home Depot, Inc. / The (Specialty Retail) | 3014 | 1037117 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 375 | 755348 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12179 | 5477140 |
| TJX Cos., Inc. / The (Specialty Retail) | 17422 | 2676193 |
| Toll Brothers, Inc. (Household Durables) | 7027 | 950191 |
|  |  | 27231619 |
| **Consumer Staples–3.2%** |  |  |
| Altria Group, Inc. (Tobacco) | 8664 | 499566 |
| Coca-Cola Co. / The (Beverages) | 8193 | 572772 |
| Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 3496 | 3014741 |
| Philip Morris International, Inc. (Tobacco) | 5696 | 913638 |
| Procter & Gamble Co. / The (Household Products) | 11664 | 1671568 |
| Walmart, Inc. (Consumer Staples Distribution & Retail) | 45580 | 5078068 |
|  |  | 11750353 |
| **Energy–1.8%** |  |  |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 7718 | 1176300 |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 65782 | 2409595 |
| EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 6606 | 693696 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 43720 | 1201863 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 11026 | 432109 |
| Schlumberger N.V. (Energy Equip. & Svs.) | 18485 | 709454 |
|  |  | 6623017 |
| **Financials–10.0%** |  |  |
| American Express Co. (Consumer Finance) | 1894 | 700685 |
| Bank of America Corp. (Banks) | 75119 | 4131545 |
| Berkshire Hathaway, Inc. Class B (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6184 | 3108388 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6197 | 403363 |
| Capital One Financial Corp. (Consumer Finance) | 6634 | 1607816 |
| Charles Schwab Corp. / The (Capital Markets) | 38022 | 3798778 |
| Citigroup, Inc. (Banks) | 9908 | 1156164 |
| CME Group, Inc. (Capital Markets) | 2212 | 604053 |
| Huntington Bancshares, Inc. (Banks) | 28073 | 487067 |
| Intercontinental Exchange, Inc. (Capital Markets) | 6042 | 978562 |
| JPMorgan Chase & Co. (Banks) | 12649 | 4075761 |
| Marsh & McLennan Cos., Inc. (Insurance) | 4284 | 794768 |
| Mastercard, Inc. Class A (Financial Services) | 3924 | 2240133 |
| MetLife, Inc. (Insurance) | 7429 | 586445 |
| Moody's Corp. (Capital Markets) | 1119 | 571641 |
| Morgan Stanley (Capital Markets) | 13234 | 2349432 |
| Nasdaq, Inc. (Capital Markets) | 5215 | 506533 |
| Progressive Corp. / The (Insurance) | 5760 | 1311667 |
| S&P Global, Inc. (Capital Markets) | 2261 | 1181576 |
| Travelers Cos., Inc. / The (Insurance) | 8794 | 2550788 |
| Visa, Inc. (Financial Services) | 10139 | 3555849 |
|  |  | 36701014 |
| **Health Care–6.7%** |  |  |
| AbbVie, Inc. (Biotechnology) | 9172 | 2095710 |
| Amgen, Inc. (Biotechnology) | 3109 | 1017607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Boston Scientific Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16273 | $1551630 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 66958 | 3611714 |
| Cardinal Health, Inc. (Health Care Providers & Svs.) | 6773 | 1391851 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10997 | 452526 |
| Eli Lilly & Co. (Pharmaceuticals) | 3052 | 3279923 |
| Gilead Sciences, Inc. (Biotechnology) | 6670 | 818676 |
| HCA Healthcare, Inc. (Health Care Providers & Svs.) | 1823 | 851086 |
| Intuitive Surgical, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2122 | 1201816 |
| Johnson & Johnson (Pharmaceuticals) | 3528 | 730120 |
| McKesson Corp. (Health Care Providers & Svs.) | 478 | 392099 |
| Medtronic PLC (Health Care Equip. & Supplies) | 10043 | 964731 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3287 | 753019 |
| Pfizer, Inc. (Pharmaceuticals) | 41968 | 1045003 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1264 | 975644 |
| Stryker Corp. (Health Care Equip. & Supplies) | 2826 | 993254 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 6054 | 1998486 |
| Veeva Systems, Inc. Class A (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1685 | 376143 |
|  |  | 24501038 |
| **Industrials–6.1%** |  |  |
| 3M Co. (Industrial Conglomerates) | 8017 | 1283522 |
| AMETEK, Inc. (Electrical Equip.) | 7562 | 1552554 |
| Cintas Corp. (Commercial Svs. & Supplies) | 10825 | 2035858 |
| Comfort Systems U.S.A., Inc. (Construction & Engineering) | 1567 | 1462465 |
| Eaton Corp. PLC (Electrical Equip.) | 3087 | 983240 |
| Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 2193 | 488228 |
| GE Vernova, Inc. (Electrical Equip.) | 625 | 408481 |
| General Dynamics Corp. (Aerospace & Defense) | 1197 | 402982 |
| General Electric Co. (operating as "GE Aerospace") (Aerospace & Defense) | 4323 | 1331614 |
| HEICO Corp. Class A (Aerospace & Defense) | 1499 | 378393 |
| Honeywell International, Inc. (Industrial Conglomerates) | 10536 | 2055468 |
| Illinois Tool Works, Inc. (Machinery) | 1432 | 352702 |
| Lockheed Martin Corp. (Aerospace & Defense) | 1933 | 934934 |
| Parker-Hannifin Corp. (Machinery) | 3152 | 2770482 |
| Republic Services, Inc. (Commercial Svs. & Supplies) | 1785 | 378295 |
| Rockwell Automation, Inc. (Electrical Equip.) | 1348 | 524466 |
| RTX Corp. (Aerospace & Defense) | 7746 | 1420616 |
| Trane Technologies PLC (Building Products) | 2095 | 815374 |
| Uber Technologies, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6760 | 552360 |
| Union Pacific Corp. (Ground Transportation) | 9203 | 2128838 |
| Vertiv Holdings Co. Class A (Electrical Equip.) | 2006 | 324992 |
|  |  | 22585864 |
| **Information Technology–25.3%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4437 | 1552906 |
| Advanced Micro Devices, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7676 | 1643892 |
| Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 17089 | 2309408 |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 74236 | 20181799 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10386 | 1360878 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3509 | 568949 |
| Broadcom, Inc. (Semiconductors & Equip.) | 22222 | 7691034 |
| Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.) | 2719 | 342268 |
| Intel Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16985 | 626747 |
| Intuit, Inc. (Software) | 2077 | 1375846 |
| Lam Research Corp. (Semiconductors & Equip.) | 15318 | 2622135 |
| Micron Technology, Inc. (Semiconductors & Equip.) | 7309 | 2086062 |
| Microsoft Corp. (Software) | 37915 | 18336452 |
| Motorola Solutions, Inc. (Communications Equip.) | 3756 | 1439750 |
| NVIDIA Corp. (Semiconductors & Equip.) | 122292 | 22807458 |
| Oracle Corp. (Software) | 6095 | 1187977 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9768 | 1736262 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 8082 | 1382426 |
| Salesforce, Inc. (Software) | 8051 | 2132790 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2795 | 428166 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1149 | 539708 |
| Texas Instruments, Inc. (Semiconductors & Equip.) | 2715 | 471025 |
| Western Digital Corp. (Tech. Hardware, Storage & Periph.) | 2163 | 372620 |
|  |  | 93196558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials–1.2%** |  |  |
| Corteva, Inc. (Chemicals) | 29581 | $1982815 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 17700 | 898983 |
| Newmont Corp. (Metals & Mining) | 7413 | 740188 |
| Nucor Corp. (Metals & Mining) | 3294 | 537284 |
| Smurfit WestRock PLC (Containers & Packaging) | 11064 | 427845 |
|  |  | 4587115 |
| **Real Estate–1.0%** |  |  |
| American Tower Corp. (Specialized REITs) | 4625 | 812011 |
| CubeSmart (Specialized REITs) | 13971 | 503655 |
| Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 27566 | 488745 |
| Ventas, Inc. (Health Care REITs) | 6166 | 477125 |
| VICI Properties, Inc. (Specialized REITs) | 45878 | 1290089 |
|  |  | 3571625 |
| **Utilities–1.5%** |  |  |
| Ameren Corp. (Multi-Utilities) | 4842 | 483522 |
| Consolidated Edison, Inc. (Multi-Utilities) | 6792 | 674581 |
| Edison International (Electric Utilities) | 11178 | 670904 |
| Entergy Corp. (Electric Utilities) | 11303 | 1044736 |
| NRG Energy, Inc. (Electric Utilities) | 3173 | 505269 |
| PG&E Corp. (Electric Utilities) | 33507 | 538457 |
| Pinnacle West Capital Corp. (Electric Utilities) | 4915 | 435961 |
| WEC Energy Group, Inc. (Multi-Utilities) | 9593 | 1011678 |
|  |  | 5365108 |
| **Total Common Stocks (Cost $186,042,061)** |  | $265711451 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–24.3%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–1.7%** |  |  |  |  |
| AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $972143 |
| Comcast Corp. (Media) | 3.250% | 11/01/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1562655 |
| Cox Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 06/30/2043 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 769899 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 5.625% | 11/15/2055 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1199714 |
| Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020459 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.125% | 08/15/2046 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 601159 |
|  |  |  |  | &nbsp;&nbsp; 6126029 |
| **Consumer Discretionary–0.6%** |  |  |  |  |
| Lear Corp. (Automobile Components) | 3.500% | 05/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 959330 |
| Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 633852 |
| Mattel, Inc. (Leisure Products) | 5.000% | 11/17/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503467 |
|  |  |  |  | &nbsp;&nbsp; 2096649 |
| **Consumer Staples–1.4%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 5.625% | 02/06/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039687 |
| Campbell's Company / The (Food Products) | 4.550% | 03/21/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 746256 |
| Coty Inc. / HFC Prestige Products, Inc. / HFC Prestige International U.S. LLC (Personal Care <br> Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.600% | 01/15/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 605457 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513279 |
| JBS U.S.A. Holding Lux SARL / JBS U.S.A. Foods Group Holdings, Inc. / JBS U.S.A. Food Co. <br> (Food Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 04/15/2066 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398271 |
| Kellanova (Food Products) | 4.500% | 04/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 880973 |
| Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 913271 |
|  |  |  |  | &nbsp;&nbsp; 5097194 |
| **Energy–1.4%** |  |  |  |  |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.200% | 09/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995590 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 711571 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035127 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 10/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020013 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.050% | 10/01/2054 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 669517 |
| Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.500% | 12/15/2035 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 746012 |
|  |  |  |  | &nbsp;&nbsp; 5177830 |
| **Financials–11.0%** |  |  |  |  |
| Antares Holdings LP (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.750% | 01/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 977308 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1055189 |
| Avolon Holdings Funding Ltd. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.900% | 10/10/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005304 |
| Bank of America Corp. (Rate is fixed until 01/24/2035, then SOFR + 131) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.511% | 01/24/2036 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 521299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| Bank of Nova Scotia / The (Rate is fixed until 10/27/2035, then H15T5Y + 273) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.875% | 10/27/2085 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp; $1537906 |
| Belrose Funding Trust II (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.792% | 05/15/2055 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 571089 |
| BGC Group, Inc. (Capital Markets) | 6.150% | 04/02/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035444 |
| Capital One Financial Corp. (Rate is fixed until 09/11/2030, then SOFR + 125) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.493% | 09/11/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599120 |
| Capital One Financial Corp. (Rate is fixed until 09/11/2035, then SOFR + 163) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.197% | 09/11/2036 | &nbsp;&nbsp; 744000 | &nbsp;&nbsp; 740247 |
| Capital One N.A. (Banks) | USISOA05 + 173 | 08/09/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038987 |
| Charles Schwab Corp. / The (Rate is fixed until 11/14/2035, then SOFR + 123) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.914% | 11/14/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993285 |
| Comerica Bank (Rate is fixed until 08/25/2032, then SOFR + 261) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.332% | 08/25/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006385 |
| Deutsche Bank AG (Rate is fixed until 12/10/2030, then SOFR + 110) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.469% | 12/10/2031 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 797276 |
| First Citizens BancShares, Inc. (Rate is fixed until 09/05/2030, then H15T5Y + 185) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.600% | 09/05/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998261 |
| First Horizon Bank (Banks) | 5.750% | 05/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033080 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 11/05/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005433 |
| General Motors Financial Co., Inc. (Consumer Finance) | 2.700% | 06/10/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 905509 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 10/21/2030, then SOFR + 106) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.369% | 10/21/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997617 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 07/23/2034, then SOFR + 155) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.330% | 07/23/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027458 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 01/31/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001111 |
| HSBC Holdings PLC (Rate is fixed until 11/06/2035, then SOFR + 143) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.133% | 11/06/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002735 |
| Intesa Sanpaolo SpA (Rate is fixed until 06/01/2041, then H15T1Y + 275) (Banks)<br> (b)(c) | 4.950% | 06/01/2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 425361 |
| JPMorgan Chase & Co. (Rate is fixed until 10/22/2035, then SOFR + 119) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.810% | 10/22/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 992964 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (Mortgage REIT)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 07/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060253 |
| M&T Bank Corp. (Rate is fixed until 07/30/2030, then H15T5Y + 143) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.400% | 07/30/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009864 |
| Macquarie Bank Ltd. (Rate is fixed until 08/13/2035, then H15T1Y + 145) (Capital Markets)<br> (b)(c) | 5.642% | 08/13/2036 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 608137 |
| Morgan Stanley (Rate is fixed until 07/19/2034, then SOFR + 156) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.320% | 07/19/2035 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 926462 |
| Morgan Stanley (Rate is fixed until 10/22/2035, then SOFR + 131) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.892% | 10/22/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991148 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 02/05/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496320 |
| Oaktree Strategic Credit Fund (Capital Markets) | 6.500% | 07/23/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029079 |
| Pinnacle Bank (Rate is fixed until 01/15/2031, then H15T5Y + 230) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.957% | 01/15/2036 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 904995 |
| Prudential Financial, Inc. (Rate is fixed until 09/15/2027, then QL + 238) (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.500% | 09/15/2047 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 692711 |
| Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, then SOFR + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 2.490% | 01/06/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982888 |
| Sixth Street Lending Partners (Capital Markets) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 615810 |
| Synchrony Financial (Rate is fixed until 07/29/2035, then SOFR + 207) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.000% | 07/29/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026441 |
| Toronto-Dominion Bank / The (Rate is fixed until 10/31/2030, then H15T5Y + 272) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.350% | 10/31/2085 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013906 |
| Truist Bank (Rate is fixed until 09/17/2029, then H15T5Y + 115) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.632% | 09/17/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003098 |
| UBS Group AG (Rate is fixed until 08/05/2035, then USISSO05 + 330) (Capital Markets)<br> (b)(c) | 7.000% | Perpetual | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510353 |
| UBS Group AG (Rate is fixed until 09/23/2030, then SOFR + 106) (Capital Markets)<br> (b)(c) | 4.398% | 09/23/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995136 |
| UBS Group AG (Rate is fixed until 03/23/2036, then SOFR + 134) (Capital Markets)<br> (b)(c) | 5.010% | 03/23/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991180 |
| Unum Group (Insurance) | 5.250% | 12/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 992492 |
| Webster Financial Corp. (Rate is fixed until 09/11/2030, then H15T5Y + 213) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.784% | 09/11/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999402 |
| Wells Fargo & Co. (Rate is fixed until 04/30/2040, then SOFR + 253) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 3.068% | 04/30/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 775591 |
| Willis North America, Inc. (Insurance) | 5.150% | 03/15/2036 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800066 |
| Zions Bancorp N.A. (Rate is fixed until 08/18/2027, then SOFR + 116) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.704% | 08/18/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999999 |
|  |  |  |  | &nbsp;&nbsp; 40693699 |
| **Health Care–0.4%** |  |  |  |  |
| Baxter International, Inc. (Health Care Equip. & Supplies) | 5.650% | 12/15/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506009 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.500% | 07/15/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 992573 |
|  |  |  |  | &nbsp;&nbsp; 1498582 |
| **Industrials–0.7%** |  |  |  |  |
| FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004142 |
| TTX Co. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.650% | 12/01/2052 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 749241 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000086 |
|  |  |  |  | &nbsp;&nbsp; 2753469 |
| **Information Technology–1.0%** |  |  |  |  |
| Amphenol Corp. (Electronic Equip., Instr. & Comp.) | 5.300% | 11/15/2055 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 687826 |
| Foundry JV Holdco LLC (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.400% | 01/25/2038 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533338 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 2.650% | 06/17/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 901681 |
| Oracle Corp. (Software) | 4.300% | 07/08/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 904271 |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 533133 |
|  |  |  |  | &nbsp;&nbsp; 3560249 |
| **Materials–0.6%** |  |  |  |  |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 426800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Materials (continued)** |  |  |  |  |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.850% | 04/27/2031 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $922422 |
| Westlake Corp. (Chemicals) | 6.375% | 11/15/2055 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 983822 |
|  |  |  |  | &nbsp;&nbsp; 2333044 |
| **Real Estate–2.6%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 3.950% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995631 |
| American Tower Corp. (Specialized REITs) | 2.750% | 01/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986747 |
| American Tower Corp. (Specialized REITs) | 4.700% | 12/15/2032 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400087 |
| Brixmor Operating Partnership LP (Retail REITs) | 4.850% | 02/15/2033 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 661396 |
| COPT Defense Properties LP (Office REITs) | 4.500% | 10/15/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 646844 |
| Essential Properties LP (Diversified REITs) | 5.400% | 12/01/2035 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 701288 |
| Highwoods Realty LP (Office REITs) | 5.350% | 01/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249813 |
| Host Hotels & Resorts LP (Hotel & Resort REITs) | 4.250% | 12/15/2028 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 840823 |
| Kilroy Realty LP (Office REITs) | 4.250% | 08/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 979722 |
| Piedmont Operating Partnership LP (Office REITs) | 5.625% | 01/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010248 |
| Store Capital LLC (Diversified REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.400% | 04/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018620 |
| VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 09/01/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000975 |
|  |  |  |  | &nbsp;&nbsp; 9492194 |
| **Utilities–2.9%** |  |  |  |  |
| AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 801187 |
| AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 765415 |
| Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 850142 |
| Commonwealth Edison Co. (Electric Utilities) | 5.650% | 06/01/2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991623 |
| Connecticut Light and Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 796252 |
| Consolidated Edison Co. of New York, Inc. (Electric Utilities) | 5.700% | 05/15/2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996771 |
| Dominion Energy, Inc. (Rate is fixed until 02/15/2031, then H15T5Y + 226) (Multi-Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.000% | 02/15/2056 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502306 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 758338 |
| Duke Energy Indiana LLC (Electric Utilities) | 3.250% | 10/01/2049 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 682268 |
| Enel Finance International N.V. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 09/30/2055 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 974333 |
| Entergy Corp. (Rate is fixed until 06/15/2036, then H15T5Y + 201) (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.100% | 06/15/2056 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499224 |
| Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 684852 |
| Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 750380 |
| Sempra (Rate is fixed until 04/01/2031, then H15T5Y + 263) (Multi-Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.375% | 04/01/2056 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 663537 |
|  |  |  |  | &nbsp;&nbsp; 10716628 |
| **Total Corporate Bonds (Cost $93,616,445)** |  |  |  | &nbsp;&nbsp; $89545567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities–0.9%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials–0.9%** |  |  |  |  |
| American Airlines 2025-1 Class A Pass Through Trust  | 4.900% | 05/11/2038 | &nbsp;&nbsp; $600000 | &nbsp;&nbsp; $595160 |
| FedEx Corp. 2020-1 Class AA Pass Through Trust  | 1.875% | 02/20/2034 | &nbsp;&nbsp; 1465274 | &nbsp;&nbsp; 1278430 |
| United Airlines 2016-1 Class B Pass Through Trust  | 3.650% | 01/07/2026 | &nbsp;&nbsp; 71528 | &nbsp;&nbsp; 71506 |
| United Airlines 2019-2 Class AA Pass Through Trust  | 2.700% | 05/01/2032 | &nbsp;&nbsp; 1279885 | &nbsp;&nbsp; 1174652 |
| **Total Asset-Backed Securities (Cost $3,360,819)** |  |  |  | &nbsp;&nbsp; $3119748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.6%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Note | 3.500% | 12/15/2028 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $998828 |
| U.S. Treasury Note | 4.000% | 11/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985625 |
| **Total U.S. Treasury Obligations (Cost $1,986,617)** |  |  |  | &nbsp;&nbsp; $1984453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Securities–0.4%** | **Rate** | **Quantity** | **Value** |
| **Financials–0.4%** |  |  |  |
| Bank of America Corp. DR (Rate is fixed until 07/26/2030, then H15T5Y + 235) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.250% | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; $1015706 |
| Huntington Bancshares, Inc. (Rate is fixed until 10/15/2030, then H15T5Y + 265) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.250% | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600507 |
| **Total Preferred Securities (Cost $1,600,000)** |  |  | &nbsp;&nbsp; $1616213 |
| **Total Investments – 98.4% (Cost $286,605,942)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  |  | &nbsp;&nbsp; $361977432 |
| **Other Assets in Excess of Liabilities – 1.6%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(e) |  |  | &nbsp;&nbsp; 5983973 |
| **Net Assets – 100.0%** |  |  | &nbsp;&nbsp; $367961405 |

---

<br>Percentages are stated as a percent of net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Balanced Allocation Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| DR: | Depositary Receipt |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 3.480% at 12/31/2025 |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.730% at 12/31/2025 |
| QL: | Quarterly U.S. LIBOR Rate. This rate is linked to U.S. LIBOR, which is no longer published. An alternate reference rate will be determined by the issuer <br> prior to the date the security becomes a variable rate instrument.<br>|
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 3.870% at 12/31/2025 |
| USISOA05: | 5 Year Secured Overnight Financing Rate ("SOFR") Spread-Adjusted ICE Swap Rate, 3.717% at 12/31/2025 |

---

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, <br> normally to qualified buyers under Rule 144A. At December 31, 2025, the value of these securities totaled $16,554,187, or 4.5% of the Portfolio's net assets.<br>|
| (c) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates <br> stated, including interest rate caps and floors, if any, are those in effect at December 31, 2025.<br>|
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (e) | Includes $338,469 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT U.S. Long Bond - Long | 9 | March 20, 2026 | &nbsp;&nbsp; $1051611 | &nbsp;&nbsp; $1040344 | &nbsp;&nbsp; $(11267)<br>| &nbsp;&nbsp; $(1969)<br>|
| CBT U.S. Ultra Bond - Long | 14 | March 20, 2026 | &nbsp;&nbsp; 1665325 | &nbsp;&nbsp; 1652000 | &nbsp;&nbsp; (13325)<br>| &nbsp;&nbsp; (5250)<br>|
| CME E-mini S&P 500 Index - Long | 11 | March 20, 2026 | &nbsp;&nbsp; 3781843 | &nbsp;&nbsp; 3790875 | &nbsp;&nbsp; 9032 | &nbsp;&nbsp; (28463)<br>|
| CBT 2-Year U.S. Treasury Note - Long | 10 | March 31, 2026 | &nbsp;&nbsp; 2087285 | &nbsp;&nbsp; 2087891 | &nbsp;&nbsp; 606 | &nbsp;&nbsp; (703)<br>|
| CBT 5-Year U.S. Treasury Note - Long | 10 | March 31, 2026 | &nbsp;&nbsp; 1090955 | &nbsp;&nbsp; 1093047 | &nbsp;&nbsp; 2092 | &nbsp;&nbsp; (1172)<br>|
|  |  |  | &nbsp;&nbsp; $9677019 | &nbsp;&nbsp; $9664157 | &nbsp;&nbsp; $(12862)<br>| &nbsp;&nbsp; $(37557)<br>|

---

**Short Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Ultra Bond - Short | 28 | March 20, 2026 | &nbsp;&nbsp; $(3242481)<br>| &nbsp;&nbsp; $(3220438)<br>| &nbsp;&nbsp; $22043 | &nbsp;&nbsp; $5250 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$6434538** | &nbsp;&nbsp; **$6443719** | &nbsp;&nbsp; **$9181** | &nbsp;&nbsp; **$(32307)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage International Equity Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.1%** | **Shares** | **Value** |
| **Japan–23.6%** |  |  |
| Advantest Corp. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11200 | $1413933 |
| Astellas Pharma, Inc. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 132500 | 1770333 |
| Canon, Inc. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 85300 | 2525087 |
| CyberAgent, Inc. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 53800 | 459829 |
| Dai-ichi Life Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 61500 | 510587 |
| Daiichi Sankyo Co. Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15900 | 338633 |
| Daikin Industries Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3300 | 423631 |
| Daiwa House Industry Co. Ltd. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 40000 | 1328384 |
| Daiwa Securities Group, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22700 | 198849 |
| Denso Corp. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20200 | 278647 |
| Dentsu Group, Inc. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2400 | 50950 |
| DMG Mori Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15900 | 265515 |
| ENEOS Holdings, Inc. (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 360900 | 2550367 |
| FANUC Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10300 | 400873 |
| Fast Retailing Co. Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 900 | 326387 |
| Fujitsu Ltd. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 120000 | 3290112 |
| Hitachi Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 176600 | 5478776 |
| Hulic Co. Ltd. (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3700 | 40449 |
| Japan Post Bank Co. Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30300 | 426139 |
| Japan Post Holdings Co. Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31200 | 328094 |
| Japan Post Insurance Co. Ltd. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1700 | 51010 |
| Japan Tobacco, Inc. (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 92200 | 3318006 |
| Kansai Electric Power Co., Inc. / The <br> (Utilities)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6700 | 105129 |
| Kao Corp. (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1300 | 52021 |
| Keyence Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5700 | 2065137 |
| LY Corp. (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250500 | 666991 |
| Mitsubishi Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3600 | 82492 |
| Mitsubishi Electric Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32300 | 947568 |
| Mitsubishi HC Capital, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15500 | 129738 |
| Mitsubishi Heavy Industries Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 75600 | 1851592 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 198700 | 3155416 |
| Mitsui & Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 63200 | 1867920 |
| Mitsui Fudosan Co. Ltd. (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 145400 | 1654274 |
| Mizuho Financial Group, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42000 | 1525091 |
| MS&AD Insurance Group Holdings, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22200 | 522747 |
| Murata Manufacturing Co. Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 107100 | 2223356 |
| NEC Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 64500 | 2174880 |
| NGK Insulators Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17100 | 366255 |
| NIDEC CORP (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 83400 | 1129407 |
| Nintendo Co. Ltd. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1500 | 101324 |
| Nomura Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 387800 | 3225886 |
| Nomura Real Estate Holdings, Inc. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 112100 | 690698 |
| Nomura Research Institute Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 400 | 15399 |
| Obayashi Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25100 | 524304 |
| Ono Pharmaceutical Co. Ltd. <br> (Health Care)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 49500 | 686109 |
| ORIX Corp. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19700 | 572715 |
| Otsuka Holdings Co. Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2000 | 112989 |
| Pan Pacific International Holdings Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 280400 | 1670969 |
| Panasonic Holdings Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 92900 | 1215320 |
| Recruit Holdings Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28300 | 1614432 |
| Resona Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44300 | 420039 |
| Secom Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9400 | 334069 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Japan (continued)** |  |  |
| Shimizu Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50100 | $854284 |
| SoftBank Corp. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 370000 | 507957 |
| SoftBank Group Corp. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 51500 | 1451902 |
| Sompo Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15400 | 524290 |
| Sony Group Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 224400 | 5735700 |
| Sumitomo Chemical Co. Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 353600 | 1006524 |
| Sumitomo Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2900 | 100296 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 112300 | 3614191 |
| Sumitomo Mitsui Trust Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 47900 | 1455494 |
| Sumitomo Realty & Development Co. Ltd. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1600 | 40097 |
| Suzuki Motor Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 45600 | 677249 |
| Sysmex Corp. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 98900 | 974825 |
| T&D Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8000 | 184351 |
| Taisei Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 800 | 75840 |
| Terumo Corp. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 115900 | 1688585 |
| Tokio Marine Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31200 | 1158327 |
| Tokyo Electron Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12100 | 2657372 |
| Toyota Motor Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 65500 | 1401164 |
| Unicharm Corp. (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 142900 | 819044 |
| Yokohama Financial Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14200 | 117039 |
|  |  | 82523389 |
| **United Kingdom–14.9%** |  |  |
| Admiral Group PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4400 | 188366 |
| Airtel Africa PLC <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15734 | 74598 |
| Anglo American PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2748 | 113243 |
| AstraZeneca PLC (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31845 | 5865593 |
| Aviva PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3730 | 34150 |
| BAE Systems PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 157421 | 3618955 |
| Barclays PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 850484 | 5398918 |
| British American Tobacco PLC <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6093 | 345337 |
| Compass Group PLC <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18070 | 574897 |
| Endeavour Mining PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1648 | 85332 |
| GSK PLC (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 103802 | 2550991 |
| Halma PLC (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15068 | 714080 |
| HSBC Holdings PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 294324 | 4614353 |
| IG Group Holdings PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30178 | 534939 |
| Imperial Brands PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 67587 | 2841478 |
| InterContinental Hotels Group PLC <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7672 | 1074672 |
| Intertek Group PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24319 | 1508212 |
| J Sainsbury PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 89887 | 396138 |
| Lloyds Banking Group PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110700 | 1463726 |
| London Stock Exchange Group PLC <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1951 | 234929 |
| NatWest Group PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 249560 | 2176653 |
| Next PLC (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9263 | 1704251 |
| RELX PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13763 | 556690 |
| Rightmove PLC <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7507 | 52482 |
| Rio Tinto PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4751 | 379058 |
| Rolls-Royce Holdings PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 260497 | 4048943 |
| Sage Group PLC / The <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 136942 | 1994105 |
| Shell PLC (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 86995 | 3195696 |
| Smiths Group PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 52947 | 1668418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage International Equity Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **United Kingdom (continued)** |  |  |
| Unilever PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23506 | $1536854 |
| Vodafone Group PLC <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1867185 | 2480957 |
|  |  | 52027014 |
| **France–12.0%** |  |  |
| Air Liquide SA (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14217 | 2675423 |
| AXA SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 105550 | 5076405 |
| BNP Paribas SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 46208 | 4372459 |
| Bureau Veritas SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38020 | 1210766 |
| Credit Agricole SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 83978 | 1723827 |
| Dassault Systemes SE <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2586 | 72228 |
| Engie SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14789 | 388856 |
| EssilorLuxottica SA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 367 | 116036 |
| Hermes International SCA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 575 | 1420652 |
| Ipsen SA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5550 | 775145 |
| Klepierre SA (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1355 | 53650 |
| L'Oreal SA (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4035 | 1733167 |
| LVMH Moet Hennessy Louis Vuitton SE <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5720 | 4312309 |
| Publicis Groupe SA <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11939 | 1238566 |
| Safran SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17326 | 6029118 |
| Sanofi SA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 43471 | 4217458 |
| Societe Generale SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10615 | 855228 |
| Thales SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7571 | 2044930 |
| TotalEnergies SE (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9010 | 587253 |
| Veolia Environnement SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32402 | 1128941 |
| Vinci SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15188 | 2132810 |
|  |  | 42165227 |
| **Germany–9.0%** |  |  |
| Allianz SE (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6662 | 3055648 |
| Commerzbank AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 747 | 31625 |
| Continental AG <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11020 | 879730 |
| Deutsche Bank AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69028 | 2684820 |
| Deutsche Boerse AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 841 | 220898 |
| Deutsche Telekom AG <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 179366 | 5818157 |
| GEA Group AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2198 | 149230 |
| Knorr-Bremse AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 949 | 106124 |
| LEG Immobilien SE (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9117 | 665822 |
| Mercedes-Benz Group AG <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20003 | 1411590 |
| Muenchener <br> Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3999 | 2640853 |
| Nemetschek SE <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5995 | 653691 |
| Rational AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38 | 29414 |
| Rheinmetall AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 783 | 1435789 |
| SAP SE (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33564 | 8212384 |
| Siemens AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3377 | 948383 |
| Siemens Energy AG (Industrials)<br> (a)(b) | 14476 | 2045859 |
| Vonovia SE (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14259 | 411118 |
|  |  | 31401135 |
| **Switzerland–8.3%** |  |  |
| ABB Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 81426 | 6019116 |
| Accelleron Industries AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2897 | 224789 |
| Cie Financiere Richemont SA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3252 | 701834 |
| DSM-Firmenich AG (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5363 | 433385 |
| Glencore PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 291449 | 1585406 |
| Julius Baer Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 724 | 56601 |
| Logitech International SA <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12098 | 1232092 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Switzerland (continued)** |  |  |
| Nestle SA (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24814 | $2466348 |
| Novartis AG (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30286 | 4183654 |
| Roche Holding Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1546 | 652776 |
| Roche Holding Ltd. NVS (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7192 | 2972224 |
| Schindler Holding AG - Participation <br> Certificates (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 920 | 346712 |
| Schindler Holding AG - Registered <br> Shares (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 544 | 192821 |
| SGS SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3567 | 408937 |
| Sonova Holding AG (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2566 | 662070 |
| UBS Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 92515 | 4276697 |
| Zurich Insurance Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3400 | 2580658 |
|  |  | 28996120 |
| **Australia–7.2%** |  |  |
| Aristocrat Leisure Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 85902 | 3331289 |
| Aurizon Holdings Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78395 | 190346 |
| BHP Group Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 101214 | 3054240 |
| Coles Group Ltd. (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32323 | 462479 |
| Commonwealth Bank of Australia <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36581 | 3911029 |
| Computershare Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21880 | 496907 |
| CSL Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6925 | 797847 |
| Evolution Mining Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 157204 | 1322556 |
| Fortescue Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 88314 | 1291302 |
| JB Hi-Fi Ltd. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 417 | 26713 |
| Macquarie Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35429 | 4768163 |
| Orica Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58528 | 945354 |
| Perseus Mining Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13755 | 51796 |
| Qantas Airways Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31988 | 220683 |
| QBE Insurance Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33108 | 438608 |
| REA Group Ltd. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6402 | 783618 |
| Regis Resources Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12387 | 62034 |
| Rio Tinto Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1665 | 163166 |
| Santos Ltd. (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 104488 | 428564 |
| SEEK Ltd. (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44573 | 684988 |
| Sonic Healthcare Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1972 | 29737 |
| Technology One Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2494 | 46234 |
| Wesfarmers Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22327 | 1203491 |
| Worley Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58230 | 487936 |
|  |  | 25199080 |
| **Netherlands–4.7%** |  |  |
| Adyen N.V. (Financials)<br> (a)(b) | 326 | 523058 |
| Argenx SE (Health Care)<br> (a)(b) | 852 | 717089 |
| ASM International N.V. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 976 | 588351 |
| ASML Holding N.V. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9798 | 10473239 |
| ASR Nederland N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 857 | 60836 |
| Koninklijke Ahold Delhaize N.V. <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3363 | 137926 |
| Koninklijke Philips N.V. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5468 | 147991 |
| Prosus N.V. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30406 | 1877986 |
| Wolters Kluwer N.V. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19840 | 2059916 |
|  |  | 16586392 |
| **Spain–4.5%** |  |  |
| ACS Actividades de Construccion y <br> Servicios SA (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16261 | 1612750 |
| Banco Bilbao Vizcaya Argentaria SA <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9825 | 229808 |
| Banco Santander SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 458754 | 5383406 |
| Bankinter SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11012 | 182337 |
| CaixaBank SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13648 | 166673 |
| Iberdrola SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 290233 | 6282129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage International Equity Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Spain (continued)** |  |  |
| Industria de Diseno Textil SA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2412 | $158879 |
| Naturgy Energy Group SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22917 | 697793 |
| Repsol SA (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28761 | 538679 |
| Telefonica SA (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 84104 | 345247 |
|  |  | 15597701 |
| **Hong Kong–2.8%** |  |  |
| AIA Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 551800 | 5667810 |
| CK Hutchison Holdings Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 303500 | 2067748 |
| Jardine Matheson Holdings Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9600 | 654755 |
| Swire Pacific Ltd. Class A (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20000 | 160849 |
| Techtronic Industries Co. Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 114000 | 1309721 |
|  |  | 9860883 |
| **Italy–2.3%** |  |  |
| Amplifon SpA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9876 | 159149 |
| Banca Mediolanum SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3337 | 75984 |
| Banca Monte dei Paschi di Siena SpA <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2877 | 30628 |
| BPER Banca SPA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22969 | 310598 |
| Enel SpA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50663 | 527864 |
| Eni SpA (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 117174 | 2222571 |
| Generali (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5747 | 241236 |
| Intesa Sanpaolo SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 257773 | 1785309 |
| Leonardo SpA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6860 | 392980 |
| Poste Italiane SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7750 | 194971 |
| Prysmian SpA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2322 | 231531 |
| UniCredit SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23751 | 1971706 |
|  |  | 8144527 |
| **Sweden–2.2%** |  |  |
| Assa Abloy AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21729 | 842422 |
| Evolution AB (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 396 | 26950 |
| Industrivarden AB Class A (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 474 | 21303 |
| Sandvik AB (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 63778 | 2065782 |
| Securitas AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8145 | 129784 |
| Skanska AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44821 | 1223144 |
| Swedbank AB (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14041 | 488475 |
| Swedish Orphan Biovitrum AB <br> (Health Care)<br>(a)(b) | 3381 | 121566 |
| Tele2 AB Class B <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 46522 | 780627 |
| Telefonaktiebolaget LM Ericsson Class B <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 102840 | 1003942 |
| Telia Co. AB (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 191099 | 816444 |
|  |  | 7520439 |
| **Ireland–1.0%** |  |  |
| Experian PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 77918 | 3523958 |
| Kerry Group PLC Class A <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 753 | 69025 |
|  |  | 3592983 |
| **Denmark–1.0%** |  |  |
| Genmab A/S (Health Care)<br> (a)(b) | 1575 | 486698 |
| Novo Nordisk A/S Class B (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24565 | 1252147 |
| Pandora A/S (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10000 | 1106073 |
| Tryg A/S (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27018 | 707135 |
|  |  | 3552053 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Finland–1.0%** |  |  |
| Kone Oyj Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15385 | $1091229 |
| Nokia Oyj (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 102433 | 663461 |
| Nordea Bank Abp (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31013 | 584605 |
| Sampo Oyj Class A (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 94468 | 1145087 |
|  |  | 3484382 |
| **Israel–1.0%** |  |  |
| Bank Hapoalim BM (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31430 | 711073 |
| Bank Leumi Le-Israel BM (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25423 | 560400 |
| Elbit Systems Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1125 | 648712 |
| Israel Discount Bank Ltd. Class A <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20885 | 221789 |
| Mizrahi Tefahot Bank Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8701 | 607627 |
| Nice Ltd. (Information Technology)<br> (a)(b) | 4888 | 554645 |
| Nova Ltd. (Information Technology)<br> (a)(b) | 47 | 15664 |
|  |  | 3319910 |
| **Norway–0.9%** |  |  |
| DNB Bank ASA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 67915 | 1891350 |
| Kongsberg Gruppen ASA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31167 | 799015 |
| Var Energi ASA (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 159897 | 522443 |
|  |  | 3212808 |
| **Singapore–0.9%** |  |  |
| CapitaLand Investment Ltd. (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18100 | 38161 |
| DBS Group Holdings Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37200 | 1628034 |
| Singapore Technologies Engineering Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 63700 | 415603 |
| Singapore Telecommunications Ltd. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 260600 | 923318 |
|  |  | 3005116 |
| **Portugal–0.4%** |  |  |
| EDP SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 316358 | 1454119 |
| **Belgium–0.3%** |  |  |
| Ageas SA / N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16346 | 1145901 |
| **Macao–0.1%** |  |  |
| Sands China Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 130400 | 328633 |
| **Luxembourg–0.0%** |  |  |
| Tenaris SA (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5904 | 113889 |
| **Austria–0.0%** |  |  |
| BAWAG Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 424 | 63734 |
| **Chile–0.0%** |  |  |
| Antofagasta PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1055 | 46304 |
| **Total Common Stocks (Cost $301,055,823)** |  | $343341739 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Securities–0.2%** | **Rate** | **Quantity** | **Value** |
| **Germany–0.2%** |  |  |  |
| Porsche Automobil Holding SE <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | &nbsp;&nbsp; 4.785%<br> (c)<br>| &nbsp;&nbsp; 15523 | &nbsp;&nbsp; $727934 |
| **Total Preferred Securities** <br> **(Cost $679,650)**<br>|  |  | &nbsp;&nbsp; $727934 |
| **Total Investments – 98.3% (Cost $301,735,473)** | **Total Investments – 98.3% (Cost $301,735,473)** | &nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp; $344069673 |
| **Other Assets in Excess of Liabilities – 1.7%** | **Other Assets in Excess of Liabilities – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp; 5929625 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $349999298 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> NVS: Non-Voting Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage International Equity Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates <br> are determined by an independent fair valuation service that has been approved by the Board or its designee. These securities represent $344,069,673 or 98.3% <br> of the Portfolio's net assets.<br>|
| (b) | Non-income producing security. |
| (c) | Represents twelve-month dividend yield. Rates are determined by actual distributions, which are impacted by factors unique to each preference share such as <br> board authorization, distributable earnings, and preferred payout features compared to other classes of equity.<br>|
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (e) | Includes $187,171 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| MSCI EAFE Index - Long | 39 | March 20, 2026 | &nbsp;&nbsp; $5642800 | &nbsp;&nbsp; $5659095 | &nbsp;&nbsp; $16295 | &nbsp;&nbsp; $(31590)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$5642800** | &nbsp;&nbsp; **$5659095** | &nbsp;&nbsp; **$16295** | &nbsp;&nbsp; **$(31590)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Fidelity Institutional AM**<sup>®</sup> **Equity Growth Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.3%** | **Shares** | **Value** |
| **Communication Services–14.1%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 52455 | $16418415 |
| Baidu, Inc. – ADR (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1977 | 258315 |
| Live Nation Entertainment, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11544 | 1645020 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 16069 | 10606986 |
| ROBLOX Corp. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27763 | 2249636 |
| Tencent Holdings Ltd. (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 46964 | 3598722 |
|  |  | 34777094 |
| **Consumer Discretionary–17.6%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 102828 | 23734759 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 446 | 2388477 |
| BYD Co. Ltd. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 130878 | 1593697 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21110 | 644699 |
| D.R. Horton, Inc. (Household Durables) | 5298 | 763071 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1232 | 216216 |
| eBay, Inc. (Broadline Retail) | 5792 | 504483 |
| Etsy, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11227 | 622425 |
| Floor & Decor Holdings, Inc. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5557 | 338366 |
| Games Workshop Group PLC <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 2794 | 709139 |
| Hesai Group – ADR (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 53641 | 1201559 |
| Kering SA (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 783 | 276291 |
| Kura Sushi U.S.A., Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4588 | 240090 |
| Lowe's Cos., Inc. (Specialty Retail) | 18908 | 4559853 |
| Savers Value Village, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37247 | 347887 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9283 | 4174751 |
| TopBuild Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2621 | 1093455 |
|  |  | 43409218 |
| **Consumer Staples–2.8%** |  |  |
| British American Tobacco PLC – ADR <br> (Tobacco)<br>| 24091 | 1364032 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 29522 | 3091544 |
| Philip Morris International, Inc. (Tobacco) | 14973 | 2401669 |
|  |  | 6857245 |
| **Energy–0.5%** |  |  |
| Range Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 33076 | 1166260 |
| **Financials–7.7%** |  |  |
| Arthur J. Gallagher & Co. (Insurance) | 6623 | 1713966 |
| Blackstone, Inc. (Capital Markets) | 7397 | 1140174 |
| Bullish (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11401 | 431756 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 10358 | 2510365 |
| Coinbase Global, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1305 | 295113 |
| Evercore, Inc. Class A (Capital Markets) | 8988 | 3058167 |
| Figure Technology Solutions, Inc. Class A <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 200 | 8168 |
| Goldman Sachs Group, Inc. / The <br> (Capital Markets)<br>| 1707 | 1500453 |
| Interactive Brokers Group, Inc. Class A <br> (Capital Markets)<br>| 6345 | 408047 |
| Mastercard, Inc. Class A (Financial Services) | 4352 | 2484470 |
| Morgan Stanley (Capital Markets) | 12565 | 2230664 |
| Robinhood Markets, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3380 | 382278 |
| Rocket Cos., Inc. Class A (Financial Services) | 56798 | 1099609 |
| Toast, Inc. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 46935 | 1666662 |
|  |  | 18929892 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care–16.4%** |  |  |
| 10X Genomics, Inc. Class A (Life Sciences <br> Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10075 | $164323 |
| Aclaris Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2837 | 8539 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6576 | 1026842 |
| Alnylam Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8089 | 3216591 |
| Arcellx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1506 | 98191 |
| Beam Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22925 | 635481 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13384 | 2355450 |
| BioNTech SE – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9259 | 881457 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 1872 | 110092 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 39545 | 3770616 |
| Ceribell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3292 | 72194 |
| Chemometec A/S (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3662 | 391895 |
| Codexis, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37883 | 61749 |
| Corcept Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8974 | 312295 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9503 | 603821 |
| Eli Lilly & Co. (Pharmaceuticals) | 8358 | 8982176 |
| Galapagos N.V. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8730 | 285471 |
| Gilead Sciences, Inc. (Biotechnology) | 20217 | 2481435 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17537 | 1606565 |
| Hookipa Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 679 | 606 |
| Immuneering Corp. Class A (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6769 | 44540 |
| Immunocore Holdings PLC – ADR <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5130 | 178062 |
| Janux Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3773 | 52067 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 476 | 117353 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3454 | 75090 |
| MaxCyte, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22645 | 35100 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7802 | 230081 |
| Newamsterdam Pharma Co. N.V. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9903 | 347397 |
| Penumbra, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1343 | 417552 |
| Pulmonx Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1299 | 2871 |
| Royalty Pharma PLC Class A <br> (Pharmaceuticals)<br>| 142636 | 5511455 |
| RxSight, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 418 | 4356 |
| Teva Pharmaceutical Industries Ltd. – ADR <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 78919 | 2463062 |
| UCB SA (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 10065 | 2807301 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3051 | 681075 |
| Vor BioPharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 324 | 4238 |
| XOMA Royalty Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6031 | 160364 |
| Zevra Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15546 | 139292 |
|  |  | 40337045 |
| **Industrials–7.7%** |  |  |
| Boeing Co. / The (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 248 | 53846 |
| Carpenter Technology Corp. (Aerospace & <br> Defense)<br>| 5933 | 1867946 |
| Deere & Co. (Machinery) | 5797 | 2698909 |
| Equifax, Inc. (Professional Svs.) | 7934 | 1721519 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 6715 | 1488348 |
| Firefly Aerospace, Inc. (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 400 | 8948 |
| GE Vernova, Inc. (Electrical Equip.) | 4164 | 2721466 |
| General Electric Co. (operating as "GE <br> Aerospace") (Aerospace & Defense)<br>| 12972 | 3995765 |
| Ingersoll Rand, Inc. (Machinery) | 13794 | 1092761 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57 | 3876 |
| RELX PLC – ADR (Professional Svs.) | 14545 | 587909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Fidelity Institutional AM**<sup>®</sup> **Equity Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Simpson Manufacturing Co., Inc. <br> (Building Products)<br>| 541 | $87355 |
| UL Solutions, Inc. Class A (Professional Svs.) | 15044 | 1186370 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 6551 | 1398311 |
|  |  | 18913329 |
| **Information Technology–30.8%** |  |  |
| Accenture PLC Class A (IT Svs.) | 185 | 49636 |
| Appfolio, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 450 | 104692 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 48936 | 13303741 |
| Arista Networks, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9326 | 1221986 |
| Astera Labs, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 436 | 72533 |
| BE Semiconductor Industries N.V. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5278 | 820761 |
| BitMine Immersion Technologies, Inc. <br> (Software)<br>| 5179 | 140610 |
| CyberArk Software Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1226 | 546870 |
| Figma, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 706 | 26383 |
| HubSpot, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3090 | 1240017 |
| Microsoft Corp. (Software) | 14112 | 6824845 |
| Nutanix, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12974 | 670626 |
| NVIDIA Corp. (Semiconductors & Equip.) | 172633 | 32196054 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6263 | 1153645 |
| SailPoint, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1877 | 37972 |
| Samsara, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10792 | 382576 |
| ServiceTitan, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14160 | 1508040 |
| Shopify, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27299 | 4394320 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3852 | 1360488 |
| Snowflake, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3695 | 810535 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> – ADR (Semiconductors & Equip.)<br>| 24569 | 7466273 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Unity Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17153 | $757648 |
| Zeta Global Holdings Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23575 | 479751 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1206 | 271254 |
|  |  | 75841256 |
| **Materials–0.9%** |  |  |
| Eagle Materials, Inc. (Construction Materials) | 516 | 106647 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 1934 | 1204224 |
| Vale SA – ADR (Metals & Mining) | 76103 | 991622 |
|  |  | 2302493 |
| **Real Estate–0.8%** |  |  |
| Zillow Group, Inc. Class A (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5516 | 376357 |
| Zillow Group, Inc. Class C (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22421 | 1529560 |
|  |  | 1905917 |
| **Total Common Stocks (Cost $213,286,205)** |  | $244439749 |

---

---

| | | |
|:---|:---|:---|
| **Rights–0.0%** | **Quantity** | **Value** |
| **Health Care–0.0%** |  |  |
| Blueprint Medicines Corp. CVR (Acquired <br> July 21, 2025, Cost $184) (Biotechnology)<br>(a)(c) | 399 | $183 |
| Gamida Cell Ltd. CVR (Acquired July 31, 2023 <br> through August 28, 2023, Cost $44,288) <br> (Biotechnology)<br>(a)(c) | 33274 |  |
| **Total Rights (Cost $44,472)** |  | $183 |
| **Total Investments – 99.3% (Cost $213,330,677)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  | $244439932 |
| **Other Assets in Excess of Liabilities – 0.7%** |  | 1826912 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $246266844 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> ADR: American Depositary Receipts <br> CVR: Contingent Value Right

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates <br> are determined by an independent fair valuation service that has been approved by the Board or its designee. These securities represent $11,686,154 or 4.7% of <br> the Portfolio's net assets.<br>|
| (c) | Represents a security deemed to be restricted. At December 31, 2025, the value of restricted securities in the Portfolio totaled $183, or 0.0% of the Portfolio's net <br> assets.<br>|
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.9%** | **Shares** | **Value** |
| **Communication Services–2.2%** |  |  |
| Cargurus, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8430 | $323290 |
| Cinemark Holdings, Inc. (Entertainment) | 6250 | 145250 |
| Cogent Communications Holdings, Inc. <br> (Diversified Telecom. Svs.)<br>| 6260 | 134966 |
| DoubleVerify Holdings, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30070 | 344001 |
| IAC, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11103 | 434127 |
| John Wiley & Sons, Inc. Class A (Media) | 2150 | 65855 |
| Lumen Technologies, Inc. (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 93570 | 727039 |
| Madison Square Garden Sports Corp. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1740 | 450051 |
| NIQ Global Intelligence PLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 81040 | 1336350 |
| Shutterstock, Inc. (Interactive Media & Svs.) | 2280 | 43548 |
| Stubhub Holdings, Inc. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 54518 | 737629 |
| TEGNA, Inc. (Media) | 15950 | 309589 |
| Telephone & Data Systems, Inc. (Wireless <br> Telecom. Svs.)<br>| 9780 | 400980 |
| Uniti Group, Inc. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50000 | 350500 |
| Yelp, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2696 | 81931 |
| Ziff Davis, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7200 | 253080 |
|  |  | 6138186 |
| **Consumer Discretionary–12.1%** |  |  |
| Academy Sports & Outdoors, Inc. <br> (Specialty Retail)<br>| 6609 | 330186 |
| Acushnet Holdings Corp. (Leisure Products) | 4446 | 354880 |
| Adtalem Global Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3600 | 372492 |
| Advance Auto Parts, Inc. (Specialty Retail) | 5903 | 231988 |
| American Eagle Outfitters, Inc. <br> (Specialty Retail)<br>| 15400 | 406098 |
| Asbury Automotive Group, Inc. <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1936 | 450178 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 5730 | 35354 |
| Boot Barn Holdings, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14799 | 2611579 |
| Brinker International, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4409 | 632780 |
| Buckle, Inc. / The (Specialty Retail) | 2600 | 138892 |
| Caesars Entertainment, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20610 | 482068 |
| CarMax, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14503 | 560396 |
| Cavco Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 780 | 460777 |
| Century Communities, Inc. <br> (Household Durables)<br>| 6460 | 383401 |
| Champion Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2470 | 208715 |
| Cheesecake Factory, Inc. / The (Hotels, <br> Restaurants & Leisure)<br>| 6980 | 352350 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 1380 | 35052 |
| Dana, Inc. (Automobile Components) | 14880 | 353549 |
| Dorman Products, Inc. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 620 | 76378 |
| Dutch Bros, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 32958 | 2017689 |
| Etsy, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9840 | 545530 |
| Frontdoor, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7261 | 418887 |
| Genius Sports Ltd. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 126011 | 1388641 |
| Gentherm, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3600 | 130932 |
| G-III Apparel Group Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>| 3240 | 93830 |
| Golden Entertainment, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 2690 | 73141 |
| Green Brick Partners, Inc. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6030 | 377840 |
| Group 1 Automotive, Inc. (Specialty Retail) | 1302 | 512077 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Guess?, Inc. (Specialty Retail) | 1070 | $17922 |
| Installed Building Products, Inc. <br> (Household Durables)<br>| 2258 | 585703 |
| Kohl's Corp. (Broadline Retail) | 5490 | 112051 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>| 5100 | 311559 |
| LCI Industries (Automobile Components) | 4100 | 497494 |
| LKQ Corp. (Distributors) | 24490 | 739598 |
| M/I (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2620 | 335229 |
| Meritage Homes Corp. (Household Durables) | 7050 | 463890 |
| Mister Car Wash, Inc. (Diversified Consumer <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 74180 | 412441 |
| Mohawk Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4970 | 543221 |
| Monarch Casino & Resort, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 2790 | 267003 |
| National Vision Holdings, Inc. <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 69542 | 1795574 |
| Newell Brands, Inc. (Household Durables) | 54900 | 204228 |
| Oxford Industries, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>| 950 | 32490 |
| Patrick Industries, Inc. <br> (Automobile Components)<br>| 3300 | 357819 |
| Penn Entertainment, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24430 | 360342 |
| Phinia, Inc. (Automobile Components) | 5200 | 325988 |
| Portillo's, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 123735 | 561757 |
| Red Rock Resorts, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>| 4676 | 289678 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6100 | 1092815 |
| Rush Street Interactive, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 101732 | 1976653 |
| Shake Shack, Inc. Class A (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3990 | 323868 |
| SharkNinja, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19441 | 2175448 |
| Signet Jewelers Ltd. (Specialty Retail) | 4094 | 339311 |
| Sonic Automotive, Inc. Class A <br> (Specialty Retail)<br>| 3800 | 235068 |
| Sonos, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9149 | 160656 |
| Steven Madden Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>| 11220 | 467201 |
| Stride, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4230 | 274654 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 877 | 145582 |
| Topgolf Callaway Brands Corp. <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11210 | 130821 |
| Tri Pointe Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8673 | 272939 |
| Urban Outfitters, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5330 | 401136 |
| Victoria's Secret & Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7473 | 404812 |
| Wendy's Co. / The (Hotels, Restaurants & <br> Leisure)<br>| 30960 | 257897 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 6387 | 1523236 |
| Winnebago Industries, Inc. (Automobiles) | 1670 | 67668 |
| Wolverine World Wide, Inc. (Textiles, Apparel <br> & Luxury Goods)<br>| 10600 | 192390 |
| XPEL, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3090 | 154222 |
| YETI Holdings, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26846 | 1185788 |
|  |  | 34031832 |
| **Consumer Staples–2.3%** |  |  |
| Cal-Maine Foods, Inc. (Food Products) | 4520 | 359656 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30110 | 1377231 |
| Chefs' Warehouse, Inc. / The (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 32367 | 2017435 |
| Energizer Holdings, Inc. (Household Products) | 950 | 18896 |
| Fresh Del Monte Produce, Inc. <br> (Food Products)<br>| 2546 | 90714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Freshpet, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4690 | $285762 |
| Grocery Outlet Holding Corp. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22340 | 225634 |
| Interparfums, Inc. (Personal Care Products) | 3800 | 322354 |
| J & J Snack Foods Corp. (Food Products) | 3450 | 311776 |
| PriceSmart, Inc. (Consumer Staples <br> Distribution & Retail)<br>| 2500 | 306675 |
| Reynolds Consumer Products, Inc. <br> (Household Products)<br>| 11390 | 261059 |
| Simply Good Foods Co. / The (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14900 | 299192 |
| United Natural Foods, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6440 | 216835 |
| Universal Corp. (Tobacco) | 1179 | 62192 |
| WD-40 Co. (Household Products) | 2050 | 403645 |
|  |  | 6559056 |
| **Energy–2.7%** |  |  |
| Archrock, Inc. (Energy Equip. & Svs.) | 17430 | 453528 |
| Atlas Energy Solutions, Inc. (Energy Equip. & <br> Svs.)<br>| 24700 | 232674 |
| Cactus, Inc. Class A (Energy Equip. & Svs.) | 6620 | 302402 |
| California Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 7230 | 323253 |
| Comstock Resources, Inc. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13800 | 319884 |
| Core Natural Resources, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 5143 | 455207 |
| CVR Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11070 | 281621 |
| Gulfport Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4620 | 960914 |
| Helmerich & Payne, Inc. (Energy Equip. & Svs.) | 16660 | 477809 |
| Innovex International, Inc. (Energy Equip. & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21440 | 468893 |
| International Seaways, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 2600 | 126230 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 8759 | 315762 |
| Kodiak Gas Services, Inc. (Energy Equip. & <br> Svs.)<br>| 7780 | 290972 |
| Liberty Energy, Inc. (Energy Equip. & Svs.) | 15590 | 287791 |
| Magnolia Oil & Gas Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 18380 | 402338 |
| Noble Corp. PLC (Energy Equip. & Svs.) | 12440 | 351305 |
| Northern Oil & Gas, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 11600 | 249052 |
| Par Pacific Holdings, Inc. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2840 | 99798 |
| Patterson-UTI Energy, Inc. (Energy Equip. & <br> Svs.)<br>| 31834 | 194506 |
| Peabody Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 12054 | 358004 |
| Permian Resources Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 5576 | 78231 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 11430 | 213741 |
| TechnipFMC PLC (Energy Equip. & Svs.) | 9023 | 402065 |
| World Kinect Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 3640 | 85285 |
|  |  | 7731265 |
| **Financials–13.4%** |  |  |
| Acadian Asset Management, Inc. <br> (Capital Markets)<br>| 8927 | 419569 |
| Accelerant Holdings Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36232 | 592393 |
| Ameris Bancorp (Banks) | 6360 | 472357 |
| Apollo Commercial Real Estate Finance, Inc. <br> (Mortgage REIT)<br>| 40800 | 394944 |
| Artisan Partners Asset Management, Inc. <br> Class A (Capital Markets)<br>| 4150 | 169071 |
| Assured Guaranty Ltd. (Insurance) | 4430 | 398124 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Atlantic Union Bankshares Corp. (Banks) | 14125 | $498612 |
| Axos Financial, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5590 | 481634 |
| Banc of California, Inc. (Banks) | 22480 | 433639 |
| BancFirst Corp. (Banks) | 2200 | 233244 |
| Bancorp, Inc. / The (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4570 | 308566 |
| BankUnited, Inc. (Banks) | 7450 | 332047 |
| Banner Corp. (Banks) | 2240 | 140358 |
| Beacon Financial Corp. (Banks) | 16076 | 423924 |
| BGC Group, Inc. Class A (Capital Markets) | 36180 | 323087 |
| Blackstone Mortgage Trust, Inc. Class A <br> (Mortgage REIT)<br>| 15400 | 294602 |
| Bread Financial Holdings, Inc. <br> (Consumer Finance)<br>| 4569 | 338243 |
| Bullish (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18485 | 700027 |
| Cathay General Bancorp (Banks) | 6850 | 331472 |
| Cohen & Steers, Inc. (Capital Markets) | 4100 | 257398 |
| Community Financial System, Inc. (Banks) | 5240 | 300986 |
| Customers Bancorp, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2500 | 182800 |
| CVB Financial Corp. (Banks) | 14610 | 271746 |
| Ellington Financial, Inc. (Mortgage REIT) | 19600 | 266168 |
| Enact Holdings, Inc. (Financial Services) | 1020 | 40433 |
| Enova International, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1900 | 298680 |
| FB Financial Corp. (Banks) | 3190 | 178002 |
| Figure Technology Solutions, Inc. Class A <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13016 | 531573 |
| First Bancorp (Banks) | 5430 | 275790 |
| First BanCorp (Banks) | 15800 | 327534 |
| First Financial Bancorp (Banks) | 10730 | 268465 |
| First Hawaiian, Inc. (Banks) | 12350 | 312455 |
| First Interstate BancSystem, Inc. Class A <br> (Banks)<br>| 8836 | 305726 |
| Franklin BSP Realty Trust, Inc. <br> (Mortgage REIT)<br>| 25900 | 259777 |
| Fulton Financial Corp. (Banks) | 18050 | 348907 |
| Genworth Financial, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 40680 | 367340 |
| HA Sustainable Infrastructure Capital, Inc. <br> (Financial Services)<br>| 12280 | 385960 |
| HCI Group, Inc. (Insurance) | 1460 | 279867 |
| Hilltop Holdings, Inc. (Banks) | 8420 | 285775 |
| Hope Bancorp, Inc. (Banks) | 9440 | 103462 |
| Horace Mann Educators Corp. (Insurance) | 3140 | 145005 |
| Houlihan Lokey, Inc. (Capital Markets) | 6586 | 1147215 |
| Independent Bank Corp. (Banks) | 4943 | 361234 |
| Jackson Financial, Inc. Class A <br> (Financial Services)<br>| 6907 | 736632 |
| Lincoln National Corp. (Insurance) | 16720 | 744542 |
| Marex Group PLC (Capital Markets) | 40777 | 1564206 |
| MarketAxess Holdings, Inc. (Capital Markets) | 3600 | 652500 |
| Mercury General Corp. (Insurance) | 3300 | 310398 |
| Moelis & Co. Class A (Capital Markets) | 7330 | 503864 |
| National Bank Holdings Corp. Class A (Banks) | 7190 | 273292 |
| Navient Corp. (Consumer Finance) | 28240 | 367120 |
| NBT Bancorp, Inc. (Banks) | 6710 | 278599 |
| NCR Atleos Corp. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7290 | 277822 |
| Neptune Insurance Holdings, Inc. Class A <br> (Insurance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 30848 | 899528 |
| NMI Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7684 | 313430 |
| OFG Bancorp (Banks) | 6350 | 260223 |
| Palomar Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2650 | 357114 |
| Park National Corp. (Banks) | 2380 | 362188 |
| Pathward Financial, Inc. (Banks) | 2070 | 146970 |
| Payoneer Global, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 45120 | 253574 |
| Piper Sandler Cos. (Capital Markets) | 8499 | 2887195 |
| PJT Partners, Inc. Class A (Capital Markets) | 2360 | 394592 |
| ProAssurance Corp. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7110 | 171778 |
| PROG Holdings, Inc. (Consumer Finance) | 2390 | 70481 |
| Provident Financial Services, Inc. (Banks) | 20120 | 397370 |
| Radian Group, Inc. (Financial Services) | 13420 | 482986 |
| Renasant Corp. (Banks) | 9419 | 331737 |
| S&T Bancorp, Inc. (Banks) | 10490 | 412782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Seacoast Banking Corp. of Florida (Banks) | 8730 | $274297 |
| ServisFirst Bancshares, Inc. (Banks) | 4980 | 357514 |
| SiriusPoint Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7640 | 167240 |
| Stellar Bancorp, Inc. (Banks) | 8920 | 275985 |
| StepStone Group, Inc. Class A <br> (Capital Markets)<br>| 33440 | 2145845 |
| Stewart Information Services Corp. <br> (Insurance)<br>| 4150 | 291579 |
| Stifel Financial Corp. (Capital Markets) | 15532 | 1944917 |
| StoneX Group, Inc. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4577 | 435410 |
| Tompkins Financial Corp. (Banks) | 4250 | 308210 |
| Trupanion, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8780 | 328109 |
| TWFG, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26249 | 755184 |
| Two Harbors Investment Corp. <br> (Mortgage REIT)<br>| 9510 | 99855 |
| United Community Banks, Inc. (Banks) | 12036 | 375764 |
| Victory Capital Holdings, Inc. Class A <br> (Capital Markets)<br>| 4935 | 311349 |
| WaFd, Inc. (Banks) | 13320 | 426640 |
| Walker & Dunlop, Inc. (Financial Services) | 4640 | 279096 |
| Westamerica BanCorp (Banks) | 2230 | 106661 |
| Western Union Co. / The (Financial Services) | 31330 | 291682 |
| WisdomTree, Inc. (Capital Markets) | 10600 | 129214 |
| WSFS Financial Corp. (Banks) | 5551 | 306637 |
|  |  | 37850322 |
| **Health Care–18.7%** |  |  |
| Acadia Healthcare Co., Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14010 | 198802 |
| ACADIA Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8110 | 216618 |
| Addus HomeCare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3480 | 373717 |
| ADMA Biologics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23650 | 431376 |
| Alkermes PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16360 | 457753 |
| AMN Healthcare Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2150 | 33884 |
| Amphastar Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13430 | 359655 |
| ANI Pharmaceuticals, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1630 | 128672 |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14171 | 1069627 |
| Arcus Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11080 | 264036 |
| Arrowhead Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13700 | 909543 |
| Artivion, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5740 | 261801 |
| Ascendis Pharma A/S – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3644 | 777047 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 45591 | 1803580 |
| Azenta, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4857 | 161544 |
| Billiontoone, Inc. Class A (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5011 | 410100 |
| BioLife Solutions, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10000 | 241800 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26238 | 2006945 |
| BrightSpring Health Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 67717 | 2536002 |
| Celcuity, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9676 | 965084 |
| Certara, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27670 | 243773 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20096 | 834386 |
| Concentra Group Holdings Parent, Inc. (Health <br> Care Providers & Svs.)<br>| 15412 | 303308 |
| CONMED Corp. (Health Care Equip. & <br> Supplies)<br>| 1540 | 62524 |
| Corcept Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9290 | 323292 |
| CorVel Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5060 | 342410 |
| Denali Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42440 | 700684 |
| Dianthus Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17769 | 732260 |
| Dynavax Technologies Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7903 | 121548 |
| Edgewise Therapeutics, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13995 | 347286 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| GeneDx Holdings Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5332 | $693480 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26687 | 3013229 |
| Guardant Health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25737 | 2628777 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9833 | 661761 |
| Harmony Biosciences Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13300 | 497686 |
| HeartFlow, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25924 | 755685 |
| ICU Medical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2450 | 349542 |
| Indivior PLC (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11900 | 426972 |
| Inspire Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2600 | 239798 |
| Integer Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3470 | 272152 |
| Integra LifeSciences Holdings Corp. (Health <br> Care Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 19330 | 240079 |
| Kestra Medical Technologies Ltd. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31731 | 841506 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2550 | 628677 |
| Kymera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12133 | 944069 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19514 | 424234 |
| LeMaitre Vascular, Inc. (Health Care Equip. & <br> Supplies)<br>| 4360 | 353596 |
| Ligand Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1900 | 359233 |
| Lumexa Imaging Holdings, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 44895 | 830558 |
| Merit Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5870 | 517382 |
| Mineralys Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19376 | 703155 |
| National HealthCare Corp. (Health Care <br> Providers & Svs.)<br>| 3430 | 470219 |
| Neogen Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 51160 | 357608 |
| Newamsterdam Pharma Co. N.V. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16355 | 573733 |
| Nuvalent, Inc. Class A (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10102 | 1016160 |
| Ocular Therapeutix, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59004 | 716309 |
| Organon & Co. (Pharmaceuticals) | 27600 | 197892 |
| Palvella Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5852 | 612529 |
| Prestige Consumer Healthcare, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4880 | 301047 |
| Privia Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11355 | 269227 |
| PROCEPT BioRobotics Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 43377 | 1364640 |
| Protagonist Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5800 | 506572 |
| PTC Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7738 | 587778 |
| RadNet, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6860 | 489461 |
| Rapport Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16932 | 513717 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12469 | 2043170 |
| Rhythm Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12022 | 1286835 |
| Sarepta Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15556 | 334765 |
| Select Medical Holdings Corp. (Health Care <br> Providers & Svs.)<br>| 25110 | 372884 |
| Structure Therapeutics, Inc. – ADR <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11504 | 800103 |
| Supernus Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3810 | 189357 |
| Teleflex, Inc. (Health Care Equip. & Supplies) | 4380 | 534535 |
| Terns Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15846 | 640178 |
| TG Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13450 | 400945 |
| TransMedics Group, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3380 | 411177 |
| Trevi Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 67621 | 846615 |
| UFP Technologies, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1760 | 390773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Vera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15234 | $771450 |
| Veracyte, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7830 | 329643 |
| Vericel Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6320 | 227583 |
| Vir Biotechnology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9590 | 57828 |
| Viridian Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28938 | 900551 |
| Waystar Holding Corp. (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11427 | 374234 |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20639 | 925040 |
|  |  | 52815186 |
| **Industrials–20.9%** |  |  |
| AAR Corp. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3813 | 315678 |
| ABM Industries, Inc. (Commercial Svs. & <br> Supplies)<br>| 6170 | 260991 |
| AeroVironment, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6750 | 1632757 |
| Air Lease Corp. (Trading Companies & <br> Distributors)<br>| 10430 | 669919 |
| Alamo Group, Inc. (Machinery) | 1980 | 332383 |
| Alliance Laundry Holdings, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37153 | 756064 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15200 | 440800 |
| Apogee Enterprises, Inc. (Building Products) | 8050 | 293100 |
| ArcBest Corp. (Ground Transportation) | 1059 | 78567 |
| Arcosa, Inc. (Construction & Engineering) | 4860 | 516715 |
| Armstrong World Industries, Inc. <br> (Building Products)<br>| 10960 | 2094456 |
| AZZ, Inc. (Building Products) | 2970 | 318325 |
| Beta Technologies, Inc. Class A (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 27106 | 764660 |
| Bloom Energy Corp. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25737 | 2236288 |
| Boise Cascade Co. (Trading Companies & <br> Distributors)<br>| 3690 | 271584 |
| Brady Corp. Class A (Commercial Svs. & <br> Supplies)<br>| 4340 | 340126 |
| Casella Waste Systems, Inc. Class A <br> (Commercial Svs. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5980 | 585681 |
| Construction Partners, Inc. Class A <br> (Construction & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15609 | 1694357 |
| CoreCivic, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14930 | 285312 |
| CSW Industrials, Inc. (Building Products) | 1670 | 490195 |
| DXP Enterprises, Inc. (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3100 | 340349 |
| Enerpac Tool Group Corp. (Machinery) | 9220 | 352573 |
| Enpro, Inc. (Machinery) | 9666 | 2069781 |
| Enviri Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14660 | 262707 |
| Esab Corp. (Machinery) | 9374 | 1047263 |
| ESCO Technologies, Inc. (Machinery) | 10668 | 2084421 |
| Everus Construction Group, Inc. (Construction <br> & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22959 | 1964372 |
| Federal Signal Corp. (Machinery) | 5870 | 637423 |
| Franklin Electric Co., Inc. (Machinery) | 3790 | 362059 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9638 | 1646460 |
| Gates Industrial Corp. PLC (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25532 | 548172 |
| GEO Group, Inc. / The (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20610 | 332233 |
| Gibraltar Industries, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4040 | 199738 |
| Granite Construction, Inc. (Construction & <br> Engineering)<br>| 4340 | 500619 |
| Greenbrier Cos., Inc. / The (Machinery) | 1732 | 80954 |
| Griffon Corp. (Building Products) | 3880 | 285762 |
| Hayward Holdings, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19760 | 305292 |
| Hertz Global Holdings, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 48400 | 248776 |
| HNI Corp. (Commercial Svs. & Supplies) | 6170 | 259387 |
| Hub Group, Inc. Class A (Air Freight & <br> Logistics)<br>| 10540 | 449109 |
| Insperity, Inc. (Professional Svs.) | 6900 | 267168 |
| Interface, Inc. (Commercial Svs. & Supplies) | 5870 | 163890 |
| ITT, Inc. (Machinery) | 9435 | 1637067 |
| JBT Marel Corp. (Machinery) | 4654 | 701218 |
| JetBlue Airways Corp. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59430 | 270407 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Kadant, Inc. (Machinery) | 1170 | $333473 |
| Karman Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16836 | 1231890 |
| Korn Ferry (Professional Svs.) | 5140 | 339343 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29918 | 2271075 |
| Legence Corp. Class A (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20295 | 873497 |
| Lindsay Corp. (Machinery) | 2000 | 235740 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17483 | 1188844 |
| ManpowerGroup, Inc. (Professional Svs.) | 7000 | 208110 |
| Marten Transport Ltd. (Ground Transportation) | 4660 | 53031 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6500 | 71760 |
| Matson, Inc. (Marine Transportation) | 3154 | 389677 |
| Mercury Systems, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5225 | 381477 |
| MillerKnoll, Inc. (Commercial Svs. & Supplies) | 3990 | 72937 |
| Modine Manufacturing Co. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15999 | 2136026 |
| Moog, Inc. Class A (Aerospace & Defense) | 2820 | 686811 |
| Mueller Water Products, Inc. Class A <br> (Machinery)<br>| 15490 | 368972 |
| MYR Group, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1540 | 336490 |
| Nextpower, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20379 | 1775215 |
| OPENLANE, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10540 | 313881 |
| Pitney Bowes, Inc. (Commercial Svs. & <br> Supplies)<br>| 25150 | 265836 |
| Powell Industries, Inc. (Electrical Equip.) | 930 | 296465 |
| Primoris Services Corp. (Construction & <br> Engineering)<br>| 21995 | 2730459 |
| Resideo Technologies, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13560 | 476227 |
| Robert Half, Inc. (Professional Svs.) | 9930 | 269699 |
| Rush Enterprises, Inc. Class A (Trading <br> Companies & Distributors)<br>| 6086 | 328279 |
| RXO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16256 | 205476 |
| Saia, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 919 | 300072 |
| Schneider National, Inc. Class B <br> (Ground Transportation)<br>| 8082 | 214415 |
| SkyWest, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4000 | 401640 |
| SPX Technologies, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12771 | 2554966 |
| Standex International Corp. (Machinery) | 1240 | 269427 |
| Sunrun, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22382 | 411829 |
| Tennant Co. (Machinery) | 1190 | 87703 |
| Titan International, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7860 | 61544 |
| Trinity Industries, Inc. (Machinery) | 13890 | 367252 |
| UniFirst Corp. (Commercial Svs. & Supplies) | 1380 | 266202 |
| Upwork, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12918 | 256035 |
| Verra Mobility Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15848 | 355154 |
| Vicor Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2150 | 235640 |
| Voyager Technologies, Inc. Class A (Aerospace <br> & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23767 | 621269 |
| WillScot Holdings Corp. (Construction & <br> Engineering)<br>| 16007 | 301412 |
| Worthington Enterprises, Inc. (Machinery) | 6710 | 346035 |
| Zurn Elkay Water Solutions Corp. <br> (Building Products)<br>| 57629 | 2679172 |
|  |  | 58965615 |
| **Information Technology–18.8%** |  |  |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10266 | 490817 |
| ACM Research, Inc. Class A (Semiconductors <br> & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8634 | 340611 |
| Advanced Energy Industries, Inc. (Electronic <br> Equip., Instr. & Comp.)<br>| 14921 | 3124010 |
| Agilysys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2500 | 297100 |
| Alarm.com Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7500 | 382650 |
| Alkami Technology, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 53698 | 1238813 |
| Allegro MicroSystems, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22674 | 598140 |
| Alpha & Omega Semiconductor Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2680 | 53091 |
| Ambiq Micro, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9550 | 272175 |
| Amplitude, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 143070 | 1656751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Arlo Technologies, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5800 | $81142 |
| Badger Meter, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 2920 | 509277 |
| BlackLine, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7970 | 440661 |
| Box, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14370 | 429807 |
| Braze, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57367 | 1967114 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5890 | 311758 |
| Cleanspark, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27900 | 282348 |
| Clear Secure, Inc. Class A (Software) | 12400 | 434992 |
| Corsair Gaming, Inc. (Tech. Hardware, Storage <br> & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9060 | 53816 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25159 | 3620128 |
| CTS Corp. (Electronic Equip., Instr. & Comp.) | 2150 | 92170 |
| Digi International, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4380 | 189610 |
| DigitalOcean Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9491 | 456707 |
| Diodes, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7520 | 371037 |
| D-Wave Quantum, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26678 | 697630 |
| DXC Technology Co. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8350 | 122327 |
| Enphase Energy, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13000 | 416650 |
| Extreme Networks, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13090 | 217948 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6227 | 2835029 |
| FormFactor, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7600 | 423928 |
| Harmonic, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2597 | 25684 |
| Impinj, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2590 | 450686 |
| Insight Enterprises, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3120 | 254186 |
| InterDigital, Inc. (Software) | 2484 | 790856 |
| IonQ, Inc. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17907 | 803487 |
| Itron, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4530 | 420656 |
| JFrog Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27236 | 1701161 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 54599 | 1772829 |
| Knowles Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16640 | 356595 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3569 | 1315498 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10553 | 1807518 |
| MARA Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36706 | 329620 |
| MaxLinear, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4640 | 80875 |
| Mirion Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24307 | 569270 |
| N-able, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 300 | 2244 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7920 | 80784 |
| NetScout Systems, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5976 | 161711 |
| Netskope, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22115 | 387897 |
| OSI Systems, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1560 | 397894 |
| PC Connection, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 6130 | 354069 |
| PDF Solutions, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10400 | 296712 |
| Penguin Solutions, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12300 | 240588 |
| Photronics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7390 | 236480 |
| Plexus Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2670 | 392490 |
| Q2 Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6200 | 447392 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8400 | 709884 |
| Ralliant Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 11169 | 568614 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22704 | 2086271 |
| Rogers Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3250 | 297602 |
| Rubrik, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18507 | 1415415 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Sanmina Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5170 | $775862 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42204 | 3110013 |
| ServiceTitan, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15406 | 1640739 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8090 | 2857307 |
| SolarEdge Technologies, Inc. (Semiconductors <br> & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7100 | 204835 |
| Sprinklr, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35800 | 278524 |
| SPS Commerce, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3720 | 331564 |
| Teradata Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9100 | 277004 |
| Tower Semiconductor Ltd. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3511 | 412262 |
| TTM Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9900 | 683100 |
| Ultra Clean Holdings, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6959 | 176271 |
| Veeco Instruments, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2476 | 70764 |
| Via Transportation, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13116 | 380495 |
| Viasat, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13310 | 458663 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22130 | 394357 |
|  |  | 53214965 |
| **Materials–3.2%** |  |  |
| Alpha Metallurgical Resources, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1600 | 319808 |
| Balchem Corp. (Chemicals) | 3220 | 493819 |
| Celanese Corp. (Chemicals) | 4600 | 194488 |
| Century Aluminum Co. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8700 | 340866 |
| Chemours Co. / The (Chemicals) | 19900 | 234621 |
| Eastman Chemical Co. (Chemicals) | 11100 | 708513 |
| Element Solutions, Inc. (Chemicals) | 76541 | 1912760 |
| FMC Corp. (Chemicals) | 12380 | 171711 |
| H.B. Fuller Co. (Chemicals) | 5352 | 318230 |
| Hawkins, Inc. (Chemicals) | 2067 | 293638 |
| Ingevity Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7130 | 421953 |
| Kaiser Aluminum Corp. (Metals & Mining) | 1580 | 181479 |
| Koppers Holdings, Inc. (Chemicals) | 2080 | 56326 |
| Minerals Technologies, Inc. (Chemicals) | 1740 | 106053 |
| O-I Glass, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7907 | 116707 |
| Quaker Chemical Corp. (Chemicals) | 2840 | 389960 |
| Sealed Air Corp. (Containers & Packaging) | 14579 | 604008 |
| Sensient Technologies Corp. (Chemicals) | 4210 | 395530 |
| Solstice Advanced Materials, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15190 | 737930 |
| Sylvamo Corp. (Paper & Forest Products) | 1720 | 82818 |
| U.S.A. Rare Earth, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22039 | 262264 |
| Warrior Met Coal, Inc. (Metals & Mining) | 5200 | 458484 |
| Worthington Steel, Inc. (Metals & Mining) | 3590 | 124286 |
|  |  | 8926252 |
| **Real Estate–3.6%** |  |  |
| Acadia Realty Trust (Retail REITs) | 20240 | 415730 |
| American Assets Trust, Inc. (Diversified REITs) | 18870 | 357209 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br> REITs)<br>| 35500 | 420675 |
| CareTrust REIT, Inc. (Health Care REITs) | 21831 | 789409 |
| Curbline Properties Corp. (Retail REITs) | 12100 | 280841 |
| Cushman & Wakefield Ltd. (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22990 | 372208 |
| Easterly Government Properties, Inc. <br> (Office REITs)<br>| 16380 | 347092 |
| Elme Communities (Residential REITs) | 16400 | 285360 |
| Essential Properties Realty Trust, Inc. <br> (Diversified REITs)<br>| 19641 | 582552 |
| Four Corners Property Trust, Inc. <br> (Specialized REITs)<br>| 11400 | 262884 |
| Getty Realty Corp. (Retail REITs) | 4240 | 116049 |
| Highwoods Properties, Inc. (Office REITs) | 10741 | 277333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Small Cap Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br> Mgmt. & Development)<br>| 10190 | $98537 |
| LTC Properties, Inc. (Health Care REITs) | 2800 | 96264 |
| LXP Industrial Trust (Industrial REITs) | 8426 | 417761 |
| Macerich Co. / The (Retail REITs) | 25030 | 462054 |
| Medical Properties Trust, Inc. (Health Care <br> REITs)<br>| 52100 | 260500 |
| Millrose Properties, Inc. (Specialized REITs) | 14768 | 441120 |
| NexPoint Residential Trust, Inc. <br> (Residential REITs)<br>| 1600 | 48160 |
| Outfront Media, Inc. (Specialized REITs) | 11847 | 285513 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 34530 | 390880 |
| Phillips Edison & Co., Inc. (Retail REITs) | 12450 | 442846 |
| Ryman Hospitality Properties, Inc. (Hotel & <br> Resort REITs)<br>| 6200 | 586644 |
| Safehold, Inc. (Specialized REITs) | 9581 | 131164 |
| SL Green Realty Corp. (Office REITs) | 7046 | 323200 |
| St. Joe Co. / The (Real Estate Mgmt. & <br> Development)<br>| 5800 | 344346 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br> REITs)<br>| 15043 | 134484 |
| Tanger, Inc. (Retail REITs) | 11181 | 373110 |
| Terreno Realty Corp. (Industrial REITs) | 10200 | 598842 |
| Veris Residential, Inc. (Residential REITs) | 5360 | 79757 |
|  |  | 10022524 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities–1.0%** |  |  |
| American States Water Co. (Water Utilities) | 3800 | $275424 |
| Avista Corp. (Multi-Utilities) | 8000 | 308320 |
| California Water Service Group <br> (Water Utilities)<br>| 5920 | 256514 |
| Chesapeake Utilities Corp. (Gas Utilities) | 2330 | 290691 |
| Clearway Energy, Inc. Class C (Ind. Power & <br> Renewable Elec.)<br>| 11900 | 395794 |
| H2O America (Water Utilities) | 5600 | 274344 |
| MDU Resources Group, Inc. (Gas Utilities) | 20248 | 395241 |
| MGE Energy, Inc. (Electric Utilities) | 3623 | 284116 |
| Northwest Natural Holding Co. (Gas Utilities) | 2830 | 132274 |
| Otter Tail Corp. (Electric Utilities) | 4151 | 335442 |
|  |  | 2948160 |
| **Total Common Stocks (Cost $267,491,571)** |  | $279203363 |

---

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–0.4%** | **Shares** | **Value** |
| iShares Core S&P Small-Cap ETF  | 8520 | $1023934 |
| **Total Exchange Traded Funds (Cost $1,030,181)** |  | $1023934 |
| **Total Investments – 99.3% (Cost $268,521,752)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $280227297 |
| **Other Assets in Excess of Liabilities – 0.7%** |  | 2077405 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $282304702 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR: | American Depositary Receipts |
| ETF: | Exchange Traded Fund |
| REITs: | Real Estate Investment Trusts |

---

Footnotes: <br> (a) Non-income producing security. <br> (b) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.6%** | **Shares** | **Value** |
| **Communication Services–3.2%** |  |  |
| AST SpaceMobile, Inc. (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5334 | $387408 |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 233 | 48639 |
| Criteo SA – ADR (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7198 | 148351 |
| Electronic Arts, Inc. (Entertainment) | 878 | 179402 |
| Fox Corp. Class A (Media) | 900 | 65763 |
| Fox Corp. Class B (Media) | 890 | 57788 |
| Frontier Communications Parent, Inc. <br> (Diversified Telecom. Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1290 | 49110 |
| GCI Liberty, Inc. Class C (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 132 | 4912 |
| Liberty Broadband Corp. Class C (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 660 | 32076 |
| Liberty Media Corp. - Liberty Formula One <br> Class C (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 720 | 70927 |
| Live Nation Entertainment, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 390 | 55575 |
| Nexstar Media Group, Inc. (Media) | 1390 | 282240 |
| Omnicom Group, Inc. (Media) | 980 | 79135 |
| Pinterest, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1690 | 43754 |
| Reddit, Inc. Class A (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1800 | 413766 |
| ROBLOX Corp. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2130 | 172594 |
| Roku, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 790 | 85707 |
| Sirius XM Holdings, Inc. (Media) | 3186 | 63704 |
| Stubhub Holdings, Inc. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10602 | 143445 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 630 | 161299 |
| TKO Group Holdings, Inc. (Entertainment) | 2293 | 479237 |
| Trade Desk, Inc. / The Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1120 | 42515 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7731 | 222807 |
|  |  | 3290154 |
| **Consumer Discretionary–10.4%** |  |  |
| ADT, Inc. (Diversified Consumer Svs.) | 48015 | 387481 |
| Amer Sports, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12361 | 461683 |
| Aptiv PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 920 | 70003 |
| Aramark (Hotels, Restaurants & Leisure) | 1962 | 72319 |
| AutoNation, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1686 | 348125 |
| Bath & Body Works, Inc. (Specialty Retail) | 13823 | 277566 |
| Best Buy Co., Inc. (Specialty Retail) | 940 | 62914 |
| Birkenstock Holding PLC (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 566 | 23149 |
| BorgWarner, Inc. (Automobile Components) | 8892 | 400673 |
| Brunswick Corp. (Leisure Products) | 4259 | 316188 |
| Burlington Stores, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1076 | 310803 |
| CarMax, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 820 | 31685 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2680 | 81847 |
| Carvana Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 460 | 194129 |
| Cava Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 610 | 35801 |
| Coupang, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4320 | 101909 |
| D.R. Horton, Inc. (Household Durables) | 1230 | 177157 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 250 | 46005 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 340 | 67310 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 180 | 75028 |
| DraftKings, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1448 | 49898 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 160 | 28080 |
| eBay, Inc. (Broadline Retail) | 2040 | 177684 |
| Expedia Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 270 | 76494 |
| Five Below, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 510 | 96064 |
| Flutter Entertainment PLC (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 538 | 115691 |
| Ford Motor Co. (Automobiles) | 13580 | 178170 |
| Frontdoor, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 880 | 50767 |
| GameStop Corp. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2136 | 42891 |
| Gap, Inc. / The (Specialty Retail) | 2190 | 56064 |
| Garmin Ltd. (Household Durables) | 569 | 115422 |
| Genius Sports Ltd. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23204 | 255708 |
| Genuine Parts Co. (Distributors) | 610 | 75006 |
| Group 1 Automotive, Inc. (Specialty Retail) | 246 | 96752 |
| Hasbro, Inc. (Leisure Products) | 5690 | 466580 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 801 | 230087 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Hyatt Hotels Corp. Class A (Hotels, Restaurants <br> & Leisure)<br>| 536 | $85932 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br> Leisure)<br>| 1210 | 78759 |
| Laureate Education, Inc. (Diversified Consumer <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13610 | 458249 |
| Lennar Corp. Class A (Household Durables) | 580 | 59624 |
| LKQ Corp. (Distributors) | 1630 | 49226 |
| Lucid Group, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2465 | 26055 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 56109 |
| MGM Resorts International (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1930 | 70426 |
| Murphy U.S.A., Inc. (Specialty Retail) | 726 | 292955 |
| Norwegian Cruise Line Holdings Ltd. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3400 | 75888 |
| NVR, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7 | 51049 |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 96 | 10523 |
| On Holding AG Class A (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10817 | 502774 |
| PulteGroup, Inc. (Household Durables) | 544 | 63789 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 227 | 80269 |
| Restaurant Brands International, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 830 | 56631 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1242 | 222504 |
| Rivian Automotive, Inc. Class A (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4185 | 82486 |
| Ross Stores, Inc. (Specialty Retail) | 1125 | 202657 |
| Royal Caribbean Cruises Ltd. (Hotels, <br> Restaurants & Leisure)<br>| 880 | 245450 |
| Service Corp. International (Diversified <br> Consumer Svs.)<br>| 310 | 24171 |
| SharkNinja, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4518 | 505564 |
| Somnigroup International, Inc. <br> (Household Durables)<br>| 630 | 56246 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>| 520 | 66440 |
| Taylor Morrison Home Corp. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3010 | 177199 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 250 | 41500 |
| Toll Brothers, Inc. (Household Durables) | 590 | 79780 |
| Tractor Supply Co. (Specialty Retail) | 1200 | 60012 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 110 | 66551 |
| Viking Holdings Ltd. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5887 | 420391 |
| Williams-Sonoma, Inc. (Specialty Retail) | 336 | 60006 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 1543 | 367990 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 750 | 56670 |
| Wynn Resorts Ltd. (Hotels, Restaurants & <br> Leisure)<br>| 620 | 74605 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 970 | 146742 |
|  |  | 10628355 |
| **Consumer Staples–3.8%** |  |  |
| Albertsons Cos., Inc. Class A (Consumer <br> Staples Distribution & Retail)<br>| 2510 | 43097 |
| Archer-Daniels-Midland Co. (Food Products) | 1270 | 73012 |
| BJ's Wholesale Club Holdings, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6230 | 560887 |
| Bunge Global SA (Food Products) | 940 | 83735 |
| Campbell's Company / The (Food Products) | 1600 | 44592 |
| Casey's General Stores, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 90 | 49744 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8644 | 395377 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 656 | 55006 |
| Clorox Co. / The (Household Products) | 400 | 40332 |
| Coca-Cola Consolidated, Inc. (Beverages) | 620 | 95046 |
| Constellation Brands, Inc. Class A (Beverages) | 330 | 45527 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 580 | 77007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Dollar Tree, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4540 | $558465 |
| e.l.f. Beauty, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 530 | 40301 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 600 | 62832 |
| General Mills, Inc. (Food Products) | 1414 | 65751 |
| Hershey Co. / The (Food Products) | 380 | 69152 |
| Hormel Foods Corp. (Food Products) | 1720 | 40764 |
| Kenvue, Inc. (Personal Care Products) | 5780 | 99705 |
| Kraft Heinz Co. / The (Food Products) | 2180 | 52865 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 1556 | 97219 |
| Maplebear, Inc. (Consumer Staples Distribution <br> & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1510 | 67920 |
| McCormick & Co., Inc. (Food Products) | 1010 | 68791 |
| Molson Coors Beverage Co. Class B <br> (Beverages)<br>| 910 | 42479 |
| Nomad Foods Ltd. (Food Products) | 17217 | 215385 |
| Performance Food Group Co. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 810 | 72835 |
| Pilgrim's Pride Corp. (Food Products) | 1100 | 42889 |
| Primo Brands Corp. (Beverages) | 4970 | 81259 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 1680 | 123799 |
| Tyson Foods, Inc. Class A (Food Products) | 1480 | 86758 |
| U.S. Foods Holding Corp. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110 | 83605 |
| WD-40 Co. (Household Products) | 1560 | 307164 |
|  |  | 3843300 |
| **Energy–4.0%** |  |  |
| Antero Midstream Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 2470 | 43941 |
| Baker Hughes Co. (Energy Equip. & Svs.) | 3450 | 157113 |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 772 | 150069 |
| Chord Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 340 | 31518 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 2470 | 65010 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 1627 | 59597 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 646 | 97113 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 1778 | 95301 |
| Expand Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 560 | 61802 |
| Halliburton Co. (Energy Equip. & Svs.) | 2640 | 74606 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 5214 | 240261 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 6760 | 185832 |
| Magnolia Oil & Gas Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 13084 | 286409 |
| Marathon Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 1070 | 174014 |
| Matador Resources Co. (Oil, Gas & <br> Consumable Fuels)<br>| 7920 | 336125 |
| Northern Oil & Gas, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 10269 | 220475 |
| NOV, Inc. (Energy Equip. & Svs.) | 3710 | 57987 |
| Occidental Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 3430 | 141042 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 2170 | 159495 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 1420 | 183237 |
| Range Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 1810 | 63821 |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 611 | 112730 |
| TechnipFMC PLC (Energy Equip. & Svs.) | 19867 | 885274 |
| Texas Pacific Land Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 150 | 43083 |
| Valero Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 1090 | 177441 |
|  |  | 4103296 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials–14.9%** |  |  |
| Accelerant Holdings Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7733 | $126435 |
| Affirm Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5949 | 442784 |
| Allstate Corp. / The (Insurance) | 920 | 191498 |
| Ally Financial, Inc. (Consumer Finance) | 1520 | 68841 |
| American Financial Group, Inc. (Insurance) | 3635 | 496832 |
| Ameriprise Financial, Inc. (Capital Markets) | 330 | 161812 |
| Annaly Capital Management, Inc. <br> (Mortgage REIT)<br>| 2850 | 63726 |
| Arch Capital Group Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1760 | 168819 |
| Ares Management Corp. Class A <br> (Capital Markets)<br>| 650 | 105059 |
| Axis Capital Holdings Ltd. (Insurance) | 450 | 48191 |
| Bank of New York Mellon Corp. / The <br> (Capital Markets)<br>| 2450 | 284420 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1820 | 118464 |
| Blue Owl Capital, Inc. (Capital Markets) | 2390 | 35707 |
| Brown & Brown, Inc. (Insurance) | 1440 | 114768 |
| Carlyle Group, Inc. / The (Capital Markets) | 840 | 49652 |
| CBOE Global Markets, Inc. (Capital Markets) | 1045 | 262295 |
| Chime Financial, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8653 | 217796 |
| Cincinnati Financial Corp. (Insurance) | 400 | 65328 |
| Citizens Financial Group, Inc. (Banks) | 1110 | 64835 |
| CNA Financial Corp. (Insurance) | 1360 | 64926 |
| Coinbase Global, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 833 | 188375 |
| Comerica, Inc. (Banks) | 30 | 2608 |
| Commerce Bancshares, Inc. (Banks) | 1014 | 53088 |
| Corebridge Financial, Inc. (Financial Services) | 1380 | 41635 |
| Corpay, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | 45140 |
| Credit Acceptance Corp. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 120 | 53215 |
| Cullen / Frost Bankers, Inc. (Banks) | 600 | 75978 |
| East West Bancorp, Inc. (Banks) | 460 | 51699 |
| Euronet Worldwide, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 536 | 40795 |
| Everest Group Ltd. (Insurance) | 263 | 89249 |
| F&G Annuities & Life, Inc. (Insurance) | 82 | 2530 |
| FactSet Research Systems, Inc. <br> (Capital Markets)<br>| 120 | 34823 |
| Fidelity National Financial, Inc. (Insurance) | 1380 | 75334 |
| Fidelity National Information Services, Inc. <br> (Financial Services)<br>| 2450 | 162827 |
| Fifth Third Bancorp (Banks) | 2320 | 108599 |
| Figure Technology Solutions, Inc. Class A <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4919 | 200892 |
| First BanCorp (Banks) | 10840 | 224713 |
| First Citizens BancShares, Inc. Class A (Banks) | 265 | 568738 |
| First Hawaiian, Inc. (Banks) | 7233 | 182995 |
| First Horizon Corp. (Banks) | 2360 | 56404 |
| FirstCash Holdings, Inc. (Consumer Finance) | 2321 | 369921 |
| Flagstar Bank N.A. (Banks) | 18120 | 228131 |
| Franklin Resources, Inc. (Capital Markets) | 2540 | 60681 |
| Freedom Holding Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 450 | 54756 |
| Global Payments, Inc. (Financial Services) | 960 | 74304 |
| HA Sustainable Infrastructure Capital, Inc. <br> (Financial Services)<br>| 13180 | 414247 |
| Hanover Insurance Group, Inc. / The <br> (Insurance)<br>| 2578 | 471181 |
| Hartford Insurance Group, Inc. / The <br> (Insurance)<br>| 1340 | 184652 |
| Huntington Bancshares, Inc. (Banks) | 5030 | 87270 |
| Independent Bank Corp. (Banks) | 4130 | 301820 |
| Invesco Ltd. (Capital Markets) | 17321 | 455023 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 20 | 3650 |
| Jefferies Financial Group, Inc. <br> (Capital Markets)<br>| 1440 | 89237 |
| KeyCorp (Banks) | 4200 | 86688 |
| Kinsale Capital Group, Inc. (Insurance) | 805 | 314852 |
| Loews Corp. (Insurance) | 670 | 70558 |
| LPL Financial Holdings, Inc. (Capital Markets) | 280 | 100008 |
| M&T Bank Corp. (Banks) | 390 | 78577 |
| Markel Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30 | 64489 |
| Morningstar, Inc. (Capital Markets) | 190 | 41289 |
| MSCI, Inc. (Capital Markets) | 219 | 125647 |
| Nasdaq, Inc. (Capital Markets) | 1960 | 190375 |
| NCR Atleos Corp. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10070 | 383768 |
| Northern Trust Corp. (Capital Markets) | 550 | 75124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| PJT Partners, Inc. Class A (Capital Markets) | 2233 | $373358 |
| Popular, Inc. (Banks) | 470 | 58524 |
| Principal Financial Group, Inc. (Insurance) | 590 | 52044 |
| Prudential Financial, Inc. (Insurance) | 980 | 110622 |
| Raymond James Financial, Inc. <br> (Capital Markets)<br>| 640 | 102778 |
| Regions Financial Corp. (Banks) | 2430 | 65853 |
| Reinsurance Group of America, Inc. <br> (Insurance)<br>| 390 | 79349 |
| RenaissanceRe Holdings Ltd. (Insurance) | 190 | 53420 |
| Robinhood Markets, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2570 | 290667 |
| Rocket Cos., Inc. Class A (Financial Services) | 3690 | 71438 |
| Ryan Specialty Holdings, Inc. (Insurance) | 830 | 42853 |
| SEI Investments Co. (Capital Markets) | 770 | 63155 |
| SoFi Technologies, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5510 | 144252 |
| State Street Corp. (Capital Markets) | 980 | 126430 |
| Stifel Financial Corp. (Capital Markets) | 7060 | 884053 |
| Synchrony Financial (Consumer Finance) | 1210 | 100950 |
| T. Rowe Price Group, Inc. (Capital Markets) | 420 | 43000 |
| Texas Capital Bancshares, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3439 | 311367 |
| Toast, Inc. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1160 | 41192 |
| TPG, Inc. (Capital Markets) | 5905 | 376975 |
| Tradeweb Markets, Inc. Class A <br> (Capital Markets)<br>| 700 | 75278 |
| UMB Financial Corp. (Banks) | 3650 | 419896 |
| Voya Financial, Inc. (Financial Services) | 820 | 61082 |
| W. R. Berkley Corp. (Insurance) | 978 | 68577 |
| WaFd, Inc. (Banks) | 9240 | 295957 |
| Walker & Dunlop, Inc. (Financial Services) | 3288 | 197773 |
| Webster Financial Corp. (Banks) | 4929 | 310231 |
| Western Alliance Bancorp (Banks) | 940 | 79026 |
| Willis Towers Watson PLC (Insurance) | 290 | 95294 |
| Wintrust Financial Corp. (Banks) | 2530 | 353745 |
| XP, Inc. Class A (Capital Markets) | 2360 | 38633 |
| Zions Bancorp N.A. (Banks) | 1381 | 80844 |
|  |  | 15206689 |
| **Health Care–13.2%** |  |  |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 1260 | 171448 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 42161 |
| Alnylam Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 430 | 170989 |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2396 | 180850 |
| Ascendis Pharma A/S – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 659 | 140525 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8609 | 340572 |
| Avantor, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2380 | 27275 |
| Baxter International, Inc. (Health Care Equip. & <br> Supplies)<br>| 1700 | 32487 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 500 | 87995 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 640 | 38035 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 8210 | 482830 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4016 | 307184 |
| BrightSpring Health Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9799 | 366973 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 640 | 131520 |
| Cencora, Inc. (Health Care Providers & Svs.) | 640 | 216160 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1610 | 66252 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3458 | 143576 |
| Charles River Laboratories International, Inc. <br> (Life Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 230 | 45880 |
| Cooper Cos., Inc. / The (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 89336 |
| DaVita, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 62486 |
| Denali Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7955 | 131337 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1030 | 68361 |
| Doximity, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1050 | 46494 |
| Edgewise Therapeutics, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2200 | 54593 |
| Elanco Animal Health, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3820 | 86447 |
| Encompass Health Corp. (Health Care <br> Providers & Svs.)<br>| 3725 | 395371 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Envista Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18320 | $397727 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 1290 | 105806 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3720 | 420025 |
| Globus Medical, Inc. Class A (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5500 | 480205 |
| Guardant Health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4041 | 412748 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3361 | 226195 |
| Hologic, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110 | 82684 |
| Humana, Inc. (Health Care Providers & Svs.) | 360 | 92207 |
| ICON PLC (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2410 | 439150 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 240 | 162367 |
| Illumina, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 450 | 59022 |
| Incyte Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 740 | 73090 |
| Insmed, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3916 | 681541 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 271 | 77029 |
| Integer Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3840 | 301171 |
| IQVIA Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 123975 |
| Kymera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1963 | 152741 |
| Labcorp Holdings, Inc. (Health Care Providers <br> & Svs.)<br>| 210 | 52685 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3467 | 75373 |
| Lumexa Imaging Holdings, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7770 | 143745 |
| Masimo Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 330 | 42920 |
| Medpace Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | 84247 |
| Mettler-Toledo International, Inc. (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 111 | 154755 |
| Molina Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | 26031 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1946 | 445809 |
| Neurocrine Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3013 | 427334 |
| Newamsterdam Pharma Co. N.V. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3013 | 105696 |
| Nuvalent, Inc. Class A (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1580 | 158932 |
| Ocular Therapeutix, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10007 | 121485 |
| Penumbra, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10 | 3109 |
| PROCEPT BioRobotics Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8180 | 257343 |
| QIAGEN N.V. (Life Sciences Tools & Svs.) | 1489 | 66960 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 420 | 72883 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2798 | 458480 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 510 | 122844 |
| Revvity, Inc. (Life Sciences Tools & Svs.) | 420 | 40635 |
| Rhythm Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1905 | 203911 |
| Roivant Sciences Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5000 | 108500 |
| Royalty Pharma PLC Class A <br> (Pharmaceuticals)<br>| 2130 | 82303 |
| Solventum Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1060 | 83994 |
| STERIS PLC (Health Care Equip. & Supplies) | 346 | 87718 |
| Structure Therapeutics, Inc. – ADR <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2135 | 148489 |
| Tempus AI, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 700 | 41335 |
| Tenet Healthcare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2890 | 574301 |
| Terns Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2933 | 118493 |
| United Therapeutics Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 170 | 82833 |
| Universal Health Services, Inc. Class B (Health <br> Care Providers & Svs.)<br>| 380 | 82848 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 510 | 113847 |
| Vera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2516 | 127410 |
| Viatris, Inc. (Pharmaceuticals) | 5730 | 71339 |
| Waters Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 343 | 130282 |
| West Pharmaceutical Services, Inc. (Life <br> Sciences Tools & Svs.)<br>| 290 | 79791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3320 | $148802 |
| Zimmer Biomet Holdings, Inc. (Health Care <br> Equip. & Supplies)<br>| 850 | 76432 |
|  |  | 13438714 |
| **Industrials–21.2%** |  |  |
| A. O. Smith Corp. (Building Products) | 1130 | 75574 |
| AAON, Inc. (Building Products) | 550 | 41938 |
| Advanced Drainage Systems, Inc. <br> (Building Products)<br>| 360 | 52139 |
| AGCO Corp. (Machinery) | 520 | 54246 |
| Allegion PLC (Building Products) | 440 | 70057 |
| Allison Transmission Holdings, Inc. <br> (Machinery)<br>| 740 | 72446 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 530 | 15370 |
| AMETEK, Inc. (Electrical Equip.) | 1043 | 214138 |
| API Group Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1365 | 52225 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 1371 | 352032 |
| ArcBest Corp. (Ground Transportation) | 4439 | 329329 |
| Armstrong World Industries, Inc. <br> (Building Products)<br>| 1611 | 307862 |
| ATI, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 63118 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 260 | 147662 |
| Beta Technologies, Inc. Class A (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5776 | 162941 |
| Bloom Energy Corp. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3819 | 331833 |
| Boise Cascade Co. (Trading Companies & <br> Distributors)<br>| 3770 | 277472 |
| Booz Allen Hamilton Holding Corp. <br> (Professional Svs.)<br>| 420 | 35431 |
| Broadridge Financial Solutions, Inc. <br> (Professional Svs.)<br>| 347 | 77440 |
| BWX Technologies, Inc. (Aerospace & <br> Defense)<br>| 2577 | 445409 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br> Logistics)<br>| 3294 | 529543 |
| CACI International, Inc. Class A <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 645 | 343662 |
| Carlisle Cos., Inc. (Building Products) | 81 | 25909 |
| Carpenter Technology Corp. (Aerospace & <br> Defense)<br>| 170 | 53523 |
| Clean Harbors, Inc. (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 58620 |
| CNH Industrial N.V. (Machinery) | 29060 | 267933 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 876 | 817562 |
| Core & Main, Inc. Class A (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6380 | 331569 |
| Crane Co. (Machinery) | 2287 | 421791 |
| Cummins, Inc. (Machinery) | 482 | 246037 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 781 | 430542 |
| Delta Air Lines, Inc. (Passenger Airlines) | 2270 | 157538 |
| Dover Corp. (Machinery) | 300 | 58572 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 152 | 92992 |
| Equifax, Inc. (Professional Svs.) | 620 | 134528 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 540 | 80465 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 3990 | 160119 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>| 670 | 149162 |
| First Advantage Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22130 | 321549 |
| Flowserve Corp. (Machinery) | 1000 | 69380 |
| Fortive Corp. (Machinery) | 1010 | 55762 |
| FTAI Aviation Ltd. (Trading Companies & <br> Distributors)<br>| 450 | 88583 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1882 | 321502 |
| GATX Corp. (Trading Companies & <br> Distributors)<br>| 2300 | 390080 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 34093 |
| Gibraltar Industries, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5210 | 257582 |
| Graco, Inc. (Machinery) | 930 | 76232 |
| Granite Construction, Inc. (Construction & <br> Engineering)<br>| 3881 | 447673 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| GXO Logistics, Inc. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7760 | $408486 |
| HEICO Corp. (Aerospace & Defense) | 140 | 45303 |
| HEICO Corp. Class A (Aerospace & Defense) | 190 | 47962 |
| Hexcel Corp. (Aerospace & Defense) | 5390 | 398321 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 1390 | 284978 |
| Hubbell, Inc. (Electrical Equip.) | 180 | 79940 |
| IDEX Corp. (Machinery) | 350 | 62279 |
| Ingersoll Rand, Inc. (Machinery) | 1922 | 152261 |
| ITT, Inc. (Machinery) | 2383 | 413474 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 310 | 60245 |
| Jacobs Solutions, Inc. (Professional Svs.) | 500 | 66230 |
| JBT Marel Corp. (Machinery) | 2484 | 374264 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4322 | 476198 |
| Knight-Swift Transportation Holdings, Inc. <br> (Ground Transportation)<br>| 8610 | 450131 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6286 | 477170 |
| L3Harris Technologies, Inc. (Aerospace & <br> Defense)<br>| 650 | 190820 |
| Landstar System, Inc. (Ground Transportation) | 310 | 44547 |
| Leidos Holdings, Inc. (Professional Svs.) | 400 | 72160 |
| Lennox International, Inc. (Building Products) | 110 | 53414 |
| Leonardo DRS, Inc. (Aerospace & Defense) | 1730 | 58976 |
| Lincoln Electric Holdings, Inc. (Machinery) | 240 | 57514 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4223 | 287164 |
| Lyft, Inc. Class A (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1370 | 26537 |
| Masco Corp. (Building Products) | 710 | 45057 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 54343 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 680 | 57188 |
| Nextpower, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3388 | 295129 |
| Nordson Corp. (Machinery) | 330 | 79342 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 650 | 101920 |
| Oshkosh Corp. (Machinery) | 3830 | 481163 |
| Otis Worldwide Corp. (Machinery) | 1080 | 94338 |
| Owens Corning (Building Products) | 390 | 43645 |
| Parsons Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 700 | 43260 |
| Paychex, Inc. (Professional Svs.) | 1450 | 162661 |
| Paycom Software, Inc. (Professional Svs.) | 380 | 60557 |
| Paylocity Holding Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 400 | 61000 |
| Pentair PLC (Machinery) | 3482 | 362615 |
| Quanta Services, Inc. (Construction & <br> Engineering)<br>| 510 | 215251 |
| QXO, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3870 | 74652 |
| RB Global, Inc. (Commercial Svs. & Supplies) | 470 | 48349 |
| RBC Bearings, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 718 | 321973 |
| Regal Rexnord Corp. (Electrical Equip.) | 2651 | 371988 |
| Robert Half, Inc. (Professional Svs.) | 11900 | 323204 |
| Rocket Lab Corp. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12074 | 842282 |
| Rockwell Automation, Inc. (Electrical Equip.) | 390 | 151737 |
| Rollins, Inc. (Commercial Svs. & Supplies) | 960 | 57619 |
| Saia, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 174 | 56814 |
| Sensata Technologies Holding PLC <br> (Electrical Equip.)<br>| 1321 | 43976 |
| Snap-on, Inc. (Machinery) | 210 | 72366 |
| Southwest Airlines Co. (Passenger Airlines) | 2410 | 99605 |
| SS&C Technologies Holdings, Inc. <br> (Professional Svs.)<br>| 570 | 49829 |
| Stanley Black & Decker, Inc. (Machinery) | 740 | 54967 |
| Star Bulk Carriers Corp. <br> (Marine Transportation)<br>| 18900 | 363258 |
| Terex Corp. (Machinery) | 3913 | 208876 |
| Textron, Inc. (Aerospace & Defense) | 900 | 78453 |
| Toro Co. / The (Machinery) | 700 | 55104 |
| TransUnion (Professional Svs.) | 980 | 84035 |
| Trex Co., Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 610 | 21399 |
| U-Haul Holding Co. NVS <br> (Ground Transportation)<br>| 840 | 39262 |
| United Airlines Holdings, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 810 | 90574 |
| United Rentals, Inc. (Trading Companies & <br> Distributors)<br>| 221 | 178860 |
| Veralto Corp. (Commercial Svs. & Supplies) | 750 | 74835 |
| Verisk Analytics, Inc. (Professional Svs.) | 449 | 100437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Vertiv Holdings Co. Class A (Electrical Equip.) | 1320 | $213853 |
| W.W. Grainger, Inc. (Trading Companies & <br> Distributors)<br>| 153 | 154385 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 810 | 172894 |
| WillScot Holdings Corp. (Construction & <br> Engineering)<br>| 17422 | 328056 |
| XPO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 74751 |
| Xylem, Inc. (Machinery) | 730 | 99411 |
| Zurn Elkay Water Solutions Corp. <br> (Building Products)<br>| 7970 | 370525 |
|  |  | 21625337 |
| **Information Technology–14.8%** |  |  |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6090 | 291163 |
| Amdocs Ltd. (IT Svs.) | 1000 | 80510 |
| Amkor Technology, Inc. (Semiconductors & <br> Equip.)<br>| 1450 | 57246 |
| Arrow Electronics, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 440 | 48479 |
| Astera Labs, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 294 | 48910 |
| Aurora Innovation, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13980 | 53683 |
| Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 7010 | 337041 |
| Bentley Systems, Inc. Class B (Software) | 1100 | 41982 |
| BILL Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 490 | 26725 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4540 | 240302 |
| CCC Intelligent Solutions Holdings, Inc. <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4820 | 38319 |
| CDW Corp. (Electronic Equip., Instr. & Comp.) | 350 | 47670 |
| Celestica, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 783 | 231463 |
| Ciena Corp. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 490 | 114596 |
| Circle Internet Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 621 | 49245 |
| Cloudflare, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1070 | 210950 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 1710 | 141930 |
| Coherent Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2372 | 437800 |
| Corning, Inc. (Electronic Equip., Instr. & Comp.) | 2720 | 238163 |
| Crane NXT Co. (Electronic Equip., Instr. & <br> Comp.)<br>| 7000 | 329490 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4127 | 593834 |
| Datadog, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 924 | 125655 |
| Docusign, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1070 | 73188 |
| Dynatrace, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1560 | 67610 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 940 | 70914 |
| Entegris, Inc. (Semiconductors & Equip.) | 680 | 57290 |
| EPAM Systems, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 510 | 104489 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 220 | 56157 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1002 | 456191 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78 | 131868 |
| First Solar, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 370 | 96655 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 970 | 58607 |
| FormFactor, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3742 | 208729 |
| Gartner, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 449 | 113274 |
| Gen Digital, Inc. (Software) | 2820 | 76676 |
| GLOBALFOUNDRIES, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2890 | 100919 |
| Globant SA (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4730 | 309200 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 490 | 60799 |
| Guidewire Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2147 | 431568 |
| Hewlett Packard Enterprise Co. (Tech. <br> Hardware, Storage & Periph.)<br>| 5300 | 127306 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 2390 | 53249 |
| HubSpot, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 676 | 271279 |
| IonQ, Inc. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3607 | 161846 |
| IPG Photonics Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4140 | 296424 |
| Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 270 | 61565 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 830 | 168648 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11485 | 372918 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 230 | 84776 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2322 | 397712 |
| Manhattan Associates, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 380 | 65858 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 2536 | $161594 |
| MongoDB, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1157 | 485581 |
| Monolithic Power Systems, Inc. <br> (Semiconductors & Equip.)<br>| 162 | 146830 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 640 | 68538 |
| Nice Ltd. – ADR (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1750 | 197820 |
| Nova Ltd. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1033 | 339227 |
| Nutanix, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 650 | 33599 |
| Okta, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 820 | 70905 |
| ON Semiconductor Corp. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8294 | 449120 |
| Onto Innovation, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 370 | 58408 |
| Procore Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7319 | 532384 |
| PTC, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 310 | 54005 |
| Pure Storage, Inc. Class A (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 850 | 56958 |
| Qnity Electronics, Inc. (Semiconductors & <br> Equip.)<br>| 726 | 59278 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 470 | 39720 |
| Ralliant Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 336 | 17106 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3924 | 360576 |
| SailPoint, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16846 | 340795 |
| Samsara, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10799 | 382825 |
| Sandisk Corp. (Tech. Hardware, Storage & <br> Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 590 | 140054 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6205 | 457246 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 680 | 43119 |
| Super Micro Computer, Inc. (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1500 | 43905 |
| TD SYNNEX Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 3058 | 459403 |
| Teledyne Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 115 | 58734 |
| Teradyne, Inc. (Semiconductors & Equip.) | 2686 | 519902 |
| Trimble, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 610 | 47794 |
| Twilio, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 670 | 95301 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 100 | 45395 |
| Ubiquiti, Inc. (Communications Equip.) | 120 | 66402 |
| UiPath, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4120 | 67527 |
| Unity Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10533 | 465243 |
| VeriSign, Inc. (IT Svs.) | 220 | 53449 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 1180 | 203279 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 220 | 53420 |
| Zoom Communications, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 870 | 75072 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 56230 |
|  |  | 15127615 |
| **Materials–4.1%** |  |  |
| Alcoa Corp. (Metals & Mining) | 2283 | 121319 |
| Amcor PLC (Containers & Packaging) | 6490 | 54127 |
| Anglogold Ashanti PLC (Metals & Mining) | 2350 | 200408 |
| Avery Dennison Corp. (Containers & <br> Packaging)<br>| 260 | 47289 |
| Avient Corp. (Chemicals) | 9179 | 286752 |
| Ball Corp. (Containers & Packaging) | 990 | 52440 |
| Corteva, Inc. (Chemicals) | 2383 | 159732 |
| Crown Holdings, Inc. (Containers & <br> Packaging)<br>| 630 | 64871 |
| Dow, Inc. (Chemicals) | 2130 | 49799 |
| DuPont de Nemours, Inc. (Chemicals) | 1452 | 58370 |
| Eastman Chemical Co. (Chemicals) | 660 | 42128 |
| Graphic Packaging Holding Co. (Containers & <br> Packaging)<br>| 28292 | 426078 |
| International Flavors & Fragrances, Inc. <br> (Chemicals)<br>| 719 | 48453 |
| International Paper Co. (Containers & <br> Packaging)<br>| 2947 | 116082 |
| James Hardie Industries PLC <br> (Construction Materials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3480 | 72210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Mid Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| LyondellBasell Industries N.V. Class A <br> (Chemicals)<br>| 2360 | $102188 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 270 | 168118 |
| MP Materials Corp. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2176 | 109932 |
| Nucor Corp. (Metals & Mining) | 800 | 130488 |
| O-I Glass, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22710 | 335200 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 240 | 49495 |
| PPG Industries, Inc. (Chemicals) | 580 | 59427 |
| Reliance, Inc. (Metals & Mining) | 1917 | 553764 |
| Royal Gold, Inc. (Metals & Mining) | 260 | 57795 |
| RPM International, Inc. (Chemicals) | 4625 | 481000 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 1503 | 58121 |
| Steel Dynamics, Inc. (Metals & Mining) | 480 | 81336 |
| Vulcan Materials Co. (Construction Materials) | 460 | 131201 |
| Westlake Corp. (Chemicals) | 550 | 40667 |
|  |  | 4158790 |
| **Real Estate–5.0%** |  |  |
| American Healthcare REIT, Inc. (Health Care <br> REITs)<br>| 6320 | 297419 |
| American Homes 4 Rent Class A <br> (Residential REITs)<br>| 2060 | 66126 |
| AvalonBay Communities, Inc. <br> (Residential REITs)<br>| 490 | 88842 |
| Brixmor Property Group, Inc. (Retail REITs) | 2660 | 69745 |
| Broadstone Net Lease, Inc. (Diversified REITs) | 10841 | 188308 |
| CBRE Group, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1030 | 165614 |
| COPT Defense Properties (Office REITs) | 13760 | 382528 |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2040 | 137170 |
| Crown Castle, Inc. (Specialized REITs) | 1510 | 134194 |
| CubeSmart (Specialized REITs) | 4461 | 160819 |
| Digital Realty Trust, Inc. (Specialized REITs) | 1170 | 181011 |
| Equity LifeStyle Properties, Inc. <br> (Residential REITs)<br>| 1100 | 66671 |
| Equity Residential (Residential REITs) | 940 | 59258 |
| Essex Property Trust, Inc. (Residential REITs) | 270 | 70654 |
| Extra Space Storage, Inc. (Specialized REITs) | 569 | 74095 |
| Gaming and Leisure Properties, Inc. <br> (Specialized REITs)<br>| 1710 | 76420 |
| Healthpeak Properties, Inc. (Health Care <br> REITs)<br>| 2630 | 42290 |
| Independence Realty Trust, Inc. <br> (Residential REITs)<br>| 18960 | 331421 |
| Invitation Homes, Inc. (Residential REITs) | 1780 | 49466 |
| Iron Mountain, Inc. (Specialized REITs) | 940 | 77973 |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1856 | 624488 |
| Kimco Realty Corp. (Retail REITs) | 3630 | 73580 |
| Lineage, Inc. (Industrial REITs) | 1139 | 39865 |
| Mid-America Apartment Communities, Inc. <br> (Residential REITs)<br>| 480 | 66677 |
| NNN REIT, Inc. (Retail REITs) | 1820 | 72127 |
| Omega Healthcare Investors, Inc. (Health Care <br> REITs)<br>| 1900 | 84246 |
| Realty Income Corp. (Retail REITs) | 3150 | 177565 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| Regency Centers Corp. (Retail REITs) | 950 | $65579 |
| Ryman Hospitality Properties, Inc. (Hotel & <br> Resort REITs)<br>| 2002 | 189429 |
| SBA Communications Corp. <br> (Specialized REITs)<br>| 280 | 54160 |
| Simon Property Group, Inc. (Retail REITs) | 1128 | 208804 |
| STAG Industrial, Inc. (Industrial REITs) | 8100 | 297756 |
| Sun Communities, Inc. (Residential REITs) | 420 | 52042 |
| UDR, Inc. (Residential REITs) | 2130 | 78128 |
| Ventas, Inc. (Health Care REITs) | 1180 | 91308 |
| VICI Properties, Inc. (Specialized REITs) | 3360 | 94483 |
| W.P. Carey, Inc. (Diversified REITs) | 1020 | 65647 |
| Weyerhaeuser Co. (Specialized REITs) | 2040 | 48328 |
| Zillow Group, Inc. Class C (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 645 | 44002 |
|  |  | 5148238 |
| **Utilities–4.0%** |  |  |
| Alliant Energy Corp. (Electric Utilities) | 1140 | 74111 |
| Ameren Corp. (Multi-Utilities) | 1460 | 145796 |
| American Water Works Co., Inc. <br> (Water Utilities)<br>| 510 | 66555 |
| Atmos Energy Corp. (Gas Utilities) | 490 | 82139 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 1940 | 74380 |
| Chesapeake Utilities Corp. (Gas Utilities) | 2440 | 304414 |
| CMS Energy Corp. (Multi-Utilities) | 880 | 61538 |
| Consolidated Edison, Inc. (Multi-Utilities) | 1250 | 124150 |
| DTE Energy Co. (Multi-Utilities) | 560 | 72229 |
| Edison International (Electric Utilities) | 770 | 46215 |
| Entergy Corp. (Electric Utilities) | 1550 | 143267 |
| Essential Utilities, Inc. (Water Utilities) | 1890 | 72500 |
| Eversource Energy (Electric Utilities) | 1990 | 133987 |
| Exelon Corp. (Electric Utilities) | 3520 | 153437 |
| FirstEnergy Corp. (Electric Utilities) | 1520 | 68050 |
| IDACORP, Inc. (Electric Utilities) | 4360 | 551802 |
| NiSource, Inc. (Multi-Utilities) | 1200 | 50112 |
| NRG Energy, Inc. (Electric Utilities) | 3080 | 490459 |
| OGE Energy Corp. (Electric Utilities) | 1760 | 75152 |
| ONE Gas, Inc. (Gas Utilities) | 4200 | 324450 |
| PG&E Corp. (Electric Utilities) | 10476 | 168349 |
| PPL Corp. (Electric Utilities) | 2570 | 90001 |
| Public Service Enterprise Group, Inc. <br> (Multi-Utilities)<br>| 1740 | 139722 |
| Talen Energy Corp. (Ind. Power & Renewable <br> Elec.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 170 | 63723 |
| UGI Corp. (Gas Utilities) | 1500 | 56145 |
| Vistra Corp. (Ind. Power & Renewable Elec.) | 1180 | 190369 |
| WEC Energy Group, Inc. (Multi-Utilities) | 930 | 98078 |
| Xcel Energy, Inc. (Electric Utilities) | 2060 | 152152 |
|  |  | 4073282 |
| **Total Common Stocks (Cost $93,742,935)** |  | $100643770 |

---

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–0.2%** | **Shares** | **Value** |
| iShares Russell Mid-Cap ETF  | 2180 | $209869 |
| **Total Exchange Traded Funds (Cost $212,410)** |  | $209869 |
| **Total Investments – 98.8% (Cost $93,955,345)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $100853639 |
| **Other Assets in Excess of Liabilities – 1.2%** |  | 1180086 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $102033725 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR: | American Depositary Receipts |
| ETF: | Exchange Traded Fund |
| NVS: | Non-Voting Shares |
| REITs: | Real Estate Investment Trusts |

---

Footnotes: <br> (a) Non-income producing security. <br> (b) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.1%** | **Shares** | **Value** |
| **Communication Services–10.5%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 116921 | $36596273 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 93450 | 29324610 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 142466 | 3538856 |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1780 | 371575 |
| Comcast Corp. Class A (Media) | 72988 | 2181611 |
| Electronic Arts, Inc. (Entertainment) | 4492 | 917850 |
| Fox Corp. Class A (Media) | 4216 | 308063 |
| Fox Corp. Class B (Media) | 3003 | 194985 |
| Live Nation Entertainment, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3195 | 455288 |
| Match Group, Inc. (Interactive Media & Svs.) | 4776 | 154217 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 43768 | 28890819 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 85154 | 7984039 |
| News Corp. Class A (Media) | 7576 | 197885 |
| News Corp. Class B (Media) | 2497 | 73986 |
| Omnicom Group, Inc. (Media) | 6329 | 511067 |
| Paramount Skydance Corp. Class B (Media) | 6288 | 84259 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3475 | 889704 |
| TKO Group Holdings, Inc. (Entertainment) | 1341 | 280269 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 9676 | 1964615 |
| Trade Desk, Inc. / The Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8908 | 338148 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 84725 | 3450849 |
| Walt Disney Co. / The (Entertainment) | 35878 | 4081840 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49779 | 1434631 |
|  |  | 124225439 |
| **Consumer Discretionary–10.3%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8531 | 1157827 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 195511 | 45127849 |
| Aptiv PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4372 | 332665 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 334 | 1132761 |
| Best Buy Co., Inc. (Specialty Retail) | 3953 | 264574 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 648 | 3470254 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21642 | 660947 |
| Carvana Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2838 | 1197693 |
| Chipotle Mexican Grill, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 26488 | 980056 |
| D.R. Horton, Inc. (Household Durables) | 5473 | 788276 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 2353 | 432999 |
| Deckers Outdoor Corp. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2949 | 305723 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 629 | 262180 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7513 | 1701544 |
| eBay, Inc. (Broadline Retail) | 9028 | 786339 |
| Expedia Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 2367 | 670595 |
| Ford Motor Co. (Automobiles) | 78428 | 1028975 |
| Garmin Ltd. (Household Durables) | 3259 | 661088 |
| General Motors Co. (Automobiles) | 18741 | 1524018 |
| Genuine Parts Co. (Distributors) | 2814 | 346009 |
| Hasbro, Inc. (Leisure Products) | 2697 | 221154 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 4669 | 1341170 |
| Home Depot, Inc. / The (Specialty Retail) | 20003 | 6883032 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br> Leisure)<br>| 6156 | 400694 |
| Lennar Corp. Class A (Household Durables) | 4365 | 448722 |
| Lowe's Cos., Inc. (Specialty Retail) | 11262 | 2715944 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2135 | 443674 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Marriott International, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>| 4474 | $1388014 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 14319 | 4376316 |
| MGM Resorts International (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4150 | 151434 |
| NIKE, Inc. Class B (Textiles, Apparel & Luxury <br> Goods)<br>| 23898 | 1522542 |
| Norwegian Cruise Line Holdings Ltd. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9211 | 205590 |
| NVR, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57 | 415688 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16949 | 1545918 |
| Pool Corp. (Distributors) | 663 | 151661 |
| PulteGroup, Inc. (Household Durables) | 3944 | 462473 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 784 | 277230 |
| Ross Stores, Inc. (Specialty Retail) | 6525 | 1175414 |
| Royal Caribbean Cruises Ltd. (Hotels, <br> Restaurants & Leisure)<br>| 5096 | 1421376 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 22852 | 1924367 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>| 4140 | 528968 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 56471 | 25396138 |
| TJX Cos., Inc. / The (Specialty Retail) | 22359 | 3434566 |
| Tractor Supply Co. (Specialty Retail) | 10691 | 534657 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 907 | 548744 |
| Williams-Sonoma, Inc. (Specialty Retail) | 2464 | 440046 |
| Wynn Resorts Ltd. (Hotels, Restaurants & <br> Leisure)<br>| 1708 | 205524 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 5552 | 839907 |
|  |  | 122233335 |
| **Consumer Staples–4.7%** |  |  |
| Altria Group, Inc. (Tobacco) | 33713 | 1943892 |
| Archer-Daniels-Midland Co. (Food Products) | 9550 | 549030 |
| Brown-Forman Corp. Class B (Beverages) | 3563 | 92852 |
| Bunge Global SA (Food Products) | 2738 | 243901 |
| Campbell's Company / The (Food Products) | 3975 | 110783 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 4858 | 407343 |
| Clorox Co. / The (Household Products) | 2468 | 248848 |
| Coca-Cola Co. / The (Beverages) | 77856 | 5442913 |
| Colgate-Palmolive Co. (Household Products) | 16162 | 1277121 |
| Conagra Brands, Inc. (Food Products) | 9678 | 167526 |
| Constellation Brands, Inc. Class A (Beverages) | 2852 | 393462 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 8909 | 7682587 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 4453 | 591225 |
| Dollar Tree, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3838 | 472112 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 4974 | 520877 |
| General Mills, Inc. (Food Products) | 10792 | 501828 |
| Hershey Co. / The (Food Products) | 2944 | 535749 |
| Hormel Foods Corp. (Food Products) | 5898 | 139783 |
| J. M. Smucker Co. / The (Food Products) | 2158 | 211074 |
| Kenvue, Inc. (Personal Care Products) | 38178 | 658570 |
| Keurig Dr Pepper, Inc. (Beverages) | 27130 | 759911 |
| Kimberly-Clark Corp. (Household Products) | 6615 | 667387 |
| Kraft Heinz Co. / The (Food Products) | 17242 | 418119 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 12177 | 760819 |
| Lamb Weston Holdings, Inc. (Food Products) | 2819 | 118088 |
| McCormick & Co., Inc. (Food Products) | 5123 | 348928 |
| Molson Coors Beverage Co. Class B <br> (Beverages)<br>| 3425 | 159879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 25908 | $1394628 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14301 | 1096458 |
| PepsiCo, Inc. (Beverages) | 27492 | 3945652 |
| Philip Morris International, Inc. (Tobacco) | 31281 | 5017472 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 46995 | 6734853 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 9553 | 703961 |
| Target Corp. (Consumer Staples Distribution & <br> Retail)<br>| 9093 | 888841 |
| Tyson Foods, Inc. Class A (Food Products) | 5726 | 335658 |
| Walmart, Inc. (Consumer Staples Distribution <br> & Retail)<br>| 88152 | 9821014 |
|  |  | 55363144 |
| **Energy–2.8%** |  |  |
| APA Corp. (Oil, Gas & Consumable Fuels) | 7176 | 175525 |
| Baker Hughes Co. (Energy Equip. & Svs.) | 19964 | 909161 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 38041 | 5797829 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 24824 | 2323775 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 15404 | 405433 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 12691 | 464871 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 3768 | 566443 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 10879 | 1142404 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 12441 | 666838 |
| Expand Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 4819 | 531825 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 84764 | 10200500 |
| Halliburton Co. (Energy Equip. & Svs.) | 17028 | 481211 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 39241 | 1078735 |
| Marathon Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 6021 | 979195 |
| Occidental Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 14551 | 598337 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 12593 | 925586 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 8074 | 1041869 |
| Schlumberger N.V. (Energy Equip. & Svs.) | 29882 | 1146871 |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 4288 | 791136 |
| Texas Pacific Land Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 1173 | 336909 |
| Valero Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 6110 | 994647 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 24529 | 1474438 |
|  |  | 33033538 |
| **Financials–13.3%** |  |  |
| Aflac, Inc. (Insurance) | 9452 | 1042272 |
| Allstate Corp. / The (Insurance) | 5246 | 1091955 |
| American Express Co. (Consumer Finance) | 10805 | 3997310 |
| American International Group, Inc. <br> (Insurance)<br>| 10801 | 924026 |
| Ameriprise Financial, Inc. (Capital Markets) | 1860 | 912032 |
| Aon PLC Class A (Insurance) | 4321 | 1524794 |
| Apollo Global Management, Inc. <br> (Financial Services)<br>| 9327 | 1350177 |
| Arch Capital Group Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7202 | 690816 |
| Ares Management Corp. Class A <br> (Capital Markets)<br>| 4109 | 664138 |
| Arthur J. Gallagher & Co. (Insurance) | 5158 | 1334839 |
| Assurant, Inc. (Insurance) | 1013 | 243981 |
| Bank of America Corp. (Banks) | 135011 | 7425605 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Bank of New York Mellon Corp. / The <br> (Capital Markets)<br>| 14010 | $1626421 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36863 | 18529187 |
| Blackrock, Inc. (Capital Markets) | 2901 | 3105056 |
| Blackstone, Inc. (Capital Markets) | 14846 | 2288362 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10929 | 711369 |
| Brown & Brown, Inc. (Insurance) | 5940 | 473418 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 12778 | 3096876 |
| CBOE Global Markets, Inc. (Capital Markets) | 2117 | 531367 |
| Charles Schwab Corp. / The (Capital Markets) | 33581 | 3355078 |
| Chubb Ltd. (Insurance) | 7365 | 2298764 |
| Cincinnati Financial Corp. (Insurance) | 3157 | 515601 |
| Citigroup, Inc. (Banks) | 35941 | 4193955 |
| Citizens Financial Group, Inc. (Banks) | 8689 | 507524 |
| CME Group, Inc. (Capital Markets) | 7250 | 1979830 |
| Coinbase Global, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4574 | 1034364 |
| Corpay, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1415 | 425816 |
| Erie Indemnity Co. Class A (Insurance) | 514 | 147338 |
| Everest Group Ltd. (Insurance) | 849 | 288108 |
| FactSet Research Systems, Inc. <br> (Capital Markets)<br>| 758 | 219964 |
| Fidelity National Information Services, Inc. <br> (Financial Services)<br>| 10328 | 686399 |
| Fifth Third Bancorp (Banks) | 13373 | 625990 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10734 | 721003 |
| Franklin Resources, Inc. (Capital Markets) | 6219 | 148572 |
| Global Payments, Inc. (Financial Services) | 4790 | 370746 |
| Globe Life, Inc. (Insurance) | 1611 | 225314 |
| Goldman Sachs Group, Inc. / The <br> (Capital Markets)<br>| 6028 | 5298612 |
| Hartford Insurance Group, Inc. / The <br> (Insurance)<br>| 5566 | 766995 |
| Huntington Bancshares, Inc. (Banks) | 31808 | 551869 |
| Interactive Brokers Group, Inc. Class A <br> (Capital Markets)<br>| 9010 | 579433 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 11459 | 1855900 |
| Invesco Ltd. (Capital Markets) | 9005 | 236561 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 1464 | 267151 |
| JPMorgan Chase & Co. (Banks) | 54711 | 17628978 |
| KeyCorp (Banks) | 18795 | 387929 |
| KKR & Co., Inc. (Capital Markets) | 13794 | 1758459 |
| Loews Corp. (Insurance) | 3429 | 361108 |
| M&T Bank Corp. (Banks) | 3109 | 626401 |
| Marsh & McLennan Cos., Inc. (Insurance) | 9854 | 1828114 |
| Mastercard, Inc. Class A (Financial Services) | 16484 | 9410386 |
| MetLife, Inc. (Insurance) | 11073 | 874103 |
| Moody's Corp. (Capital Markets) | 3083 | 1574951 |
| Morgan Stanley (Capital Markets) | 24290 | 4312204 |
| MSCI, Inc. (Capital Markets) | 1503 | 862316 |
| Nasdaq, Inc. (Capital Markets) | 9025 | 876598 |
| Northern Trust Corp. (Capital Markets) | 3826 | 522593 |
| PayPal Holdings, Inc. (Financial Services) | 18763 | 1095384 |
| PNC Financial Services Group, Inc. / The <br> (Banks)<br>| 7855 | 1639574 |
| Principal Financial Group, Inc. (Insurance) | 4045 | 356809 |
| Progressive Corp. / The (Insurance) | 11791 | 2685046 |
| Prudential Financial, Inc. (Insurance) | 6993 | 789370 |
| Raymond James Financial, Inc. <br> (Capital Markets)<br>| 3567 | 572825 |
| Regions Financial Corp. (Banks) | 17741 | 480781 |
| Robinhood Markets, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15798 | 1786754 |
| S&P Global, Inc. (Capital Markets) | 6232 | 3256781 |
| State Street Corp. (Capital Markets) | 5575 | 719231 |
| Synchrony Financial (Consumer Finance) | 7171 | 598277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| T. Rowe Price Group, Inc. (Capital Markets) | 4415 | $452008 |
| Travelers Cos., Inc. / The (Insurance) | 4479 | 1299179 |
| Truist Financial Corp. (Banks) | 25550 | 1257315 |
| U.S. Bancorp (Banks) | 31129 | 1661043 |
| Visa, Inc. (Financial Services) | 33928 | 11898889 |
| W. R. Berkley Corp. (Insurance) | 6074 | 425909 |
| Wells Fargo & Co. (Banks) | 63079 | 5878963 |
| Willis Towers Watson PLC (Insurance) | 1907 | 626640 |
|  |  | 157369806 |
| **Health Care–9.5%** |  |  |
| Abbott Laboratories (Health Care Equip. & <br> Supplies)<br>| 34944 | 4378134 |
| AbbVie, Inc. (Biotechnology) | 35518 | 8115508 |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 5664 | 770700 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1350 | 210803 |
| Amgen, Inc. (Biotechnology) | 10820 | 3541494 |
| Baxter International, Inc. (Health Care Equip. & <br> Supplies)<br>| 10400 | 198744 |
| Becton Dickinson & Co. (Health Care Equip. & <br> Supplies)<br>| 5748 | 1115514 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2968 | 522338 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 3152 | 185369 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29788 | 2840286 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 40902 | 2206254 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 4759 | 977974 |
| Cencora, Inc. (Health Care Providers & Svs.) | 3890 | 1313847 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9447 | 388744 |
| Charles River Laboratories International, Inc. <br> (Life Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 996 | 198682 |
| Cigna Group / The (Health Care Providers & <br> Svs.)<br>| 5362 | 1475783 |
| Cooper Cos., Inc. / The (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4022 | 329643 |
| CVS Health Corp. (Health Care Providers & <br> Svs.)<br>| 25488 | 2022728 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 12632 | 2891717 |
| DaVita, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 714 | 81118 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7891 | 523726 |
| Edwards Lifesciences Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11625 | 991031 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 4462 | 1564154 |
| Eli Lilly & Co. (Pharmaceuticals) | 15959 | 17150818 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 9096 | 746054 |
| Gilead Sciences, Inc. (Biotechnology) | 24928 | 3059663 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 3207 | 1497220 |
| Henry Schein, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2025 | 153050 |
| Hologic, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4503 | 335428 |
| Humana, Inc. (Health Care Providers & Svs.) | 2433 | 623164 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1601 | 1083125 |
| Incyte Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3336 | 329497 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1423 | 404474 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7124 | 4034749 |
| IQVIA Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3401 | 766619 |
| Johnson & Johnson (Pharmaceuticals) | 48422 | 10020933 |
| Labcorp Holdings, Inc. (Health Care Providers <br> & Svs.)<br>| 1677 | 420726 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 2479 | 2033499 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Medtronic PLC (Health Care Equip. & <br> Supplies)<br>| 25763 | $2474794 |
| Merck & Co., Inc. (Pharmaceuticals) | 49880 | 5250369 |
| Mettler-Toledo International, Inc. (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 413 | 575800 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7035 | 207462 |
| Molina Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1040 | 180482 |
| Pfizer, Inc. (Pharmaceuticals) | 114188 | 2843281 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 2251 | 390616 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 2024 | 1562265 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 2912 | 701413 |
| Revvity, Inc. (Life Sciences Tools & Svs.) | 2294 | 221945 |
| Solventum Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2983 | 236373 |
| STERIS PLC (Health Care Equip. & Supplies) | 1986 | 503491 |
| Stryker Corp. (Health Care Equip. & Supplies) | 6915 | 2430415 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br> Tools & Svs.)<br>| 7551 | 4375427 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 18202 | 6008662 |
| Universal Health Services, Inc. Class B (Health <br> Care Providers & Svs.)<br>| 1118 | 243746 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5097 | 2310776 |
| Viatris, Inc. (Pharmaceuticals) | 23302 | 290110 |
| Waters Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1205 | 457695 |
| West Pharmaceutical Services, Inc. (Life <br> Sciences Tools & Svs.)<br>| 1420 | 390699 |
| Zimmer Biomet Holdings, Inc. (Health Care <br> Equip. & Supplies)<br>| 4010 | 360579 |
| Zoetis, Inc. (Pharmaceuticals) | 8837 | 1111871 |
|  |  | 112631581 |
| **Industrials–8.1%** |  |  |
| 3M Co. (Industrial Conglomerates) | 10667 | 1707787 |
| A. O. Smith Corp. (Building Products) | 2294 | 153423 |
| Allegion PLC (Building Products) | 1741 | 277202 |
| AMETEK, Inc. (Electrical Equip.) | 4609 | 946274 |
| Automatic Data Processing, Inc. <br> (Professional Svs.)<br>| 8121 | 2088965 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1580 | 897329 |
| Boeing Co. / The (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15737 | 3416817 |
| Broadridge Financial Solutions, Inc. <br> (Professional Svs.)<br>| 2362 | 527128 |
| Builders FirstSource, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2237 | 230165 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br> Logistics)<br>| 2390 | 384216 |
| Carrier Global Corp. (Building Products) | 15830 | 836457 |
| Caterpillar, Inc. (Machinery) | 9405 | 5387842 |
| Cintas Corp. (Commercial Svs. & Supplies) | 6859 | 1289972 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 712 | 664502 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17760 | 695304 |
| CSX Corp. (Ground Transportation) | 37386 | 1355243 |
| Cummins, Inc. (Machinery) | 2773 | 1415478 |
| Dayforce, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3238 | 223940 |
| Deere & Co. (Machinery) | 5052 | 2352060 |
| Delta Air Lines, Inc. (Passenger Airlines) | 12982 | 900951 |
| Dover Corp. (Machinery) | 2775 | 541791 |
| Eaton Corp. PLC (Electrical Equip.) | 7807 | 2486608 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 906 | 554282 |
| Emerson Electric Co. (Electrical Equip.) | 11292 | 1498674 |
| Equifax, Inc. (Professional Svs.) | 2476 | 537242 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 2711 | 403966 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 22986 | 922428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| FedEx Corp. (Air Freight & Logistics) | 4356 | $1258274 |
| Fortive Corp. (Machinery) | 6426 | 354779 |
| GE Vernova, Inc. (Electrical Equip.) | 5453 | 3563917 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1187 | 161871 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 5096 | 1715619 |
| General Electric Co. (operating as "GE <br> Aerospace") (Aerospace & Defense)<br>| 21202 | 6530852 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 12755 | 2488373 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 8078 | 1656152 |
| Hubbell, Inc. (Electrical Equip.) | 1075 | 477418 |
| Huntington Ingalls Industries, Inc. (Aerospace <br> & Defense)<br>| 794 | 270016 |
| IDEX Corp. (Machinery) | 1514 | 269401 |
| Illinois Tool Works, Inc. (Machinery) | 5301 | 1305636 |
| Ingersoll Rand, Inc. (Machinery) | 7151 | 566502 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 1522 | 295785 |
| Jacobs Solutions, Inc. (Professional Svs.) | 2418 | 320288 |
| Johnson Controls International PLC <br> (Building Products)<br>| 12277 | 1470171 |
| L3Harris Technologies, Inc. (Aerospace & <br> Defense)<br>| 3750 | 1100888 |
| Leidos Holdings, Inc. (Professional Svs.) | 2587 | 466695 |
| Lennox International, Inc. (Building Products) | 646 | 313685 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 4093 | 1979661 |
| Masco Corp. (Building Products) | 4202 | 266659 |
| Nordson Corp. (Machinery) | 1080 | 259664 |
| Norfolk Southern Corp. <br> (Ground Transportation)<br>| 4503 | 1300106 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 2696 | 1537286 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 3723 | 583766 |
| Otis Worldwide Corp. (Machinery) | 7771 | 678797 |
| PACCAR, Inc. (Machinery) | 10537 | 1153907 |
| Parker-Hannifin Corp. (Machinery) | 2536 | 2229043 |
| Paychex, Inc. (Professional Svs.) | 6465 | 725244 |
| Paycom Software, Inc. (Professional Svs.) | 989 | 157607 |
| Pentair PLC (Machinery) | 3311 | 344808 |
| Quanta Services, Inc. (Construction & <br> Engineering)<br>| 2993 | 1263226 |
| Republic Services, Inc. (Commercial Svs. & <br> Supplies)<br>| 4024 | 852806 |
| Rockwell Automation, Inc. (Electrical Equip.) | 2247 | 874240 |
| Rollins, Inc. (Commercial Svs. & Supplies) | 5938 | 356399 |
| RTX Corp. (Aerospace & Defense) | 26954 | 4943364 |
| Snap-on, Inc. (Machinery) | 1052 | 362519 |
| Southwest Airlines Co. (Passenger Airlines) | 10463 | 432436 |
| Stanley Black & Decker, Inc. (Machinery) | 3134 | 232794 |
| Textron, Inc. (Aerospace & Defense) | 3565 | 310761 |
| Trane Technologies PLC (Building Products) | 4456 | 1734275 |
| TransDigm Group, Inc. (Aerospace & Defense) | 1131 | 1504060 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41752 | 3411556 |
| Union Pacific Corp. (Ground Transportation) | 11919 | 2757103 |
| United Airlines Holdings, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6462 | 722581 |
| United Parcel Service, Inc. Class B (Air Freight <br> & Logistics)<br>| 14834 | 1471384 |
| United Rentals, Inc. (Trading Companies & <br> Distributors)<br>| 1275 | 1031883 |
| Veralto Corp. (Commercial Svs. & Supplies) | 5023 | 501195 |
| Verisk Analytics, Inc. (Professional Svs.) | 2820 | 630806 |
| W.W. Grainger, Inc. (Trading Companies & <br> Distributors)<br>| 875 | 882919 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 7454 | 1637718 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 3413 | $728505 |
| Xylem, Inc. (Machinery) | 4854 | 661018 |
|  |  | 95802464 |
| **Information Technology–34.1%** |  |  |
| Accenture PLC Class A (IT Svs.) | 12461 | 3343286 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8414 | 2944816 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 32716 | 7006459 |
| Akamai Technologies, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2911 | 253985 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 24590 | 3323093 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 9885 | 2680812 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 296958 | 80731002 |
| Applied Materials, Inc. (Semiconductors & <br> Equip.)<br>| 16008 | 4113896 |
| AppLovin Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5440 | 3665581 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20751 | 2719004 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4276 | 1265739 |
| Broadcom, Inc. (Semiconductors & Equip.) | 94903 | 32845928 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5471 | 1710125 |
| CDW Corp. (Electronic Equip., Instr. & Comp.) | 2634 | 358751 |
| Cisco Systems, Inc. (Communications Equip.) | 79198 | 6100622 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 9648 | 800784 |
| Corning, Inc. (Electronic Equip., Instr. & Comp.) | 15656 | 1370839 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5044 | 2364425 |
| Datadog, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6512 | 885567 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 6021 | 757923 |
| EPAM Systems, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1118 | 229056 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1167 | 297888 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 474 | 801354 |
| First Solar, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2171 | 567130 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12665 | 1005728 |
| Gartner, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1458 | 367824 |
| Gen Digital, Inc. (Software) | 11354 | 308715 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2734 | 339235 |
| Hewlett Packard Enterprise Co. (Tech. <br> Hardware, Storage & Periph.)<br>| 26287 | 631414 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 18911 | 421337 |
| Intel Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 90098 | 3324616 |
| International Business Machines Corp. <br> (IT Svs.)<br>| 18784 | 5564009 |
| Intuit, Inc. (Software) | 5605 | 3712864 |
| Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 2162 | 492979 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3428 | 696535 |
| KLA Corp. (Semiconductors & Equip.) | 2640 | 3207811 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 25236 | 4319898 |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 10780 | 686902 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 22556 | 6437708 |
| Microsoft Corp. (Software) | 149371 | 72238803 |
| Monolithic Power Systems, Inc. <br> (Semiconductors & Equip.)<br>| 958 | 868293 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 3343 | 1281439 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 4039 | 432537 |
| NVIDIA Corp. (Semiconductors & Equip.) | 488348 | 91076902 |
| NXP Semiconductors N.V. (Semiconductors & <br> Equip.)<br>| 5047 | 1095502 |
| ON Semiconductor Corp. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8141 | 440835 |
| Oracle Corp. (Software) | 33802 | 6588348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 45906 | $8159791 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13748 | 2532382 |
| PTC, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2424 | 422285 |
| Qnity Electronics, Inc. (Semiconductors & <br> Equip.)<br>| 4237 | 345951 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 21520 | 3680996 |
| Roper Technologies, Inc. (Software) | 2156 | 959700 |
| Salesforce, Inc. (Software) | 19136 | 5069318 |
| Sandisk Corp. (Tech. Hardware, Storage & <br> Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2817 | 668699 |
| Seagate Technology Holdings PLC (Tech. <br> Hardware, Storage & Periph.)<br>| 4373 | 1204280 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20855 | 3194777 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 3008 | 190737 |
| Super Micro Computer, Inc. (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10145 | 296944 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3733 | 1753465 |
| TE Connectivity PLC (Electronic Equip., Instr. & <br> Comp.)<br>| 5898 | 1341854 |
| Teledyne Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 950 | 485194 |
| Teradyne, Inc. (Semiconductors & Equip.) | 3168 | 613198 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 18260 | 3167927 |
| Trimble, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4814 | 377177 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 871 | 395390 |
| VeriSign, Inc. (IT Svs.) | 1688 | 410100 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 6862 | 1182117 |
| Workday, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4345 | 933219 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1025 | 248891 |
|  |  | 404312691 |
| **Materials–1.8%** |  |  |
| Air Products & Chemicals, Inc. (Chemicals) | 4462 | 1102203 |
| Albemarle Corp. (Chemicals) | 2381 | 336769 |
| Amcor PLC (Containers & Packaging) | 46702 | 389495 |
| Avery Dennison Corp. (Containers & <br> Packaging)<br>| 1564 | 284460 |
| Ball Corp. (Containers & Packaging) | 5422 | 287203 |
| CF Industries Holdings, Inc. (Chemicals) | 3156 | 244085 |
| Corteva, Inc. (Chemicals) | 13523 | 906447 |
| CRH PLC (Construction Materials) | 13467 | 1680682 |
| Dow, Inc. (Chemicals) | 14380 | 336204 |
| DuPont de Nemours, Inc. (Chemicals) | 8477 | 340775 |
| Ecolab, Inc. (Chemicals) | 5116 | 1343052 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 28862 | 1465901 |
| International Flavors & Fragrances, Inc. <br> (Chemicals)<br>| 5181 | 349148 |
| International Paper Co. (Containers & <br> Packaging)<br>| 10432 | 410916 |
| Linde PLC (Chemicals) | 9382 | 4000391 |
| LyondellBasell Industries N.V. Class A <br> (Chemicals)<br>| 5210 | 225593 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 1204 | 749683 |
| Mosaic Co. / The (Chemicals) | 6422 | 154706 |
| Newmont Corp. (Metals & Mining) | 21939 | 2190609 |
| Nucor Corp. (Metals & Mining) | 4570 | 745413 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 1808 | 372864 |
| PPG Industries, Inc. (Chemicals) | 4540 | 465168 |
| Sherwin-Williams Co. / The (Chemicals) | 4628 | 1499611 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 10307 | 398572 |
| Steel Dynamics, Inc. (Metals & Mining) | 2777 | 470563 |
| Vulcan Materials Co. (Construction Materials) | 2639 | 752695 |
|  |  | 21503208 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate–1.8%** |  |  |
| Alexandria Real Estate Equities, Inc. (Health <br> Care REITs)<br>| 3147 | $154014 |
| American Tower Corp. (Specialized REITs) | 9400 | 1650358 |
| AvalonBay Communities, Inc. <br> (Residential REITs)<br>| 2861 | 518728 |
| BXP, Inc. (Office REITs) | 2982 | 201225 |
| Camden Property Trust (Residential REITs) | 2153 | 237002 |
| CBRE Group, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5862 | 942551 |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8575 | 576583 |
| Crown Castle, Inc. (Specialized REITs) | 8697 | 772902 |
| Digital Realty Trust, Inc. (Specialized REITs) | 6468 | 1000664 |
| Equinix, Inc. (Specialized REITs) | 1973 | 1511634 |
| Equity Residential (Residential REITs) | 7005 | 441595 |
| Essex Property Trust, Inc. (Residential REITs) | 1303 | 340969 |
| Extra Space Storage, Inc. (Specialized REITs) | 4218 | 549268 |
| Federal Realty Investment Trust (Retail REITs) | 1588 | 160070 |
| Healthpeak Properties, Inc. (Health Care <br> REITs)<br>| 14060 | 226085 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 12939 | 229408 |
| Invitation Homes, Inc. (Residential REITs) | 11410 | 317084 |
| Iron Mountain, Inc. (Specialized REITs) | 5980 | 496041 |
| Kimco Realty Corp. (Retail REITs) | 13701 | 277719 |
| Mid-America Apartment Communities, Inc. <br> (Residential REITs)<br>| 2369 | 329078 |
| Prologis, Inc. (Industrial REITs) | 18660 | 2382136 |
| Public Storage (Specialized REITs) | 3157 | 819242 |
| Realty Income Corp. (Retail REITs) | 18411 | 1037828 |
| Regency Centers Corp. (Retail REITs) | 3330 | 229870 |
| SBA Communications Corp. <br> (Specialized REITs)<br>| 2104 | 406977 |
| Simon Property Group, Inc. (Retail REITs) | 6552 | 1212841 |
| UDR, Inc. (Residential REITs) | 6085 | 223198 |
| Ventas, Inc. (Health Care REITs) | 9377 | 725592 |
| VICI Properties, Inc. (Specialized REITs) | 21624 | 608067 |
| Welltower, Inc. (Health Care REITs) | 13791 | 2559748 |
| Weyerhaeuser Co. (Specialized REITs) | 14584 | 345495 |
|  |  | 21483972 |
| **Utilities–2.2%** |  |  |
| AES Corp. / The (Ind. Power & Renewable <br> Elec.)<br>| 14407 | 206596 |
| Alliant Energy Corp. (Electric Utilities) | 5201 | 338117 |
| Ameren Corp. (Multi-Utilities) | 5473 | 546534 |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 10743 | 1238775 |
| American Water Works Co., Inc. <br> (Water Utilities)<br>| 3948 | 515214 |
| Atmos Energy Corp. (Gas Utilities) | 3248 | 544462 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 13209 | 506433 |
| CMS Energy Corp. (Multi-Utilities) | 6157 | 430559 |
| Consolidated Edison, Inc. (Multi-Utilities) | 7194 | 714508 |
| Constellation Energy Corp. (Electric Utilities) | 6276 | 2217123 |
| Dominion Energy, Inc. (Multi-Utilities) | 17095 | 1001596 |
| DTE Energy Co. (Multi-Utilities) | 4202 | 541974 |
| Duke Energy Corp. (Electric Utilities) | 15648 | 1834102 |
| Edison International (Electric Utilities) | 7785 | 467256 |
| Entergy Corp. (Electric Utilities) | 8927 | 825123 |
| Evergy, Inc. (Electric Utilities) | 4658 | 337659 |
| Eversource Energy (Electric Utilities) | 7591 | 511102 |
| Exelon Corp. (Electric Utilities) | 20210 | 880954 |
| FirstEnergy Corp. (Electric Utilities) | 10518 | 470891 |
| NextEra Energy, Inc. (Electric Utilities) | 41864 | 3360842 |
| NiSource, Inc. (Multi-Utilities) | 9654 | 403151 |
| NRG Energy, Inc. (Electric Utilities) | 3815 | 607501 |
| PG&E Corp. (Electric Utilities) | 43833 | 704396 |
| Pinnacle West Capital Corp. (Electric Utilities) | 2422 | 214831 |
| PPL Corp. (Electric Utilities) | 14966 | 524109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P 500**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc. <br> (Multi-Utilities)<br>| 9975 | $800993 |
| Sempra (Multi-Utilities) | 13075 | 1154392 |
| Southern Co. / The (Electric Utilities) | 22162 | 1932526 |
| Vistra Corp. (Ind. Power & Renewable Elec.) | 6382 | 1029608 |
| WEC Energy Group, Inc. (Multi-Utilities) | 6581 | 694032 |
| Xcel Energy, Inc. (Electric Utilities) | 11834 | 874059 |
|  |  | 26429418 |
| **Total Common Stocks (Cost $582,037,364)** |  | $1174388596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.0%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> (b)(c) | 3.588% | 02/12/2026 | &nbsp;&nbsp; $471000 | &nbsp;&nbsp; $469075 |
| **Total U.S. Treasury Obligations (Cost $468,922)** | **Total U.S. Treasury Obligations (Cost $468,922)** | **Total U.S. Treasury Obligations (Cost $468,922)** | **Total U.S. Treasury Obligations (Cost $468,922)** | &nbsp;&nbsp; $469075 |
| **Total Investments – 99.1% (Cost $582,506,286)** | **Total Investments – 99.1% (Cost $582,506,286)** | **Total Investments – 99.1% (Cost $582,506,286)** | &nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp; $1174857671 |
| **Other Assets in Excess of Liabilities – 0.9%** | **Other Assets in Excess of Liabilities – 0.9%** | **Other Assets in Excess of Liabilities – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp; 10085341 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $1184943012 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> REITs: Real Estate Investment Trusts

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Security is fully pledged, in addition to $208,248 of the Portfolio's cash holdings, as collateral for the futures contracts outstanding at December 31, 2025. See also <br> the following Schedule of Open Futures Contracts.<br>|
| (c) | Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025 |
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P 500 Index - Long | 30 | March 20, 2026 | &nbsp;&nbsp; $10401386 | &nbsp;&nbsp; $10338750 | &nbsp;&nbsp; $(62636)<br>| &nbsp;&nbsp; $(83680)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$10401386** | &nbsp;&nbsp; **$10338750** | &nbsp;&nbsp; **$(62636)**<br>| &nbsp;&nbsp; **$(83680)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Value Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.9%** | **Shares** | **Value** |
| **Communication Services–9.3%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 14610 | $4572930 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 10442 | 3276700 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 69554 | 1727721 |
| Comcast Corp. Class A (Media) | 51059 | 1526154 |
| Fox Corp. Class A (Media) | 13358 | 976069 |
| Fox Corp. Class B (Media) | 928 | 60255 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 3470 | 2290512 |
| Pinterest, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23410 | 606085 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1134 | 290338 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 3051 | 619475 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 18549 | 755501 |
| Walt Disney Co. / The (Entertainment) | 7060 | 803216 |
|  |  | 17504956 |
| **Consumer Discretionary–7.9%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23699 | 5470203 |
| Best Buy Co., Inc. (Specialty Retail) | 4380 | 293153 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 58 | 310609 |
| BorgWarner, Inc. (Automobile Components) | 24092 | 1085586 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 2610 | 480292 |
| Garmin Ltd. (Household Durables) | 2857 | 579542 |
| General Motors Co. (Automobiles) | 7119 | 578917 |
| Hasbro, Inc. (Leisure Products) | 4622 | 379004 |
| Home Depot, Inc. / The (Specialty Retail) | 1788 | 615251 |
| Lithia Motors, Inc. (Specialty Retail) | 1506 | 500489 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 3604 | 1101490 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 152 | 306168 |
| Meritage Homes Corp. (Household Durables) | 4377 | 288007 |
| TJX Cos., Inc. / The (Specialty Retail) | 12055 | 1851769 |
| Toll Brothers, Inc. (Household Durables) | 7578 | 1024697 |
| Under Armour, Inc. Class C (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1160 | 5568 |
|  |  | 14870745 |
| **Consumer Staples–6.5%** |  |  |
| Altria Group, Inc. (Tobacco) | 14010 | 807817 |
| Coca-Cola Co. / The (Beverages) | 3909 | 273278 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 1515 | 1306445 |
| Keurig Dr Pepper, Inc. (Beverages) | 15434 | 432306 |
| PepsiCo, Inc. (Beverages) | 2659 | 381620 |
| Philip Morris International, Inc. (Tobacco) | 10054 | 1612662 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 16164 | 2316463 |
| Target Corp. (Consumer Staples Distribution & <br> Retail)<br>| 4162 | 406835 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 42436 | 4727795 |
|  |  | 12265221 |
| **Energy–4.8%** |  |  |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 1443 | 280505 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 8339 | 1270947 |
| Chord Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 7102 | 658355 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 50894 | 1864247 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 5493 | 576820 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Energy (continued)** |  |  |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 15052 | $1811358 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 25360 | 697146 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 16847 | 660234 |
| Schlumberger N.V. (Energy Equip. & Svs.) | 15995 | 613888 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 9971 | 599357 |
|  |  | 9032857 |
| **Financials–23.0%** |  |  |
| Allstate Corp. / The (Insurance) | 6710 | 1396687 |
| American Express Co. (Consumer Finance) | 1434 | 530508 |
| Bank of America Corp. (Banks) | 70388 | 3871340 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9611 | 4830969 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4959 | 322781 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 4651 | 1127216 |
| Charles Schwab Corp. / The (Capital Markets) | 28521 | 2849533 |
| Chubb Ltd. (Insurance) | 3557 | 1110211 |
| Citigroup, Inc. (Banks) | 23245 | 2712459 |
| CME Group, Inc. (Capital Markets) | 4624 | 1262722 |
| Fidelity National Information Services, Inc. <br> (Financial Services)<br>| 4172 | 277271 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1456 | 97800 |
| Huntington Bancshares, Inc. (Banks) | 71400 | 1238790 |
| Interactive Brokers Group, Inc. Class A <br> (Capital Markets)<br>| 5951 | 382709 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 10739 | 1739288 |
| JPMorgan Chase & Co. (Banks) | 18198 | 5863760 |
| Marsh & McLennan Cos., Inc. (Insurance) | 5189 | 962663 |
| Mastercard, Inc. Class A (Financial Services) | 1627 | 928822 |
| MetLife, Inc. (Insurance) | 6211 | 490296 |
| Morgan Stanley (Capital Markets) | 13892 | 2466247 |
| Nasdaq, Inc. (Capital Markets) | 11936 | 1159344 |
| OneMain Holdings, Inc. (Consumer Finance) | 10679 | 721366 |
| PNC Financial Services Group, Inc. / The <br> (Banks)<br>| 6285 | 1311868 |
| Progressive Corp. / The (Insurance) | 2030 | 462272 |
| S&P Global, Inc. (Capital Markets) | 3582 | 1871917 |
| Travelers Cos., Inc. / The (Insurance) | 7141 | 2071318 |
| Unum Group (Insurance) | 5305 | 411138 |
| Visa, Inc. (Financial Services) | 1829 | 641449 |
| Wells Fargo & Co. (Banks) | 2109 | 196559 |
|  |  | 43309303 |
| **Health Care–11.3%** |  |  |
| Amgen, Inc. (Biotechnology) | 1654 | 541371 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5855 | 1030421 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11133 | 1061532 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 50814 | 2740907 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 7341 | 1508575 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16050 | 660458 |
| Cigna Group / The (Health Care Providers & <br> Svs.)<br>| 2591 | 713121 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 1278 | 292560 |
| Hologic, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4141 | 308463 |
| Johnson & Johnson (Pharmaceuticals) | 11429 | 2365232 |
| Medtronic PLC (Health Care Equip. & Supplies) | 20016 | 1922737 |
| Merck & Co., Inc. (Pharmaceuticals) | 2480 | 261045 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21002 | 619349 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3559 | 815331 |
| Pfizer, Inc. (Pharmaceuticals) | 80558 | 2005894 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 1537 | 1186364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Value Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Stryker Corp. (Health Care Equip. & Supplies) | 2321 | $815762 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 7276 | 2401880 |
|  |  | 21251002 |
| **Industrials–14.4%** |  |  |
| 3M Co. (Industrial Conglomerates) | 4739 | 758714 |
| AMETEK, Inc. (Electrical Equip.) | 6295 | 1292427 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 2494 | 640384 |
| Boeing Co. / The (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2020 | 438582 |
| Caterpillar, Inc. (Machinery) | 2974 | 1703715 |
| Cintas Corp. (Commercial Svs. & Supplies) | 9525 | 1791367 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 791 | 738232 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4969 | 194536 |
| Deere & Co. (Machinery) | 935 | 435308 |
| Delta Air Lines, Inc. (Passenger Airlines) | 4916 | 341170 |
| Dover Corp. (Machinery) | 2015 | 393409 |
| Eaton Corp. PLC (Electrical Equip.) | 1873 | 596569 |
| Equifax, Inc. (Professional Svs.) | 1750 | 379715 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>| 4521 | 1006510 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 3768 | 1268535 |
| HEICO Corp. Class A (Aerospace & Defense) | 2465 | 622240 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 9470 | 1847502 |
| Illinois Tool Works, Inc. (Machinery) | 2137 | 526343 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 2391 | 1156455 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4424 | 961645 |
| Mueller Industries, Inc. (Machinery) | 5616 | 644717 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 983 | 560517 |
| Owens Corning (Building Products) | 3041 | 340318 |
| Parker-Hannifin Corp. (Machinery) | 3051 | 2681707 |
| Rockwell Automation, Inc. (Electrical Equip.) | 849 | 330321 |
| RTX Corp. (Aerospace & Defense) | 6800 | 1247120 |
| Trane Technologies PLC (Building Products) | 2158 | 839894 |
| Union Pacific Corp. (Ground Transportation) | 8850 | 2047182 |
| United Parcel Service, Inc. Class B (Air Freight <br> & Logistics)<br>| 4778 | 473930 |
| Veralto Corp. (Commercial Svs. & Supplies) | 2912 | 290559 |
| Vertiv Holdings Co. Class A (Electrical Equip.) | 1542 | 249820 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 1855 | 407562 |
|  |  | 27207005 |
| **Information Technology–12.7%** |  |  |
| Accenture PLC Class A (IT Svs.) | 4693 | 1259132 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1753 | 613532 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3218 | 689167 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 9137 | 1234774 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 2494 | 676373 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 4234 | 1151055 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4388 | 574960 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1470 | 238346 |
| Cisco Systems, Inc. (Communications Equip.) | 11689 | 900404 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 2148 | 270390 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12397 | 749027 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 16926 | 377111 |
| Intel Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33376 | 1231574 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| International Business Machines Corp. <br> (IT Svs.)<br>| 2055 | $608712 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2081 | 422838 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 6712 | 1148960 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 9308 | 790994 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 9333 | 2663732 |
| Microsoft Corp. (Software) | 2189 | 1058644 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 3629 | 1391068 |
| NVIDIA Corp. (Semiconductors & Equip.) | 3766 | 702359 |
| Qnity Electronics, Inc. (Semiconductors & <br> Equip.)<br>| 3717 | 303493 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 8418 | 1439899 |
| Salesforce, Inc. (Software) | 7165 | 1898080 |
| Sandisk Corp. (Tech. Hardware, Storage & <br> Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 973 | 230971 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 4120 | 261249 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 3307 | 573731 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 3259 | 561428 |
|  |  | 24022003 |
| **Materials–3.4%** |  |  |
| Corteva, Inc. (Chemicals) | 28990 | 1943200 |
| Dow, Inc. (Chemicals) | 12948 | 302724 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 16150 | 820259 |
| Huntsman Corp. (Chemicals) | 31420 | 314200 |
| Louisiana-Pacific Corp. (Paper & Forest <br> Products)<br>| 6803 | 549410 |
| LyondellBasell Industries N.V. Class A <br> (Chemicals)<br>| 9935 | 430186 |
| Newmont Corp. (Metals & Mining) | 10874 | 1085769 |
| Nucor Corp. (Metals & Mining) | 3595 | 586380 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 7557 | 292229 |
|  |  | 6324357 |
| **Real Estate–2.8%** |  |  |
| CubeSmart (Specialized REITs) | 10710 | 386095 |
| Digital Realty Trust, Inc. (Specialized REITs) | 3323 | 514101 |
| Equinix, Inc. (Specialized REITs) | 1054 | 807533 |
| Kimco Realty Corp. (Retail REITs) | 50950 | 1032756 |
| NNN REIT, Inc. (Retail REITs) | 11382 | 451069 |
| Simon Property Group, Inc. (Retail REITs) | 3317 | 614010 |
| Ventas, Inc. (Health Care REITs) | 12960 | 1002845 |
| VICI Properties, Inc. (Specialized REITs) | 13844 | 389293 |
|  |  | 5197702 |
| **Utilities–2.8%** |  |  |
| Consolidated Edison, Inc. (Multi-Utilities) | 10715 | 1064214 |
| Edison International (Electric Utilities) | 18818 | 1129456 |
| Entergy Corp. (Electric Utilities) | 16119 | 1489879 |
| NextEra Energy, Inc. (Electric Utilities) | 7227 | 580184 |
| PG&E Corp. (Electric Utilities) | 68732 | 1104523 |
|  |  | 5368256 |
| **Total Common Stocks (Cost $158,951,140)** |  | $186353407 |
| **Total Investments – 98.9% (Cost $158,951,140)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $186353407 |
| **Other Assets in Excess of Liabilities – 1.1%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 2135940 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $188489347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Value Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> REITs: Real Estate Investment Trusts

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (c) | Includes $197,304 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P 500 Index - Long | 8 | March 20, 2026 | &nbsp;&nbsp; $2753836 | &nbsp;&nbsp; $2757000 | &nbsp;&nbsp; $3164 | &nbsp;&nbsp; $(20700)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$2753836** | &nbsp;&nbsp; **$2757000** | &nbsp;&nbsp; **$3164** | &nbsp;&nbsp; **$(20700)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP High Income Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–92.8%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–10.1%** |  |  |  |  |
| Altice France SA (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 10/15/2030 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $969792 |
| ANGI Group LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 08/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 923650 |
| Cars.com, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 11/01/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250064 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 05/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199725 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 06/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123590 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 03/01/2030 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 152808 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 08/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94151 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 03/01/2031 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 331658 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 06/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 175072 |
| Cogent Communications Group LLC / Cogent Finance, Inc. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 06/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000672 |
| Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149740 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 12/15/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199568 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 08/01/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 260291 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 10/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137639 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.125% | 09/01/2026 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 223022 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 07/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195513 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 07/01/2030 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 175947 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 09/01/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 322327 |
| Stagwell Global LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195030 |
| Sunrise FinCo I B.V. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 07/15/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 476250 |
| TEGNA, Inc. (Media) | 4.625% | 03/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989720 |
| Telenet Finance Luxembourg Notes SARL (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 03/01/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397707 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 08/15/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310702 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 05/01/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 168101 |
| Versant Media Group, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 01/30/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031689 |
| Virgin Media Finance PLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 07/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 881607 |
| Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 01/31/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182402 |
| VZ Secured Financing B.V. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 01/15/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 452477 |
| WMG Acquisition Corp. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 12/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 120321 |
| Ziff Davis, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 10/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 949755 |
|  |  |  |  | &nbsp;&nbsp; 12040990 |
| **Consumer Discretionary–15.7%** |  |  |  |  |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 06/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 230981 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 09/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152728 |
| Academy Ltd. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 11/15/2027 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450332 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 04/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102768 |
| Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 917975 |
| American Axle & Manufacturing, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 10/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018579 |
| Asbury Automotive Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/15/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242949 |
| Ashton Woods U.S.A. LLC / Ashton Woods Finance Co. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 08/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 953392 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (a)(b) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 607081 |
| Beazer Homes U.S.A., Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 03/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101393 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 274648 |
| Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 02/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 931454 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 02/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155349 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 05/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252772 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 08/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131204 |
| Champ Acquisition Corp. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 12/01/2031 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 129612 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175000 |
| IHO Verwaltungs GmbH (Automobile Components)<br> (a)(b) | 6.375%, 7.125% PIK | 05/15/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302494 |
| J.B. Poindexter & Co., Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 12/15/2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 471364 |
| KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 06/01/2027 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 179732 |
| LGI Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 11/15/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 955872 |
| Lithia Motors, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 12/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998484 |
| Mattamy Group Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 12/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991115 |
| Newell Brands, Inc. (Household Durables) | 7.375% | 04/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 939196 |
| Nissan Motor Co. Ltd. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.810% | 09/17/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 942501 |
| Nordstrom, Inc. (Broadline Retail) | 4.375% | 04/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 955891 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 09/30/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178905 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 02/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205489 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 05/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191903 |
| Tenneco, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 11/17/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003200 |
| Under Armour, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 07/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000971 |
| Whirlpool Corp. (Household Durables) | 2.400% | 05/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 825340 |
| Whirlpool Corp. (Household Durables) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 247275 |
| William Carter Co. / The (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 02/15/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 413561 |
| ZF North America Capital, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 03/24/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010757 |
|  |  |  |  | &nbsp;&nbsp; 18642267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP High Income Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Staples–0.7%** |  |  |  |  |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 06/01/2028 | &nbsp;&nbsp; $175000 | &nbsp;&nbsp; $175182 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 04/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 119430 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 09/15/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232758 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 02/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348035 |
|  |  |  |  | &nbsp;&nbsp; 875405 |
| **Energy–10.7%** |  |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 01/15/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 626196 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 07/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007561 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 06/30/2029 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180472 |
| Breakwater Energy Holdings Sarl (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.250% | 11/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1047155 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.625% | 11/01/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157209 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.625% | 06/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215924 |
| Crescent Energy Finance LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.625% | 04/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 969522 |
| Diamond Foreign Asset Co. / Diamond Finance LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.500% | 10/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059343 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 06/15/2028 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 426715 |
| Hilcorp Energy I LP / Hilcorp Finance Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 05/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937011 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.875% | 08/15/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 121262 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.625% | 11/15/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147431 |
| Northern Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 10/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 973655 |
| PBF Holding Co. LLC / PBF Finance Corp. (Oil, Gas & Consumable Fuels) | 6.000% | 02/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990486 |
| SESI LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 09/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984441 |
| Talos Production, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.375% | 02/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043007 |
| Venture Global Calcasieu Pass LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 08/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937441 |
| Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 02/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 942200 |
|  |  |  |  | &nbsp;&nbsp; 12767031 |
| **Financials–14.7%** |  |  |  |  |
| Antares Holdings LP (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.950% | 08/11/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1058088 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.550% | 03/15/2032 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1805728 |
| Blackstone Private Credit Fund (Capital Markets) | 6.000% | 11/22/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2019686 |
| Boost Newco Borrower LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 01/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106285 |
| Credit Acceptance Corp. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 03/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001972 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 4.271% | 01/09/2027 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 447660 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 7.350% | 11/04/2027 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 234827 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 01/31/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2007946 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 08/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962770 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.500% | 03/15/2030 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 471649 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (Mortgage REIT)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 02/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993327 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 05/31/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006304 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 02/05/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 595584 |
| Oaktree Strategic Credit Fund (Capital Markets) | 6.500% | 07/23/2029 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1286348 |
| Rfna LP (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 02/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017048 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 03/01/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 289762 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 03/01/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 303870 |
| Stonebriar ABF Issuer LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.125% | 12/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029200 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 06/15/2027 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225600 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 223388 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 02/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202516 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 03/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199681 |
|  |  |  |  | &nbsp;&nbsp; 17489239 |
| **Health Care–8.4%** |  |  |  |  |
| 1261229 B.C. Ltd. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10.000% | 04/15/2032 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 728012 |
| Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 04/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962836 |
| AHP Health Partners, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 520417 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 07/15/2028 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 104429 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 11/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239064 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 02/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 890885 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 10/15/2026 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199886 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 05/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 337152 |
| Jazz Securities DAC (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 01/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986312 |
| Molina Healthcare, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 11/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 927891 |
| Molina Healthcare, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 01/15/2033 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127433 |
| Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 05/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 899479 |
| Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 05/15/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 162786 |
| Prime Healthcare Services, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.375% | 09/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050001 |
| Teleflex, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 06/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984627 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 5.125% | 11/01/2027 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 425951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP High Income Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Health Care (continued)** |  |  |  |  |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.625% | 06/15/2028 | &nbsp;&nbsp; $175000 | &nbsp;&nbsp; $175325 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140626 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 05/15/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 182089 |
|  |  |  |  | &nbsp;&nbsp; 10045201 |
| **Industrials–8.5%** |  |  |  |  |
| AAR Escrow Issuer LLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 03/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034840 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/20/2026 | &nbsp;&nbsp; 27833 | &nbsp;&nbsp; 27873 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 04/20/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178209 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 06/15/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032596 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207079 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 06/15/2032 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 234458 |
| Clarivate Science Holdings Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 07/01/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 614582 |
| CP Atlas Buyer, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.750% | 07/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129469 |
| FTAI Aviation Investors LLC (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 05/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000875 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 02/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102260 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 132393 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 08/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254081 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 11/15/2032 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 611168 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 07/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310809 |
| Rand Parent LLC (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.500% | 02/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041853 |
| Science Applications International Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 04/01/2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 274270 |
| Sensata Technologies B.V. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 09/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253827 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 09/30/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500452 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 08/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 283120 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 08/01/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255384 |
| Stena International SA (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 01/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203881 |
| Stonepeak Nile Parent LLC (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 03/15/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1058296 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200017 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232351 |
|  |  |  |  | &nbsp;&nbsp; 10174143 |
| **Information Technology–9.2%** |  |  |  |  |
| ASGN, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 05/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982605 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 03/31/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 455890 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 09/30/2029 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 406189 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 06/30/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209008 |
| Connect Finco SARL / Connect U.S. Finco LLC (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 09/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060739 |
| Consensus Cloud Solutions, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 10/15/2028 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145682 |
| CoreWeave, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.250% | 06/01/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 325420 |
| CoreWeave, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 02/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 114565 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 05/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 960654 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.950% | 06/15/2030 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132601 |
| Flash Compute LLC (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 12/31/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990763 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 12/01/2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125341 |
| Imola Merger Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 05/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 987020 |
| Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 05/15/2032 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 334099 |
| ION Platform Finance U.S., Inc. / ION Platform Finance SARL (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 05/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 942976 |
| Kioxia Holdings Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 07/24/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259969 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 10/01/2028 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 134038 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.900% | 12/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 182055 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 12/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 332161 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 11/28/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232010 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 02/15/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 636986 |
| Seagate Data Storage Technology Pte. Ltd. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 12/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159066 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 06/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242018 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 10/01/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 263209 |
| WULF Compute LLC (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 10/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154537 |
| Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134384 |
|  |  |  |  | &nbsp;&nbsp; 10903985 |
| **Materials–8.9%** |  |  |  |  |
| Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128486 |
| Ball Corp. (Containers & Packaging) | 2.875% | 08/15/2030 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 152560 |
| Celanese U.S. Holdings LLC (Chemicals) | 7.375% | 02/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015970 |
| Chemours Co. / The (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 01/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 968113 |
| Clearwater Paper Corp. (Paper & Forest Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 08/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 187000 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 03/01/2031 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 292649 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 09/15/2031 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110758 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 03/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205000 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 05/01/2033 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP High Income Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Materials (continued)** |  |  |  |  |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.625% | 01/15/2034 | &nbsp;&nbsp; $125000 | &nbsp;&nbsp; $130628 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 04/15/2030 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228753 |
| FMC Corp. (Chemicals) | 5.650% | 05/18/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 876547 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 07/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149620 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.500% | 03/15/2028 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 106521 |
| Huntsman International LLC (Chemicals) | 2.950% | 06/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 842649 |
| James Hardie International Finance DAC (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000226 |
| Magnera Corp. (Paper & Forest Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 11/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 924581 |
| Mauser Packaging Solutions Holding Co. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 04/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148816 |
| Maxam Prill SARL (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 07/15/2030 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 439789 |
| Olin Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 04/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 992469 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 12/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198963 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 07/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285279 |
| Standard Industries, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 01/15/2028 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 104717 |
| SunCoke Energy, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 06/30/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 928520 |
|  |  |  |  | &nbsp;&nbsp; 10574619 |
| **Real Estate–2.1%** |  |  |  |  |
| Brandywine Operating Partnership LP (Office REITs) | 4.550% | 10/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 954415 |
| Hudson Pacific Properties LP (Office REITs) | 3.950% | 11/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 958764 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 02/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211692 |
| RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 07/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 335145 |
|  |  |  |  | &nbsp;&nbsp; 2460016 |
| **Utilities–3.8%** |  |  |  |  |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 02/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 325215 |
| DPL LLC (Electric Utilities) | 4.350% | 04/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 986117 |
| Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 04/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 960904 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199021 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200170 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 07/31/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200460 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 10/15/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 370712 |
| VoltaGrid LLC (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 11/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247686 |
| XPLR Infrastructure Operating Partners LP (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 04/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016293 |
|  |  |  |  | &nbsp;&nbsp; 4506578 |
| **Total Corporate Bonds (Cost $110,120,192)** |  |  |  | &nbsp;&nbsp; $110479474 |

---

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–3.9%** | **Shares** | **Value** |
| State Street SPDR Portfolio High Yield Bond ETF  | 199400 | $4719798 |
| **Total Exchange Traded Funds (Cost $4,707,635)** |  | $4719798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.2%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 3.401% | 01/06/2026 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $249873 |
| **Total U.S. Treasury Obligations (Cost $249,873)** |  |  |  | &nbsp;&nbsp; $249873 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks–0.0%** | **Shares** | **Value** |
| **Communication Services–0.0%** |  |  |
| Audacy, Inc. (Media)<br> (d)(e) | 527 | $12121 |
| **Total Common Stocks (Cost $357,285)** |  | $12121 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants–0.0%** | **Expiration** | **Strike Price** | **Quantity** | **Value** |
| **Communication Services–0.0%** |  |  |  |  |
| Audacy, Inc. Second Lien Warrants (Media)<br> (d)(e) | 09/30/2028 | &nbsp;&nbsp; $77.10 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; $— |
| Audacy, Inc. Second Lien Warrants (with Black-Scholes protections) (Media)<br> (d)(e) | 09/30/2028 | 77.10 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; — |
| **Total Warrants (Cost $214)** |  |  |  | &nbsp;&nbsp; $— |
| **Total Investments – 96.9% (Cost $115,435,199)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(f) |  |  |  | &nbsp;&nbsp; $115461266 |
| **Other Assets in Excess of Liabilities – 3.1%** |  |  |  | &nbsp;&nbsp; 3634731 |
| **Net Assets – 100.0%** |  |  |  | &nbsp;&nbsp; $119095997 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ETF: | Exchange Traded Fund |
| PIK: | Payment-in-Kind |
| REITs: | Real Estate Investment Trusts |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP High Income Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, <br> normally to qualified buyers under Rule 144A. At December 31, 2025, the value of these securities totaled $91,155,268, or 76.5% of the Portfolio's net assets.<br>|
| (b) | Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind). |
| (c) | Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025 |
| (d) | Level 3 security in accordance with the fair value hierarchy, value determined using significant unobservable inputs. |
| (e) | Non-income producing security. |
| (f) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Nasdaq-100**<sup>®</sup> **Index Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.0%** | **Shares** | **Value** |
| **Communication Services–15.9%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 30117 | $9426621 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 27990 | 8783262 |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1858 | 387858 |
| Comcast Corp. Class A (Media) | 51931 | 1552218 |
| Electronic Arts, Inc. (Entertainment) | 3565 | 728436 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 15202 | 10034688 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 60557 | 5677824 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2633 | 674127 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 15987 | 3246001 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35399 | 1020199 |
|  |  | 41531234 |
| **Consumer Discretionary–13.3%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6068 | 823549 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 55337 | 12772886 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 461 | 2468807 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5807 | 1315169 |
| Marriott International, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>| 3835 | 1189771 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 724 | 1458324 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12064 | 1100358 |
| PDD Holdings, Inc. – ADR (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9544 | 1082194 |
| Ross Stores, Inc. (Specialty Retail) | 4641 | 836030 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 16246 | 1368076 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22899 | 10298138 |
|  |  | 34713302 |
| **Consumer Staples–4.5%** |  |  |
| Coca-Cola Europacific Partners PLC <br> (Beverages)<br>| 6578 | 596625 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 6334 | 5462061 |
| Keurig Dr Pepper, Inc. (Beverages) | 19503 | 546279 |
| Kraft Heinz Co. / The (Food Products) | 16992 | 412056 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 18431 | 992141 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13956 | 1070006 |
| PepsiCo, Inc. (Beverages) | 19530 | 2802946 |
|  |  | 11882114 |
| **Energy–0.5%** |  |  |
| Baker Hughes Co. (Energy Equip. & Svs.) | 14166 | 645120 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 4079 | 613196 |
|  |  | 1258316 |
| **Financials–0.3%** |  |  |
| PayPal Holdings, Inc. (Financial Services) | 13349 | 779315 |
| **Health Care–5.4%** |  |  |
| Alnylam Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1883 | 748775 |
| Amgen, Inc. (Biotechnology) | 7695 | 2518650 |
| AstraZeneca PLC – ADR (Pharmaceuticals) | 8326 | 765409 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5599 | 371606 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 6539 | 536329 |
| Gilead Sciences, Inc. (Biotechnology) | 17730 | 2176180 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1139 | 770568 |
| Insmed, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3062 | 532911 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5065 | $2868613 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 1476 | 1139280 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3625 | 1643430 |
|  |  | 14071751 |
| **Industrials–4.2%** |  |  |
| Automatic Data Processing, Inc. <br> (Professional Svs.)<br>| 5782 | 1487304 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1124 | 638353 |
| Cintas Corp. (Commercial Svs. & Supplies) | 5742 | 1079898 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13896 | 544028 |
| CSX Corp. (Ground Transportation) | 26576 | 963380 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 16361 | 656567 |
| Ferrovial SE (Construction & Engineering) | 10533 | 680537 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 9072 | 1769856 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 3002 | 470714 |
| PACCAR, Inc. (Machinery) | 7495 | 820777 |
| Paychex, Inc. (Professional Svs.) | 5122 | 574586 |
| Thomson Reuters Corp. (Professional Svs.) | 6348 | 837238 |
| Verisk Analytics, Inc. (Professional Svs.) | 2001 | 447604 |
|  |  | 10970842 |
| **Information Technology–52.3%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5984 | 2094340 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23266 | 4982647 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 6996 | 1897315 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 76490 | 20794571 |
| Applied Materials, Inc. (Semiconductors & <br> Equip.)<br>| 11385 | 2925831 |
| AppLovin Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4396 | 2962113 |
| ARM Holdings PLC – ADR (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1986 | 217090 |
| ASML Holding N.V. (Semiconductors & Equip.) | 1254 | 1341604 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2412 | 391082 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3026 | 895726 |
| Broadcom, Inc. (Semiconductors & Equip.) | 24445 | 8460414 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3891 | 1216249 |
| Cisco Systems, Inc. (Communications Equip.) | 56468 | 4349730 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 6929 | 575107 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3587 | 1681442 |
| Datadog, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4636 | 630450 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10614 | 842858 |
| Intel Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 68167 | 2515362 |
| Intuit, Inc. (Software) | 3978 | 2635107 |
| KLA Corp. (Semiconductors & Equip.) | 1878 | 2281920 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 17950 | 3072681 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 12318 | 1046784 |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 7758 | 494340 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 16082 | 4589964 |
| Microsoft Corp. (Software) | 38475 | 18607279 |
| Monolithic Power Systems, Inc. <br> (Semiconductors & Equip.)<br>| 683 | 619044 |
| NVIDIA Corp. (Semiconductors & Equip.) | 125788 | 23459462 |
| NXP Semiconductors N.V. (Semiconductors & <br> Equip.)<br>| 3590 | 779245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Nasdaq-100**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32646 | $5802826 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9963 | 1835185 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 15303 | 2617578 |
| Roper Technologies, Inc. (Software) | 1534 | 682829 |
| Seagate Technology Holdings PLC (Tech. <br> Hardware, Storage & Periph.)<br>| 3048 | 839389 |
| Shopify, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17471 | 2812307 |
| Strategy, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3811 | 579081 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2655 | 1247107 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 12983 | 2252421 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 4880 | 840678 |
| Workday, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3035 | 651857 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2289 | 514842 |
|  |  | 137035857 |
| **Materials–1.1%** |  |  |
| Linde PLC (Chemicals) | 6673 | 2845300 |
| **Real Estate–0.1%** |  |  |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6084 | 409088 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities–1.4%** |  |  |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 7624 | $879123 |
| Constellation Energy Corp. (Electric Utilities) | 4464 | 1576997 |
| Exelon Corp. (Electric Utilities) | 14388 | 627173 |
| Xcel Energy, Inc. (Electric Utilities) | 8425 | 622271 |
|  |  | 3705564 |
| **Total Common Stocks (Cost $146,477,338)** |  | $259202683 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.1%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> (b)(c) | 3.588% | 02/12/2026 | &nbsp;&nbsp; $102000 | &nbsp;&nbsp; $101583 |
| **Total U.S. Treasury Obligations (Cost $101,550)** | **Total U.S. Treasury Obligations (Cost $101,550)** | **Total U.S. Treasury Obligations (Cost $101,550)** | **Total U.S. Treasury Obligations (Cost $101,550)** | &nbsp;&nbsp; $101583 |
| **Total Investments – 99.1% (Cost $146,578,888)** | **Total Investments – 99.1% (Cost $146,578,888)** | **Total Investments – 99.1% (Cost $146,578,888)** | &nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp; $259304266 |
| **Other Assets in Excess of Liabilities – 0.9%** | **Other Assets in Excess of Liabilities – 0.9%** | **Other Assets in Excess of Liabilities – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp; 2471780 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $261776046 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> ADR: American Depositary Receipts

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Security is fully pledged, in addition to $67,261 of the Portfolio's cash holdings, as collateral for the futures contracts outstanding at December 31, 2025. See also <br> the following Schedule of Open Futures Contracts.<br>|
| (c) | Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025 |
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini Nasdaq-100 Index - Long | 5 | March 20, 2026 | &nbsp;&nbsp; $2568007 | &nbsp;&nbsp; $2545675 | &nbsp;&nbsp; $(22332)<br>| &nbsp;&nbsp; $(21850)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$2568007** | &nbsp;&nbsp; **$2545675** | &nbsp;&nbsp; **$(22332)**<br>| &nbsp;&nbsp; **$(21850)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Core Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.0%** | **Shares** | **Value** |
| **Communication Services–10.9%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 34201 | $10704913 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 26273 | 8244467 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 42519 | 1056172 |
| Comcast Corp. Class A (Media) | 71102 | 2125239 |
| Fox Corp. Class B (Media) | 793 | 51489 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 14012 | 9249181 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29660 | 2780922 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3058 | 782940 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 4399 | 893173 |
|  |  | 35888496 |
| **Consumer Discretionary–10.2%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 66864 | 15433548 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 136 | 461244 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 309 | 1654797 |
| BorgWarner, Inc. (Automobile Components) | 35604 | 1604316 |
| Garmin Ltd. (Household Durables) | 1833 | 371824 |
| Home Depot, Inc. / The (Specialty Retail) | 4245 | 1460705 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 2858 | 873491 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 444 | 894331 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14488 | 6515543 |
| TJX Cos., Inc. / The (Specialty Retail) | 20937 | 3216133 |
| Toll Brothers, Inc. (Household Durables) | 6256 | 845936 |
|  |  | 33331868 |
| **Consumer Staples–4.4%** |  |  |
| Altria Group, Inc. (Tobacco) | 16956 | 977683 |
| Coca-Cola Co. / The (Beverages) | 7605 | 531666 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 3777 | 3257058 |
| Philip Morris International, Inc. (Tobacco) | 8910 | 1429164 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 15591 | 2234346 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 55462 | 6179021 |
|  |  | 14608938 |
| **Energy–2.5%** |  |  |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 4248 | 825769 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 6710 | 1022671 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 81456 | 2983733 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 8502 | 892795 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 35694 | 981228 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 10969 | 429875 |
| Schlumberger N.V. (Energy Equip. & Svs.) | 28993 | 1112752 |
|  |  | 8248823 |
| **Financials–13.7%** |  |  |
| American Express Co. (Consumer Finance) | 3590 | 1328120 |
| Bank of America Corp. (Banks) | 86605 | 4763275 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6859 | 3447676 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11963 | 778672 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 4996 | 1210831 |
| Charles Schwab Corp. / The (Capital Markets) | 46122 | 4608049 |
| Citigroup, Inc. (Banks) | 11981 | 1398063 |
| CME Group, Inc. (Capital Markets) | 4037 | 1102424 |
| Huntington Bancshares, Inc. (Banks) | 37176 | 645004 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 8339 | $1350584 |
| JPMorgan Chase & Co. (Banks) | 15381 | 4956066 |
| Marsh & McLennan Cos., Inc. (Insurance) | 6350 | 1178052 |
| Mastercard, Inc. Class A (Financial Services) | 5164 | 2948024 |
| MetLife, Inc. (Insurance) | 8057 | 636020 |
| Moody's Corp. (Capital Markets) | 1811 | 925149 |
| Morgan Stanley (Capital Markets) | 18119 | 3216666 |
| Progressive Corp. / The (Insurance) | 6658 | 1516160 |
| S&P Global, Inc. (Capital Markets) | 3064 | 1601216 |
| Travelers Cos., Inc. / The (Insurance) | 10403 | 3017494 |
| Visa, Inc. (Financial Services) | 11861 | 4159771 |
|  |  | 44787316 |
| **Health Care–9.3%** |  |  |
| AbbVie, Inc. (Biotechnology) | 11124 | 2541723 |
| Amgen, Inc. (Biotechnology) | 3343 | 1094197 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17243 | 1644120 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 82539 | 4452154 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 9210 | 1892655 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12990 | 534539 |
| Eli Lilly & Co. (Pharmaceuticals) | 3918 | 4210596 |
| Gilead Sciences, Inc. (Biotechnology) | 9061 | 1112147 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 1347 | 628860 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1514 | 857469 |
| Johnson & Johnson (Pharmaceuticals) | 6268 | 1297163 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 570 | 467565 |
| Medtronic PLC (Health Care Equip. & Supplies) | 15510 | 1489891 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4238 | 970883 |
| Pfizer, Inc. (Pharmaceuticals) | 51024 | 1270498 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 1585 | 1223414 |
| Stryker Corp. (Health Care Equip. & Supplies) | 4183 | 1470199 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 7468 | 2465261 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3492 | 779519 |
|  |  | 30402853 |
| **Industrials–8.2%** |  |  |
| 3M Co. (Industrial Conglomerates) | 10005 | 1601800 |
| AMETEK, Inc. (Electrical Equip.) | 9690 | 1989454 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 1950 | 500701 |
| Cintas Corp. (Commercial Svs. & Supplies) | 12616 | 2372691 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 1720 | 1605259 |
| Eaton Corp. PLC (Electrical Equip.) | 3260 | 1038343 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>| 3925 | 873823 |
| GE Vernova, Inc. (Electrical Equip.) | 931 | 608474 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 1380 | 464591 |
| General Electric Co. (operating as "GE <br> Aerospace") (Aerospace & Defense)<br>| 5398 | 1662746 |
| HEICO Corp. Class A (Aerospace & Defense) | 1883 | 475326 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 12694 | 2476472 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 2311 | 1117761 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3355 | 729276 |
| Parker-Hannifin Corp. (Machinery) | 3610 | 3173046 |
| Rockwell Automation, Inc. (Electrical Equip.) | 2193 | 853231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Core Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| RTX Corp. (Aerospace & Defense) | 7875 | $1444275 |
| Trane Technologies PLC (Building Products) | 2686 | 1045391 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6536 | 534057 |
| Union Pacific Corp. (Ground Transportation) | 10457 | 2418913 |
|  |  | 26985630 |
| **Information Technology–34.9%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5362 | 1876646 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8682 | 1859337 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 21311 | 2879969 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 90877 | 24705821 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13508 | 1769953 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3570 | 578840 |
| Broadcom, Inc. (Semiconductors & Equip.) | 26474 | 9162651 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 3007 | 378521 |
| Intel Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24569 | 906596 |
| Intuit, Inc. (Software) | 2893 | 1916381 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 18566 | 3178128 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 10822 | 3088707 |
| Microsoft Corp. (Software) | 45685 | 22094180 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 4133 | 1584262 |
| NVIDIA Corp. (Semiconductors & Equip.) | 147355 | 27481708 |
| Oracle Corp. (Software) | 7527 | 1467088 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13431 | 2387360 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 9105 | 1557410 |
| Salesforce, Inc. (Software) | 10653 | 2822086 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5215 | 798886 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1045 | 490857 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 4309 | 747568 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 3328 | 573315 |
|  |  | 114306270 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials–1.7%** |  |  |
| Corteva, Inc. (Chemicals) | 31227 | $2093146 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 21328 | 1083249 |
| Newmont Corp. (Metals & Mining) | 9663 | 964851 |
| Nucor Corp. (Metals & Mining) | 5137 | 837896 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 17117 | 661914 |
|  |  | 5641056 |
| **Real Estate–1.2%** |  |  |
| American Tower Corp. (Specialized REITs) | 6996 | 1228288 |
| CubeSmart (Specialized REITs) | 10105 | 364285 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 28479 | 504933 |
| Ventas, Inc. (Health Care REITs) | 7112 | 550327 |
| VICI Properties, Inc. (Specialized REITs) | 46345 | 1303221 |
|  |  | 3951054 |
| **Utilities–2.0%** |  |  |
| Consolidated Edison, Inc. (Multi-Utilities) | 7848 | 779463 |
| Edison International (Electric Utilities) | 10005 | 600500 |
| Entergy Corp. (Electric Utilities) | 23157 | 2140402 |
| NRG Energy, Inc. (Electric Utilities) | 3055 | 486478 |
| PG&E Corp. (Electric Utilities) | 53097 | 853269 |
| WEC Energy Group, Inc. (Multi-Utilities) | 15306 | 1614171 |
|  |  | 6474283 |
| **Total Common Stocks (Cost $225,728,224)** |  | $324626587 |
| **Total Investments – 99.0% (Cost $225,728,224)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $324626587 |
| **Other Assets in Excess of Liabilities – 1.0%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 3160104 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $327786691 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> REITs: Real Estate Investment Trusts

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (c) | Includes $291,471 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P 500 Index - Long | 13 | March 20, 2026 | &nbsp;&nbsp; $4473538 | &nbsp;&nbsp; $4480125 | &nbsp;&nbsp; $6587 | &nbsp;&nbsp; $(36887)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$4473538** | &nbsp;&nbsp; **$4480125** | &nbsp;&nbsp; **$6587** | &nbsp;&nbsp; **$(36887)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–97.1%** | **Shares** | **Value** |
| **Communication Services–2.7%** |  |  |
| Anterix, Inc. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 891 | $19451 |
| Cargurus, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2255 | 86479 |
| Cinemark Holdings, Inc. (Entertainment) | 5189 | 120592 |
| Cogent Communications Holdings, Inc. <br> (Diversified Telecom. Svs.)<br>| 3645 | 78586 |
| Eventbrite, Inc. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9898 | 44046 |
| EverQuote, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10194 | 275238 |
| fuboTV, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 37326 | 94062 |
| Globalstar, Inc. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5013 | 305994 |
| Gogo, Inc. (Wireless Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2240 | 10438 |
| IDT Corp. Class B (Diversified Telecom. Svs.) | 5421 | 277609 |
| Lumen Technologies, Inc. (Diversified <br> Telecom. Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 81412 | 632571 |
| Madison Square Garden Entertainment Corp. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 874 | 47100 |
| Magnite, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15956 | 258966 |
| MediaAlpha, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5437 | 70409 |
| New York Times Co. / The Class A (Media) | 2111 | 146546 |
| PubMatic, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5359 | 47534 |
| QuinStreet, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25284 | 363331 |
| Shutterstock, Inc. (Interactive Media & Svs.) | 2455 | 46890 |
| Spok Holdings, Inc. (Wireless Telecom. Svs.) | 6040 | 79668 |
| Thryv Holdings, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3337 | 20189 |
| Yelp, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10390 | 315752 |
| ZipRecruiter, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31714 | 123685 |
|  |  | 3465136 |
| **Consumer Discretionary–6.6%** |  |  |
| Abercrombie & Fitch Co. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4976 | 626329 |
| Accel Entertainment, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2189 | 24976 |
| Adient PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2378 | 45586 |
| Adtalem Global Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2993 | 309686 |
| American Axle & Manufacturing Holdings, Inc. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2928 | 18768 |
| American Public Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 462 | 17464 |
| Boot Barn Holdings, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3354 | 591880 |
| BorgWarner, Inc. (Automobile Components) | 18518 | 834421 |
| Bright Horizons Family Solutions, Inc. <br> (Diversified Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2234 | 226528 |
| Buckle, Inc. / The (Specialty Retail) | 756 | 40386 |
| Build-A-Bear Workshop, Inc. <br> (Specialty Retail)<br>| 1220 | 74749 |
| Camping World Holdings, Inc. Class A <br> (Specialty Retail)<br>| 12171 | 118424 |
| Cavco Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 343 | 202624 |
| Century Communities, Inc. <br> (Household Durables)<br>| 3626 | 215203 |
| Champion Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5939 | 501845 |
| Coursera, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33478 | 246398 |
| Dana, Inc. (Automobile Components) | 934 | 22192 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 718 | 126009 |
| Etsy, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3690 | 204574 |
| EVgo, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17586 | 51175 |
| Figs, Inc. Class A (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5028 | 57118 |
| Five Below, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 561 | 105670 |
| Fox Factory Holding Corp. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4196 | 71794 |
| Frontdoor, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7343 | 423618 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Garrett Motion, Inc. (Automobile Components) | 6179 | $107700 |
| Genius Sports Ltd. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15802 | 174138 |
| GigaCloud Technology, Inc. Class A <br> (Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1768 | 69447 |
| Gold.com, Inc. (Distributors) | 2273 | 77396 |
| Green Brick Partners, Inc. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1578 | 98877 |
| Groupon, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8591 | 151288 |
| H&R Block, Inc. (Diversified Consumer Svs.) | 446 | 19437 |
| Installed Building Products, Inc. <br> (Household Durables)<br>| 1193 | 309452 |
| Laureate Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7632 | 256969 |
| Life Time Group Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1455 | 38674 |
| Lithia Motors, Inc. (Specialty Retail) | 267 | 88732 |
| M/I (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 453 | 57961 |
| Macy's, Inc. (Broadline Retail) | 7444 | 164140 |
| Newell Brands, Inc. (Household Durables) | 19123 | 71138 |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 298 | 32664 |
| Peloton Interactive, Inc. Class A <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14759 | 90915 |
| QuantumScape Corp. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9514 | 99136 |
| RealReal, Inc. / The (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5639 | 88983 |
| Revolve Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8309 | 250849 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 176 | 31530 |
| Six Flags Entertainment Corp. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3312 | 50806 |
| Sonic Automotive, Inc. Class A <br> (Specialty Retail)<br>| 3716 | 229872 |
| Sonos, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3823 | 67132 |
| Standard Motor Products, Inc. <br> (Automobile Components)<br>| 1159 | 42709 |
| Stitch Fix, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14844 | 77931 |
| Stoneridge, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2487 | 14400 |
| Target Hospitality Corp. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1603 | 12840 |
| Universal Technical Institute, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2976 | 77763 |
| Urban Outfitters, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3985 | 299911 |
| Victoria's Secret & Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3142 | 170202 |
| Winmark Corp. (Specialty Retail) | 158 | 63981 |
| Winnebago Industries, Inc. (Automobiles) | 1459 | 59119 |
|  |  | 8603509 |
| **Consumer Staples–2.1%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3753 | 337883 |
| Cal-Maine Foods, Inc. (Food Products) | 4751 | 378037 |
| Central Garden & Pet Co. <br> (Household Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 35043 |
| Chefs' Warehouse, Inc. / The (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5432 | 338577 |
| Maplebear, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3591 | 161523 |
| Marzetti Company / The (Food Products) | 1284 | 211115 |
| National Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 535 | 17061 |
| Natural Grocers by Vitamin Cottage, Inc. <br> (Consumer Staples Distribution & Retail)<br>| 1737 | 43512 |
| PriceSmart, Inc. (Consumer Staples <br> Distribution & Retail)<br>| 2119 | 259938 |
| Sprouts Farmers Market, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6245 | 497539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| United Natural Foods, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4576 | $154074 |
| Vita Coco Co., Inc. / The (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3642 | 193062 |
| Vital Farms, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3623 | 115719 |
|  |  | 2743083 |
| **Energy–1.8%** |  |  |
| Archrock, Inc. (Energy Equip. & Svs.) | 14990 | 390040 |
| Ardmore Shipping Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 4720 | 49985 |
| Centrus Energy Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1063 | 258054 |
| Clean Energy Fuels Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10637 | 22338 |
| Delek U.S. Holdings, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 6371 | 188964 |
| Energy Fuels, Inc. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5030 | 73136 |
| Par Pacific Holdings, Inc. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3091 | 108618 |
| Patterson-UTI Energy, Inc. (Energy Equip. & <br> Svs.)<br>| 16398 | 100192 |
| ProPetro Holding Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2406 | 22881 |
| REX American Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3834 | 123915 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 1855 | 94289 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 13441 | 251346 |
| Solaris Energy Infrastructure, Inc. (Energy <br> Equip. & Svs.)<br>| 3153 | 144943 |
| Uranium Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 39766 | 464467 |
|  |  | 2293168 |
| **Financials–10.5%** |  |  |
| Acadian Asset Management, Inc. <br> (Capital Markets)<br>| 5370 | 252390 |
| Ally Financial, Inc. (Consumer Finance) | 2363 | 107020 |
| Amalgamated Financial Corp. (Banks) | 8831 | 282857 |
| Baldwin Insurance Group, Inc. / The <br> (Insurance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1724 | 41428 |
| Bank of Hawaii Corp. (Banks) | 2618 | 178993 |
| Bankwell Financial Group, Inc. (Banks) | 1369 | 62728 |
| Bar Harbor Bankshares (Banks) | 885 | 27479 |
| BGC Group, Inc. Class A (Capital Markets) | 31791 | 283894 |
| Bowhead Specialty Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5259 | 150092 |
| Byline Bancorp, Inc. (Banks) | 4644 | 135373 |
| ChoiceOne Financial Services, Inc. (Banks) | 629 | 18568 |
| Community Trust Bancorp, Inc. (Banks) | 321 | 18136 |
| Cullen / Frost Bankers, Inc. (Banks) | 4876 | 617448 |
| Customers Bancorp, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1313 | 96007 |
| Dave, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 241337 |
| Donegal Group, Inc. Class A (Insurance) | 3958 | 79081 |
| Encore Capital Group, Inc. <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1802 | 97939 |
| Enova International, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4695 | 738054 |
| EVERTEC, Inc. (Financial Services) | 5790 | 168431 |
| FactSet Research Systems, Inc. <br> (Capital Markets)<br>| 390 | 113174 |
| First Business Financial Services, Inc. (Banks) | 3594 | 195154 |
| First Financial Corp. (Banks) | 1402 | 84709 |
| First Mid Bancshares, Inc. (Banks) | 2035 | 79365 |
| FirstCash Holdings, Inc. (Consumer Finance) | 1998 | 318441 |
| GCM Grosvenor, Inc. Class A <br> (Capital Markets)<br>| 20448 | 231471 |
| Goosehead Insurance, Inc. Class A <br> (Insurance)<br>| 560 | 41244 |
| Green Dot Corp. Class A (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1326 | 16986 |
| HCI Group, Inc. (Insurance) | 598 | 114631 |
| Heritage Insurance Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3588 | 104985 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Horizon Bancorp, Inc. (Banks) | 2954 | $50100 |
| Independent Bank Corp. (Banks) | 1264 | 41118 |
| Kearny Financial Corp. (Banks) | 7409 | 54901 |
| Lemonade, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5927 | 421884 |
| LendingTree, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2123 | 112710 |
| Live Oak Bancshares, Inc. (Banks) | 6687 | 229698 |
| Mercury General Corp. (Insurance) | 1034 | 97258 |
| Midland States Bancorp, Inc. (Banks) | 1142 | 24176 |
| Moelis & Co. Class A (Capital Markets) | 4643 | 319160 |
| MVB Financial Corp. (Banks) | 2032 | 52487 |
| Navient Corp. (Consumer Finance) | 2790 | 36270 |
| NerdWallet, Inc. Class A (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3025 | 40989 |
| Nicolet Bankshares, Inc. (Banks) | 1405 | 170426 |
| Northfield Bancorp, Inc. (Banks) | 8633 | 98675 |
| Old Second Bancorp, Inc. (Banks) | 4571 | 89134 |
| Orange County Bancorp, Inc. (Banks) | 15854 | 452632 |
| Oscar Health, Inc. Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24670 | 354508 |
| Palomar Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5733 | 772579 |
| Park National Corp. (Banks) | 1281 | 194943 |
| Pinnacle Financial Partners, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6906 | 658901 |
| PJT Partners, Inc. Class A (Capital Markets) | 1461 | 244279 |
| Plumas Bancorp (Banks) | 338 | 15105 |
| PRA Group, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6130 | 108440 |
| Remitly Global, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27741 | 382826 |
| Root, Inc. Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1524 | 110078 |
| SEI Investments Co. (Capital Markets) | 4633 | 379999 |
| Sezzle, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 864 | 54842 |
| Silvercrest Asset Management Group, Inc. <br> Class A (Capital Markets)<br>| 45 | 684 |
| Skyward Specialty Insurance Group, Inc. <br> (Insurance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5421 | 277067 |
| SmartFinancial, Inc. (Banks) | 2217 | 82007 |
| Southern Missouri Bancorp, Inc. (Banks) | 1121 | 66273 |
| StepStone Group, Inc. Class A <br> (Capital Markets)<br>| 2101 | 134821 |
| Stewart Information Services Corp. <br> (Insurance)<br>| 2601 | 182746 |
| StoneCo Ltd. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19865 | 293803 |
| StoneX Group, Inc. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3958 | 376525 |
| Synovus Financial Corp. (Banks) | 7896 | 395195 |
| Tiptree, Inc. (Insurance) | 7309 | 133535 |
| Trupanion, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1758 | 65696 |
| Unity Bancorp, Inc. (Banks) | 1054 | 54513 |
| Universal Insurance Holdings, Inc. <br> (Insurance)<br>| 7134 | 241129 |
| Upstart Holdings, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9071 | 396675 |
| Velocity Financial, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4514 | 93711 |
| Virtu Financial, Inc. Class A (Capital Markets) | 10839 | 361155 |
|  |  | 13621068 |
| **Health Care–26.3%** |  |  |
| ACADIA Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15553 | 415421 |
| Accuray, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39036 | 32189 |
| Adaptive Biotechnologies Corp. (Life Sciences <br> Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15710 | 255130 |
| ADMA Biologics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16715 | 304882 |
| agilon health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31549 | 21728 |
| Alignment Healthcare, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16822 | 332235 |
| Alkermes PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14019 | 392252 |
| Alphatec Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12232 | 257361 |
| Amarin Corp. PLC – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 855 | 11932 |
| Amicus Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24680 | 351443 |
| Amneal Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20615 | 259749 |
| Amylyx Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13876 | 167622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2412 | $182058 |
| Arcellx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1576 | 102755 |
| Arcutis Biotherapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7848 | 227906 |
| Ardelyx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44665 | 260397 |
| Arrowhead Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11577 | 768597 |
| Arvinas, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15594 | 184945 |
| Astria Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4472 | 58538 |
| Atea Pharmaceuticals, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7197 | 25693 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4181 | 165400 |
| Aurinia Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9833 | 156836 |
| Avadel Pharmaceuticals PLC <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3810 | 82106 |
| Aveanna Healthcare Holdings, Inc. (Health <br> Care Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16600 | 135622 |
| Avidity Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7971 | 574948 |
| Axogen, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3335 | 109155 |
| Axsome Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3787 | 691658 |
| Beam Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10712 | 296937 |
| Beta Bionics, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1243 | 37874 |
| Beyondspring, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5417 | 8830 |
| Billiontoone, Inc. Class A (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6 | 491 |
| BioCryst Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2559 | 19960 |
| Biohaven Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8002 | 90343 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13711 | 1048754 |
| BrightSpring Health Services, Inc. (Health <br> Care Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9942 | 372328 |
| Capricor Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1813 | 52323 |
| CareDx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1022 | 19254 |
| Castle Biosciences, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1239 | 48197 |
| Catalyst Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12832 | 299499 |
| Celcuity, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2864 | 285655 |
| Ceribell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8040 | 176317 |
| Cerus Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 201030 | 414122 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3362 | 139590 |
| ClearPoint Neuro, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4918 | 67278 |
| Cogent Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10640 | 377933 |
| Concentra Group Holdings Parent, Inc. (Health <br> Care Providers & Svs.)<br>| 7631 | 150178 |
| Corcept Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2020 | 70296 |
| CorVel Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3701 | 250447 |
| Corvus Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2727 | 20998 |
| Crinetics Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7154 | 333019 |
| Disc Medicine, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 675 | 53602 |
| Doximity, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3542 | 156840 |
| Electromed, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 625 | 18200 |
| Encompass Health Corp. (Health Care <br> Providers & Svs.)<br>| 4542 | 482088 |
| Ensign Group, Inc. / The (Health Care <br> Providers & Svs.)<br>| 3691 | 642972 |
| Evolent Health, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11185 | 44740 |
| GeneDx Holdings Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1762 | 229166 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6134 | 692590 |
| Guardant Health, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11794 | 1204639 |
| Guardian Pharmacy Services, Inc. Class A <br> (Health Care Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3988 | 119999 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Haemonetics Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3601 | $288620 |
| Harmony Biosciences Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6284 | 235147 |
| Harrow, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1683 | 82467 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9031 | 827330 |
| Henry Schein, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1128 | 85254 |
| Hims & Hers Health, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21561 | 700086 |
| Hinge Health, Inc. Class A (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3708 | 172237 |
| Immunome, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8947 | 192182 |
| Immunovant, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4811 | 122296 |
| Indivior PLC (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7853 | 281766 |
| InfuSystem Holdings, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9005 | 80775 |
| Inspire Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 768 | 70833 |
| Intellia Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4998 | 44932 |
| Ionis Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1707 | 135041 |
| Iovance Biotherapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6560 | 17909 |
| iRadimed Corp. (Health Care Equip. & <br> Supplies)<br>| 3707 | 360617 |
| iRhythm Technologies, Inc. (Health Care Equip. <br> & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3667 | 650673 |
| Ironwood Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10492 | 35358 |
| Janux Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1744 | 24067 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1845 | 454866 |
| Kymera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5491 | 427255 |
| Lantheus Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4717 | 313916 |
| LENZ Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2377 | 38032 |
| LifeMD, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5171 | 17633 |
| LifeStance Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 52128 | 366981 |
| Liquidia Corp. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4607 | 158895 |
| Madrigal Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1808 | 1052871 |
| MannKind Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49636 | 281436 |
| MiMedx Group, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9116 | 61715 |
| Mineralys Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4859 | 176333 |
| Mirum Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5336 | 421491 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4131 | 121823 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 569 | 130352 |
| NeuroPace, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3878 | 59876 |
| Niagen Bioscience, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3864 | 24575 |
| Nkarta, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9366 | 17327 |
| Novocure Ltd. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23135 | 299136 |
| Nutex Health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 273 | 44941 |
| Nuvalent, Inc. Class A (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3968 | 399141 |
| Ocular Therapeutix, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20385 | 247474 |
| Omeros Corp. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6396 | 109851 |
| Omnicell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1980 | 89694 |
| OptimizeRx Corp. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1713 | 21001 |
| Option Care Health, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12994 | 413989 |
| Pediatrix Medical Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1857 | 39721 |
| Pennant Group, Inc. / The (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1801 | 50698 |
| Phathom Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 916 | 15196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Phibro Animal Health Corp. Class A <br> (Pharmaceuticals)<br>| 2381 | $88954 |
| Phreesia, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15846 | 268114 |
| Privia Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23389 | 554553 |
| Progyny, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11730 | 301226 |
| Protagonist Therapeutics, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4605 | 402201 |
| Prothena Corp. PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4386 | 41886 |
| PTC Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5555 | 421958 |
| RadNet, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5048 | 360175 |
| Recursion Pharmaceuticals, Inc. Class A <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 64636 | 264361 |
| Rhythm Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4817 | 515612 |
| Sarepta Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3501 | 75342 |
| Scholar Rock Holding Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6445 | 283902 |
| Select Medical Holdings Corp. (Health Care <br> Providers & Svs.)<br>| 3457 | 51336 |
| Soleno Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4740 | 219462 |
| Syndax Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13849 | 290968 |
| Tactile Systems Technology, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 531 | 15399 |
| Tarsus Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5826 | 477033 |
| TG Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16636 | 495919 |
| Theravance Biopharma, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8903 | 166575 |
| TransMedics Group, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3353 | 407892 |
| Travere Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6166 | 235603 |
| Treace Medical Concepts, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9331 | 22861 |
| Twist Bioscience Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9404 | 298295 |
| Ultragenyx Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7163 | 164749 |
| Varex Imaging Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5139 | 59869 |
| Vera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5070 | 256745 |
| Veracyte, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9814 | 413169 |
| Vericel Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6724 | 242131 |
| Viemed Healthcare, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 44363 | 329617 |
| Viking Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3926 | 138117 |
| Viridian Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8407 | 261626 |
| WaVe Life Sciences Ltd. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16250 | 276250 |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8960 | 401587 |
| Xeris Biopharma Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14289 | 112169 |
| Zymeworks, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9397 | 247423 |
|  |  | 34180905 |
| **Industrials–20.9%** |  |  |
| AeroVironment, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2928 | 708254 |
| American Superconductor Corp. <br> (Electrical Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4944 | 142288 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 356 | 91410 |
| Archer Aviation, Inc. Class A (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 56643 | 425955 |
| Argan, Inc. (Construction & Engineering) | 1434 | 449301 |
| Armstrong World Industries, Inc. <br> (Building Products)<br>| 853 | 163008 |
| Astronics Corp. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 421 | 22835 |
| Atmus Filtration Technologies, Inc. <br> (Machinery)<br>| 6958 | 361190 |
| AZZ, Inc. (Building Products) | 2369 | 253909 |
| Beta Technologies, Inc. Class A (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5556 | 156735 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Bloom Energy Corp. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20243 | $1758914 |
| Blue Bird Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3561 | 167367 |
| Boise Cascade Co. (Trading Companies & <br> Distributors)<br>| 2977 | 219107 |
| Brink's Co. / The (Commercial Svs. & <br> Supplies)<br>| 2285 | 266728 |
| Brookfield Business Corp. Class A <br> (Industrial Conglomerates)<br>| 11668 | 418648 |
| CECO Environmental Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1929 | 115451 |
| Centuri Holdings, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11801 | 297975 |
| Chart Industries, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3457 | 712937 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 903 | 842761 |
| Construction Partners, Inc. Class A <br> (Construction & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4765 | 517241 |
| CoreCivic, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4007 | 76574 |
| Covenant Logistics Group, Inc. <br> (Ground Transportation)<br>| 1366 | 30107 |
| Crane Co. (Machinery) | 391 | 72112 |
| DNOW, Inc. (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9744 | 129108 |
| Donaldson Co., Inc. (Machinery) | 537 | 47610 |
| Douglas Dynamics, Inc. (Machinery) | 750 | 24488 |
| Ducommun, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 956 | 90944 |
| Dycom Industries, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3072 | 1038029 |
| Energy Recovery, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13301 | 179431 |
| Enerpac Tool Group Corp. (Machinery) | 1142 | 43670 |
| EnerSys (Electrical Equip.) | 3561 | 522577 |
| Enovix Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19017 | 139014 |
| Eos Energy Enterprises, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25502 | 292253 |
| ESCO Technologies, Inc. (Machinery) | 2781 | 543380 |
| EVI Industries, Inc. (Trading Companies & <br> Distributors)<br>| 696 | 17149 |
| Exponent, Inc. (Professional Svs.) | 3414 | 237136 |
| Federal Signal Corp. (Machinery) | 5123 | 556307 |
| Flowserve Corp. (Machinery) | 842 | 58418 |
| Fluence Energy, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5656 | 111876 |
| Fluor Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5091 | 201756 |
| Franklin Electric Co., Inc. (Machinery) | 3254 | 310855 |
| Genpact Ltd. (Professional Svs.) | 7010 | 327928 |
| Global Industrial Co. (Trading Companies & <br> Distributors)<br>| 2908 | 84972 |
| Healthcare Services Group, Inc. (Commercial <br> Svs. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 855 | 16348 |
| Herc Holdings, Inc. (Trading Companies & <br> Distributors)<br>| 1853 | 274948 |
| Hertz Global Holdings, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3155 | 16217 |
| Huntington Ingalls Industries, Inc. (Aerospace <br> & Defense)<br>| 314 | 106782 |
| IBEX Holdings Ltd. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6280 | 239770 |
| IES Holdings, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 814 | 316662 |
| Innodata, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2615 | 133234 |
| Interface, Inc. (Commercial Svs. & Supplies) | 1032 | 28813 |
| Joby Aviation, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39715 | 524238 |
| Kadant, Inc. (Machinery) | 598 | 170442 |
| Karat Packaging, Inc. (Trading Companies & <br> Distributors)<br>| 5979 | 134946 |
| Kforce, Inc. (Professional Svs.) | 2746 | 84906 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3125 | 344313 |
| Korn Ferry (Professional Svs.) | 262 | 17297 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16355 | 1241508 |
| Legalzoom.com, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26099 | 259163 |
| Leonardo DRS, Inc. (Aerospace & Defense) | 5661 | 192984 |
| Lyft, Inc. Class A (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8568 | 165962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Matson, Inc. (Marine Transportation) | 2369 | $292690 |
| Maximus, Inc. (Professional Svs.) | 3773 | 325685 |
| Modine Manufacturing Co. <br> (Building Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3433 | 458340 |
| Montrose Environmental Group, Inc. <br> (Commercial Svs. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2502 | 62125 |
| Moog, Inc. Class A (Aerospace & Defense) | 2812 | 684863 |
| Mueller Industries, Inc. (Machinery) | 5599 | 642765 |
| Mueller Water Products, Inc. Class A <br> (Machinery)<br>| 11582 | 275883 |
| MYR Group, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1583 | 345886 |
| Nextpower, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12169 | 1060042 |
| NPK International, Inc. (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8241 | 98233 |
| NuScale Power Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13728 | 194526 |
| Planet Labs PBC (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22082 | 435457 |
| Powell Industries, Inc. (Electrical Equip.) | 467 | 148870 |
| Proto Labs, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 437 | 22108 |
| Red Cat Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5006 | 39698 |
| Resources Connection, Inc. <br> (Professional Svs.)<br>| 4757 | 23975 |
| REV Group, Inc. (Machinery) | 3908 | 237646 |
| Robert Half, Inc. (Professional Svs.) | 3387 | 91991 |
| Ryder System, Inc. (Ground Transportation) | 333 | 63733 |
| Shoals Technologies Group, Inc. Class A <br> (Electrical Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6306 | 53601 |
| SkyWest, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1318 | 132340 |
| SPX Technologies, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3997 | 799640 |
| Sterling Infrastructure, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2410 | 738014 |
| Tecnoglass, Inc. (Building Products) | 323 | 16253 |
| Tetra Tech, Inc. (Commercial Svs. & Supplies) | 2080 | 69763 |
| Transcat, Inc. (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 389 | 22068 |
| TriNet Group, Inc. (Professional Svs.) | 2534 | 149835 |
| Tutor Perini Corp. (Construction & <br> Engineering)<br>| 3788 | 253872 |
| UFP Industries, Inc. (Building Products) | 549 | 49987 |
| Upwork, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14092 | 279303 |
| Verra Mobility Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9930 | 222531 |
| Vicor Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1515 | 166044 |
| VSE Corp. (Aerospace & Defense) | 268 | 46302 |
| Watts Water Technologies, Inc. Class A <br> (Machinery)<br>| 969 | 267463 |
| Willdan Group, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2165 | 224424 |
| Worthington Enterprises, Inc. (Machinery) | 1565 | 80707 |
| Xometry, Inc. Class A (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4223 | 251142 |
| Zurn Elkay Water Solutions Corp. <br> (Building Products)<br>| 8656 | 402417 |
|  |  | 27226463 |
| **Information Technology–21.8%** |  |  |
| A10 Networks, Inc. (Software) | 5570 | 98533 |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13127 | 627602 |
| ADTRAN Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14006 | 121712 |
| Advanced Energy Industries, Inc. (Electronic <br> Equip., Instr. & Comp.)<br>| 4135 | 865745 |
| Aeva Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1627 | 21607 |
| Agilysys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1599 | 190025 |
| Alarm.com Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 750 | 38265 |
| Ambarella, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3223 | 228317 |
| Amplitude, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30716 | 355691 |
| Appian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5135 | 181882 |
| Applied Digital Corp. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13318 | 326557 |
| Applied Optoelectronics, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6233 | 217282 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Arlo Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12856 | $179855 |
| Arteris, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5050 | 78275 |
| Asana, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13078 | 179299 |
| Aurora Innovation, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26644 | 102313 |
| Badger Meter, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 2850 | 497069 |
| Bitdeer Technologies Group Class A <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2909 | 32610 |
| Blend Labs, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11594 | 35246 |
| Box, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22627 | 676774 |
| Braze, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5922 | 203065 |
| C3.ai, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21281 | 286868 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14625 | 774101 |
| CEVA, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1439 | 30967 |
| Cirrus Logic, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 397 | 47045 |
| Clear Secure, Inc. Class A (Software) | 3619 | 126955 |
| Clearwater Analytics Holdings, Inc. Class A <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22753 | 548802 |
| Cognex Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 6923 | 249090 |
| CommScope Holding Co., Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13812 | 250412 |
| Commvault Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3069 | 384730 |
| Core Scientific, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12539 | 182568 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14389 | 2070433 |
| CTS Corp. (Electronic Equip., Instr. & Comp.) | 2064 | 88484 |
| Digital Turbine, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8565 | 42825 |
| DigitalOcean Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4552 | 219042 |
| Domo, Inc. Class B (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8495 | 71613 |
| D-Wave Quantum, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27596 | 721635 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2150 | 162196 |
| Evolv Technologies Holdings, Inc. (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4845 | 34690 |
| Extreme Networks, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13085 | 217865 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3654 | 1663593 |
| Fastly, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1443 | 14690 |
| Five9, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6223 | 124771 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 483 | 29183 |
| FormFactor, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2899 | 161706 |
| Freshworks, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28761 | 352322 |
| Harmonic, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19556 | 193409 |
| Impinj, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2458 | 427717 |
| Insight Enterprises, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1426 | 116176 |
| Intapp, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3905 | 178927 |
| InterDigital, Inc. (Software) | 2096 | 667324 |
| IonQ, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 30093 | 1350273 |
| JFrog Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1571 | 98125 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1714 | 55654 |
| Kulicke & Soffa Industries, Inc. <br> (Semiconductors & Equip.)<br>| 4255 | 193858 |
| Manhattan Associates, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 561 | 97227 |
| Methode Electronics, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>| 13741 | 91240 |
| Mirion Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18479 | 432778 |
| NETGEAR, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1377 | 33778 |
| nLight, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5863 | 219921 |
| Novanta, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2664 | 316989 |
| Onestream, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1356 | 24923 |
| Ooma, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1953 | 22909 |
| OSI Systems, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1648 | 420339 |
| Ouster, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7065 | 152887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Pagaya Technologies Ltd. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7984 | $166866 |
| PC Connection, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 1398 | 80748 |
| Plexus Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3889 | 571683 |
| Porch Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10166 | 92816 |
| Power Integrations, Inc. (Semiconductors & <br> Equip.)<br>| 5412 | 192342 |
| Progress Software Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3430 | 147353 |
| Q2 Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6501 | 469112 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 582 | 49185 |
| Qualys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4323 | 574527 |
| Quantum Computing, Inc. (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14660 | 150412 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11178 | 1027146 |
| Red Violet, Inc. (Software) | 1612 | 91803 |
| Rigetti Computing, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25449 | 563695 |
| RingCentral, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4527 | 130740 |
| Rubrik, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 323 | 24703 |
| Sanmina Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2772 | 415994 |
| ScanSource, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1157 | 45192 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6419 | 473016 |
| Silicon Laboratories, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4452 | 581876 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1927 | 680597 |
| SkyWater Technology, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3288 | 59710 |
| SoundHound AI, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28691 | 286049 |
| Sprout Social, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12036 | 135646 |
| Tenable Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14495 | 341067 |
| Terawulf, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21563 | 247759 |
| TTM Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2809 | 193821 |
| Varonis Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4872 | 159802 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11001 | 196038 |
| Workiva, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4647 | 400804 |
| Xperi, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9065 | 53121 |
| Zeta Global Holdings Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22699 | 461925 |
|  |  | 28274312 |
| **Materials–2.8%** |  |  |
| Alpha Metallurgical Resources, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1682 | 336198 |
| Caledonia Mining Corp. PLC (Metals & <br> Mining)<br>| 630 | 16487 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13477 | 178975 |
| Coeur Mining, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27456 | 489540 |
| Commercial Metals Co. (Metals & Mining) | 2162 | 149654 |
| Constellium SE (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20514 | 386689 |
| Contango ORE, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 569 | 15027 |
| Idaho Strategic Resources, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2451 | 98775 |
| Ivanhoe Electric, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3117 | 49810 |
| Kaiser Aluminum Corp. (Metals & Mining) | 3701 | 425097 |
| Knife River Corp. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2347 | 165111 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Mativ Holdings, Inc. (Chemicals) | 11008 | $133747 |
| MP Materials Corp. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 278 | 14045 |
| Novagold Resources, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25512 | 237772 |
| Olympic Steel, Inc. (Metals & Mining) | 4497 | 192404 |
| Perpetua Resources Corp. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6152 | 148940 |
| Ramaco Resources, Inc. Class A (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10504 | 189072 |
| Royal Gold, Inc. (Metals & Mining) | 1010 | 224513 |
| SunCoke Energy, Inc. (Metals & Mining) | 2770 | 19944 |
| United States Lime & Minerals, Inc. <br> (Construction Materials)<br>| 1973 | 236247 |
|  |  | 3708047 |
| **Real Estate–1.5%** |  |  |
| Agree Realty Corp. (Retail REITs) | 4445 | 320173 |
| American Healthcare REIT, Inc. (Health Care <br> REITs)<br>| 1795 | 84473 |
| Compass, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 44921 | 474815 |
| EPR Properties (Specialized REITs) | 2076 | 103592 |
| Getty Realty Corp. (Retail REITs) | 1760 | 48171 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 19668 | 348713 |
| Newmark Group, Inc. Class A (Real Estate <br> Mgmt. & Development)<br>| 1155 | 20028 |
| St. Joe Co. / The (Real Estate Mgmt. & <br> Development)<br>| 424 | 25173 |
| Tanger, Inc. (Retail REITs) | 13700 | 457169 |
| Urban Edge Properties (Retail REITs) | 5194 | 99673 |
|  |  | 1981980 |
| **Utilities–0.1%** |  |  |
| Avista Corp. (Multi-Utilities) | 1648 | 63514 |
| Brookfield Infrastructure Corp. Class A <br> (Gas Utilities)<br>| 960 | 43584 |
|  |  | 107098 |
| **Total Common Stocks (Cost $110,329,848)** |  | $126204769 |

---

---

| | | |
|:---|:---|:---|
| **Rights–0.0%** | **Quantity** | **Value** |
| **Health Care–0.0%** |  |  |
| Akero Therapeutics, Inc. CVR (Acquired <br> December 10, 2025, Cost $3,880) <br> (Biotechnology)<br>(a)(b) | 5970 | $3880 |
| Blueprint Medicines Corp. CVR (Acquired <br> July 21, 2025, Cost $2,777) (Biotechnology)<br>(a)(b) | 6037 | 2777 |
| Flexion Therapeutics, Inc. CVR (Acquired <br> November 22, 2021, Cost $3,835) <br> (Biotechnology)<br>(a)(b) | 6185 | 3835 |
| Prevail Therapeutics, Inc. CVR (Acquired <br> January 21, 2021, Cost $1,116) <br> (Biotechnology)<br>(a)(b) | 2231 | 1116 |
| **Total Rights (Cost $11,608)** |  | $11608 |
| **Total Investments – 97.1% (Cost $110,341,456)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | $126216377 |
| **Other Assets in Excess of Liabilities – 2.9%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  | 3716033 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $129932410 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ADR: | American Depositary Receipts |
| CVR: | Contingent Value Right |
| REITs: | Real Estate Investment Trusts |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Small Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Represents a security deemed to be restricted. At December 31, 2025, the value of restricted securities in the Portfolio totaled $11,608, or 0.0% of the Portfolio's <br> net assets.<br>|
| (c) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (d) | Includes $162,179 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini Russell 2000 Index - Long | 17 | March 20, 2026 | &nbsp;&nbsp; $2159020 | &nbsp;&nbsp; $2123300 | &nbsp;&nbsp; $(35720)<br>| &nbsp;&nbsp; $(16745)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$2159020** | &nbsp;&nbsp; **$2123300** | &nbsp;&nbsp; **$(35720)**<br>| &nbsp;&nbsp; **$(16745)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P MidCap 400**<sup>®</sup> **Index Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.6%** | **Shares** | **Value** |
| **Communication Services–2.0%** |  |  |
| EchoStar Corp. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21778 | $2367268 |
| Frontier Communications Parent, Inc. <br> (Diversified Telecom. Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 40503 | 1541949 |
| New York Times Co. / The Class A (Media) | 26138 | 1814500 |
| Nexstar Media Group, Inc. (Media) | 4612 | 936467 |
| Pinterest, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 96408 | 2496003 |
| Warner Music Group Corp. Class A <br> (Entertainment)<br>| 23581 | 723229 |
| ZoomInfo Technologies, Inc. (Interactive <br> Media & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 44129 | 448792 |
|  |  | 10328208 |
| **Consumer Discretionary–11.4%** |  |  |
| Abercrombie & Fitch Co. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7616 | 958626 |
| Aramark (Hotels, Restaurants & Leisure) | 42529 | 1567619 |
| Autoliv, Inc. (Automobile Components) | 11306 | 1342022 |
| AutoNation, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4428 | 914293 |
| Bath & Body Works, Inc. (Specialty Retail) | 33317 | 669005 |
| BorgWarner, Inc. (Automobile Components) | 34607 | 1559391 |
| Boyd Gaming Corp. (Hotels, Restaurants & <br> Leisure)<br>| 9352 | 797165 |
| Brunswick Corp. (Leisure Products) | 10520 | 781005 |
| Burlington Stores, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10075 | 2910164 |
| Capri Holdings Ltd. (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 19190 | 468236 |
| Cava Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16139 | 947198 |
| Chewy, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36413 | 1203450 |
| Choice Hotels International, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 3364 | 320455 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 10719 | 1219608 |
| Columbia Sportswear Co. (Textiles, Apparel & <br> Luxury Goods)<br>| 4123 | 227136 |
| Crocs, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8392 | 717684 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 10697 | 2117685 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6474 | 1136187 |
| Five Below, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8923 | 1680736 |
| Floor & Decor Holdings, Inc. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17439 | 1061861 |
| GameStop Corp. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 66673 | 1338794 |
| Gap, Inc. / The (Specialty Retail) | 36627 | 937651 |
| Gentex Corp. (Automobile Components) | 35419 | 824200 |
| Goodyear Tire & Rubber Co. / The <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 46579 | 408032 |
| Graham Holdings Co. Class B (Diversified <br> Consumer Svs.)<br>| 548 | 602033 |
| Grand Canyon Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4468 | 743073 |
| H&R Block, Inc. (Diversified Consumer Svs.) | 20458 | 891560 |
| Harley-Davidson, Inc. (Automobiles) | 19230 | 394023 |
| Hilton Grand Vacations, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9636 | 431211 |
| Hyatt Hotels Corp. Class A (Hotels, Restaurants <br> & Leisure)<br>| 6768 | 1085046 |
| KB Home (Household Durables) | 10454 | 589710 |
| Lear Corp. (Automobile Components) | 8390 | 961494 |
| Lithia Motors, Inc. (Specialty Retail) | 3925 | 1304395 |
| Macy's, Inc. (Broadline Retail) | 43453 | 958139 |
| Mattel, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50316 | 998269 |
| Murphy U.S.A., Inc. (Specialty Retail) | 2759 | 1113312 |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9922 | 1087550 |
| Penske Automotive Group, Inc. <br> (Specialty Retail)<br>| 2972 | 470438 |
| Planet Fitness, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13426 | 1456318 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Polaris, Inc. (Leisure Products) | 8621 | $545278 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 7760 | 520075 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2475 | 443396 |
| Service Corp. International (Diversified <br> Consumer Svs.)<br>| 22685 | 1768749 |
| Somnigroup International, Inc. <br> (Household Durables)<br>| 33964 | 3032306 |
| Taylor Morrison Home Corp. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15822 | 931441 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 10701 | 1776366 |
| Thor Industries, Inc. (Automobiles) | 8512 | 873927 |
| Toll Brothers, Inc. (Household Durables) | 15602 | 2109702 |
| TopBuild Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4517 | 1884447 |
| Travel + Leisure Co. (Hotels, Restaurants & <br> Leisure)<br>| 10400 | 733512 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 5816 | 772365 |
| Valvoline, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20522 | 596369 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 53132 | 960627 |
| Visteon Corp. (Automobile Components) | 4389 | 417394 |
| Whirlpool Corp. (Household Durables) | 9069 | 654238 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 4495 | 1072013 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 12228 | 923948 |
| YETI Holdings, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12554 | 554510 |
|  |  | 59765437 |
| **Consumer Staples–4.2%** |  |  |
| Albertsons Cos., Inc. Class A (Consumer <br> Staples Distribution & Retail)<br>| 63981 | 1098554 |
| BellRing Brands, Inc. (Personal Care <br> Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20323 | 543234 |
| BJ's Wholesale Club Holdings, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21315 | 1918990 |
| Boston Beer Co., Inc. / The Class A <br> (Beverages)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1252 | 244303 |
| Casey's General Stores, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 6015 | 3324551 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25856 | 1182654 |
| Coca-Cola Consolidated, Inc. (Beverages) | 9151 | 1402848 |
| Coty, Inc. Class A (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59793 | 184162 |
| Darling Ingredients, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25591 | 921276 |
| e.l.f. Beauty, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9644 | 733330 |
| Flowers Foods, Inc. (Food Products) | 34374 | 373989 |
| Ingredion, Inc. (Food Products) | 10273 | 1132701 |
| Maplebear, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29732 | 1337345 |
| Marzetti Company / The (Food Products) | 3281 | 539462 |
| Performance Food Group Co. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25370 | 2281270 |
| Pilgrim's Pride Corp. (Food Products) | 6960 | 271370 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7731 | 765756 |
| Sprouts Farmers Market, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15754 | 1255121 |
| U.S. Foods Holding Corp. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36070 | 2716792 |
|  |  | 22227708 |
| **Energy–3.9%** |  |  |
| Antero Midstream Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 53924 | 959308 |
| Antero Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 47407 | 1633645 |
| Chord Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 9193 | 852191 |
| Civitas Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 12496 | 338517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P MidCap 400**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Energy (continued)** |  |  |
| CNX Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21811 | $801991 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 16447 | 1968377 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 25287 | 1165225 |
| Matador Resources Co. (Oil, Gas & <br> Consumable Fuels)<br>| 18894 | 801861 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 21681 | 677531 |
| NOV, Inc. (Energy Equip. & Svs.) | 59013 | 922373 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 40962 | 1605301 |
| PBF Energy, Inc. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 13388 | 363083 |
| Permian Resources Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 112293 | 1575471 |
| Range Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 38328 | 1351445 |
| TechnipFMC PLC (Energy Equip. & Svs.) | 65443 | 2916140 |
| Valaris Ltd. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10431 | 525722 |
| Viper Energy, Inc. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 27240 | 1052281 |
| Weatherford International PLC (Energy Equip. <br> & Svs.)<br>| 11607 | 908364 |
|  |  | 20418826 |
| **Financials–16.5%** |  |  |
| Affiliated Managers Group, Inc. <br> (Capital Markets)<br>| 4552 | 1312251 |
| Ally Financial, Inc. (Consumer Finance) | 45350 | 2053902 |
| American Financial Group, Inc. (Insurance) | 11199 | 1530679 |
| Annaly Capital Management, Inc. <br> (Mortgage REIT)<br>| 110480 | 2470333 |
| Associated Banc-Corp (Banks) | 26420 | 680579 |
| Bank OZK (Banks) | 17128 | 788231 |
| Brighthouse Financial, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9229 | 597947 |
| Cadence Bank (Banks) | 30136 | 1291026 |
| Carlyle Group, Inc. / The (Capital Markets) | 41987 | 2481852 |
| CNO Financial Group, Inc. (Insurance) | 15404 | 654208 |
| Columbia Banking System, Inc. (Banks) | 48391 | 1352528 |
| Comerica, Inc. (Banks) | 20667 | 1796582 |
| Commerce Bancshares, Inc. (Banks) | 20926 | 1095280 |
| Corebridge Financial, Inc. (Financial Services) | 43256 | 1305034 |
| Cullen / Frost Bankers, Inc. (Banks) | 10347 | 1310241 |
| East West Bancorp, Inc. (Banks) | 22262 | 2502026 |
| Equitable Holdings, Inc. (Financial Services) | 46365 | 2209292 |
| Essent Group Ltd. (Financial Services) | 15642 | 1016886 |
| Euronet Worldwide, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6299 | 479417 |
| Evercore, Inc. Class A (Capital Markets) | 6258 | 2129284 |
| F&G Annuities & Life, Inc. (Insurance) | 32 | 987 |
| Federated Hermes, Inc. (Capital Markets) | 11936 | 621508 |
| Fidelity National Financial, Inc. (Insurance) | 41225 | 2250473 |
| First American Financial Corp. (Insurance) | 16485 | 1012838 |
| First Financial Bankshares, Inc. (Banks) | 21048 | 628704 |
| First Horizon Corp. (Banks) | 79661 | 1903898 |
| FirstCash Holdings, Inc. (Consumer Finance) | 6283 | 1001385 |
| Flagstar Bank N.A. (Banks) | 48332 | 608500 |
| FNB Corp. (Banks) | 57950 | 990945 |
| Glacier Bancorp, Inc. (Banks) | 20819 | 917077 |
| Hamilton Lane, Inc. Class A (Capital Markets) | 6616 | 888595 |
| Hancock Whitney Corp. (Banks) | 13533 | 861781 |
| Hanover Insurance Group, Inc. / The <br> (Insurance)<br>| 5757 | 1052207 |
| Home BancShares, Inc. (Banks) | 29574 | 821566 |
| Houlihan Lokey, Inc. (Capital Markets) | 8820 | 1536356 |
| International Bancshares Corp. (Banks) | 8729 | 579955 |
| Janus Henderson Group PLC (Capital Markets) | 19996 | 951210 |
| Jefferies Financial Group, Inc. <br> (Capital Markets)<br>| 26699 | 1654537 |
| Kemper Corp. (Insurance) | 9530 | 386346 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Kinsale Capital Group, Inc. (Insurance) | 3575 | $1398254 |
| MGIC Investment Corp. (Financial Services) | 36206 | 1057939 |
| Morningstar, Inc. (Capital Markets) | 3860 | 838817 |
| Old National Bancorp (Banks) | 56274 | 1255473 |
| Old Republic International Corp. (Insurance) | 36826 | 1680739 |
| Pinnacle Financial Partners, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12447 | 1187568 |
| Primerica, Inc. (Insurance) | 5164 | 1334171 |
| Prosperity Bancshares, Inc. (Banks) | 15366 | 1061944 |
| Reinsurance Group of America, Inc. <br> (Insurance)<br>| 10629 | 2162576 |
| RenaissanceRe Holdings Ltd. (Insurance) | 7459 | 2097172 |
| RLI Corp. (Insurance) | 14860 | 950743 |
| Ryan Specialty Holdings, Inc. (Insurance) | 18332 | 946481 |
| SEI Investments Co. (Capital Markets) | 15057 | 1234975 |
| Selective Insurance Group, Inc. (Insurance) | 9774 | 817791 |
| Shift4 Payments, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10922 | 687758 |
| SLM Corp. (Consumer Finance) | 32858 | 889137 |
| SOUTHSTATE BANK CORP (Banks) | 16262 | 1530417 |
| Starwood Property Trust, Inc. (Mortgage REIT) | 56328 | 1014467 |
| Stifel Financial Corp. (Capital Markets) | 16477 | 2063250 |
| Synovus Financial Corp. (Banks) | 22463 | 1124273 |
| Texas Capital Bancshares, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7376 | 667823 |
| UMB Financial Corp. (Banks) | 11555 | 1329287 |
| United Bankshares, Inc. (Banks) | 22670 | 870528 |
| Unum Group (Insurance) | 24903 | 1929983 |
| Valley National Bancorp (Banks) | 77584 | 906181 |
| Voya Financial, Inc. (Financial Services) | 15402 | 1147295 |
| Webster Financial Corp. (Banks) | 26096 | 1642482 |
| Western Alliance Bancorp (Banks) | 16703 | 1404221 |
| WEX, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5548 | 826541 |
| Wintrust Financial Corp. (Banks) | 10839 | 1515509 |
| Zions Bancorp N.A. (Banks) | 23889 | 1398462 |
|  |  | 86698703 |
| **Health Care–8.7%** |  |  |
| Avantor, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 110317 | 1264233 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31092 | 1847798 |
| Bio-Rad Laboratories, Inc. Class A (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2943 | 891700 |
| Bruker Corp. (Life Sciences Tools & Svs.) | 17948 | 845530 |
| Chemed Corp. (Health Care Providers & Svs.) | 2292 | 980655 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19693 | 1251293 |
| DENTSPLY SIRONA, Inc. (Health Care Equip. & <br> Supplies)<br>| 32482 | 371269 |
| Doximity, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22230 | 984344 |
| Elanco Animal Health, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 80399 | 1819429 |
| Encompass Health Corp. (Health Care <br> Providers & Svs.)<br>| 16279 | 1727853 |
| Ensign Group, Inc. / The (Health Care Providers <br> & Svs.)<br>| 9306 | 1621105 |
| Envista Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 26535 | 576075 |
| Exelixis, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 43383 | 1901477 |
| Globus Medical, Inc. Class A (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18026 | 1573850 |
| Haemonetics Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7557 | 605694 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19032 | 1280854 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13939 | 1276952 |
| Hims & Hers Health, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 33699 | 1094207 |
| Illumina, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24721 | 3242406 |
| Jazz Pharmaceuticals PLC (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9833 | 1671610 |
| Lantheus Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10720 | 713416 |
| LivaNova PLC (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8808 | 541956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P MidCap 400**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Masimo Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7389 | $961013 |
| Medpace Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3600 | 2021940 |
| Neurocrine Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16134 | 2288285 |
| Option Care Health, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25682 | 818228 |
| Penumbra, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6336 | 1969926 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8561 | 1402805 |
| Roivant Sciences Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 70924 | 1539051 |
| Sotera Health Co. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33475 | 590499 |
| Tenet Healthcare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14218 | 2825401 |
| United Therapeutics Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6967 | 3394671 |
|  |  | 45895525 |
| **Industrials–23.2%** |  |  |
| AAON, Inc. (Building Products) | 10949 | 834861 |
| Acuity, Inc. (Electrical Equip.) | 4920 | 1771397 |
| Advanced Drainage Systems, Inc. <br> (Building Products)<br>| 11576 | 1676552 |
| AECOM (Construction & Engineering) | 21427 | 2042636 |
| AeroVironment, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5147 | 1245008 |
| AGCO Corp. (Machinery) | 10021 | 1045391 |
| Alaska Air Group, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18767 | 943980 |
| American Airlines Group, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 106795 | 1637167 |
| API Group Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59886 | 2291238 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 6102 | 1566811 |
| ATI, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21980 | 2522425 |
| Avis Budget Group, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2750 | 352880 |
| Booz Allen Hamilton Holding Corp. <br> (Professional Svs.)<br>| 19623 | 1655396 |
| Brink's Co. / The (Commercial Svs. & Supplies) | 6721 | 784542 |
| BWX Technologies, Inc. (Aerospace & <br> Defense)<br>| 14791 | 2556476 |
| CACI International, Inc. Class A <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3572 | 1903197 |
| Carlisle Cos., Inc. (Building Products) | 6744 | 2157136 |
| Carpenter Technology Corp. (Aerospace & <br> Defense)<br>| 8060 | 2537610 |
| Chart Industries, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7150 | 1474544 |
| Clean Harbors, Inc. (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8126 | 1905384 |
| CNH Industrial N.V. (Machinery) | 143172 | 1320046 |
| Concentrix Corp. (Professional Svs.) | 7195 | 299168 |
| Core & Main, Inc. Class A (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 30850 | 1603274 |
| Crane Co. (Machinery) | 7922 | 1461054 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 5966 | 3288877 |
| Donaldson Co., Inc. (Machinery) | 18742 | 1661666 |
| Dycom Industries, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4684 | 1582724 |
| EnerSys (Electrical Equip.) | 5972 | 876391 |
| Esab Corp. (Machinery) | 9235 | 1031734 |
| ExlService Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25680 | 1089859 |
| Exponent, Inc. (Professional Svs.) | 8050 | 559153 |
| Flowserve Corp. (Machinery) | 20567 | 1426938 |
| Fluor Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26075 | 1033352 |
| Fortune Brands Innovations, Inc. <br> (Building Products)<br>| 19441 | 972439 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4897 | 836555 |
| GATX Corp. (Trading Companies & <br> Distributors)<br>| 5776 | 979610 |
| Genpact Ltd. (Professional Svs.) | 25941 | 1213520 |
| Graco, Inc. (Machinery) | 26823 | 2198681 |
| GXO Logistics, Inc. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18523 | 975051 |
| Hexcel Corp. (Aerospace & Defense) | 12880 | 951832 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| ITT, Inc. (Machinery) | 13752 | $2386110 |
| KBR, Inc. (Professional Svs.) | 20544 | 825869 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8771 | 966389 |
| Knight-Swift Transportation Holdings, Inc. <br> (Ground Transportation)<br>| 26258 | 1372768 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 27314 | 2073406 |
| Landstar System, Inc. (Ground Transportation) | 5556 | 798397 |
| Lincoln Electric Holdings, Inc. (Machinery) | 8902 | 2133275 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9922 | 2156745 |
| Maximus, Inc. (Professional Svs.) | 9115 | 786807 |
| Middleby Corp. / The (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7498 | 1114728 |
| MSA Safety, Inc. (Commercial Svs. & <br> Supplies)<br>| 5956 | 953794 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 7388 | 621331 |
| Mueller Industries, Inc. (Machinery) | 17960 | 2061808 |
| Nextpower, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24005 | 2091076 |
| nVent Electric PLC (Electrical Equip.) | 26102 | 2661621 |
| Oshkosh Corp. (Machinery) | 10234 | 1285697 |
| Owens Corning (Building Products) | 13297 | 1488067 |
| Parsons Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8587 | 530677 |
| Paylocity Holding Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7127 | 1086868 |
| RB Global, Inc. (Commercial Svs. & Supplies) | 30041 | 3090318 |
| RBC Bearings, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5093 | 2283854 |
| Regal Rexnord Corp. (Electrical Equip.) | 10739 | 1506896 |
| Ryder System, Inc. (Ground Transportation) | 6531 | 1249968 |
| Saia, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4310 | 1407301 |
| Science Applications International Corp. <br> (Professional Svs.)<br>| 7443 | 749212 |
| Sensata Technologies Holding PLC <br> (Electrical Equip.)<br>| 23561 | 784346 |
| Simpson Manufacturing Co., Inc. <br> (Building Products)<br>| 6709 | 1083302 |
| SPX Technologies, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8063 | 1613084 |
| Sterling Infrastructure, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4970 | 1521963 |
| Terex Corp. (Machinery) | 10586 | 565081 |
| Tetra Tech, Inc. (Commercial Svs. & Supplies) | 42293 | 1418507 |
| Timken Co. / The (Machinery) | 10259 | 863090 |
| Toro Co. / The (Machinery) | 15833 | 1246374 |
| TransUnion (Professional Svs.) | 31416 | 2693922 |
| Trex Co., Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17317 | 607480 |
| UFP Industries, Inc. (Building Products) | 9425 | 858146 |
| UL Solutions, Inc. Class A (Professional Svs.) | 12174 | 960042 |
| Valmont Industries, Inc. (Construction & <br> Engineering)<br>| 3188 | 1282596 |
| Watsco, Inc. (Trading Companies & <br> Distributors)<br>| 5649 | 1903431 |
| Watts Water Technologies, Inc. Class A <br> (Machinery)<br>| 4435 | 1224149 |
| WESCO International, Inc. (Trading Companies <br> & Distributors)<br>| 7870 | 1925317 |
| Woodward, Inc. (Aerospace & Defense) | 9701 | 2932806 |
| XPO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18990 | 2580931 |
|  |  | 122014104 |
| **Information Technology–13.9%** |  |  |
| Allegro MicroSystems, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20001 | 527626 |
| Amkor Technology, Inc. (Semiconductors & <br> Equip.)<br>| 18384 | 725800 |
| Appfolio, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3732 | 868250 |
| Arrow Electronics, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8334 | 918240 |
| ASGN, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6950 | 334782 |
| Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 13136 | 631579 |
| Belden, Inc. (Electronic Equip., Instr. & Comp.) | 6354 | 740559 |
| Bentley Systems, Inc. Class B (Software) | 24094 | 919548 |
| BILL Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14418 | 786358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P MidCap 400**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Blackbaud, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5970 | $378020 |
| Ciena Corp. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22820 | 5336913 |
| Cirrus Logic, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8260 | 978810 |
| Cognex Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 27116 | 975634 |
| Coherent Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25424 | 4692508 |
| Commvault Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7134 | 894318 |
| Crane NXT Co. (Electronic Equip., Instr. & <br> Comp.)<br>| 8038 | 378349 |
| Docusign, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32533 | 2225257 |
| Dolby Laboratories, Inc. Class A (Software) | 9882 | 634622 |
| Dropbox, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28212 | 784294 |
| Dynatrace, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 48774 | 2113865 |
| Entegris, Inc. (Semiconductors & Equip.) | 24530 | 2066652 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5796 | 2638803 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59828 | 3614808 |
| Guidewire Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13754 | 2764692 |
| IPG Photonics Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4114 | 294562 |
| Kyndryl Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36978 | 982136 |
| Lattice Semiconductor Corp. (Semiconductors <br> & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22133 | 1628546 |
| Littelfuse, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 4029 | 1019015 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11470 | 4227727 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10362 | 1774803 |
| Manhattan Associates, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9748 | 1689426 |
| MKS, Inc. (Semiconductors & Equip.) | 10870 | 1737026 |
| Novanta, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5782 | 688000 |
| Nutanix, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 43803 | 2264177 |
| Okta, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27252 | 2356480 |
| Onto Innovation, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7931 | 1251988 |
| Pegasystems, Inc. (Software) | 14827 | 885468 |
| Pure Storage, Inc. Class A (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 50511 | 3384742 |
| Qualys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5801 | 770953 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17418 | 1600540 |
| Silicon Laboratories, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5310 | 694017 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6279 | 464772 |
| TD SYNNEX Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 12251 | 1840468 |
| Twilio, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24527 | 3488720 |
| UiPath, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 68250 | 1118617 |
| Universal Display Corp. (Semiconductors & <br> Equip.)<br>| 7155 | 835561 |
| Vontier Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 23480 | 872986 |
|  |  | 72801017 |
| **Materials–5.3%** |  |  |
| Alcoa Corp. (Metals & Mining) | 41897 | 2226407 |
| AptarGroup, Inc. (Containers & Packaging) | 10620 | 1295215 |
| Ashland, Inc. (Chemicals) | 7356 | 431577 |
| Avient Corp. (Chemicals) | 14746 | 460665 |
| Axalta Coating Systems Ltd. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 34532 | 1115729 |
| Cabot Corp. (Chemicals) | 8584 | 568948 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 92171 | 1224031 |
| Commercial Metals Co. (Metals & Mining) | 17955 | 1242845 |
| Crown Holdings, Inc. (Containers & <br> Packaging)<br>| 18449 | 1899694 |
| Eagle Materials, Inc. (Construction Materials) | 5189 | 1072463 |
| Graphic Packaging Holding Co. (Containers & <br> Packaging)<br>| 47710 | 718513 |
| Greif, Inc. Class A (Containers & Packaging) | 4260 | 288402 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Hecla Mining Co. (Metals & Mining) | 108408 | $2080349 |
| Knife River Corp. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9154 | 643984 |
| Louisiana-Pacific Corp. (Paper & Forest <br> Products)<br>| 10255 | 828194 |
| MP Materials Corp. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21791 | 1100881 |
| NewMarket Corp. (Chemicals) | 1262 | 867322 |
| Olin Corp. (Chemicals) | 18576 | 386938 |
| Reliance, Inc. (Metals & Mining) | 8459 | 2443551 |
| Royal Gold, Inc. (Metals & Mining) | 13108 | 2913777 |
| RPM International, Inc. (Chemicals) | 20750 | 2158000 |
| Scotts Miracle-Gro Co. / The (Chemicals) | 7150 | 417202 |
| Silgan Holdings, Inc. (Containers & Packaging) | 14154 | 571397 |
| Sonoco Products Co. (Containers & <br> Packaging)<br>| 15941 | 695665 |
| Westlake Corp. (Chemicals) | 5429 | 401420 |
|  |  | 28053169 |
| **Real Estate–6.3%** |  |  |
| Agree Realty Corp. (Retail REITs) | 18561 | 1336949 |
| American Homes 4 Rent Class A <br> (Residential REITs)<br>| 52743 | 1693050 |
| Brixmor Property Group, Inc. (Retail REITs) | 49534 | 1298782 |
| COPT Defense Properties (Office REITs) | 18211 | 506266 |
| Cousins Properties, Inc. (Office REITs) | 27147 | 699850 |
| CubeSmart (Specialized REITs) | 36896 | 1330101 |
| EastGroup Properties, Inc. (Industrial REITs) | 8619 | 1535389 |
| EPR Properties (Specialized REITs) | 12294 | 613471 |
| Equity LifeStyle Properties, Inc. <br> (Residential REITs)<br>| 31360 | 1900730 |
| First Industrial Realty Trust, Inc. <br> (Industrial REITs)<br>| 21435 | 1227582 |
| Gaming and Leisure Properties, Inc. <br> (Specialized REITs)<br>| 45780 | 2045908 |
| Healthcare Realty Trust, Inc. (Health Care <br> REITs)<br>| 56898 | 964421 |
| Independence Realty Trust, Inc. <br> (Residential REITs)<br>| 38574 | 674274 |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7636 | 2569285 |
| Kilroy Realty Corp. (Office REITs) | 17584 | 657114 |
| Kite Realty Group Trust (Retail REITs) | 35033 | 839741 |
| Lamar Advertising Co. Class A <br> (Specialized REITs)<br>| 14054 | 1778955 |
| National Storage Affiliates Trust <br> (Specialized REITs)<br>| 11521 | 325007 |
| NNN REIT, Inc. (Retail REITs) | 30726 | 1217671 |
| Omega Healthcare Investors, Inc. (Health Care <br> REITs)<br>| 47807 | 2119762 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 32538 | 340347 |
| PotlatchDeltic Corp. (Specialized REITs) | 11449 | 455441 |
| Rayonier, Inc. (Specialized REITs) | 23939 | 518279 |
| Rexford Industrial Realty, Inc. <br> (Industrial REITs)<br>| 37583 | 1455214 |
| Sabra Health Care REIT, Inc. (Health Care <br> REITs)<br>| 40322 | 763699 |
| STAG Industrial, Inc. (Industrial REITs) | 30224 | 1111034 |
| Vornado Realty Trust (Office REITs) | 26103 | 868708 |
| W.P. Carey, Inc. (Diversified REITs) | 35449 | 2281498 |
|  |  | 33128528 |
| **Utilities–3.2%** |  |  |
| Black Hills Corp. (Multi-Utilities) | 12213 | 847826 |
| Essential Utilities, Inc. (Water Utilities) | 45769 | 1755699 |
| IDACORP, Inc. (Electric Utilities) | 8748 | 1107147 |
| National Fuel Gas Co. (Gas Utilities) | 14619 | 1170397 |
| New Jersey Resources Corp. (Gas Utilities) | 16243 | 749127 |
| Northwestern Energy Group, Inc. <br> (Multi-Utilities)<br>| 9918 | 640108 |
| OGE Energy Corp. (Electric Utilities) | 32602 | 1392105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP S&P MidCap 400**<sup>®</sup> **Index Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| ONE Gas, Inc. (Gas Utilities) | 9702 | $749480 |
| Ormat Technologies, Inc. (Ind. Power & <br> Renewable Elec.)<br>| 9833 | 1086252 |
| Portland General Electric Co. (Electric Utilities) | 18206 | 873706 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 10393 | 831648 |
| Spire, Inc. (Gas Utilities) | 9548 | 789620 |
| Talen Energy Corp. (Ind. Power & Renewable <br> Elec.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7391 | 2770442 |
| TXNM Energy, Inc. (Electric Utilities) | 15865 | 934131 |
| UGI Corp. (Gas Utilities) | 34770 | 1301441 |
|  |  | 16999129 |
| **Total Common Stocks (Cost $439,176,583)** |  | $518330354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.0%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> (b)(c) | 3.588% | 02/12/2026 | &nbsp;&nbsp; $231000 | &nbsp;&nbsp; $230056 |
| **Total U.S. Treasury Obligations (Cost $229,981)** | **Total U.S. Treasury Obligations (Cost $229,981)** | **Total U.S. Treasury Obligations (Cost $229,981)** | **Total U.S. Treasury Obligations (Cost $229,981)** | &nbsp;&nbsp; $230056 |
| **Total Investments – 98.6% (Cost $439,406,564)** | **Total Investments – 98.6% (Cost $439,406,564)** | **Total Investments – 98.6% (Cost $439,406,564)** | &nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp; $518560410 |
| **Other Assets in Excess of Liabilities – 1.4%** | **Other Assets in Excess of Liabilities – 1.4%** | **Other Assets in Excess of Liabilities – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp; 7096893 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $525657303 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> REITs: Real Estate Investment Trusts

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Security is fully pledged, in addition to $71,479 of the Portfolio's cash holdings, as collateral for the futures contracts outstanding at December 31, 2025. See also <br> the following Schedule of Open Futures Contracts.<br>|
| (c) | Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025 |
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P MidCap 400 Index - Long | 13 | March 20, 2026 | &nbsp;&nbsp; $4376856 | &nbsp;&nbsp; $4322760 | &nbsp;&nbsp; $(54096)<br>| &nbsp;&nbsp; $(46155)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$4376856** | &nbsp;&nbsp; **$4322760** | &nbsp;&nbsp; **$(54096)**<br>| &nbsp;&nbsp; **$(46155)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Growth Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.5%** | **Shares** | **Value** |
| **Communication Services–12.5%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 50003 | $15650939 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 44282 | 13895692 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 26941 | 17783485 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 79082 | 7414728 |
| ROBLOX Corp. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15642 | 1267471 |
| Spotify Technology SA (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3208 | 1862918 |
|  |  | 57875233 |
| **Consumer Discretionary–12.5%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8626 | 1170721 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 95435 | 22028307 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 879 | 4707335 |
| Coupang, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39595 | 934046 |
| Garmin Ltd. (Household Durables) | 6398 | 1297834 |
| Home Depot, Inc. / The (Specialty Retail) | 8436 | 2902828 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 787 | 1585223 |
| NVR, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 85 | 619885 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12739 | 1161924 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38762 | 17432047 |
| TJX Cos., Inc. / The (Specialty Retail) | 29027 | 4458837 |
|  |  | 58298987 |
| **Consumer Staples–2.7%** |  |  |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 8943 | 7711907 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 41433 | 4616050 |
|  |  | 12327957 |
| **Financials–6.3%** |  |  |
| American Express Co. (Consumer Finance) | 2668 | 987027 |
| Blackstone, Inc. (Capital Markets) | 8192 | 1262715 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 4870 | 1180293 |
| Charles Schwab Corp. / The (Capital Markets) | 58566 | 5851329 |
| Mastercard, Inc. Class A (Financial Services) | 10422 | 5949712 |
| Moody's Corp. (Capital Markets) | 3165 | 1616840 |
| Morgan Stanley (Capital Markets) | 7844 | 1392545 |
| NU Holdings Ltd. Class A (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57473 | 962098 |
| Visa, Inc. (Financial Services) | 28503 | 9996287 |
|  |  | 29198846 |
| **Health Care–7.7%** |  |  |
| AbbVie, Inc. (Biotechnology) | 29061 | 6640148 |
| Amgen, Inc. (Biotechnology) | 2990 | 978657 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18457 | 1759875 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 62754 | 3384951 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 9897 | 2033833 |
| Eli Lilly & Co. (Pharmaceuticals) | 11947 | 12839202 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6063 | 3433841 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 2242 | 1839090 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3982 | 912236 |
| Stryker Corp. (Health Care Equip. & Supplies) | 2645 | 929638 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2089 | 947069 |
|  |  | 35698540 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials–6.3%** |  |  |
| AMETEK, Inc. (Electrical Equip.) | 3790 | $778125 |
| Cintas Corp. (Commercial Svs. & Supplies) | 22752 | 4278969 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 2327 | 2171766 |
| GE Vernova, Inc. (Electrical Equip.) | 3179 | 2077699 |
| General Electric Co. (operating as "GE <br> Aerospace") (Aerospace & Defense)<br>| 17037 | 5247907 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 21767 | 4246524 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4138 | 899477 |
| Parker-Hannifin Corp. (Machinery) | 3827 | 3363780 |
| RTX Corp. (Aerospace & Defense) | 4594 | 842540 |
| Trane Technologies PLC (Building Products) | 3901 | 1518269 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 28685 | 2343851 |
| Veralto Corp. (Commercial Svs. & Supplies) | 7409 | 739270 |
| Vertiv Holdings Co. Class A (Electrical Equip.) | 5322 | 862217 |
|  |  | 29370394 |
| **Information Technology–50.5%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10551 | 3692744 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29429 | 6302515 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 49997 | 6756594 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 3158 | 856450 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 158852 | 43185505 |
| AppLovin Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2240 | 1509357 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26222 | 3435869 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4234 | 686501 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5998 | 1775468 |
| Broadcom, Inc. (Semiconductors & Equip.) | 73646 | 25488881 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2699 | 843653 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2847 | 1334560 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 9821 | 1236267 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29341 | 1772783 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11100 | 1377288 |
| HubSpot, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2389 | 958706 |
| Intuit, Inc. (Software) | 6407 | 4244125 |
| KLA Corp. (Semiconductors & Equip.) | 1722 | 2092368 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 40036 | 6853362 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 8748 | 743405 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 3534 | 1008639 |
| Microsoft Corp. (Software) | 88202 | 42656251 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 5229 | 2004380 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 14144 | 1514681 |
| NVIDIA Corp. (Semiconductors & Equip.) | 242399 | 45207413 |
| Oracle Corp. (Software) | 30464 | 5937738 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37696 | 6700464 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5196 | 957103 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 15559 | 2661367 |
| Salesforce, Inc. (Software) | 9323 | 2469756 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23410 | 3586178 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 9353 | 593074 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2630 | 1235364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP BlackRock Advantage Large Cap Growth Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| TE Connectivity PLC (Electronic Equip., Instr. & <br> Comp.)<br>| 4071 | $926193 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 7269 | 1261099 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 5893 | 1015187 |
|  |  | 234881288 |
| **Total Common Stocks (Cost $348,126,978)** |  | $457651245 |
| **Total Investments – 98.5% (Cost $348,126,978)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $457651245 |
| **Other Assets in Excess of Liabilities – 1.5%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 7150075 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $464801320 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Non-income producing security. |
| (b) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (c) | Includes $469,916 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini Nasdaq-100 Index - Long | 14 | March 20, 2026 | &nbsp;&nbsp; $7115175 | &nbsp;&nbsp; $7127890 | &nbsp;&nbsp; $12715 | &nbsp;&nbsp; $(61180)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$7115175** | &nbsp;&nbsp; **$7127890** | &nbsp;&nbsp; **$12715** | &nbsp;&nbsp; **$(61180)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Dynamic Risk Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–70.5%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 50026 | $30731472 |
| iShares Core S&P 500 ETF  | 459240 | 314551846 |
| iShares Core S&P Mid-Cap ETF  | 965000 | 63690000 |
| iShares Core S&P Small-Cap ETF  | 200000 | 24036000 |
| iShares Core S&P Total U.S. Stock Market ETF  | 77000 | 11449130 |
| iShares MBS ETF  | 495924 | 47221883 |
| Vanguard Intermediate-Term Corporate Bond ETF  | 1746325 | 146254719 |
| Vanguard Intermediate-Term Treasury ETF  | 144000 | 8629920 |
| Vanguard S&P 500 ETF  | 567000 | 355582710 |
| Vanguard Total Stock Market ETF  | 264000 | 88511280 |
| **Total Exchange Traded Funds (Cost $999,408,435)** |  | $1090658960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities–10.7%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–10.7%** |  |  |  |  |
| AGL CLO 2021-12A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 10/20/2038 | &nbsp;&nbsp; $8000000 | &nbsp;&nbsp; $8004800 |
| Aimco CLO 2023-20A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 10/16/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8003906 |
| Apidos CLO XXXIX Ltd. 2022-39A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 10/21/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000095 |
| Ares LVII CLO Ltd. 2020-57A A1R2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 10/25/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7990007 |
| Ballyrock CLO 2019-2A A1R3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/25/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8014406 |
| Benefit Street Partners CLO 44 Ltd. 2025-44A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/15/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7992000 |
| Carlyle U.S. CLO 2025-7A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 01/25/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000000 |
| Cayuga Park CLO Ltd. 2020-1A AR2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 10/17/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7995599 |
| CIFC Funding 2021-2A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 01/15/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7990022 |
| Dryden 2025-120A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/15/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000000 |
| HPS Loan Management 15 2019-15A A1R2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/22/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000000 |
| Invesco CLO 2021-1A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 126 | 04/15/2034 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1701277 |
| KKR Financial CLO 2013-1A A1R3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 125 | 10/15/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8003070 |
| Madison Park Funding XLVIII Ltd. 2021-48A AR <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/19/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7990800 |
| Midocean Credit CLO XX 2025-20A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 123 | 01/20/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7989959 |
| NMEF Funding 2024-A LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.150% | 12/15/2031 | &nbsp;&nbsp; 587325 | &nbsp;&nbsp; 590974 |
| OHA Credit Funding 16-R Ltd. 2023-16RA A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 120 | 10/20/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8004013 |
| Onemain Direct Auto Receivables Trust 2022-1A C <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.310% | 06/14/2029 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1101851 |
| Orion CLO 2023-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 10/25/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7995510 |
| Pagaya AI Debt Grantor Trust 2024-9 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.306% | 03/15/2032 | &nbsp;&nbsp; 659342 | &nbsp;&nbsp; 661545 |
| Regatta XIX Funding Ltd. 2022-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 10/20/2038 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7996891 |
| Research-Driven Pagaya Motor Asset Trust 2023-4A A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.540% | 03/25/2032 | &nbsp;&nbsp; 452345 | &nbsp;&nbsp; 453197 |
| TCW CLO 2025-2A A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 124 | 01/15/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7989415 |
| Trinitas CLO XXXVII Ltd. 2025-37A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 122 | 01/22/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7988994 |
| Voya CLO 2023-1A A1R <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 121 | 01/20/2039 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7990003 |
| **Total Asset-Backed Securities (Cost $164,459,627)** |  |  |  | &nbsp;&nbsp; $164448334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–9.3%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–0.3%** |  |  |  |  |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 5.625% | 11/15/2055 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $959771 |
| NTT Finance Corp. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.876% | 07/16/2030 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp; 1772038 |
| NTT Finance Corp. (Diversified Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.502% | 07/16/2035 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp; 1801662 |
|  |  |  |  | &nbsp;&nbsp; 4533471 |
| **Consumer Discretionary–0.4%** |  |  |  |  |
| Ford Motor Co. (Automobiles) | 3.250% | 02/12/2032 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1008937 |
| Jaguar Land Rover Automotive PLC (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 07/15/2029 | &nbsp;&nbsp; 1227000 | &nbsp;&nbsp; 1226704 |
| Mattel, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 12/15/2027 | &nbsp;&nbsp; 1578000 | &nbsp;&nbsp; 1578332 |
| Sekisui House U.S., Inc. (Household Durables) | 6.000% | 01/15/2043 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1073077 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. <br> (Hotels, Restaurants & Leisure)<br>| 5.375% | 04/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996156 |
|  |  |  |  | &nbsp;&nbsp; 5883206 |
| **Consumer Staples–0.4%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 3.400% | 05/06/2030 | &nbsp;&nbsp; 1934000 | &nbsp;&nbsp; 1861915 |
| Cargill, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.125% | 04/23/2030 | &nbsp;&nbsp; 501000 | &nbsp;&nbsp; 459983 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1539837 |
| JBS U.S.A. Holding Lux SARL / JBS U.S.A. Foods Group Holdings, Inc. / JBS U.S.A. Food Co. <br> (Food Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 04/15/2066 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1692650 |
| Pilgrim's Pride Corp. (Food Products) | 4.250% | 04/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 976268 |
|  |  |  |  | &nbsp;&nbsp; 6530653 |
| **Energy–0.9%** |  |  |  |  |
| APA Corp. (Oil, Gas & Consumable Fuels) | 4.250% | 01/15/2030 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1815912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Dynamic Risk Balanced Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Energy (continued)** |  |  |  |  |
| Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 05/15/2030 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2025768 |
| Continental Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 01/15/2031 | &nbsp;&nbsp; 1132000 | &nbsp;&nbsp; 1160736 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.600% | 09/01/2034 | &nbsp;&nbsp; 1183000 | &nbsp;&nbsp; 1217444 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2070253 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 05/15/2031 | &nbsp;&nbsp; 1224000 | &nbsp;&nbsp; 1151031 |
| Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 5.700% | 09/15/2034 | &nbsp;&nbsp; 1189000 | &nbsp;&nbsp; 1226128 |
| Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.800% | 05/15/2038 | &nbsp;&nbsp; 848000 | &nbsp;&nbsp; 936359 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 08/15/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1535266 |
| Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.500% | 12/15/2035 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 746012 |
|  |  |  |  | &nbsp;&nbsp; 13884909 |
| **Financials–5.5%** |  |  |  |  |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5275947 |
| Aviation Capital Group LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1.950% | 09/20/2026 | &nbsp;&nbsp; 2008000 | &nbsp;&nbsp; 1975263 |
| Avolon Holdings Funding Ltd. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.900% | 10/10/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4021216 |
| Banco Santander SA (Rate is fixed until 03/24/2027, then H15T1Y + 200) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.175% | 03/24/2028 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1800630 |
| Bank of America Corp. (Rate is fixed until 04/29/2030, then SOFR + 215) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.592% | 04/29/2031 | &nbsp;&nbsp; 1441000 | &nbsp;&nbsp; 1342696 |
| Belrose Funding Trust II (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.792% | 05/15/2055 | &nbsp;&nbsp; 2861000 | &nbsp;&nbsp; 2970699 |
| Blackstone Private Credit Fund (Capital Markets) | 6.000% | 01/29/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2030184 |
| Carlyle Secured Lending, Inc. (Capital Markets) | 6.750% | 02/18/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023993 |
| Charles Schwab Corp. / The (Rate is fixed until 11/14/2035, then SOFR + 123) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.914% | 11/14/2036 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1489928 |
| Citigroup, Inc. (Rate is fixed until 09/19/2029, then SOFR + 134) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.542% | 09/19/2030 | &nbsp;&nbsp; 1191000 | &nbsp;&nbsp; 1200471 |
| Comerica Bank (Rate is fixed until 08/25/2032, then SOFR + 261) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.332% | 08/25/2033 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1509577 |
| Danske Bank A/S (Rate is fixed until 04/01/2027, then H15T1Y + 175) (Banks)<br> (a)(b) | 4.298% | 04/01/2028 | &nbsp;&nbsp; 1829000 | &nbsp;&nbsp; 1833059 |
| Deutsche Bank AG (Rate is fixed until 12/10/2030, then SOFR + 110) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.469% | 12/10/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498297 |
| First Citizens BancShares, Inc. (Rate is fixed until 09/05/2030, then H15T5Y + 185) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.600% | 09/05/2035 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3993044 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.750% | 02/08/2031 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1262166 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 04/22/2031, then SOFR + 128) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.615% | 04/22/2032 | &nbsp;&nbsp; 1344000 | &nbsp;&nbsp; 1225477 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 05/06/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4078104 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 01/31/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001111 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.300% | 01/08/2030 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2576077 |
| ING Groep N.V. (Rate is fixed until 11/16/2032, then USISSO05 + 359) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | Perpetual | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2086274 |
| JPMorgan Chase & Co. (Rate is fixed until 01/25/2032, then SOFR + 126) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.963% | 01/25/2033 | &nbsp;&nbsp; 1682000 | &nbsp;&nbsp; 1543538 |
| JPMorgan Chase & Co. (Rate is fixed until 10/22/2035, then SOFR + 119) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.810% | 10/22/2036 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2978892 |
| KBC Group N.V. (Rate is fixed until 09/23/2030, then H15T1Y + 85) (Banks)<br> (a)(b) | 4.454% | 09/23/2031 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4987197 |
| LPL Holdings, Inc. (Capital Markets) | 5.200% | 03/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1534998 |
| M&T Bank Corp. (Rate is fixed until 07/30/2030, then H15T5Y + 143) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.400% | 07/30/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2019728 |
| Macquarie Bank Ltd. (Rate is fixed until 08/13/2035, then H15T1Y + 145) (Capital Markets)<br> (a)(b) | 5.642% | 08/13/2036 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2432549 |
| Main Street Capital Corp. (Capital Markets) | 6.950% | 03/01/2029 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3131890 |
| Morgan Stanley Bank N.A. (Rate is fixed until 05/26/2027, then SOFR + 87) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.504% | 05/26/2028 | &nbsp;&nbsp; 1169000 | &nbsp;&nbsp; 1192323 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 05/31/2030 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3018910 |
| Nationwide Building Society (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 09/14/2026 | &nbsp;&nbsp; 1299000 | &nbsp;&nbsp; 1296735 |
| PayPal Holdings, Inc. (Financial Services) | 2.850% | 10/01/2029 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1379342 |
| Pinnacle Bank (Rate is fixed until 01/15/2031, then H15T5Y + 230) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.957% | 01/15/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011099 |
| Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, then SOFR + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.490% | 01/06/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982888 |
| Santander U.K. Group Holdings PLC (Rate is fixed until 01/11/2027, then SOFR + 122) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.469% | 01/11/2028 | &nbsp;&nbsp; 1374000 | &nbsp;&nbsp; 1350327 |
| Sixth Street Lending Partners (Capital Markets) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1539526 |
| Societe Generale SA (Rate is fixed until 01/19/2027, then H15T1Y + 150) (Banks)<br> (a)(b) | 5.519% | 01/19/2028 | &nbsp;&nbsp; 1196000 | &nbsp;&nbsp; 1211172 |
| Synchrony Financial (Rate is fixed until 07/29/2035, then SOFR + 207) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 07/29/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2052882 |
| Toronto-Dominion Bank / The (Rate is fixed until 10/31/2030, then H15T5Y + 272) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.350% | 10/31/2085 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013906 |
| Truist Bank (Rate is fixed until 07/24/2027, then SOFR + 77) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.420% | 07/24/2028 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2765752 |
| Webster Financial Corp. (Rate is fixed until 09/11/2030, then H15T5Y + 213) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.784% | 09/11/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998805 |
| Wells Fargo & Co. (Rate is fixed until 07/25/2028, then SOFR + 174) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.574% | 07/25/2029 | &nbsp;&nbsp; 1007000 | &nbsp;&nbsp; 1043128 |
| Willis North America, Inc. (Insurance) | 5.150% | 03/15/2036 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800066 |
|  |  |  |  | &nbsp;&nbsp; 85479866 |
| **Industrials–0.1%** |  |  |  |  |
| Cummins, Inc. (Machinery) | 5.150% | 02/20/2034 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp; 1221552 |
| Flowserve Corp. (Machinery) | 2.800% | 01/15/2032 | &nbsp;&nbsp; 1001000 | &nbsp;&nbsp; 895190 |
|  |  |  |  | &nbsp;&nbsp; 2116742 |
| **Information Technology–0.5%** |  |  |  |  |
| CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 4.250% | 04/01/2028 | &nbsp;&nbsp; 1196000 | &nbsp;&nbsp; 1192111 |
| Kyndryl Holdings, Inc. (IT Svs.) | 2.050% | 10/15/2026 | &nbsp;&nbsp; 2046000 | &nbsp;&nbsp; 2012365 |
| Oracle Corp. (Software) | 2.950% | 04/01/2030 | &nbsp;&nbsp; 1796000 | &nbsp;&nbsp; 1658011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Dynamic Risk Balanced Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Information Technology (continued)** |  |  |  |  |
| Oracle Corp. (Software) | 3.900% | 05/15/2035 | &nbsp;&nbsp; $1039000 | &nbsp;&nbsp; $895430 |
| Western Digital Corp. (Tech. Hardware, Storage & Periph.) | 2.850% | 02/01/2029 | &nbsp;&nbsp; 2792000 | &nbsp;&nbsp; 2672196 |
|  |  |  |  | &nbsp;&nbsp; 8430113 |
| **Materials–0.2%** |  |  |  |  |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067000 |
| Westlake Corp. (Chemicals) | 6.375% | 11/15/2055 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1475734 |
|  |  |  |  | &nbsp;&nbsp; 2542734 |
| **Real Estate–0.7%** |  |  |  |  |
| American Tower Corp. (Specialized REITs) | 3.800% | 08/15/2029 | &nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1432591 |
| American Tower Corp. (Specialized REITs) | 4.700% | 12/15/2032 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600130 |
| Equinix, Inc. (Specialized REITs) | 3.200% | 11/18/2029 | &nbsp;&nbsp; 1689000 | &nbsp;&nbsp; 1621353 |
| GLP Capital LP / GLP Financing II, Inc. (Specialized REITs) | 3.250% | 01/15/2032 | &nbsp;&nbsp; 1468000 | &nbsp;&nbsp; 1328186 |
| Kimco Realty OP LLC (Retail REITs) | 5.300% | 02/01/2036 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2867159 |
| Piedmont Operating Partnership LP (Office REITs) | 5.625% | 01/15/2033 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1515371 |
| VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 09/01/2026 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1501463 |
|  |  |  |  | &nbsp;&nbsp; 10866253 |
| **Utilities–0.3%** |  |  |  |  |
| Dominion Energy, Inc. (Rate is fixed until 02/15/2031, then H15T5Y + 226) (Multi-Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 02/15/2056 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1506919 |
| Enel Finance International N.V. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 09/30/2055 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1948667 |
| Entergy Corp. (Rate is fixed until 06/15/2036, then H15T5Y + 201) (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.100% | 06/15/2056 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499224 |
|  |  |  |  | &nbsp;&nbsp; 3954810 |
| **Total Corporate Bonds (Cost $141,631,390)** |  |  |  | &nbsp;&nbsp; $144222757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–8.3%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bond | 3.250% | 05/15/2042 | &nbsp;&nbsp; $23856400 | &nbsp;&nbsp; $19895865 |
| U.S. Treasury Bond | 4.000% | 11/15/2042 | &nbsp;&nbsp; 3722000 | &nbsp;&nbsp; 3411446 |
| U.S. Treasury Bond | 3.875% | 05/15/2043 | &nbsp;&nbsp; 5624900 | &nbsp;&nbsp; 5045931 |
| U.S. Treasury Bond | 4.375% | 08/15/2043 | &nbsp;&nbsp; 2998200 | &nbsp;&nbsp; 2863866 |
| U.S. Treasury Bond | 4.750% | 11/15/2043 | &nbsp;&nbsp; 4140100 | &nbsp;&nbsp; 4140585 |
| U.S. Treasury Bond | 2.250% | 02/15/2052 | &nbsp;&nbsp; 14868400 | &nbsp;&nbsp; 9020937 |
| U.S. Treasury Bond | 4.625% | 05/15/2054 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 385 |
| U.S. Treasury Bond | 4.625% | 02/15/2055 | &nbsp;&nbsp; 38000000 | &nbsp;&nbsp; 36603203 |
| U.S. Treasury Bond | 4.750% | 05/15/2055 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp; 34392969 |
| U.S. Treasury Inflation Indexed Note | 0.250% | 07/15/2029 | &nbsp;&nbsp; 7411504 | &nbsp;&nbsp; 7140155 |
| U.S. Treasury Note | 3.875% | 08/31/2032 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5984297 |
| **Total U.S. Treasury Obligations (Cost $136,688,435)** |  |  |  | &nbsp;&nbsp; $128499639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Securities–0.5%** | **Rate** | **Quantity** | **Value** |
| **Financials–0.5%** |  |  |  |
| Bank of America Corp. DR (Rate is fixed until 07/26/2030, then H15T5Y + 235) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; $4062824 |
| First Citizens BancShares, Inc. (Rate is fixed until 12/15/2030, then H15T5Y + 330) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3067437 |
| **Total Preferred Securities (Cost $7,000,000)** |  |  | &nbsp;&nbsp; $7130261 |

---

---

| | | |
|:---|:---|:---|
| **Rights–0.0%** | **Quantity** | **Value** |
| **Health Care–0.0%** |  |  |
| ABIOMED Inc. CVR (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4357 | $4444 |
| **Total Rights (Cost $4,444)** |  | $4444 |
| **Total Investments – 99.3% (Cost $1,449,192,331)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  | $1534964395 |
| **Other Assets in Excess of Liabilities – 0.7%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(e) |  | 11346788 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $1546311183 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CLO: | Collateralized Loan Obligation |
| CVR: | Contingent Value Right |
| DR: | Depositary Receipt |
| ETF: | Exchange Traded Fund |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 3.480% at 12/31/2025 |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.730% at 12/31/2025 |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 3.870% at 12/31/2025 |
| TSFR3M: | Quarterly CME Term Secured Overnight Financing Rate ("SOFR"), 3.652% at 12/31/2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Dynamic Risk Balanced Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, <br> normally to qualified buyers under Rule 144A. At December 31, 2025, the value of these securities totaled $214,776,297, or 13.9% of the Portfolio's net assets.<br>|
| (b) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates <br> stated, including interest rate caps and floors, if any, are those in effect at December 31, 2025.<br>|
| (c) | Non-income producing security. |
| (d) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (e) | Includes $3,239,995 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Treasury Note - Long | 402 | March 20, 2026 | &nbsp;&nbsp; $45298755 | &nbsp;&nbsp; $45199875 | &nbsp;&nbsp; $(98880)<br>| &nbsp;&nbsp; $(81656)<br>|
| CBT 10-Year U.S. Ultra Bond - Long | 92 | March 20, 2026 | &nbsp;&nbsp; 10654917 | &nbsp;&nbsp; 10581438 | &nbsp;&nbsp; (73479)<br>| &nbsp;&nbsp; (17250)<br>|
| CBT U.S. Long Bond - Long | 348 | March 20, 2026 | &nbsp;&nbsp; 40662300 | &nbsp;&nbsp; 40226625 | &nbsp;&nbsp; (435675)<br>| &nbsp;&nbsp; (76125)<br>|
| CBT U.S. Ultra Bond - Long | 130 | March 20, 2026 | &nbsp;&nbsp; 15719204 | &nbsp;&nbsp; 15340000 | &nbsp;&nbsp; (379204)<br>| &nbsp;&nbsp; (48750)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$112335176** | &nbsp;&nbsp; **$111347938** | &nbsp;&nbsp; **$(987238)**<br>| &nbsp;&nbsp; **$(223781)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–45.9%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.401% | 01/06/2026 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $749618 |
| U.S. Treasury Bond | 1.375% | 11/15/2040 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 340758 |
| U.S. Treasury Bond | 1.875% | 02/15/2041 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 125747 |
| U.S. Treasury Bond | 4.000% | 11/15/2042 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1466500 |
| U.S. Treasury Bond | 2.000% | 02/15/2050 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 2198144 |
| U.S. Treasury Bond | 1.875% | 02/15/2051 | &nbsp;&nbsp; 3940000 | &nbsp;&nbsp; 2201783 |
| U.S. Treasury Bond | 4.000% | 11/15/2052 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2428016 |
| U.S. Treasury Bond | 4.250% | 08/15/2054 | &nbsp;&nbsp; 20400000 | &nbsp;&nbsp; 18444469 |
| U.S. Treasury Note | 1.500% | 01/31/2027 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3425215 |
| U.S. Treasury Note | 0.500% | 04/30/2027 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3076875 |
| U.S. Treasury Note | 2.750% | 04/30/2027 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 3367062 |
| U.S. Treasury Note | 2.625% | 05/31/2027 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1482070 |
| U.S. Treasury Note | 3.750% | 06/30/2027 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 828190 |
| U.S. Treasury Note | 3.875% | 11/30/2027 | &nbsp;&nbsp; 12500000 | &nbsp;&nbsp; 12588867 |
| U.S. Treasury Note | 1.250% | 03/31/2028 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 547261 |
| U.S. Treasury Note | 3.875% | 06/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2017187 |
| U.S. Treasury Note | 4.125% | 07/31/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2029844 |
| U.S. Treasury Note | 4.000% | 01/31/2029 | &nbsp;&nbsp; 11800000 | &nbsp;&nbsp; 11950266 |
| U.S. Treasury Note | 2.375% | 03/31/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 481719 |
| U.S. Treasury Note | 3.625% | 08/31/2029 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6498984 |
| U.S. Treasury Note | 3.875% | 11/30/2029 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1613375 |
| U.S. Treasury Note | 4.125% | 11/30/2029 | &nbsp;&nbsp; 3650000 | &nbsp;&nbsp; 3713019 |
| U.S. Treasury Note | 4.375% | 12/31/2029 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp; 8521766 |
| U.S. Treasury Note | 4.000% | 02/28/2030 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7089141 |
| U.S. Treasury Note | 3.875% | 04/30/2030 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2922656 |
| U.S. Treasury Note | 3.875% | 07/31/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4029531 |
| U.S. Treasury Note | 4.375% | 11/30/2030 | &nbsp;&nbsp; 9700000 | &nbsp;&nbsp; 9979254 |
| U.S. Treasury Note | 1.125% | 02/15/2031 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 356574 |
| U.S. Treasury Note | 4.625% | 04/30/2031 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6245391 |
| U.S. Treasury Note | 3.750% | 08/31/2031 | &nbsp;&nbsp; 16750000 | &nbsp;&nbsp; 16694385 |
| U.S. Treasury Note | 4.125% | 10/31/2031 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8123125 |
| U.S. Treasury Note | 4.125% | 03/31/2032 | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; 36493594 |
| U.S. Treasury Note | 4.125% | 05/31/2032 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4052500 |
| U.S. Treasury Note | 4.000% | 07/31/2032 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp; 5930883 |
| U.S. Treasury Note | 3.750% | 10/31/2032 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 10877969 |
| U.S. Treasury Note | 4.250% | 11/15/2034 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp; 6164098 |
| U.S. Treasury Note | 4.625% | 02/15/2035 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20760156 |
| U.S. Treasury Note | 4.000% | 11/15/2035 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6406562 |
| **Total U.S. Treasury Obligations (Cost $241,275,168)** |  |  |  | &nbsp;&nbsp; $236222554 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–22.9%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–1.2%** |  |  |  |  |
| Alphabet, Inc. (Interactive Media & Svs.) | 2.050% | 08/15/2050 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $408277 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 5.375% | 08/15/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 819800 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 11/01/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 395064 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 08/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94151 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.250% | 02/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 114856 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 06/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65652 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.250% | 01/15/2034 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63771 |
| Charter Communications Operating LLC / Charter Communications Operating Capital Corp. <br> (Media)<br>| 6.484% | 10/23/2045 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 235042 |
| Comcast Corp. (Media) | 3.450% | 02/01/2050 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 935986 |
| Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24957 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 4.450% | 08/15/2052 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 512698 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 5.550% | 08/15/2064 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 278278 |
| Rogers Communications, Inc. (Wireless Telecom. Svs.) | 4.500% | 03/15/2042 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 269240 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 09/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138140 |
| Stagwell Global LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24379 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 5.050% | 07/15/2033 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 290829 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.300% | 02/15/2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 334238 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.000% | 08/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25892 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 06/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25411 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.375% | 08/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26870 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 5.000% | 01/15/2036 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 143769 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.000% | 03/22/2050 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 457226 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 5.875% | 11/30/2055 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 113620 |
| Virgin Media Secured Finance PLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 05/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services (continued)** |  |  |  |  |
| Vodafone Group PLC (Wireless Telecom. Svs.) | 5.250% | 05/30/2048 | &nbsp;&nbsp; $450000 | &nbsp;&nbsp; $415379 |
| Warnermedia Holdings, Inc. (Media) | 5.050% | 03/15/2042 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 35188 |
|  |  |  |  | &nbsp;&nbsp; 6445744 |
| **Consumer Discretionary–0.8%** |  |  |  |  |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 01/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49685 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 06/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25665 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 09/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25455 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 10/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95240 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 04/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51384 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 02/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25801 |
| Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 344241 |
| Amazon.com, Inc. (Broadline Retail) | 2.500% | 06/03/2050 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 537911 |
| Asbury Automotive Group, Inc. (Specialty Retail) | 4.750% | 03/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24645 |
| Asbury Automotive Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48590 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (b)(c) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220757 |
| Belron U.K. Finance PLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 10/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255297 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24968 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 02/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25891 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 02/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25611 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 10/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48622 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 05/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25277 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 08/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26241 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 03/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25710 |
| Champ Acquisition Corp. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 12/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54005 |
| Group 1 Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 01/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25725 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 02/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46414 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 09/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25585 |
| Home Depot, Inc. / The (Specialty Retail) | 3.300% | 04/15/2040 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 849265 |
| J.B. Poindexter & Co., Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 12/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52374 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103030 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 05/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24591 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 09/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24989 |
| NCL Finance Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 03/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25713 |
| Patrick Industries, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 11/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51297 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 09/30/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25558 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51738 |
| Sally Holdings LLC / Sally Capital, Inc. (Specialty Retail) | 6.750% | 03/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52216 |
| SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.250% | 08/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48632 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 05/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23988 |
| Sodexo, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.800% | 08/15/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209277 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 02/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24793 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 12/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47403 |
| TopBuild Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 01/31/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25290 |
| Whirlpool Corp. (Household Durables) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72728 |
| William Carter Co. / The (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51695 |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 08/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49307 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 02/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81157 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73500 |
|  |  |  |  | &nbsp;&nbsp; 4027261 |
| **Consumer Staples–1.7%** |  |  |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 02/15/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75287 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25700 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 03/31/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25101 |
| Altria Group, Inc. (Tobacco) | 3.875% | 09/16/2046 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 469722 |
| B.A.T. Capital Corp. (Tobacco) | 4.540% | 08/15/2047 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 539192 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 03/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103388 |
| Campbell's Company / The (Food Products) | 4.550% | 03/21/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 746256 |
| Campbell's Company / The (Food Products) | 4.750% | 03/23/2035 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 260942 |
| Coca-Cola Europacific Partners PLC (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.500% | 01/15/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 584607 |
| Coca-Cola Femsa S.A.B. de C.V. (Beverages) | 2.750% | 01/22/2030 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 710012 |
| Constellation Brands, Inc. (Beverages) | 3.750% | 05/01/2050 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 400464 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 06/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25026 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 03/31/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47775 |
| Flowers Foods, Inc. (Food Products) | 3.500% | 10/01/2026 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 671703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Staples (continued)** |  |  |  |  |
| Flowers Foods, Inc. (Food Products) | 2.400% | 03/15/2031 | &nbsp;&nbsp; $185000 | &nbsp;&nbsp; $163457 |
| Froneri Lux FinCo SARL (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 08/01/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202730 |
| Grupo Bimbo S.A.B. de C.V. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 06/27/2044 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 840653 |
| Kenvue, Inc. (Personal Care Products) | 5.050% | 03/22/2028 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 367793 |
| Kenvue, Inc. (Personal Care Products) | 4.900% | 03/22/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306123 |
| Kraft Heinz Foods Co. (Food Products) | 4.375% | 06/01/2046 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 185877 |
| Kroger Co. / The (Consumer Staples Distribution & Retail) | 3.950% | 01/15/2050 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 286254 |
| Mars, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.200% | 03/01/2035 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 380297 |
| Mars, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.700% | 05/01/2055 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199226 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 09/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51545 |
| Philip Morris International, Inc. (Tobacco) | 3.875% | 08/21/2042 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 589241 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 02/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25687 |
| Tyson Foods, Inc. (Food Products) | 5.700% | 03/15/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527146 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49719 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 06/01/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49330 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 04/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25465 |
|  |  |  |  | &nbsp;&nbsp; 8935718 |
| **Energy–1.5%** |  |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 01/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50096 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 02/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25877 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 07/01/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503780 |
| Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 04/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25143 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 06/30/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50131 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 07/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25876 |
| BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.588% | 04/14/2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398697 |
| Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179474 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 3.078% | 05/11/2050 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 322074 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 07/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25760 |
| CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 04/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96945 |
| CNX Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 03/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52195 |
| Columbia Pipelines Holding Co. LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.681% | 01/15/2034 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 437890 |
| Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100222 |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.250% | 03/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100955 |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 04/18/2054 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 274061 |
| Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels) | 3.900% | 11/15/2049 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 109124 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 3.750% | 05/15/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 486584 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.750% | 02/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262358 |
| Eni SpA (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 05/15/2034 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 365889 |
| Eni SpA (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.950% | 05/15/2054 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 223077 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 01/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25164 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 06/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50202 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51635 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 3.250% | 08/01/2050 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 145516 |
| Kodiak Gas Services LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 02/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26009 |
| Kodiak Gas Services LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 10/01/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51061 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50708 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 04/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25033 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 4.950% | 03/14/2052 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 315229 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.125% | 01/31/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26139 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.625% | 11/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24572 |
| Northriver Midstream Finance LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 07/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76429 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.625% | 09/01/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 288006 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 7.100% | 07/15/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 292226 |
| Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 5.150% | 06/01/2042 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 433837 |
| Precision Drilling Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 01/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25282 |
| Range Resources Corp. (Oil, Gas & Consumable Fuels) | 8.250% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50991 |
| Rockies Express Pipeline LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79149 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25270 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/15/2034 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74998 |
| TGNR Intermediate Holdings LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 10/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49512 |
| U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 03/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77633 |
| U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 10/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25300 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 05/01/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54025 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 01/15/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25606 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.750% | 05/01/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Energy (continued)** |  |  |  |  |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | &nbsp;&nbsp; $675000 | &nbsp;&nbsp; $672293 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.150% | 03/15/2034 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228771 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.600% | 03/15/2035 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285995 |
|  |  |  |  | &nbsp;&nbsp; 7700173 |
| **Financials–7.2%** |  |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 11/06/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26041 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 5.000% | 11/15/2035 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247011 |
| AIA Group Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.950% | 04/04/2033 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 268299 |
| Aircastle Ltd. / Aircastle Ireland DAC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 09/15/2030 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171572 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 01/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77811 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 10/01/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77765 |
| American Express Co. (Consumer Finance) | 3.300% | 05/03/2027 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 769698 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51421 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 06/30/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49172 |
| Aon North America, Inc. (Insurance) | 5.750% | 03/01/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397970 |
| Ardonagh Group Finance Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.875% | 02/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207861 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, Inc. <br> (Insurance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 05/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77707 |
| Bank of America Corp. (Rate is fixed until 04/29/2030, then SOFR + 215) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.592% | 04/29/2031 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1118137 |
| Bank of America Corp. (Rate is fixed until 04/22/2031, then SOFR + 132) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.687% | 04/22/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229414 |
| Bank of America Corp. (Rate is fixed until 04/25/2033, then SOFR + 191) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.288% | 04/25/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308864 |
| Bank of America Corp. (Rate is fixed until 01/24/2035, then SOFR + 131) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.511% | 01/24/2036 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1146858 |
| Bank of New York Mellon / The (Rate is fixed until 04/20/2028, then SOFR + 114) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.729% | 04/20/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 355765 |
| Bank of New York Mellon Corp. / The (Rate is fixed until 06/13/2027, then SOFR + 115) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 3.992% | 06/13/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300111 |
| Blackrock, Inc. (Capital Markets) | 1.900% | 01/28/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 381954 |
| Broadstreet Partners Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 04/15/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 174726 |
| Capital One Financial Corp. (Rate is fixed until 09/11/2035, then SOFR + 163) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.197% | 09/11/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397982 |
| Chubb INA Holdings LLC (Insurance) | 4.900% | 08/15/2035 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 256081 |
| Citigroup, Inc. (Rate is fixed until 01/29/2030, then SOFR + 115) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.666% | 01/29/2031 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1216854 |
| Citigroup, Inc. (Rate is fixed until 02/13/2034, then SOFR + 206) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.827% | 02/13/2035 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233822 |
| Citigroup, Inc. (Rate is fixed until 01/24/2035, then SOFR + 183) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 6.020% | 01/24/2036 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 314217 |
| Citigroup, Inc. (Rate is fixed until 09/11/2035, then SOFR + 149) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.174% | 09/11/2036 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60561 |
| CNA Financial Corp. (Insurance) | 5.500% | 06/15/2033 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 621474 |
| Comerica, Inc. (Rate is fixed until 01/30/2029, then SOFR + 216) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.982% | 01/30/2030 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 333830 |
| Corebridge Financial, Inc. (Financial Services) | 5.750% | 01/15/2034 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177734 |
| Corebridge Global Funding (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.900% | 09/19/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 417752 |
| Daimler Truck Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.000% | 12/14/2026 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 530377 |
| Daimler Truck Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.375% | 12/14/2028 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 171190 |
| Fidelity National Information Services, Inc. (Financial Services) | 3.100% | 03/01/2041 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 226183 |
| Fifth Third Bancorp (Rate is fixed until 04/25/2032, then SOFR + 166) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.337% | 04/25/2033 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 263940 |
| Fiserv, Inc. (Financial Services) | 3.500% | 07/01/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 412145 |
| FNB Corp. (Rate is fixed until 12/11/2029, then SOFRINDX + 193) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.722% | 12/11/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357187 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 6.950% | 03/06/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501127 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 7.122% | 11/07/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214813 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.000% | 04/09/2027 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 363860 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.750% | 02/08/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 447017 |
| Global Payments, Inc. (Financial Services) | 5.550% | 11/15/2035 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 357816 |
| Goldman Sachs Group, Inc. / The (Capital Markets) | 3.800% | 03/15/2030 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1131837 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, then SOFR + 109) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 1.992% | 01/27/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222093 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 04/25/2034, then SOFR + 155) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.851% | 04/25/2035 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265790 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 12/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199966 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 06/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26248 |
| Huntington Bancshares, Inc. (Rate is fixed until 08/04/2027, then SOFR + 197) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.443% | 08/04/2028 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 452455 |
| Huntington Bancshares, Inc. (Rate is fixed until 02/02/2034, then SOFRINDX + 187) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.709% | 02/02/2035 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287263 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 01/08/2029 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 692457 |
| Jefferies Financial Group, Inc. (Capital Markets) | 2.750% | 10/15/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 330532 |
| John Deere Capital Corp. (Consumer Finance) | 5.050% | 03/03/2026 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450861 |
| John Deere Capital Corp. (Consumer Finance) | 3.450% | 03/07/2029 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 266173 |
| John Deere Capital Corp. (Consumer Finance) | 2.800% | 07/18/2029 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 605866 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.500% | 03/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52405 |
| JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, then SOFR + 204) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.522% | 04/22/2031 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 954815 |
| JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, then TSFR3M + 111) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 1.764% | 11/19/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88838 |
| JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, then TSFR3M + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.580% | 04/22/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| JPMorgan Chase & Co. (Rate is fixed until 01/25/2032, then SOFR + 126) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.963% | 01/25/2033 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $183536 |
| JPMorgan Chase & Co. (Rate is fixed until 09/14/2032, then SOFR + 258) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.717% | 09/14/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 317158 |
| JPMorgan Chase & Co. (Rate is fixed until 06/01/2033, then SOFR + 185) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.350% | 06/01/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 415604 |
| JPMorgan Chase & Co. (Rate is fixed until 10/23/2033, then SOFR + 181) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 6.254% | 10/23/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109794 |
| JPMorgan Chase & Co. (Rate is fixed until 07/23/2035, then SOFR + 164) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.576% | 07/23/2036 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 362057 |
| KeyCorp (Rate is fixed until 03/06/2034, then SOFRINDX + 242) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 6.401% | 03/06/2035 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 380168 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (Mortgage REIT)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 07/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060253 |
| Lincoln Financial Global Funding (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 01/13/2030 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 175859 |
| M&T Bank Corp. (Rate is fixed until 01/27/2033, then SOFR + 185) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.053% | 01/27/2034 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 498153 |
| M&T Bank Corp. (Rate is fixed until 01/16/2035, then SOFR + 161) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.385% | 01/16/2036 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228634 |
| Marsh & McLennan Cos., Inc. (Insurance) | 4.650% | 03/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 331515 |
| Mercedes-Benz Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.800% | 03/30/2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751395 |
| MetLife, Inc. (Insurance) | 6.375% | 06/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 447507 |
| Metropolitan Life Global Funding I (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.150% | 03/28/2033 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 236658 |
| Morgan Stanley (Capital Markets) | 6.250% | 08/09/2026 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 278700 |
| Morgan Stanley (Rate is fixed until 01/24/2028, then TSFR3M + 140) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 3.772% | 01/24/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 422599 |
| Morgan Stanley (Rate is fixed until 02/13/2031, then SOFR + 103) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 1.794% | 02/13/2032 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 259084 |
| Morgan Stanley (Rate is fixed until 04/28/2031, then SOFR + 102) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 1.928% | 04/28/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219339 |
| Morgan Stanley (Rate is fixed until 04/21/2033, then SOFR + 187) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.250% | 04/21/2034 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 200764 |
| Morgan Stanley (Rate is fixed until 07/21/2033, then SOFR + 188) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.424% | 07/21/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104032 |
| Morgan Stanley (Rate is fixed until 01/18/2034, then SOFR + 173) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.466% | 01/18/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145527 |
| Morgan Stanley (Rate is fixed until 01/18/2035, then SOFR + 142) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.587% | 01/18/2036 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208997 |
| Morgan Stanley (Rate is fixed until 10/22/2035, then SOFR + 131) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.892% | 10/22/2036 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123893 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 02/05/2031 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1488961 |
| Northern Trust Corp. (Capital Markets) | 6.125% | 11/02/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 414377 |
| Pacific Life Global Funding II (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.900% | 01/11/2029 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 714866 |
| Panther Escrow Issuer LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 06/01/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103625 |
| PNC Financial Services Group, Inc. / The (Rate is fixed until 06/06/2032, then SOFRINDX + 185) <br> (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.626% | 06/06/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 624406 |
| PNC Financial Services Group, Inc. / The (Rate is fixed until 01/29/2035, then SOFR + 139) <br> (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.575% | 01/29/2036 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145967 |
| Prudential Financial, Inc. (Insurance) | 3.700% | 03/13/2051 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 485095 |
| Raymond James Financial, Inc. (Capital Markets) | 4.900% | 09/11/2035 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99418 |
| Regions Financial Corp. (Rate is fixed until 06/06/2029, then SOFR + 149) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.722% | 06/06/2030 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 344034 |
| Rocket Cos., Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 08/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26065 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 03/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48294 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 10/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46455 |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 02/01/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49072 |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 08/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25544 |
| S&P Global, Inc. (Capital Markets) | 2.900% | 03/01/2032 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 359450 |
| Travelers Cos., Inc. / The (Insurance) | 5.450% | 05/25/2053 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 177375 |
| Truist Financial Corp. (Rate is fixed until 06/08/2033, then SOFR + 236) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.867% | 06/08/2034 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159614 |
| U.S. Bancorp (Rate is fixed until 07/22/2032, then SOFR + 211) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.967% | 07/22/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503754 |
| U.S. Bancorp (Rate is fixed until 06/10/2033, then SOFR + 226) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.836% | 06/12/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213378 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 04/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49642 |
| USI, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 01/15/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157212 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 02/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25314 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24960 |
| Wells Fargo & Co. (Rate is fixed until 07/25/2028, then SOFR + 174) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.574% | 07/25/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258969 |
| Wells Fargo & Co. (Rate is fixed until 02/11/2030, then TSFR3M + 126) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.572% | 02/11/2031 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 490342 |
| Wells Fargo & Co. (Rate is fixed until 07/25/2032, then SOFR + 210) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.897% | 07/25/2033 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 558555 |
| Wells Fargo & Co. (Rate is fixed until 04/24/2033, then SOFR + 202) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.389% | 04/24/2034 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156065 |
| Wells Fargo & Co. (Rate is fixed until 10/23/2033, then SOFR + 206) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 6.491% | 10/23/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 221389 |
| Wells Fargo & Co. (Rate is fixed until 01/23/2034, then SOFR + 178) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.499% | 01/23/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208674 |
| Willis North America, Inc. (Insurance) | 5.150% | 03/15/2036 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800066 |
|  |  |  |  | &nbsp;&nbsp; 36875287 |
| **Health Care–2.3%** |  |  |  |  |
| 180 Medical, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 10/08/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199303 |
| Abbott Laboratories (Health Care Equip. & Supplies) | 3.750% | 11/30/2026 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 509984 |
| AbbVie, Inc. (Biotechnology) | 4.875% | 03/15/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 412130 |
| AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 617666 |
| Aetna, Inc. (Health Care Providers & Svs.) | 6.625% | 06/15/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1100166 |
| AHP Health Partners, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74345 |
| Alcon Finance Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.600% | 05/27/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 371895 |
| Amgen, Inc. (Biotechnology) | 5.250% | 03/02/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 274318 |
| Amgen, Inc. (Biotechnology) | 3.375% | 02/21/2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 355816 |
| Amgen, Inc. (Biotechnology) | 5.650% | 03/02/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 161568 |
| AstraZeneca PLC (Pharmaceuticals) | 3.125% | 06/12/2027 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 803631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Health Care (continued)** |  |  |  |  |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 07/15/2028 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $49728 |
| Becton Dickinson & Co. (Health Care Equip. & Supplies) | 3.794% | 05/20/2050 | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 125640 |
| Biogen, Inc. (Biotechnology) | 3.150% | 05/01/2050 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 193791 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.700% | 03/15/2052 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 198383 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 5.550% | 02/22/2054 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 181684 |
| CVS Health Corp. (Health Care Providers & Svs.) | 4.250% | 04/01/2050 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 425814 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 2.600% | 10/01/2050 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 500478 |
| Elevance Health, Inc. (Health Care Providers & Svs.) | 4.750% | 02/15/2033 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 381171 |
| Elevance Health, Inc. (Health Care Providers & Svs.) | 5.000% | 01/15/2036 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248490 |
| GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 6.377% | 11/22/2052 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 278066 |
| Gilead Sciences, Inc. (Biotechnology) | 5.250% | 10/15/2033 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 199660 |
| HCA, Inc. (Health Care Providers & Svs.) | 5.200% | 06/01/2028 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117826 |
| HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 07/15/2051 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 406682 |
| HCA, Inc. (Health Care Providers & Svs.) | 6.000% | 04/01/2054 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109357 |
| HealthEquity, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 10/01/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73680 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 06/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52246 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 04/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24408 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.250% | 10/01/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150811 |
| Opal Bidco SAS (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 03/31/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204844 |
| Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 4.450% | 05/19/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 405303 |
| Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 4.750% | 05/19/2033 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 353711 |
| Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 5.300% | 05/19/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 260391 |
| Raven Acquisition Holdings LLC (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 11/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51517 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 2.800% | 09/15/2050 | &nbsp;&nbsp; 527000 | &nbsp;&nbsp; 321404 |
| Select Medical Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 12/01/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73331 |
| Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 2.050% | 03/31/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 319803 |
| Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 3.025% | 07/09/2040 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 306178 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.625% | 06/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50093 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 17076 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.250% | 06/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24627 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 05/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26013 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.050% | 04/15/2053 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 360790 |
| Zoetis, Inc. (Pharmaceuticals) | 3.000% | 05/15/2050 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 397441 |
|  |  |  |  | &nbsp;&nbsp; 11771259 |
| **Industrials–2.4%** |  |  |  |  |
| Air Lease Corp. (Trading Companies & Distributors) | 5.850% | 12/15/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 277546 |
| Airbus SE (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.150% | 04/10/2027 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 792936 |
| Allied Universal Holdco LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.875% | 02/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105388 |
| BAE Systems PLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.000% | 09/15/2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 333767 |
| Boeing Co. / The (Aerospace & Defense) | 2.196% | 02/04/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 474096 |
| Boeing Co. / The (Aerospace & Defense) | 5.805% | 05/01/2050 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 344258 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25885 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 06/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26051 |
| Burlington Northern Santa Fe LLC (Ground Transportation) | 5.200% | 04/15/2054 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 329389 |
| CACI International, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 06/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25867 |
| Canadian Pacific Railway Co. (Ground Transportation) | 1.750% | 12/02/2026 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 88243 |
| Canadian Pacific Railway Co. (Ground Transportation) | 3.000% | 12/02/2041 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56057 |
| Canadian Pacific Railway Co. (Ground Transportation) | 3.500% | 05/01/2050 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 485909 |
| Carrier Global Corp. (Building Products) | 5.900% | 03/15/2034 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139448 |
| Carrier Global Corp. (Building Products) | 6.200% | 03/15/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 172997 |
| Clarivate Science Holdings Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 07/01/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70913 |
| CNH Industrial N.V. (Machinery) | 3.850% | 11/15/2027 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 423405 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 12/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78113 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 07/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26350 |
| ERAC U.S.A. Finance LLC (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.600% | 05/01/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151963 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24517 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 01/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25582 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 08/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50816 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 11/15/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101861 |
| Gates Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 07/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51924 |
| General Dynamics Corp. (Aerospace & Defense) | 1.150% | 06/01/2026 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 736749 |
| HEICO Corp. (Aerospace & Defense) | 5.350% | 08/01/2033 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 341841 |
| Herc Holdings, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 06/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52621 |
| Honeywell International, Inc. (Industrial Conglomerates) | 2.800% | 06/01/2050 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 241764 |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.483% | 12/01/2027 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 553528 |
| Ingersoll Rand, Inc. (Machinery) | 5.450% | 06/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114453 |
| Ingersoll Rand, Inc. (Machinery) | 5.700% | 06/15/2054 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180452 |
| Madison IAQ LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 06/30/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials (continued)** |  |  |  |  |
| Masco Corp. (Building Products) | 3.500% | 11/15/2027 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $197954 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 07/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25901 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 04/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25630 |
| Northrop Grumman Corp. (Aerospace & Defense) | 3.250% | 01/15/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 616981 |
| Republic Services, Inc. (Commercial Svs. & Supplies) | 4.875% | 04/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204966 |
| Republic Services, Inc. (Commercial Svs. & Supplies) | 2.375% | 03/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 174634 |
| RTX Corp. (Aerospace & Defense) | 5.150% | 02/27/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 650665 |
| Ryder System, Inc. (Ground Transportation) | 5.250% | 06/01/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256632 |
| Science Applications International Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 04/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49867 |
| SPX FLOW, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 04/01/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77374 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 09/30/2027 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75068 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 08/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51476 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 08/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25538 |
| Textron, Inc. (Aerospace & Defense) | 3.650% | 03/15/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497383 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 08/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25440 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25782 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 12/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26163 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 03/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26011 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 05/31/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51306 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 01/31/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26042 |
| Uber Technologies, Inc. (Ground Transportation) | 4.300% | 01/15/2030 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 246530 |
| Union Pacific Corp. (Ground Transportation) | 2.375% | 05/20/2031 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 536481 |
| United Parcel Service, Inc. (Air Freight & Logistics) | 4.875% | 03/03/2033 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 463475 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25002 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47685 |
| Verisk Analytics, Inc. (Professional Svs.) | 4.125% | 03/15/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399208 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 2.600% | 02/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188605 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 4.200% | 01/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195908 |
| Watco Cos. LLC / Watco Finance Corp. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 08/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26183 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 06/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25363 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25817 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26102 |
| White Cap Supply Holdings LLC (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 11/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51721 |
| Xylem, Inc. (Machinery) | 2.250% | 01/30/2031 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 140637 |
|  |  |  |  | &nbsp;&nbsp; 12513612 |
| **Information Technology–1.6%** |  |  |  |  |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 4.000% | 05/10/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 629750 |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.375% | 02/08/2041 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 342601 |
| AppLovin Corp. (Software) | 5.500% | 12/01/2034 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 159255 |
| Autodesk, Inc. (Software) | 5.300% | 06/15/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 143559 |
| Broadcom, Inc. (Semiconductors & Equip.) | 5.050% | 07/12/2029 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 350056 |
| Broadcom, Inc. (Semiconductors & Equip.) | 3.469% | 04/15/2034 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 396652 |
| Broadcom, Inc. (Semiconductors & Equip.) | 4.900% | 02/15/2038 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 259786 |
| Capstone Borrower, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.000% | 06/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77248 |
| Cisco Systems, Inc. (Communications Equip.) | 4.750% | 02/24/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359798 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 03/31/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50654 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 09/30/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78113 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 06/30/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52252 |
| Coherent Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49831 |
| CoreWeave, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 02/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22913 |
| Dell International LLC / EMC Corp. (Tech. Hardware, Storage & Periph.) | 5.000% | 04/01/2030 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 286938 |
| Dell International LLC / EMC Corp. (Tech. Hardware, Storage & Periph.) | 5.100% | 02/15/2036 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 296269 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 07/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48423 |
| Ellucian Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 12/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25491 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.950% | 06/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76501 |
| Fortinet, Inc. (Software) | 1.000% | 03/15/2026 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 466863 |
| Gen Digital, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 04/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77342 |
| Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 5.000% | 10/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 396486 |
| Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 5.600% | 10/15/2054 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 166770 |
| Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 05/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51400 |
| Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | 5.350% | 07/30/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208580 |
| Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | 4.950% | 10/15/2034 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 241730 |
| Leidos, Inc. (IT Svs.) | 4.375% | 05/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324598 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 04/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24824 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.900% | 12/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26008 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 12/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23726 |
| Oracle Corp. (Software) | 6.250% | 11/09/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312723 |
| Oracle Corp. (Software) | 5.375% | 09/27/2054 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 254764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Information Technology (continued)** |  |  |  |  |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 11/28/2028 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $25779 |
| Roper Technologies, Inc. (Software) | 4.900% | 10/15/2034 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 523854 |
| Seagate Data Storage Technology Pte. Ltd. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 12/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26511 |
| Seagate Data Storage Technology Pte. Ltd. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 07/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25772 |
| Seagate Data Storage Technology Pte. Ltd. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.625% | 12/01/2032 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 44276 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 06/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48404 |
| Trimble, Inc. (Software) | 6.100% | 03/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269186 |
| TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24416 |
| UKG, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 02/01/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77041 |
| VeriSign, Inc. (IT Svs.) | 2.700% | 06/15/2031 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 464295 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 10/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47856 |
| VMware LLC (Software) | 1.400% | 08/15/2026 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 236454 |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 168825 |
| Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25843 |
|  |  |  |  | &nbsp;&nbsp; 8290416 |
| **Materials–0.4%** |  |  |  |  |
| Anglo American Capital PLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.875% | 03/17/2031 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 346288 |
| Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC <br> (Containers & Packaging)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 09/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188277 |
| Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25697 |
| Celanese U.S. Holdings LLC (Chemicals) | 6.750% | 04/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49738 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 01/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51250 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 04/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25417 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 04/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51414 |
| Coeur Mining, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 02/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24826 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 5.400% | 11/14/2034 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257762 |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.375% | 09/23/2051 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 235540 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.500% | 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23919 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 02/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23632 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 07/01/2028 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 11015 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26022 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26107 |
| RPM International, Inc. (Chemicals) | 4.550% | 03/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101147 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 12/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24870 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 07/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25934 |
| Sealed Air Corp. / Sealed Air Corp. U.S. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 02/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26034 |
| Solstice Advanced Materials, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 09/30/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25220 |
| Trivium Packaging Finance B.V. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 12.250% | 01/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217007 |
| W.R. Grace Holdings LLC (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 08/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25319 |
| WRKCo, Inc. (Containers & Packaging) | 4.000% | 03/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324169 |
|  |  |  |  | &nbsp;&nbsp; 2136604 |
| **Real Estate–1.4%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 1.875% | 02/01/2033 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 434035 |
| American Tower Corp. (Specialized REITs) | 2.700% | 04/15/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 459103 |
| AvalonBay Communities, Inc. (Residential REITs) | 3.350% | 05/15/2027 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 719387 |
| Boston Properties LP (Office REITs) | 3.650% | 02/01/2026 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 649522 |
| Camden Property Trust (Residential REITs) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506202 |
| Healthcare Realty Holdings LP (Health Care REITs) | 2.000% | 03/15/2031 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 460464 |
| Healthpeak OP LLC (Health Care REITs) | 4.750% | 01/15/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298366 |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51361 |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 01/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25209 |
| Kimco Realty OP LLC (Retail REITs) | 2.700% | 10/01/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 609166 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.250% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48694 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 02/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26462 |
| Piedmont Operating Partnership LP (Office REITs) | 2.750% | 04/01/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 257558 |
| Regency Centers LP (Retail REITs) | 2.950% | 09/15/2029 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 839127 |
| RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 04/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25927 |
| RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25988 |
| UDR, Inc. (Residential REITs) | 3.500% | 01/15/2028 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 790917 |
| W.P. Carey, Inc. (Diversified REITs) | 3.850% | 07/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 345040 |
| Welltower OP LLC (Health Care REITs) | 4.250% | 04/01/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 475017 |
| XHR LP (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 05/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51604 |
|  |  |  |  | &nbsp;&nbsp; 7099149 |
| **Utilities–2.4%** |  |  |  |  |
| Ameren Corp. (Multi-Utilities) | 1.750% | 03/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 950586 |
| American Electric Power Co., Inc. (Electric Utilities) | 5.625% | 03/01/2033 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 399075 |
| Black Hills Corp. (Multi-Utilities) | 2.500% | 06/15/2030 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 343193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Utilities (continued)** |  |  |  |  |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/01/2031 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50780 |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 03/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24134 |
| Constellation Energy Generation LLC (Electric Utilities) | 5.800% | 03/01/2033 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 426870 |
| Constellation Energy Generation LLC (Electric Utilities) | 6.125% | 01/15/2034 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 97553 |
| Dominion Energy, Inc. (Multi-Utilities) | 1.450% | 04/15/2026 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 665009 |
| Duke Energy Corp. (Electric Utilities) | 4.950% | 09/15/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297483 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 341252 |
| Electricite de France SA (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 05/23/2033 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 482121 |
| Emera U.S. Finance LP (Electric Utilities) | 3.550% | 06/15/2026 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398707 |
| Emera U.S. Finance LP (Electric Utilities) | 4.750% | 06/15/2046 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 170703 |
| Enel Finance International N.V. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 07/12/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 674639 |
| Eversource Energy (Electric Utilities) | 3.350% | 03/15/2026 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 668728 |
| Exelon Corp. (Electric Utilities) | 4.050% | 04/15/2030 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1163366 |
| Exelon Corp. (Electric Utilities) | 4.100% | 03/15/2052 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 119603 |
| FirstEnergy Corp. (Electric Utilities) | 2.650% | 03/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233095 |
| National Fuel Gas Co. (Gas Utilities) | 2.950% | 03/01/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 200700 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 3.550% | 05/01/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 596423 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 5.050% | 03/15/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257909 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 2.250% | 06/01/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 551786 |
| NiSource, Inc. (Multi-Utilities) | 5.250% | 03/30/2028 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 107648 |
| NiSource, Inc. (Multi-Utilities) | 5.400% | 06/30/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518509 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24878 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 02/15/2032 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 26145 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 11/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25675 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 01/15/2036 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25331 |
| PPL Capital Funding, Inc. (Electric Utilities) | 3.100% | 05/15/2026 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199340 |
| Puget Energy, Inc. (Electric Utilities) | 2.379% | 06/15/2028 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 655471 |
| Sempra (Multi-Utilities) | 3.700% | 04/01/2029 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 580684 |
| Southern Co. / The (Rate is fixed until 01/15/2026, then H15T5Y + 373) (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.000% | 01/15/2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499700 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25021 |
| TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 01/31/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74931 |
| TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 01/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24290 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.750% | 10/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26479 |
| VoltaGrid LLC (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 11/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24769 |
| WBI Operating LLC (Water Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 10/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25151 |
| WEC Energy Group, Inc. (Multi-Utilities) | 2.200% | 12/15/2028 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 180461 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51231 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.625% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26300 |
|  |  |  |  | &nbsp;&nbsp; 12235729 |
| **Total Corporate Bonds (Cost $123,059,623)** |  |  |  | &nbsp;&nbsp; $118030952 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Agency Mortgage-Backed Securities–20.4%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| Fannie Mae Pool FN BM4333 | 3.500% | 12/01/2047 | &nbsp;&nbsp; $751087 | &nbsp;&nbsp; $705969 |
| Fannie Mae Pool FN BN6715 | 4.000% | 06/01/2049 | &nbsp;&nbsp; 2080912 | &nbsp;&nbsp; 2007734 |
| Fannie Mae Pool FN BP2797 | 2.500% | 05/01/2050 | &nbsp;&nbsp; 1103830 | &nbsp;&nbsp; 943720 |
| Fannie Mae Pool FN BP6700 | 2.500% | 09/01/2050 | &nbsp;&nbsp; 3095558 | &nbsp;&nbsp; 2676361 |
| Fannie Mae Pool FN BP8188 | 2.000% | 09/01/2050 | &nbsp;&nbsp; 4818871 | &nbsp;&nbsp; 3955169 |
| Fannie Mae Pool FN BR1844 | 2.500% | 01/01/2051 | &nbsp;&nbsp; 875875 | &nbsp;&nbsp; 755492 |
| Fannie Mae Pool FN BW7264 | 5.500% | 11/01/2052 | &nbsp;&nbsp; 988000 | &nbsp;&nbsp; 1005832 |
| Fannie Mae Pool FN BW7449 | 5.000% | 11/01/2052 | &nbsp;&nbsp; 896558 | &nbsp;&nbsp; 897554 |
| Fannie Mae Pool FN BX5678 | 5.500% | 01/01/2053 | &nbsp;&nbsp; 1440615 | &nbsp;&nbsp; 1464937 |
| Fannie Mae Pool FN CA4819 | 4.000% | 12/01/2049 | &nbsp;&nbsp; 728925 | &nbsp;&nbsp; 701147 |
| Fannie Mae Pool FN CA5348 | 3.500% | 03/01/2050 | &nbsp;&nbsp; 1093192 | &nbsp;&nbsp; 1021403 |
| Fannie Mae Pool FN CA5706 | 2.500% | 05/01/2050 | &nbsp;&nbsp; 1495949 | &nbsp;&nbsp; 1282648 |
| Fannie Mae Pool FN CA6998 | 3.000% | 09/01/2050 | &nbsp;&nbsp; 2257803 | &nbsp;&nbsp; 2015007 |
| Fannie Mae Pool FN CA8118 | 2.000% | 12/01/2050 | &nbsp;&nbsp; 1444505 | &nbsp;&nbsp; 1179539 |
| Fannie Mae Pool FN CB3335 | 4.500% | 04/01/2052 | &nbsp;&nbsp; 2702138 | &nbsp;&nbsp; 2682233 |
| Fannie Mae Pool FN CB9426 | 4.500% | 11/01/2054 | &nbsp;&nbsp; 1924247 | &nbsp;&nbsp; 1879003 |
| Fannie Mae Pool FN FA0970 | 6.000% | 03/01/2055 | &nbsp;&nbsp; 2568015 | &nbsp;&nbsp; 2639569 |
| Fannie Mae Pool FN FA1974 | 6.500% | 06/01/2055 | &nbsp;&nbsp; 1716334 | &nbsp;&nbsp; 1792986 |
| Fannie Mae Pool FN FM3734 | 3.500% | 09/01/2049 | &nbsp;&nbsp; 834584 | &nbsp;&nbsp; 792197 |
| Fannie Mae Pool FN FM3919 | 4.000% | 05/01/2049 | &nbsp;&nbsp; 567062 | &nbsp;&nbsp; 545306 |
| Fannie Mae Pool FN FM4122 | 2.000% | 08/01/2050 | &nbsp;&nbsp; 4832388 | &nbsp;&nbsp; 3990852 |
| Fannie Mae Pool FN FM4532 | 3.000% | 09/01/2050 | &nbsp;&nbsp; 2369888 | &nbsp;&nbsp; 2120935 |
| Fannie Mae Pool FN FM6708 | 2.500% | 01/01/2051 | &nbsp;&nbsp; 2400106 | &nbsp;&nbsp; 2069741 |
| Fannie Mae Pool FN FM7706 | 3.500% | 08/01/2050 | &nbsp;&nbsp; 2393059 | &nbsp;&nbsp; 2241662 |
| Fannie Mae Pool FN FM8745 | 2.500% | 09/01/2051 | &nbsp;&nbsp; 2467785 | &nbsp;&nbsp; 2095149 |
| Fannie Mae Pool FN FS2037 | 1.500% | 05/01/2037 | &nbsp;&nbsp; 3240224 | &nbsp;&nbsp; 2932838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Agency Mortgage-Backed Securities (Continued)** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| Fannie Mae Pool FN MA4138 | 1.500% | 09/01/2050 | &nbsp;&nbsp; $3412153 | &nbsp;&nbsp; $2635403 |
| Fannie Mae Pool FN MA4255 | 2.000% | 02/01/2051 | &nbsp;&nbsp; 1351931 | &nbsp;&nbsp; 1102315 |
| Fannie Mae Pool FN MA4536 | 2.000% | 02/01/2037 | &nbsp;&nbsp; 1833770 | &nbsp;&nbsp; 1698516 |
| Fannie Mae Pool FN MA4593 | 4.000% | 03/01/2052 | &nbsp;&nbsp; 561856 | &nbsp;&nbsp; 535998 |
| Fannie Mae Pool FN MA5389 | 6.000% | 06/01/2054 | &nbsp;&nbsp; 1068419 | &nbsp;&nbsp; 1097360 |
| Fannie Mae Pool FN MA5498 | 6.000% | 10/01/2054 | &nbsp;&nbsp; 1147797 | &nbsp;&nbsp; 1178635 |
| Freddie Mac Pool FR QF1237 | 5.000% | 10/01/2052 | &nbsp;&nbsp; 2161445 | &nbsp;&nbsp; 2164131 |
| Freddie Mac Pool FR QF1648 | 5.000% | 10/01/2052 | &nbsp;&nbsp; 628679 | &nbsp;&nbsp; 631819 |
| Freddie Mac Pool FR QJ3044 | 5.500% | 09/01/2054 | &nbsp;&nbsp; 1679475 | &nbsp;&nbsp; 1704360 |
| Freddie Mac Pool FR RA3575 | 2.000% | 09/01/2050 | &nbsp;&nbsp; 4666936 | &nbsp;&nbsp; 3830640 |
| Freddie Mac Pool FR RA7279 | 3.500% | 05/01/2052 | &nbsp;&nbsp; 1162857 | &nbsp;&nbsp; 1083365 |
| Freddie Mac Pool FR SB8148 | 2.000% | 04/01/2037 | &nbsp;&nbsp; 1619377 | &nbsp;&nbsp; 1498968 |
| Freddie Mac Pool FR SB8149 | 2.500% | 04/01/2037 | &nbsp;&nbsp; 1574791 | &nbsp;&nbsp; 1489533 |
| Freddie Mac Pool FR SD0625 | 2.500% | 05/01/2051 | &nbsp;&nbsp; 1704562 | &nbsp;&nbsp; 1460868 |
| Freddie Mac Pool FR SD5958 | 6.500% | 08/01/2054 | &nbsp;&nbsp; 1363654 | &nbsp;&nbsp; 1419844 |
| Freddie Mac Pool FR SD7505 | 4.500% | 08/01/2049 | &nbsp;&nbsp; 536829 | &nbsp;&nbsp; 534031 |
| Freddie Mac Pool FR SD8148 | 3.000% | 05/01/2051 | &nbsp;&nbsp; 1138877 | &nbsp;&nbsp; 1013117 |
| Freddie Mac Pool FR SD8214 | 3.500% | 05/01/2052 | &nbsp;&nbsp; 503850 | &nbsp;&nbsp; 466952 |
| Freddie Mac Pool FR SD8218 | 2.000% | 06/01/2052 | &nbsp;&nbsp; 1253124 | &nbsp;&nbsp; 1015743 |
| Freddie Mac Pool FR SD8220 | 3.000% | 06/01/2052 | &nbsp;&nbsp; 1214419 | &nbsp;&nbsp; 1076125 |
| Freddie Mac Pool FR SD8342 | 5.500% | 07/01/2053 | &nbsp;&nbsp; 1975818 | &nbsp;&nbsp; 2009266 |
| Freddie Mac Pool FR SD8368 | 6.000% | 10/01/2053 | &nbsp;&nbsp; 1380971 | &nbsp;&nbsp; 1420974 |
| Freddie Mac Pool FR SD8469 | 5.500% | 10/01/2054 | &nbsp;&nbsp; 892771 | &nbsp;&nbsp; 905635 |
| Freddie Mac Pool FR SD8491 | 5.000% | 12/01/2054 | &nbsp;&nbsp; 1609166 | &nbsp;&nbsp; 1605711 |
| Freddie Mac Pool FR ZT1257 | 3.000% | 01/01/2046 | &nbsp;&nbsp; 520629 | &nbsp;&nbsp; 483239 |
| Ginnie Mae II Pool G2 MA7589 | 2.500% | 09/20/2051 | &nbsp;&nbsp; 4894525 | &nbsp;&nbsp; 4224136 |
| Ginnie Mae II Pool G2 MA7706 | 3.000% | 11/20/2051 | &nbsp;&nbsp; 4530731 | &nbsp;&nbsp; 4076293 |
| Ginnie Mae II Pool G2 MA8041 | 2.000% | 05/20/2052 | &nbsp;&nbsp; 5168648 | &nbsp;&nbsp; 4281926 |
| Ginnie Mae II Pool G2 MA8044 | 3.500% | 05/20/2052 | &nbsp;&nbsp; 1489810 | &nbsp;&nbsp; 1372220 |
| Ginnie Mae II Pool G2 MA8800 | 5.000% | 04/20/2053 | &nbsp;&nbsp; 2502761 | &nbsp;&nbsp; 2506637 |
| Ginnie Mae II Pool G2 MA8945 | 4.000% | 06/20/2053 | &nbsp;&nbsp; 2874550 | &nbsp;&nbsp; 2738724 |
| Ginnie Mae II Pool G2 MA8946 | 4.500% | 06/20/2053 | &nbsp;&nbsp; 2129697 | &nbsp;&nbsp; 2083561 |
| Ginnie Mae II Pool G2 MA8948 | 5.500% | 06/20/2053 | &nbsp;&nbsp; 1102335 | &nbsp;&nbsp; 1119756 |
| Ginnie Mae II Pool G2 MA8949 | 6.000% | 06/20/2053 | &nbsp;&nbsp; 574045 | &nbsp;&nbsp; 588325 |
| Ginnie Mae II Pool G2 MA9906 | 5.500% | 09/20/2054 | &nbsp;&nbsp; 1224928 | &nbsp;&nbsp; 1239166 |
| **Total U.S. Government Agency Mortgage-Backed Securities (Cost $111,735,233)** |  |  |  | &nbsp;&nbsp; $104688275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed / Mortgage-Backed Securities–8.1%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–8.1%** |  |  |  |  |
| AB BSL CLO 7 Ltd. 2025-7A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 123 | 01/15/2039 | &nbsp;&nbsp; $7500000 | &nbsp;&nbsp; $7500000 |
| AB BSL CLO 7 Ltd. 2025-7A B <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 160 | 01/15/2039 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| BANK 2022-BNK40 A4  | 3.390% | 03/15/2064 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 617613 |
| BBCMS Mortgage Trust 2024-5C27 A2  | 5.550% | 07/15/2057 | &nbsp;&nbsp; 1373769 | &nbsp;&nbsp; 1419507 |
| Benchmark 2020-B19 A5  | 1.850% | 09/15/2053 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1019696 |
| Benchmark 2021-B26 A2  | 1.957% | 06/15/2054 | &nbsp;&nbsp; 268495 | &nbsp;&nbsp; 265095 |
| Freddie Mac Multifamily Structured Pass Through Certificates K108 A2  | 1.517% | 03/25/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 363495 |
| Freddie Mac Multifamily Structured Pass Through Certificates K109 A2  | 1.558% | 04/25/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 362767 |
| GS Mortgage-Backed Securities Trust 2022-PJ3 A4 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1550366 | &nbsp;&nbsp; 1291770 |
| Home Partners of America 2022-1 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.330% | 04/17/2039 | &nbsp;&nbsp; 724926 | &nbsp;&nbsp; 721588 |
| J.P. Morgan Mortgage Trust 2022-1 A2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.000% | 07/25/2052 | &nbsp;&nbsp; 1148722 | &nbsp;&nbsp; 1006702 |
| J.P. Morgan Mortgage Trust 2022-2 A3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1526783 | &nbsp;&nbsp; 1278838 |
| J.P. Morgan Mortgage Trust 2022-3 A3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1548197 | &nbsp;&nbsp; 1296697 |
| Madison Park Funding LXI Ltd. 2023-61A AR <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 122 | 01/20/2039 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7500000 |
| Madison Park Funding LXI Ltd. 2023-61A BR <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 160 | 01/20/2039 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| MMAF Equipment Finance LLC 2020-A5 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.560% | 10/09/2042 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 726406 |
| Navient Private Education Refi Loan Trust 2020-FA A <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.220% | 07/15/2069 | &nbsp;&nbsp; 72298 | &nbsp;&nbsp; 68594 |
| Palmer Square CLO 2023-3A AR <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 122 | 01/20/2039 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7500000 |
| Palmer Square CLO 2023-3A BR <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | TSFR3M + 155 | 01/20/2039 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| Progress Residential 2022-SFR4 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.788% | 05/17/2041 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 797174 |
| SMB Private Education Loan Trust 2020-B A1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.290% | 07/15/2053 | &nbsp;&nbsp; 179506 | &nbsp;&nbsp; 171583 |
| **Total Asset-Backed / Mortgage-Backed Securities (Cost $42,355,067)** |  |  |  | &nbsp;&nbsp; $41407525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sovereign Debt Issues–0.3%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| Mexico Government International Bond  | 3.750% | 01/11/2028 | &nbsp;&nbsp; $625000 | &nbsp;&nbsp; $618750 |
| Mexico Government International Bond  | 5.625% | 09/22/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394400 |
| Mexico Government International Bond  | 4.500% | 01/31/2050 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 397162 |
| **Total Sovereign Debt Issues (Cost $1,595,743)** |  |  |  | &nbsp;&nbsp; $1410312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–0.0%** | **Shares** | **Value** |
| **Communication Services–0.0%** |  |  |
| Audacy, Inc. (Media)<br> (e)(f) | 113 | $2599 |
| **Total Common Stocks (Cost $77,814)** |  | $2599 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants–0.0%** | **Expiration** | **Strike Price** | **Quantity** | **Value** |
| **Communication Services–0.0%** |  |  |  |  |
| Audacy, Inc. Second Lien Warrants (Media)<br> (e)(f) | 09/30/2028 | &nbsp;&nbsp; $77.10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $— |
| Audacy, Inc. Second Lien Warrants (with Black-Scholes protections) (Media)<br> (e)(f) | 09/30/2028 | 77.10 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; — |
| **Total Warrants (Cost $47)** |  |  |  | &nbsp;&nbsp; $— |
| **Total Investments – 97.6% (Cost $520,098,695)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(g) |  |  |  | &nbsp;&nbsp; $501762217 |
| **Other Assets in Excess of Liabilities – 2.4%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(h) |  |  |  | &nbsp;&nbsp; 12499981 |
| **Net Assets – 100.0%** |  |  |  | &nbsp;&nbsp; $514262198 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CLO: | Collateralized Loan Obligation |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.730% at 12/31/2025 |
| PIK: | Payment-in-Kind |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 3.870% at 12/31/2025 |
| SOFRINDX: | Secured Overnight Financing Rate ("SOFR") Compounded Index, 1.226% at 12/31/2025  |
| TSFR3M: | Quarterly CME Term Secured Overnight Financing Rate ("SOFR"), 3.652% at 12/31/2025 |

---

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Zero coupon bond. Rate disclosed is the current yield as of December 31, 2025 |
| (b) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, <br> normally to qualified buyers under Rule 144A. At December 31, 2025, the value of these securities totaled $62,139,944, or 12.1% of the Portfolio's net assets.<br>|
| (c) | Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind). |
| (d) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates <br> stated, including interest rate caps and floors, if any, are those in effect at December 31, 2025.<br>|
| (e) | Level 3 security in accordance with the fair value hierarchy, value determined using significant unobservable inputs. |
| (f) | Non-income producing security. |
| (g) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (h) | Includes $1,060,162 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Ultra Bond - Long | 195 | March 20, 2026 | &nbsp;&nbsp; $22530580 | &nbsp;&nbsp; $22428047 | &nbsp;&nbsp; $(102533)<br>| &nbsp;&nbsp; $(36562)<br>|
| CBT U.S. Long Bond - Long | 68 | March 20, 2026 | &nbsp;&nbsp; 7863613 | &nbsp;&nbsp; 7860375 | &nbsp;&nbsp; (3238)<br>| &nbsp;&nbsp; (14875)<br>|
| CBT 2-Year U.S. Treasury Note - Long | 320 | March 31, 2026 | &nbsp;&nbsp; 66832500 | &nbsp;&nbsp; 66812500 | &nbsp;&nbsp; (20000)<br>| &nbsp;&nbsp; (22500)<br>|
| CBT 5-Year U.S. Treasury Note - Long | 105 | March 31, 2026 | &nbsp;&nbsp; 11512266 | &nbsp;&nbsp; 11476992 | &nbsp;&nbsp; (35274)<br>| &nbsp;&nbsp; (12305)<br>|
|  |  |  | &nbsp;&nbsp; $108738959 | &nbsp;&nbsp; $108577914 | &nbsp;&nbsp; $(161045)<br>| &nbsp;&nbsp; $(86242)<br>|

---

**Short Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Treasury Note - Short | 175 | March 20, 2026 | &nbsp;&nbsp; $(19794141)<br>| &nbsp;&nbsp; $(19676563)<br>| &nbsp;&nbsp; $117578 | &nbsp;&nbsp; $35546 |
| CBT U.S. Ultra Bond - Short | 26 | March 20, 2026 | &nbsp;&nbsp; (3119188)<br>| &nbsp;&nbsp; (3068000)<br>| &nbsp;&nbsp; 51188 | &nbsp;&nbsp; 9750 |
|  |  |  | &nbsp;&nbsp; $(22913329)<br>| &nbsp;&nbsp; $(22744563)<br>| &nbsp;&nbsp; $168766 | &nbsp;&nbsp; $45296 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$85825630** | &nbsp;&nbsp; **$85833351** | &nbsp;&nbsp; **$7721** | &nbsp;&nbsp; **$(40946)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Intech U.S. Low Volatility Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.2%** | **Shares** | **Value** |
| **Communication Services–10.3%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 38028 | $11902764 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 30502 | 9571528 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 159894 | 3971767 |
| Comcast Corp. Class A (Media) | 52530 | 1570122 |
| Electronic Arts, Inc. (Entertainment) | 15031 | 3071284 |
| Fox Corp. Class A (Media) | 13230 | 966716 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 14858 | 9807617 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31310 | 2935626 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11751 | 3008608 |
| TKO Group Holdings, Inc. (Entertainment) | 7564 | 1580876 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 23395 | 4750121 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 106899 | 4353996 |
|  |  | 57491025 |
| **Consumer Discretionary–7.8%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 70628 | 16302355 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 703 | 2384225 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 534 | 2859746 |
| Deckers Outdoor Corp. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3763 | 390110 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 1276 | 531862 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12922 | 2926575 |
| General Motors Co. (Automobiles) | 39170 | 3185305 |
| Hasbro, Inc. (Leisure Products) | 8916 | 731112 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 9705 | 2966139 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35863 | 3271064 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13182 | 5928209 |
| TJX Cos., Inc. / The (Specialty Retail) | 6430 | 987712 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 6408 | 969402 |
|  |  | 43433816 |
| **Consumer Staples–9.8%** |  |  |
| Altria Group, Inc. (Tobacco) | 86022 | 4960029 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 25335 | 2124340 |
| Coca-Cola Co. / The (Beverages) | 66569 | 4653839 |
| Colgate-Palmolive Co. (Household Products) | 56256 | 4445349 |
| Constellation Brands, Inc. Class A (Beverages) | 6269 | 864871 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 2858 | 2464568 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 38335 | 5089738 |
| General Mills, Inc. (Food Products) | 1409 | 65518 |
| Hershey Co. / The (Food Products) | 9073 | 1651105 |
| Kimberly-Clark Corp. (Household Products) | 7287 | 735185 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 88476 | 5527980 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 15207 | 818593 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42769 | 3279099 |
| PepsiCo, Inc. (Beverages) | 18331 | 2630865 |
| Philip Morris International, Inc. (Tobacco) | 36252 | 5814821 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 18529 | 2655391 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 38144 | 2810831 |
| Tyson Foods, Inc. Class A (Food Products) | 21280 | 1247434 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 25367 | 2826137 |
|  |  | 54665693 |
| **Energy–1.4%** |  |  |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 20094 | 2110071 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 16858 | 2028691 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 19922 | 1464267 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 41843 | 2515183 |
|  |  | 8118212 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials–7.7%** |  |  |
| Allstate Corp. / The (Insurance) | 13769 | $2866017 |
| American International Group, Inc. (Insurance) | 4257 | 364186 |
| Aon PLC Class A (Insurance) | 10171 | 3589143 |
| Arthur J. Gallagher & Co. (Insurance) | 919 | 237828 |
| Assurant, Inc. (Insurance) | 2674 | 644033 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6514 | 3274262 |
| Brown & Brown, Inc. (Insurance) | 14101 | 1123850 |
| CBOE Global Markets, Inc. (Capital Markets) | 11371 | 2854121 |
| Chubb Ltd. (Insurance) | 10664 | 3328448 |
| CME Group, Inc. (Capital Markets) | 19041 | 5199716 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 3829 | 698716 |
| JPMorgan Chase & Co. (Banks) | 8555 | 2756592 |
| Loews Corp. (Insurance) | 17009 | 1791218 |
| Marsh & McLennan Cos., Inc. (Insurance) | 3226 | 598488 |
| Progressive Corp. / The (Insurance) | 14642 | 3334276 |
| Travelers Cos., Inc. / The (Insurance) | 20731 | 6013234 |
| W. R. Berkley Corp. (Insurance) | 30837 | 2162290 |
| Willis Towers Watson PLC (Insurance) | 6688 | 2197677 |
|  |  | 43034095 |
| **Health Care–12.9%** |  |  |
| Abbott Laboratories (Health Care Equip. & <br> Supplies)<br>| 19860 | 2488259 |
| AbbVie, Inc. (Biotechnology) | 5103 | 1165984 |
| Amgen, Inc. (Biotechnology) | 5057 | 1655207 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36496 | 3479894 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 62084 | 3348811 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 21364 | 4390302 |
| Cencora, Inc. (Health Care Providers & Svs.) | 17619 | 5950817 |
| Cigna Group / The (Health Care Providers & <br> Svs.)<br>| 5886 | 1620004 |
| CVS Health Corp. (Health Care Providers & <br> Svs.)<br>| 12784 | 1014538 |
| Edwards Lifesciences Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7292 | 621643 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 8552 | 2997904 |
| Eli Lilly & Co. (Pharmaceuticals) | 3775 | 4056917 |
| Gilead Sciences, Inc. (Biotechnology) | 51494 | 6320374 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 6517 | 3042527 |
| Hologic, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20491 | 1526375 |
| Humana, Inc. (Health Care Providers & Svs.) | 1417 | 362936 |
| Incyte Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23604 | 2331367 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5678 | 1613915 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1065 | 603173 |
| Johnson & Johnson (Pharmaceuticals) | 16349 | 3383425 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 7307 | 5993859 |
| Merck & Co., Inc. (Pharmaceuticals) | 7155 | 753135 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 12450 | 2160448 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 2327 | 560504 |
| STERIS PLC (Health Care Equip. & Supplies) | 8863 | 2246948 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 8287 | 2735622 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6527 | 2959081 |
| Zoetis, Inc. (Pharmaceuticals) | 19683 | 2476515 |
|  |  | 71860484 |
| **Industrials–6.8%** |  |  |
| 3M Co. (Industrial Conglomerates) | 13391 | 2143899 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1492 | 847352 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13774 | 539252 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 1261 | 771467 |
| GE Vernova, Inc. (Electrical Equip.) | 645 | 421553 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 5170 | 1740532 |
| General Electric Co. (operating as "GE <br> Aerospace") (Aerospace & Defense)<br>| 9142 | 2816010 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 3165 | 648888 |
| Jacobs Solutions, Inc. (Professional Svs.) | 5372 | 711575 |
| L3Harris Technologies, Inc. (Aerospace & <br> Defense)<br>| 13222 | 3881583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Intech U.S. Low Volatility Portfolio (Continued)**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Leidos Holdings, Inc. (Professional Svs.) | 12592 | $2271597 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 11724 | 5670547 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 8962 | 5110222 |
| Republic Services, Inc. (Commercial Svs. & <br> Supplies)<br>| 13538 | 2869108 |
| Rollins, Inc. (Commercial Svs. & Supplies) | 29806 | 1788956 |
| RTX Corp. (Aerospace & Defense) | 15394 | 2823260 |
| Veralto Corp. (Commercial Svs. & Supplies) | 9084 | 906402 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 9689 | 2128770 |
|  |  | 38090973 |
| **Information Technology–30.2%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13463 | 4711915 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 123041 | 33449926 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12767 | 1672860 |
| Broadcom, Inc. (Semiconductors & Equip.) | 41029 | 14200137 |
| Cisco Systems, Inc. (Communications Equip.) | 66612 | 5131122 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 579 | 271412 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 220 | 56157 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18784 | 1491638 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13390 | 1661431 |
| International Business Machines Corp. <br> (IT Svs.)<br>| 10709 | 3172113 |
| Intuit, Inc. (Software) | 3053 | 2022368 |
| Microsoft Corp. (Software) | 66507 | 32164115 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 10224 | 3919064 |
| NVIDIA Corp. (Semiconductors & Equip.) | 205211 | 38271852 |
| Oracle Corp. (Software) | 13886 | 2706520 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31727 | 5639474 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12827 | 2362734 |
| PTC, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4643 | 808857 |
| Roper Technologies, Inc. (Software) | 5747 | 2558162 |
| Salesforce, Inc. (Software) | 11735 | 3108719 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3540 | 542293 |
| Teledyne Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1520 | 776310 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2143 | 972815 |
| VeriSign, Inc. (IT Svs.) | 16759 | 4071599 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 15871 | 2734097 |
|  |  | 168477690 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials–1.3%** |  |  |
| CF Industries Holdings, Inc. (Chemicals) | 16789 | $1298461 |
| Corteva, Inc. (Chemicals) | 13690 | 917641 |
| Newmont Corp. (Metals & Mining) | 53115 | 5303533 |
|  |  | 7519635 |
| **Real Estate–3.9%** |  |  |
| American Tower Corp. (Specialized REITs) | 14564 | 2557001 |
| CBRE Group, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17150 | 2757548 |
| Equinix, Inc. (Specialized REITs) | 3749 | 2872334 |
| Invitation Homes, Inc. (Residential REITs) | 57934 | 1609986 |
| Iron Mountain, Inc. (Specialized REITs) | 11428 | 947953 |
| Public Storage (Specialized REITs) | 3060 | 794070 |
| Regency Centers Corp. (Retail REITs) | 16820 | 1161085 |
| SBA Communications Corp. <br> (Specialized REITs)<br>| 10777 | 2084595 |
| Ventas, Inc. (Health Care REITs) | 17027 | 1317549 |
| VICI Properties, Inc. (Specialized REITs) | 88232 | 2481084 |
| Welltower, Inc. (Health Care REITs) | 17729 | 3290680 |
|  |  | 21873885 |
| **Utilities–7.1%** |  |  |
| Ameren Corp. (Multi-Utilities) | 7836 | 782503 |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 29818 | 3438314 |
| American Water Works Co., Inc. <br> (Water Utilities)<br>| 5889 | 768514 |
| Atmos Energy Corp. (Gas Utilities) | 14700 | 2464161 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 80200 | 3074868 |
| CMS Energy Corp. (Multi-Utilities) | 37927 | 2652235 |
| Consolidated Edison, Inc. (Multi-Utilities) | 53439 | 5307561 |
| Duke Energy Corp. (Electric Utilities) | 43138 | 5056205 |
| Evergy, Inc. (Electric Utilities) | 9050 | 656035 |
| Exelon Corp. (Electric Utilities) | 56337 | 2455730 |
| FirstEnergy Corp. (Electric Utilities) | 40323 | 1805261 |
| NiSource, Inc. (Multi-Utilities) | 37969 | 1585585 |
| PG&E Corp. (Electric Utilities) | 186687 | 3000060 |
| Southern Co. / The (Electric Utilities) | 38021 | 3315431 |
| Vistra Corp. (Ind. Power & Renewable Elec.) | 14206 | 2291854 |
| WEC Energy Group, Inc. (Multi-Utilities) | 7156 | 754672 |
|  |  | 39408989 |
| **Total Common Stocks (Cost $489,437,996)** |  | $553974497 |
| **Total Investments – 99.2% (Cost $489,437,996)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $553974497 |
| **Other Assets in Excess of Liabilities – 0.8%** |  | 4367496 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $558341993 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> REITs: Real Estate Investment Trusts

Footnotes: <br> (a) Non-income producing security. <br> (b) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP AB Relative Value Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.3%** | **Shares** | **Value** |
| **Communication Services–7.3%** |  |  |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 11254 | $3531505 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 82874 | 2058590 |
| Electronic Arts, Inc. (Entertainment) | 2062 | 421329 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 1164 | 768345 |
| Walt Disney Co. / The (Entertainment) | 22170 | 2522281 |
|  |  | 9302050 |
| **Consumer Discretionary–9.8%** |  |  |
| BorgWarner, Inc. (Automobile Components) | 18968 | 854698 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 7826 | 1549313 |
| Genuine Parts Co. (Distributors) | 6615 | 813380 |
| Lowe's Cos., Inc. (Specialty Retail) | 10918 | 2632985 |
| NIKE, Inc. Class B (Textiles, Apparel & Luxury <br> Goods)<br>| 14715 | 937493 |
| Pool Corp. (Distributors) | 4429 | 1013134 |
| Ross Stores, Inc. (Specialty Retail) | 13488 | 2429728 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1475 | 892390 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 9451 | 1429747 |
|  |  | 12552868 |
| **Consumer Staples–6.6%** |  |  |
| Casey's General Stores, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 2176 | 1202697 |
| Philip Morris International, Inc. (Tobacco) | 19634 | 3149293 |
| U.S. Foods Holding Corp. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11444 | 861962 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 28719 | 3199584 |
|  |  | 8413536 |
| **Energy–6.1%** |  |  |
| APA Corp. (Oil, Gas & Consumable Fuels) | 37415 | 915171 |
| Cactus, Inc. Class A (Energy Equip. & Svs.) | 14229 | 649981 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 17895 | 2727377 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 12738 | 1192404 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 16305 | 1712188 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 4850 | 625844 |
|  |  | 7822965 |
| **Financials–19.6%** |  |  |
| Axis Capital Holdings Ltd. (Insurance) | 11791 | 1262698 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10030 | 5041580 |
| Citigroup, Inc. (Banks) | 25644 | 2992398 |
| JPMorgan Chase & Co. (Banks) | 19325 | 6226901 |
| Mastercard, Inc. Class A (Financial Services) | 3808 | 2173911 |
| MetLife, Inc. (Insurance) | 13646 | 1077215 |
| MGIC Investment Corp. (Financial Services) | 17273 | 504717 |
| Raymond James Financial, Inc. <br> (Capital Markets)<br>| 7045 | 1131357 |
| S&P Global, Inc. (Capital Markets) | 3935 | 2056392 |
| Wells Fargo & Co. (Banks) | 28095 | 2618454 |
|  |  | 25085623 |
| **Health Care–20.7%** |  |  |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 18023 | 2452390 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3362 | 524976 |
| Cencora, Inc. (Health Care Providers & Svs.) | 6136 | 2072434 |
| Charles River Laboratories International, Inc. <br> (Life Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8683 | 1732085 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 14487 | 1188224 |
| Gilead Sciences, Inc. (Biotechnology) | 17972 | 2205883 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 2584 | $1206366 |
| Johnson & Johnson (Pharmaceuticals) | 30667 | 6346536 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 9384 | 1628405 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 3634 | 2804976 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 5574 | 1342609 |
| United Therapeutics Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1620 | 789345 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 6721 | 2218669 |
|  |  | 26512898 |
| **Industrials–16.8%** |  |  |
| Allegion PLC (Building Products) | 6325 | 1007067 |
| Allison Transmission Holdings, Inc. <br> (Machinery)<br>| 6835 | 669147 |
| CSX Corp. (Ground Transportation) | 32146 | 1165292 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 1109 | 611358 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7743 | 1055913 |
| ITT, Inc. (Machinery) | 7970 | 1382875 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 4205 | 817200 |
| Landstar System, Inc. (Ground Transportation) | 8633 | 1240562 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 11602 | 975728 |
| nVent Electric PLC (Electrical Equip.) | 5353 | 545845 |
| Otis Worldwide Corp. (Machinery) | 12664 | 1106200 |
| Owens Corning (Building Products) | 5031 | 563019 |
| PACCAR, Inc. (Machinery) | 12554 | 1374789 |
| Paycom Software, Inc. (Professional Svs.) | 2924 | 465969 |
| RTX Corp. (Aerospace & Defense) | 25028 | 4590135 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8491 | 693800 |
| Veralto Corp. (Commercial Svs. & Supplies) | 20855 | 2080912 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 5409 | 1154551 |
|  |  | 21500362 |
| **Information Technology–8.8%** |  |  |
| Cisco Systems, Inc. (Communications Equip.) | 43409 | 3343795 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 5530 | 592208 |
| Salesforce, Inc. (Software) | 7542 | 1997951 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> – ADR (Semiconductors & Equip.)<br>| 6692 | 2033632 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 10497 | 1821124 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5885 | 1428996 |
|  |  | 11217706 |
| **Materials–1.8%** |  |  |
| CF Industries Holdings, Inc. (Chemicals) | 11329 | 876185 |
| Steel Dynamics, Inc. (Metals & Mining) | 8437 | 1429650 |
|  |  | 2305835 |
| **Real Estate–1.8%** |  |  |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3891 | 1309205 |
| Public Storage (Specialized REITs) | 3976 | 1031772 |
|  |  | 2340977 |
| **Total Common Stocks (Cost $106,375,244)** |  | $127054820 |
| **Total Investments – 99.3% (Cost $106,375,244)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $127054820 |
| **Other Assets in Excess of Liabilities – 0.7%** |  | 858080 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $127912900 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> ADR: American Depositary Receipts <br> REITs: Real Estate Investment Trusts

Footnotes: <br> (a) Non-income producing security. <br> (b) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Managed Risk Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–98.3%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 32000 | $19657920 |
| iShares AAA CLO Active ETF  | 66000 | 3415144 |
| iShares Core MSCI EAFE ETF  | 217905 | 19493781 |
| iShares Core MSCI Emerging Markets ETF  | 105402 | 7085123 |
| iShares Core S&P 500 ETF  | 191978 | 131493411 |
| iShares Core S&P Mid-Cap ETF  | 205000 | 13530000 |
| iShares Core S&P Total U.S. Stock Market ETF  | 34000 | 5055460 |
| iShares Core U.S. Aggregate Bond ETF  | 1961199 | 195884555 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF  | 249317 | 27472240 |
| iShares MSCI EAFE ETF  | 69613 | 6684937 |
| iShares Russell 1000 ETF  | 23153 | 8646256 |
| State Street SPDR Portfolio S&P 500 Value ETF  | 220000 | 12498200 |
| Vanguard S&P 500 ETF  | 38000 | 23830940 |
| Vanguard Total Stock Market ETF  | 55000 | 18439850 |
| **Total Exchange Traded Funds (Cost $416,698,226)** |  | $493187817 |
| **Total Investments – 98.3% (Cost $416,698,226)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $493187817 |
| **Other Assets in Excess of Liabilities – 1.7%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 8365961 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $501553778 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> CLO: Collateralized Loan Obligation <br> ETF: Exchange Traded Fund

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (b) | Includes $757,532 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CBT 10-Year U.S. Treasury Note - Long | 137 | March 20, 2026 | &nbsp;&nbsp; $15509074 | &nbsp;&nbsp; $15403938 | &nbsp;&nbsp; $(105136)<br>| &nbsp;&nbsp; $(27828)<br>|
| MSCI EAFE Index - Long | 18 | March 20, 2026 | &nbsp;&nbsp; 2602660 | &nbsp;&nbsp; 2611890 | &nbsp;&nbsp; 9230 | &nbsp;&nbsp; (14580)<br>|
| MSCI Emerging Markets Index - Long | 168 | March 20, 2026 | &nbsp;&nbsp; 11599345 | &nbsp;&nbsp; 11855760 | &nbsp;&nbsp; 256415 | &nbsp;&nbsp; (38640)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$29711079** | &nbsp;&nbsp; **$29871588** | &nbsp;&nbsp; **$160509** | &nbsp;&nbsp; **$(81048)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Managed Risk Moderate Growth Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–99.2%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 46000 | $28258260 |
| iShares Core MSCI EAFE ETF  | 264694 | 23679525 |
| iShares Core MSCI Emerging Markets ETF  | 176946 | 11894310 |
| iShares Core S&P 500 ETF  | 608829 | 417011335 |
| iShares Core S&P Total U.S. Stock Market ETF  | 428000 | 63639320 |
| iShares Core U.S. Aggregate Bond ETF  | 4308480 | 430330982 |
| iShares MSCI EAFE ETF  | 24921 | 2393164 |
| iShares Russell 1000 ETF  | 46454 | 17347782 |
| State Street SPDR Portfolio S&P 500 Value ETF  | 257000 | 14600170 |
| Vanguard S&P 500 ETF  | 264000 | 165562320 |
| Vanguard S&P 500 Value ETF  | 7000 | 1433950 |
| Vanguard Total Stock Market ETF  | 193923 | 65016564 |
| **Total Exchange Traded Funds (Cost $1,126,710,484)** |  | $1241167682 |
| **Total Investments – 99.2% (Cost $1,126,710,484)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $1241167682 |
| **Other Assets in Excess of Liabilities – 0.8%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 10067799 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $1251235481 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> ETF: Exchange Traded Fund

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (b) | Includes $1,684,194 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P 500 Index - Long | 55 | March 20, 2026 | &nbsp;&nbsp; $18943494 | &nbsp;&nbsp; $18954375 | &nbsp;&nbsp; $10881 | &nbsp;&nbsp; $(142313)<br>|
| MSCI EAFE Index - Long | 32 | March 20, 2026 | &nbsp;&nbsp; 4626951 | &nbsp;&nbsp; 4643360 | &nbsp;&nbsp; 16409 | &nbsp;&nbsp; (25920)<br>|
| MSCI Emerging Markets Index - Long | 73 | March 20, 2026 | &nbsp;&nbsp; 5040192 | &nbsp;&nbsp; 5151610 | &nbsp;&nbsp; 111418 | &nbsp;&nbsp; (16790)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$28610637** | &nbsp;&nbsp; **$28749345** | &nbsp;&nbsp; **$138708** | &nbsp;&nbsp; **$(185023)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Constellation Managed Risk Growth Portfolio**

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–98.7%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 51000 | $31329810 |
| iShares AAA CLO Active ETF  | 12130 | 627662 |
| iShares Core MSCI EAFE ETF  | 296899 | 26560585 |
| iShares Core MSCI Emerging Markets ETF  | 83134 | 5588267 |
| iShares Core S&P 500 ETF  | 245000 | 167810300 |
| iShares Core S&P Mid-Cap ETF  | 250000 | 16500000 |
| iShares Core S&P Total U.S. Stock Market ETF  | 69000 | 10259610 |
| iShares Core U.S. Aggregate Bond ETF  | 793240 | 79228811 |
| iShares MSCI EAFE ETF  | 93897 | 9016929 |
| iShares Russell 1000 ETF  | 31834 | 11888089 |
| State Street SPDR Portfolio S&P 500 Value ETF  | 235000 | 13350350 |
| Vanguard S&P 500 ETF  | 26000 | 16305380 |
| Vanguard S&P 500 Value ETF  | 7000 | 1433950 |
| Vanguard Total Stock Market ETF  | 75000 | 25145250 |
| **Total Exchange Traded Funds (Cost $300,642,400)** |  | $415044993 |
| **Total Investments – 98.7% (Cost $300,642,400)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $415044993 |
| **Other Assets in Excess of Liabilities – 1.3%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 5584773 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $420629766 |

---

<br>Percentages are stated as a percent of net assets.<br>

Abbreviations: <br> CLO: Collateralized Loan Obligation <br> ETF: Exchange Traded Fund

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial <br> Statements.<br>|
| (b) | Includes $1,791,735 of cash pledged as collateral for the futures contracts outstanding at December 31, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

**Schedule of Open Futures Contracts**

**December 31, 2025** 

**Long Futures Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **contracts**<br>| **Expiration Date** | **Notional**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Variation Margin** <br> **Receivable** <br> **(Payable)**<br>|
| CME E-mini S&P 500 Index - Long | 71 | March 20, 2026 | &nbsp;&nbsp; $24454329 | &nbsp;&nbsp; $24468375 | &nbsp;&nbsp; $14046 | &nbsp;&nbsp; $(183713)<br>|
| MSCI EAFE Index - Long | 4 | March 20, 2026 | &nbsp;&nbsp; 578369 | &nbsp;&nbsp; 580420 | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; (3240)<br>|
| MSCI Emerging Markets Index - Long | 9 | March 20, 2026 | &nbsp;&nbsp; 621393 | &nbsp;&nbsp; 635130 | &nbsp;&nbsp; 13737 | &nbsp;&nbsp; (2070)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$25654091** | &nbsp;&nbsp; **$25683925** | &nbsp;&nbsp; **$29834** | &nbsp;&nbsp; **$(189023)**<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Moderately Conservative Model Portfolio**

**Schedule of Investments in Unaffiliated Issuers**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–34.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 44559 | $1654492 |
| DFA International Core Equity Portfolio Institutional | 244627 | 4963473 |
| PIMCO Low Duration Institutional | 2128823 | 19925778 |
| PIMCO Total Return Institutional | 3186952 | 28236396 |
| Vanguard International Growth Fund Admiral Class | 14514 | 1654491 |
| **Total Open-End Mutual Funds** |  | $56434630 |
| **Total Investments in Securities of Unaffiliated Issuers – 34.1% (Cost $55,848,779)** |  | $56434630 |
| **Total Investments in Affiliates – 66.0% (Cost $101,993,892) (see schedule below)** |  | 109196411 |
| **Liabilities in Excess of Other Assets – (0.1)%** |  | (91763)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $165539278 |

---

<br>Percentages are stated as a percent of net assets.<br>

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

**Schedule of Investments in Affiliates**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at**<br> **January 1, 2025**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Income**<br> **Distributions**<br>| **Capital Gain**<br> **Distributions**<br>| **Shares at**<br> **December 31,**<br> **2025**<br>| **Value at**<br> **December 31,**<br> **2025**<br>|
| **Open-End Mutual Funds – 66.0%** |  |  |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $1792132 | $252191 | $454244 | $105233 | $(40821)<br>| $6709 | $39955 | 47970 | $1654491 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 247377 | 406699 | 83639 | (61958)<br>| 20943 | 127214 | 133642 | 1654491 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 315505 | 541902 | 115790 | (27034)<br>| 1153 |  | 111790 | 1654491 |
| AVIP BlackRock Advantage International Equity <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7168529 | 676061 | 3048109 | 264225 | 1557258 | 150921 | 39557 | 322985 | 6617964 |
| AVIP BlackRock Advantage Large Cap Core <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3584265 | 762145 | 1128772 | 147713 | (56369)<br>| 22809 | 523700 | 83581 | 3308982 |
| AVIP BlackRock Advantage Large Cap Value <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5376397 | 837175 | 1422409 | 11114 | 161196 | 74403 | 633423 | 242121 | 4963473 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17921324 | 978321 | 3017545 | (293755)<br>| 956566 | 615568 |  | 950857 | 16544911 |
| AVIP Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26881985 | 1908834 | 4635743 | (426030)<br>| 1088320 | 1000205 |  | 2706365 | 24817366 |
| AVIP High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10752794 | 814259 | 1872482 | 20555 | 211821 | 583181 |  | 508553 | 9926947 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 529902 | 697534 | 196814 | (166823)<br>| 7067 | 293814 | 93633 | 1654491 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25089853 | 4608882 | 7262039 | 795889 | (69710)<br>| 245585 | 2934665 | 509746 | 23162875 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14337059 | 3208509 | 3744059 | 565048 | (1130628)<br>| 150398 | 1382811 | 628487 | 13235929 |
| **Total Open-End Mutual Funds** |  |  |  | $1586235 | $2421818 | $2878942 | $5975139 |  | $109196411 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of "affiliated person", as the Portfolio directly or indirectly <br> owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at December 31, 2025.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Balanced Model Portfolio**

**Schedule of Investments in Unaffiliated Issuers**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–29.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 365386 | $13566791 |
| DFA International Core Equity Portfolio Institutional | 1671611 | 33916977 |
| PIMCO Low Duration Institutional | 5818632 | 54462392 |
| PIMCO Total Return Institutional | 9223205 | 81717601 |
| Vanguard International Growth Fund Admiral Class | 119017 | 13566791 |
| **Total Open-End Mutual Funds** |  | $197230552 |
| **Total Investments in Securities of Unaffiliated Issuers – 29.1% (Cost $185,813,222)** |  | $197230552 |
| **Total Investments in Affiliates – 70.9% (Cost $432,919,214) (see schedule below)** |  | 481621075 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (267297)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $678584330 |

---

<br>Percentages are stated as a percent of net assets.<br>

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

**Schedule of Investments in Affiliates**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at**<br> **January 1, 2025**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Income**<br> **Distributions**<br>| **Capital Gain**<br> **Distributions**<br>| **Shares at**<br> **December 31,**<br> **2025**<br>| **Value at**<br> **December 31,**<br> **2025**<br>|
| **Open-End Mutual Funds – 70.9%** |  |  |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $7128644 | $757090 | $1357338 | $(140697)<br>| $395696 | $27072 | $161232 | 196677 | $6783395 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 3696417 | 5416249 | 974188 | (635348)<br>| 338469 | 2055905 | 2191727 | 27133582 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 961621 | 1660355 | 351011 | 2474 | 4644 |  | 458338 | 6783395 |
| AVIP BlackRock Advantage International Equity <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 49900505 | 3132251 | 18239965 | 4301016 | 8389961 | 1064824 | 279093 | 2317412 | 47483768 |
| AVIP BlackRock Advantage Large Cap Core <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14257287 | 2654661 | 3694032 | 663855 | (314980)<br>| 91933 | 2110795 | 342682 | 13566791 |
| AVIP BlackRock Advantage Large Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 2787899 | 2548473 | 874910 | (1459585)<br>| 2952 | 1951088 | 719342 | 6783395 |
| AVIP BlackRock Advantage Large Cap Value <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 4297366 | 6587572 | (645110)<br>| 1554324 | 400304 | 3407956 | 1323589 | 27133582 |
| AVIP BlackRock Advantage Small Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14257287 | 2169093 | 4233689 | (501013)<br>| 1875113 | 3514 | 514709 | 503593 | 13566791 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49900505 | 4080610 | 8350486 | (729284)<br>| 2582423 | 1737459 |  | 2728952 | 47483768 |
| AVIP Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 71286436 | 7112985 | 12334874 | (1119992)<br>| 2889399 | 2687756 |  | 7397378 | 67833954 |
| AVIP High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 2458250 | 4448496 | 235998 | 373256 | 1571615 |  | 1390040 | 27133582 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 2029506 | 2476795 | 594591 | (492551)<br>| 28479 | 1184076 | 383893 | 6783395 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 114058297 | 17937837 | 26639013 | 8721529 | (5544323)<br>| 1132312 | 13530785 | 2388520 | 108534327 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78415079 | 15197381 | 15806819 | 6041739 | (9230030)<br>| 835276 | 7679813 | 3543084 | 74617350 |
| **Total Open-End Mutual Funds** |  |  |  | $19622741 | $385829 | $9926609 | $32875452 |  | $481621075 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of "affiliated person", as the Portfolio directly or indirectly <br> owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at December 31, 2025.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Moderate Growth Model Portfolio**

**Schedule of Investments in Unaffiliated Issuers**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–21.0%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 740028 | $27477239 |
| DFA International Core Equity Portfolio Institutional | 4739790 | 96170338 |
| PIMCO Low Duration Institutional | 4419288 | 41364540 |
| PIMCO Total Return Institutional | 10896787 | 96545538 |
| Vanguard International Growth Fund Admiral Class | 241050 | 27477240 |
| **Total Open-End Mutual Funds** |  | $289034895 |
| **Total Investments in Securities of Unaffiliated Issuers – 21.0% (Cost $250,115,726)** |  | $289034895 |
| **Total Investments in Affiliates – 79.0% (Cost $945,897,463) (see schedule below)** |  | 1085350953 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (505516)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $1373880332 |

---

<br>Percentages are stated as a percent of net assets.<br>

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

**Schedule of Investments in Affiliates**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at**<br> **January 1, 2025**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Income**<br> **Distributions**<br>| **Capital Gain**<br> **Distributions**<br>| **Shares at**<br> **December 31,**<br> **2025**<br>| **Value at**<br> **December 31,**<br> **2025**<br>|
| **Open-End Mutual Funds – 79.0%** |  |  |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $13984257 | $1492899 | $2242334 | $(890249)<br>| $1394047 | $54697 | $325752 | 398336 | $13738620 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69921285 | 9171133 | 11189564 | 1810431 | (1020187)<br>| 852640 | 5179052 | 5548716 | 68693098 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 3820588 | 5742634 | 1233559 | 197212 | 18771 |  | 1856570 | 27477239 |
| AVIP BlackRock Advantage International Equity <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 111874055 | 6973250 | 37669946 | 6411426 | 22320172 | 2468370 | 646966 | 5364029 | 109908957 |
| AVIP BlackRock Advantage Large Cap Core <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 55937028 | 10054492 | 12323884 | 2895876 | (1609033)<br>| 373184 | 8568337 | 1388090 | 54954479 |
| AVIP BlackRock Advantage Large Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 10986491 | 8989421 | 2781365 | (5269710)<br>| 12019 | 7944844 | 2913811 | 27477239 |
| AVIP BlackRock Advantage Large Cap Value <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 83905541 | 12403162 | 16508587 | (1674096)<br>| 4305698 | 1213989 | 10335195 | 4021059 | 82431718 |
| AVIP BlackRock Advantage Small Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41952771 | 6300210 | 11172653 | (4821412)<br>| 8956943 | 10673 | 1563108 | 1529913 | 41215859 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69921285 | 8144256 | 11971548 | (1540956)<br>| 4140061 | 2514429 |  | 3947879 | 68693098 |
| AVIP Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 97889798 | 12990172 | 17125676 | (1567726)<br>| 3983770 | 3808497 |  | 10487496 | 96170338 |
| AVIP High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 3314669 | 4386746 | 122509 | 458293 | 1585474 |  | 1407646 | 27477239 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 7885352 | 8690088 | 2046326 | (1732865)<br>| 115873 | 4817673 | 1555022 | 27477239 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 265700881 | 39498366 | 51230487 | 19019436 | (11954422)<br>| 2727446 | 32592158 | 5744581 | 261033774 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 181795340 | 35180844 | 30678253 | 7154085 | (14849960)<br>| 1991314 | 18308826 | 8480630 | 178602056 |
| **Total Open-End Mutual Funds** |  |  |  | $32980574 | $9320019 | $17747376 | $90281911 |  | $1085350953 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of "affiliated person", as the Portfolio directly or indirectly <br> owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at December 31, 2025.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**AVIP Growth Model Portfolio**

**Schedule of Investments in Unaffiliated Issuers**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–17.0%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 274562 | $10194470 |
| DFA International Core Equity Portfolio Institutional | 1507314 | 30583411 |
| PIMCO Low Duration Institutional | 364361 | 3410419 |
| PIMCO Total Return Institutional | 770070 | 6822824 |
| Vanguard International Growth Fund Admiral Class | 59622 | 6796314 |
| **Total Open-End Mutual Funds** |  | $57807438 |
| **Total Investments in Securities of Unaffiliated Issuers – 17.0% (Cost $46,065,969)** |  | $57807438 |
| **Total Investments in Affiliates – 83.0% (Cost $240,847,090) (see schedule below)** |  | 282047005 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (151052)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $339703391 |

---

<br>Percentages are stated as a percent of net assets.<br>

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

**Schedule of Investments in Affiliates**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at**<br> **January 1, 2025**<br>| **Cost of**<br> **Purchases**<br>| **Proceeds**<br> **from Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Income**<br> **Distributions**<br>| **Capital Gain**<br> **Distributions**<br>| **Shares at**<br> **December 31,**<br> **2025**<br>| **Value at**<br> **December 31,**<br> **2025**<br>|
| **Open-End Mutual Funds – 83.0%** |  |  |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $3403015 | $409571 | $538681 | $(147575)<br>| $271827 | $13503 | $80419 | 98526 | $3398157 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20418087 | 3030081 | 3280157 | 660727 | (439798)<br>| 252629 | 1534505 | 1646926 | 20388940 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 1460428 | 2008324 | 442235 | 91087 | 6967 |  | 688815 | 10194470 |
| AVIP BlackRock Advantage International Equity <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 37433160 | 2554740 | 12254270 | 2077499 | 7568595 | 840353 | 220259 | 1824291 | 37379724 |
| AVIP BlackRock Advantage Large Cap Core <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20418087 | 3649604 | 4121598 | 820934 | (378087)<br>| 138284 | 3174998 | 515002 | 20388940 |
| AVIP BlackRock Advantage Large Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6806029 | 2661686 | 2038576 | 607346 | (1240172)<br>| 2976 | 1967209 | 720712 | 6796313 |
| AVIP BlackRock Advantage Large Cap Value <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23821102 | 3648213 | 4420060 | 531658 | 206184 | 349128 | 2972275 | 1160346 | 23787097 |
| AVIP BlackRock Advantage Small Cap Growth <br> Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13612058 | 2195642 | 3572409 | (1833211)<br>| 3190547 | 3528 | 516699 | 504552 | 13592627 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6806029 | 1119328 | 1382905 | (52370)<br>| 306231 | 248073 |  | 390593 | 6796313 |
| AVIP Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 1851804 | 2119891 | (67434)<br>| 320947 | 402377 |  | 1111720 | 10194470 |
| AVIP High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3403015 | 551200 | 625163 | (28876)<br>| 97981 | 195351 |  | 174086 | 3398157 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 2827128 | 2936379 | 494138 | (399461)<br>| 42967 | 1786465 | 576937 | 10194470 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 64657276 | 9531805 | 11272111 | 3664247 | (2016240)<br>| 673493 | 8048043 | 1420884 | 64564977 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 51045218 | 10774840 | 8643591 | 1607067 | (3811184)<br>| 568195 | 5224180 | 2420339 | 50972350 |
| **Total Open-End Mutual Funds** |  |  |  | $8776385 | $3768457 | $3737824 | $25525052 |  | $282047005 |

---

<br>Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of "affiliated person", as the Portfolio directly or indirectly <br> owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at December 31, 2025.<br>|

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Assets and Liabilities**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Balanced**<br> **Allocation** <br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage**<br> **International**<br> **Equity Portfolio**<br>| **AVIP Fidelity**<br> **Institutional AM**<sup>®</sup><br> **Equity Growth**<br> **Portfolio**<br>| **AVIP AB**<br> **Small Cap**<br> **Portfolio**<br>| **AVIP AB Mid**<br> **Cap Core**<br> **Portfolio**<br>| **AVIP**<br> **S&P 500**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Large**<br> **Cap Value**<br> **Portfolio**<br>| **AVIP High Income**<br> **Bond Portfolio**<br>|
| Assets: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers, at <br> value\*<br>| $263277025 | $361977432 | $344069673 | $244439932 | $280227297 | $100853639 | $1174857671 | $186353407 | $115461266 |
| Cash | 626121 | 5056543 | 5917981 | 1681268 | 1034059 | 685757 | 10296641 | 2451230 | 2432234 |
| Cash subject to usage restrictions | 506028 | 338469 | 187171 |  |  |  | 208248 | 197304 |  |
| Foreign currencies, at value |  |  | 319569 | 415154 |  |  |  | 184 | 74058 |
| Receivable for securities sold |  |  | 1899610 |  | 1828851 | 75846 |  |  |  |
| Receivable for fund shares sold | 297112 | 21636 | 20888 | 146868 | 1265213 | 491677 | 438009 | 17327 | 73208 |
| Dividends and accrued interest receivable | 3120420 | 1314118 | 248761 | 128667 | 164262 | 77846 | 603096 | 135517 | 1660984 |
| Foreign tax reclaim receivable | 1609 | 536 | 1753059 | 1377 |  |  |  | 136279 |  |
| Prepaid expenses and other assets | 3570 | 6586 | 6322 | 2028 | 1907 | 1314 | 21110 | 3393 | 1790 |
| Total assets | 267831885 | 368715320 | 354423034 | 246815294 | 284521589 | 102186079 | 1186424775 | 189294641 | 119703540 |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Payable for securities purchased |  |  | 1829449 | 263754 | 1906471 | 23356 |  |  |  |
| Payable for fund shares redeemed | 551493 | 509037 | 2238128 | 102147 | 85225 | 23988 | 973753 | 638846 | 488251 |
| Payable for investment advisory services | 121880 | 159302 | 213351 | 139551 | 178735 | 62661 | 343820 | 108448 | 74307 |
| Payable for variation margin on futures contracts | 34672 | 32307 | 31590 |  |  |  | 83680 | 20700 |  |
| Accrued custody expense | 1100 | 4299 | 60832 | 3421 | 9041 | 7949 | 17399 | 2501 | 1101 |
| Accrued professional fees | 9487 | 9554 | 9540 | 9473 | 9498 | 9379 | 10091 | 9436 | 9389 |
| Accrued accounting fees | 9416 | 13705 | 5072 | 5106 | 6712 | 4724 | 26568 | 5277 | 12502 |
| Accrued administration fees | 12484 | 12199 | 9495 | 11778 | 12145 | 11909 | 13376 | 12282 | 12312 |
| Other liabilities | 9470 | 13512 | 10280 | 9106 | 8870 | 8276 | 12296 | 7804 | 9681 |
| Withholding tax payable |  |  | 15999 | 4114 | 190 | 112 | 780 |  |  |
| Total liabilities | 750002 | 753915 | 4423736 | 548450 | 2216887 | 152354 | 1481763 | 805294 | 607543 |
| Net assets | $267081883 | $367961405 | $349999298 | $246266844 | $282304702 | $102033725 | $1184943012 | $188489347 | $119095997 |
| Net assets consist of: |  |  |  |  |  |  |  |  |  |
| Paid in capital | 275643700 | 259572589 | 244010502 | 199275951 | 269766154 | 91411521 | 454157090 | 142950884 | 132258794 |
| Total distributable earnings | (8561817)<br>| 108388816 | 105988796 | 46990893 | 12538548 | 10622204 | 730785922 | 45538463 | (13162797)<br>|
| Net assets | $267081883 | $367961405 | $349999298 | $246266844 | $282304702 | $102033725 | $1184943012 | $188489347 | $119095997 |
| \*Investments in securities of unaffiliated issuers, at <br> cost<br>| $270314212 | $286605942 | $301735473 | $213330677 | $268521752 | $93955345 | $582506286 | $158951140 | $115435199 |
| Foreign currencies, at cost | $— | $— | $318760 | $412662 | $— | $— | $— | $178 | $73900 |
| Shares outstanding, par value, $1 per share | 15347351 | 9841097 | 17084784 | 14275727 | 19068793 | 2958335 | 26076759 | 9196457 | 6101193 |
| Authorized Fund shares allocated to Portfolio | 25000000 | 15000000 | 35000000 | 19000000 | 27000000 | 5000000 | 50000000 | 14000000 | 10000000 |
| Net asset value per share | $17.40 | $37.39 | $20.49 | $17.25 | $14.80 | $34.49 | $45.44 | $20.50 | $19.52 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Assets and Liabilities**

**December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP**<br> **Nasdaq-100**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage**<br> **Large Cap Core**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Small**<br> **Cap Growth**<br> **Portfolio**<br>| **AVIP S&P**<br> **MidCap 400**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Large** <br> **Cap Growth**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Dynamic Risk**<br> **Balanced**<br> **Portfolio**<br>| **AVIP** <br> **Core Plus**<br> **Bond Portfolio**<br>| **AVIP Intech**<br> **U.S. Low**<br> **Volatility**<br> **Portfolio**<br>| **AVIP AB**<br> **Relative**<br> **Value**<br> **Portfolio**<br>|
| Assets: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers, at <br> value\*<br>| $259304266 | $324626587 | $126216377 | $518560410 | $457651245 | $1534964395 | $501762217 | $553974497 | $127054820 |
| Cash | 2206031 | 4369281 | 1997387 | 4932363 | 6838129 | 5489417 | 37667758 | 4208592 | 811897 |
| Cash subject to usage restrictions | 67261 | 291471 | 162179 | 71479 | 469916 | 3239995 | 1060162 |  |  |
| Receivable for securities sold |  |  |  | 76819 |  |  |  |  |  |
| Receivable for fund shares sold | 532246 | 62632 | 1685702 | 2942173 | 368892 | 177064 | 683665 | 415565 | 72197 |
| Dividends and accrued interest receivable | 73804 | 128624 | 23999 | 467616 | 56264 | 4388213 | 4164660 | 381477 | 104444 |
| Foreign tax reclaim receivable |  |  |  |  |  |  |  |  | 39701 |
| Prepaid expenses and other assets | 4742 | 5813 | 2314 | 9522 | 8296 | 21452 | 7786 | 10425 | 2121 |
| Total assets | 262188350 | 329484408 | 130087958 | 527060382 | 465392742 | 1548280536 | 545346248 | 558990556 | 128085180 |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Payable for securities purchased |  |  |  | 1118447 |  |  | 30000000 |  |  |
| Payable for fund shares redeemed | 264468 | 1436736 | 7327 | 20832 | 219522 | 623188 | 753324 | 323618 | 67215 |
| Payable for investment advisory services | 83069 | 180013 | 86342 | 157811 | 263380 | 1041607 | 224376 | 273825 | 70271 |
| Payable for variation margin on futures contracts | 21850 | 36887 | 16745 | 46155 | 61180 | 223781 | 40946 |  |  |
| Accrued custody expense | 4961 | 3266 | 8368 | 13436 | 3851 | 2465 | 4123 | 2811 | 2308 |
| Accrued professional fees | 9486 | 9528 | 9397 | 9660 | 9618 | 11850 | 11166 | 9681 | 9397 |
| Accrued accounting fees | 6448 | 7334 | 5842 | 13632 | 9885 | 30125 | 24885 | 12044 | 3091 |
| Accrued administration fees | 12586 | 12590 | 12105 | 12580 | 12698 | 18352 | 12767 | 12421 | 12161 |
| Other liabilities | 8906 | 11363 | 9422 | 10526 | 11288 | 17985 | 12463 | 14163 | 6717 |
| Withholding tax payable | 530 |  |  |  |  |  |  |  | 1120 |
| Total liabilities | 412304 | 1697717 | 155548 | 1403079 | 591422 | 1969353 | 31084050 | 648563 | 172280 |
| Net assets | $261776046 | $327786691 | $129932410 | $525657303 | $464801320 | $1546311183 | $514262198 | $558341993 | $127912900 |
| Net assets consist of: |  |  |  |  |  |  |  |  |  |
| Paid in capital | 105580488 | 190020570 | 113642266 | 413058753 | 290193878 | 1421623086 | 585241292 | 432553797 | 100085846 |
| Total distributable earnings | 156195558 | 137766121 | 16290144 | 112598550 | 174607442 | 124688097 | (70979094)<br>| 125788196 | 27827054 |
| Net assets | $261776046 | $327786691 | $129932410 | $525657303 | $464801320 | $1546311183 | $514262198 | $558341993 | $127912900 |
| \*Investments in securities of unaffiliated issuers, at cost | $146578888 | $225728224 | $110341456 | $439406564 | $348126978 | $1449192331 | $520098695 | $489437996 | $106375244 |
| Shares outstanding, par value, $1 per share | 14814161 | 8278487 | 4823379 | 24957950 | 49266443 | 110376843 | 56056225 | 48542504 | 10330195 |
| Authorized Fund shares allocated to Portfolio | 21000000 | 12000000 | 8000000 | 37000000 | 62000000 | 170000000 | 95000000 | 65000000 | 16000000 |
| Net asset value per share | $17.67 | $39.59 | $26.94 | $21.06 | $9.43 | $14.01 | $9.17 | $11.50 | $12.38 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Assets and Liabilities**

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Constellation** <br> **Managed Risk**<br> **Balanced**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Managed Risk**<br> **Moderate Growth**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Managed Risk**<br> **Growth**<br> **Portfolio**<br>| **AVIP Moderately**<br> **Conservative**<br> **Model**<br> **Portfolio**<br>| **AVIP Balanced**<br> **Model**<br> **Portfolio**<br>| **AVIP Moderate**<br> **Growth Model**<br> **Portfolio**<br>| **AVIP**<br> **Growth Model**<br> **Portfolio**<br>|
| Assets: |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers, at value\* | $493187817 | $1241167682 | $415044993 | $56434630 | $197230552 | $289034895 | $57807438 |
| Investments in affiliates, at value\*\* |  |  |  | 109196411 | 481621075 | 1085350953 | 282047005 |
| Cash | 8176938 | 9816930 | 4433871 |  |  |  |  |
| Cash subject to usage restrictions | 757532 | 1684194 | 1791735 |  |  |  |  |
| Receivable for securities sold |  |  |  | 453764 | 1825397 | 4454858 | 1246672 |
| Receivable for fund shares sold | 56008 | 69608 | 123254 | 3887 | 47170 | 20965 | 4257 |
| Prepaid expenses and other assets | 7626 | 6746 | 6270 | 515 | 2045 | 4045 | 982 |
| Total assets | 502185921 | 1252745160 | 421400123 | 166089207 | 680726239 | 1378865716 | 341106354 |
| Liabilities: |  |  |  |  |  |  |  |
| Payable for securities purchased |  |  |  | 263988 | 1643858 | 3568449 | 1063163 |
| Payable for fund shares redeemed | 267663 | 687762 | 339800 | 193687 | 228776 | 907444 | 187771 |
| Payable for investment advisory services | 236283 | 590268 | 197946 | 56766 | 231471 | 470421 | 116413 |
| Payable for variation margin on futures contracts | 81048 | 185023 | 189023 |  |  |  |  |
| Accrued custody expense | 3375 | 2972 | 2200 | 2765 | 2953 | 2886 | 2697 |
| Accrued professional fees | 8412 | 8905 | 8357 | 8191 | 8524 | 8982 | 8305 |
| Accrued accounting fees | 3868 | 3864 | 3864 | 3840 | 3848 | 3848 | 3848 |
| Accrued administration fees | 17832 | 17766 | 17735 | 13177 | 13177 | 13177 | 13177 |
| Other liabilities | 13662 | 13119 | 11432 | 7515 | 9302 | 10177 | 7589 |
| Total liabilities | 632143 | 1509679 | 770357 | 549929 | 2141909 | 4985384 | 1402963 |
| Net assets | $501553778 | $1251235481 | $420629766 | $165539278 | $678584330 | $1373880332 | $339703391 |
| Net assets consist of: |  |  |  |  |  |  |  |
| Paid in capital | 388333103 | 1089797105 | 251049707 | 151247219 | 570132809 | 1083327871 | 257496927 |
| Total distributable earnings | 113220675 | 161438376 | 169580059 | 14292059 | 108451521 | 290552461 | 82206464 |
| Net assets | $501553778 | $1251235481 | $420629766 | $165539278 | $678584330 | $1373880332 | $339703391 |
| \*Investments in securities of unaffiliated issuers, at cost | $416698226 | $1126710484 | $300642400 | $55848779 | $185813222 | $250115726 | $46065969 |
| \*\*Investments in affiliates, at cost | $— | $— | $— | $101993892 | $432919214 | $945897463 | $240847090 |
| Shares outstanding, par value, $1 per share | 44558328 | 91761269 | 28351050 | 13855950 | 54570718 | 103018145 | 24143787 |
| Authorized Fund shares allocated to Portfolio | 83000000 | 140000000 | 50000000 | 26000000 | 107000000 | 200000000 | 48000000 |
| Net asset value per share | $11.26 | $13.64 | $14.84 | $11.95 | $12.43 | $13.34 | $14.07 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Operations**

**For the Year Ended December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Balanced**<br> **Allocation** <br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage**<br> **International**<br> **Equity Portfolio**<br>| **AVIP Fidelity**<br> **Institutional AM**<sup>®</sup><br> **Equity Growth**<br> **Portfolio**<br>| **AVIP AB**<br> **Small Cap**<br> **Portfolio**<br>| **AVIP AB Mid**<br> **Cap Core**<br> **Portfolio**<br>| **AVIP**<br> **S&P 500**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Large**<br> **Cap Value**<br> **Portfolio**<br>| **AVIP High Income**<br> **Bond Portfolio**<br>|
| Investment income: |  |  |  |  |  |  |  |  |  |
| Interest | $11691866 | $4934244 | $238497 | $56181 | $46126 | $32567 | $341413 | $109824 | $7638558 |
| Dividends from unaffiliated issuers, net of taxes <br> withheld\*<br>| 1700 | 3107356 | 9655428 | 895560 | 1379123 | 1018861 | 14856922 | 3695988 | 55907 |
| Total investment income | 11693566 | 8041600 | 9893925 | 951741 | 1425249 | 1051428 | 15198335 | 3805812 | 7694465 |
| Expenses: |  |  |  |  |  |  |  |  |  |
| Advisory fees | 1333272 | 1883282 | 2482860 | 988890 | 1059657 | 570683 | 3974688 | 1265856 | 886465 |
| Custodian fees | 8377 | 22357 | 357191 | 19529 | 53371 | 47245 | 91782 | 15054 | 6251 |
| Directors' fees | 19707 | 29736 | 27513 | 11844 | 11600 | 6360 | 93312 | 14974 | 9645 |
| Professional fees | 22971 | 24664 | 24356 | 21652 | 21628 | 20671 | 35634 | 22165 | 26730 |
| Accounting fees | 51945 | 50639 | 64643 | 23293 | 30529 | 25730 | 154896 | 31358 | 72382 |
| Administration fees | 32156 | 36144 | 69246 | 24491 | 27376 | 26084 | 37232 | 24653 | 27578 |
| Printing and filing fees | 19668 | 28723 | 18496 | 15359 | 16262 | 15151 | 25587 | 13939 | 20378 |
| Compliance expense | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 |
| Other | 7171 | 12875 | 12099 | 5327 | 3762 | 2626 | 45588 | 6610 | 3598 |
| Total expenses | 1514815 | 2107968 | 3075952 | 1129933 | 1243733 | 734098 | 4478267 | 1414157 | 1072575 |
| Net investment income (loss) | 10178751 | 5933632 | 6817973 | (178192)<br>| 181516 | 317330 | 10720068 | 2391655 | 6621890 |
| Realized/unrealized gain (loss) on investments, futures <br> contracts, and foreign currency related transactions:<br>|  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | (5546251)<br>| 27380939 | 57003090 | 16670199 | 11503781 | 4680798 | 137666327 | 15583823 | (408054)<br>|
| Futures contracts | (71047)<br>| 503909 | 1295143 |  |  |  | 126805 | 189706 |  |
| Foreign currency related transactions |  |  | 36644 | (3020)<br>|  | 85 |  |  | (79)<br>|
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 13476239 | 23357056 | 34209963 | 5647206 | 2038128 | 659860 | 41756251 | 14073834 | 3398632 |
| Futures contracts | (82796)<br>| 31577 | 148955 |  |  |  | (26264)<br>| 106600 |  |
| Foreign currency related transactions |  |  | 246865 | 4249 |  | (78)<br>|  | 16172 | 158 |
| Net realized/unrealized gain on investments, futures <br> contracts, and foreign currency related <br> transactions<br>| 7776145 | 51273481 | 92940660 | 22318634 | 13541909 | 5340665 | 179523119 | 29970135 | 2990657 |
| Change in net assets from operations | $17954896 | $57207113 | $99758633 | $22140442 | $13723425 | $5657995 | $190243187 | $32361790 | $9612547 |
| \*Taxes withheld | $791 | $662 | $919201 | $18949 | $921 | $1092 | $3363 | $— | $— |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Operations**

**For the Year Ended December 31, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP**<br> **Nasdaq-100**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage**<br> **Large Cap Core**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Small**<br> **Cap Growth**<br> **Portfolio**<br>| **AVIP S&P**<br> **MidCap 400**<sup>®</sup><br> **Index**<br> **Portfolio**<br>| **AVIP BlackRock**<br> **Advantage Large** <br> **Cap Growth**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Dynamic Risk**<br> **Balanced**<br> **Portfolio**<br>| **AVIP** <br> **Core Plus**<br> **Bond Portfolio**<br>| **AVIP Intech**<br> **U.S. Low**<br> **Volatility**<br> **Portfolio**<br>| **AVIP AB**<br> **Relative**<br> **Value**<br> **Portfolio**<br>|
| Investment income: |  |  |  |  |  |  |  |  |  |
| Interest | $77985 | $174877 | $78789 | $173265 | $237616 | $19713831 | $19231081 | $174905 | $136142 |
| Dividends from unaffiliated issuers, net of taxes <br> withheld\*<br>| 1839722 | 3799502 | 680901 | 8139775 | 2830148 | 17006954 | 2631921 | 7899662 | 2041871 |
| Total investment income | 1917707 | 3974379 | 759690 | 8313040 | 3067764 | 36720785 | 21863002 | 8074567 | 2178013 |
| Expenses: |  |  |  |  |  |  |  |  |  |
| Advisory fees | 957730 | 2061516 | 994345 | 1847700 | 3020311 | 10226278 | 2683744 | 3350294 | 771434 |
| Custodian fees | 29844 | 19395 | 50979 | 77390 | 22828 | 34055 | 26409 | 17446 | 11349 |
| Directors' fees | 20735 | 25564 | 10254 | 41973 | 36621 | 103076 | 41941 | 46750 | 9525 |
| Professional fees | 23123 | 23987 | 21319 | 26760 | 25830 | 43330 | 35292 | 27560 | 21223 |
| Accounting fees | 37511 | 43161 | 34981 | 80267 | 57221 | 151073 | 148647 | 72345 | 17993 |
| Administration fees | 25781 | 26337 | 24082 | 27996 | 27022 | 78735 | 41429 | 26616 | 23195 |
| Printing and filing fees | 15759 | 20068 | 17651 | 21461 | 22321 | 41383 | 25553 | 25533 | 12007 |
| Compliance expense | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 |
| Other | 8846 | 11050 | 4493 | 18728 | 15510 | 55750 | 15912 | 21698 | 4177 |
| Total expenses | 1138877 | 2250626 | 1177652 | 2161823 | 3247212 | 10753228 | 3038475 | 3607790 | 890451 |
| Net investment income (loss) | 778830 | 1723753 | (417962)<br>| 6151217 | (179448)<br>| 25967557 | 18824527 | 4466777 | 1287562 |
| Realized/unrealized gain (loss) on investments, futures <br> contracts, and swap contracts:<br>|  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 44096785 | 37735294 | 1094841 | 39100770 | 67407549 | 8008760 | (9613183)<br>| 57921170 | 6178044 |
| Futures contracts | 152920 | 318869 | (43248)<br>| (142329)<br>| 402211 | 1454431 | 533006 |  |  |
| Swap contracts |  |  |  |  |  | 1992941 |  |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 4318128 | 20125906 | 16721809 | (8151316)<br>| 22621106 | 109232403 | 24570535 | 5202760 | 4567497 |
| Futures contracts | 40070 | 96919 | 85855 | 135973 | 107077 | 2572472 | (375593)<br>|  |  |
| Net realized/unrealized gain on investments, futures <br> contracts, and swap contracts<br>| 48607903 | 58276988 | 17859257 | 30943098 | 90537943 | 123261007 | 15114765 | 63123930 | 10745541 |
| Change in net assets from operations | $49386733 | $60000741 | $17441295 | $37094315 | $90358495 | $149228564 | $33939292 | $67590707 | $12033103 |
| \*Taxes withheld | $4977 | $308 | $102 | $5888 | $234 | $1319 | $— | $— | $11839 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Operations**

**For the Year Ended December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Constellation** <br> **Managed Risk**<br> **Balanced**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Managed Risk**<br> **Moderate Growth**<br> **Portfolio**<br>| **AVIP Constellation**<br> **Managed Risk**<br> **Growth**<br> **Portfolio**<br>| **AVIP Moderately**<br> **Conservative**<br> **Model**<br> **Portfolio**<br>| **AVIP Balanced**<br> **Model**<br> **Portfolio**<br>| **AVIP Moderate**<br> **Growth Model**<br> **Portfolio**<br>| **AVIP**<br> **Growth Model**<br> **Portfolio**<br>|
| Investment income: |  |  |  |  |  |  |  |
| Interest | $670753 | $304639 | $440934 | $— | $— | $2 | $— |
| Dividend income from unaffiliated issuers | 13586052 | 15005825 | 7778897 | 2447300 | 7797839 | 10510227 | 1853096 |
| Dividends from affiliates |  |  |  | 2878942 | 9926609 | 17747376 | 3737824 |
| Total investment income | 14256805 | 15310464 | 8219831 | 5326242 | 17724448 | 28257605 | 5590920 |
| Expenses: |  |  |  |  |  |  |  |
| Advisory fees | 2839009 | 3375590 | 2310235 | 687031 | 2749289 | 5499431 | 1347283 |
| Custodian fees | 14982 | 13089 | 9026 | 15368 | 16649 | 16407 | 15732 |
| Directors' fees | 41105 | 50473 | 33362 | 13702 | 54650 | 109049 | 26651 |
| Professional fees | 23766 | 25759 | 22527 | 19325 | 25953 | 34830 | 21458 |
| Accounting fees | 23201 | 23114 | 23118 | 23038 | 23086 | 23086 | 23086 |
| Administration fees | 38300 | 37590 | 37227 | 28906 | 32332 | 36860 | 29984 |
| Printing and filing fees | 27533 | 25087 | 22606 | 14894 | 24107 | 32865 | 14310 |
| Compliance expense | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 | 19548 |
| Other | 20043 | 14008 | 12928 | 2289 | 9364 | 18418 | 4237 |
| Total expenses | 3047487 | 3584258 | 2490577 | 824101 | 2954978 | 5790494 | 1502289 |
| Net investment income | 11209318 | 11726206 | 5729254 | 4502141 | 14769470 | 22467111 | 4088631 |
| Realized/unrealized gain on investments, futures contracts, capital gain <br> distributions received from underlying mutual funds, and swap contracts:<br>|  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 30954977 | 29361119 | 48129183 | (742086)<br>| (78077)<br>| 6225564 | 2727151 |
| Investments in affiliates |  |  |  | 1586235 | 19622741 | 32980574 | 8776385 |
| Futures contracts | 3436103 | 5816833 | 2141852 |  |  |  |  |
| Capital gain distributions received from underlying unaffiliated mutual <br> funds<br>|  |  |  | 88162 | 718012 | 1456797 | 361252 |
| Capital gain distributions received from underlying affiliated mutual funds |  |  |  | 5975139 | 32875452 | 90281911 | 25525052 |
| Swap contracts | 918091 |  |  |  |  |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 15788821 | 28579268 | 5211961 | 4420407 | 19480454 | 35977231 | 9493733 |
| Investments in affiliates |  |  |  | 2421818 | 385829 | 9320019 | 3768457 |
| Futures contracts | 1204811 | 554872 | 802628 |  |  |  |  |
| Net realized/unrealized gain on investments, futures contracts, capital <br> gain distributions received from underlying mutual funds, and swap <br> contracts<br>| 52302803 | 64312092 | 56285624 | 13749675 | 73004411 | 176242096 | 50652030 |
| Change in net assets from operations | $63512121 | $76038298 | $62014878 | $18251816 | $87773881 | $198709207 | $54740661 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond**<br> **Portfolio** | **AVIP Bond**<br> **Portfolio** | **AVIP BlackRock**<br> **Balanced Allocation** <br> **Portfolio** | **AVIP BlackRock**<br> **Balanced Allocation** <br> **Portfolio** | **AVIP BlackRock**<br> **Advantage**<br> **International**<br> **Equity Portfolio** | **AVIP BlackRock**<br> **Advantage**<br> **International**<br> **Equity Portfolio** | **AVIP Fidelity**<br> **Institutional AM**<sup>®</sup><br> **Equity Growth**<br> **Portfolio** | **AVIP Fidelity**<br> **Institutional AM**<sup>®</sup><br> **Equity Growth**<br> **Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $10178751 | $8652538 | $5933632 | $6034364 | $6817973 | $7035031 | $(178192)<br>| $(358043)<br>|
| Net realized gain (loss) on investments, futures contracts, and foreign currency related <br> transactions<br>| (5617298)<br>| (2430449)<br>| 27884848 | 52123563 | 58334877 | 39247423 | 16667179 | 22822721 |
| Change in unrealized appreciation/depreciation on investments, futures contracts, and <br> foreign currency related transactions<br>| 13393443 | (1601152)<br>| 23388633 | 15842427 | 34605783 | (23972805)<br>| 5651455 | 10863821 |
| Change in net assets from operations | 17954896 | 4620937 | 57207113 | 74000354 | 99758633 | 22309649 | 22140442 | 33328499 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (8660818)<br>| (8037254)<br>| (56577549)<br>| (13162567)<br>| (9873262)<br>| (8596710)<br>| (22568861)<br>| (8493441)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 54660758 | 63041282 | 19598543 | 12647926 | 19317431 | 30740433 | 130719496 | 4921437 |
| Received from dividends reinvested | 8660818 | 8037254 | 56577549 | 13162567 | 9873262 | 8596710 | 22568861 | 8493441 |
| Paid for shares redeemed | (53388017)<br>| (44748425)<br>| (100003233)<br>| (108889073)<br>| (112452842)<br>| (65673745)<br>| (32613947)<br>| (28517726)<br>|
| Change in net assets from capital transactions | 9933559 | 26330111 | (23827141)<br>| (83078580)<br>| (83262149)<br>| (26336602)<br>| 120674410 | (15102848)<br>|
| Change in net assets | 19227637 | 22913794 | (23197577)<br>| (22240793)<br>| 6623222 | (12623663)<br>| 120245991 | 9732210 |
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 247854246 | 224940452 | 391158982 | 413399775 | 343376076 | 355999739 | 126020853 | 116288643 |
| End of year | $267081883 | $247854246 | $367961405 | $391158982 | $349999298 | $343376076 | $246266844 | $126020853 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP AB Small Cap**<br> **Portfolio** | **AVIP AB Small Cap**<br> **Portfolio** | **AVIP AB Mid Cap Core**<br> **Portfolio** | **AVIP AB Mid Cap Core**<br> **Portfolio** | **AVIP S&P 500**<sup>®</sup><br> **Index Portfolio** | **AVIP S&P 500**<sup>®</sup><br> **Index Portfolio** | **AVIP BlackRock**<br> **Advantage Large**<br> **Cap Value**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage Large**<br> **Cap Value**<br> **Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $181516 | $307859 | $317330 | $319638 | $10720068 | $12500432 | $2391655 | $2839381 |
| Net realized gain on investments, futures contracts, and foreign currency related <br> transactions<br>| 11503781 | 15595332 | 4680883 | 9805679 | 137793132 | 146345736 | 15773529 | 24368964 |
| Change in unrealized appreciation/depreciation on investments, futures contracts, <br> and foreign currency related transactions<br>| 2038128 | (526774)<br>| 659782 | 764210 | 41729987 | 109176683 | 14196606 | 2699621 |
| Change in net assets from operations | 13723425 | 15376417 | 5657995 | 10889527 | 190243187 | 268022851 | 32361790 | 29907966 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (73314)<br>| (491912)<br>| (2040405)<br>| (359724)<br>| (158289285)<br>| (96565596)<br>| (26358660)<br>| (6744337)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 186340593 | 8146500 | 34177387 | 4209906 | 59605512 | 69591619 | 5634848 | 8611201 |
| Received from dividends reinvested | 73314 | 491912 | 2040405 | 359724 | 158289285 | 96565596 | 26358660 | 6744337 |
| Paid for shares redeemed | (31291114)<br>| (27138806)<br>| (14382882)<br>| (18944221)<br>| (269689564)<br>| (318495757)<br>| (42124517)<br>| (46593770)<br>|
| Change in net assets from capital transactions | 155122793 | (18500394)<br>| 21834910 | (14374591)<br>| (51794767)<br>| (152338542)<br>| (10131009)<br>| (31238232)<br>|
| Change in net assets | 168772904 | (3615889)<br>| 25452500 | (3844788)<br>| (19840865)<br>| 19118713 | (4127879)<br>| (8074603)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 113531798 | 117147687 | 76581225 | 80426013 | 1204783877 | 1185665164 | 192617226 | 200691829 |
| End of year | $282304702 | $113531798 | $102033725 | $76581225 | $1184943012 | $1204783877 | $188489347 | $192617226 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP High Income**<br> **Bond Portfolio** | **AVIP High Income**<br> **Bond Portfolio** | **AVIP Nasdaq-100**<sup>®</sup> **Index**<br> **Portfolio** | **AVIP Nasdaq-100**<sup>®</sup> **Index**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage**<br> **Large Cap Core**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage**<br> **Large Cap Core**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage Small**<br> **Cap Growth**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage Small**<br> **Cap Growth**<br> **Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $6621890 | $6842594 | $778830 | $1107480 | $1723753 | $2231046 | $(417962)<br>| $(211972)<br>|
| Net realized gain (loss) on investments, futures contracts, and foreign currency related <br> transactions<br>| (408133)<br>| (2892552)<br>| 44249705 | 45960323 | 38054163 | 51964758 | 1051593 | 15453411 |
| Change in unrealized appreciation/depreciation on investments, futures contracts, and <br> foreign currency related transactions<br>| 3398790 | 3601774 | 4358198 | 13968335 | 20222825 | 24978577 | 16807664 | (684930)<br>|
| Change in net assets from operations | 9612547 | 7551816 | 49386733 | 61036138 | 60000741 | 79174381 | 17441295 | 14556509 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (6904427)<br>| (7055612)<br>| (47153504)<br>| (51065074)<br>| (52788987)<br>| (10881889)<br>| (4946731)<br>| (106070)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 8783612 | 19255120 | 18058908 | 36688968 | 12239276 | 8285525 | 13252069 | 11959446 |
| Received from dividends reinvested | 6904427 | 7055612 | 47153504 | 51065074 | 52788987 | 10881889 | 4946731 | 106070 |
| Paid for shares redeemed | (24533428)<br>| (26885768)<br>| (75339975)<br>| (90754212)<br>| (73870477)<br>| (87330554)<br>| (33887232)<br>| (34149854)<br>|
| Change in net assets from capital transactions | (8845389)<br>| (575036)<br>| (10127563)<br>| (3000170)<br>| (8842214)<br>| (68163140)<br>| (15688432)<br>| (22084338)<br>|
| Change in net assets | (6137269)<br>| (78832)<br>| (7894334)<br>| 6970894 | (1630460)<br>| 129352 | (3193868)<br>| (7633899)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 125233266 | 125312098 | 269670380 | 262699486 | 329417151 | 329287799 | 133126278 | 140760177 |
| End of year | $119095997 | $125233266 | $261776046 | $269670380 | $327786691 | $329417151 | $129932410 | $133126278 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P**<br> **MidCap 400**<sup>®</sup> **Index**<br> **Portfolio** | **AVIP S&P**<br> **MidCap 400**<sup>®</sup> **Index**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage Large** <br> **Cap Growth**<br> **Portfolio** | **AVIP BlackRock**<br> **Advantage Large** <br> **Cap Growth**<br> **Portfolio** | **AVIP Constellation**<br> **Dynamic Risk**<br> **Balanced Portfolio** | **AVIP Constellation**<br> **Dynamic Risk**<br> **Balanced Portfolio** | **AVIP Core Plus** <br> **Bond Portfolio** | **AVIP Core Plus** <br> **Bond Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $6151217 | $6400065 | $(179448)<br>| $206162 | $25967557 | $27387076 | $18824527 | $19797569 |
| Net realized gain (loss) on investments, futures contracts, foreign currency related <br> transactions, and swap contracts<br>| 38958441 | 53465964 | 67809760 | 132283811 | 11456132 | 286926642 | (9080177)<br>| (14153548)<br>|
| Change in unrealized appreciation/depreciation on investments and futures <br> contracts<br>| (8015343)<br>| 11126533 | 22728183 | (337091)<br>| 111804875 | (152926318)<br>| 24194942 | 4406751 |
| Change in net assets from operations | 37094315 | 70992562 | 90358495 | 132152882 | 149228564 | 161387400 | 33939292 | 10050772 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (60423643)<br>| (26366135)<br>| (133599753)<br>| (48992702)<br>| (247564432)<br>| (25112235)<br>| (20456299)<br>| (17192571)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 44641551 | 59459132 | 14564172 | 8631102 | 428777004 | 26928326 | 50245095 | 58176882 |
| Received from dividends reinvested | 60423643 | 26366135 | 133599753 | 48992702 | 247564432 | 25112235 | 20456299 | 17192571 |
| Paid for shares redeemed | (102248460)<br>| (126734288)<br>| (115093637)<br>| (140544861)<br>| (302257292)<br>| (316784528)<br>| (113594605)<br>| (109652523)<br>|
| Change in net assets from capital transactions | 2816734 | (40909021)<br>| 33070288 | (82921057)<br>| 374084144 | (264743967)<br>| (42893211)<br>| (34283070)<br>|
| Change in net assets | (20512594)<br>| 3717406 | (10170970)<br>| 239123 | 275748276 | (128468802)<br>| (29410218)<br>| (41424869)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 546169897 | 542452491 | 474972290 | 474733167 | 1270562907 | 1399031709 | 543672416 | 585097285 |
| End of year | $525657303 | $546169897 | $464801320 | $474972290 | $1546311183 | $1270562907 | $514262198 | $543672416 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Intech U.S.**<br> **Low Volatility**<br> **Portfolio** | **AVIP Intech U.S.**<br> **Low Volatility**<br> **Portfolio** | **AVIP AB Relative**<br> **Value Portfolio** | **AVIP AB Relative**<br> **Value Portfolio** | **AVIP Constellation**<br> **Managed Risk**<br> **Balanced Portfolio** | **AVIP Constellation**<br> **Managed Risk**<br> **Balanced Portfolio** | **AVIP Constellation**<br> **Managed Risk Moderate**<br> **Growth Portfolio** | **AVIP Constellation**<br> **Managed Risk Moderate**<br> **Growth Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $4466777 | $7397174 | $1287562 | $1485611 | $11209318 | $13800585 | $11726206 | $9815969 |
| Net realized gain on investments, futures contracts, foreign currency related <br> transactions, and swap contracts<br>| 57921170 | 103647679 | 6178044 | 12264488 | 35309171 | 15785491 | 35177952 | 34765302 |
| Change in unrealized appreciation on investments, futures contracts, and foreign <br> currency related transactions<br>| 5202760 | 12248153 | 4567497 | 1930648 | 16993632 | 21506677 | 29134140 | 9554191 |
| Change in net assets from operations | 67590707 | 123293006 | 12033103 | 15680747 | 63512121 | 51092753 | 76038298 | 54135462 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (101659290)<br>| (9320606)<br>| (10361357)<br>| (1896675)<br>| (13762703)<br>| (14636740)<br>| (43939532)<br>| (20489765)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 18019856 | 11197907 | 15863711 | 4748260 | 20418233 | 22511092 | 839712609 | 13049892 |
| Received from dividends reinvested | 101659290 | 9320606 | 10361357 | 1896675 | 13762703 | 14636740 | 43939532 | 20489765 |
| Paid for shares redeemed | (150691582)<br>| (179488884)<br>| (20669589)<br>| (27464787)<br>| (120767649)<br>| (122375643)<br>| (131523070)<br>| (98654400)<br>|
| Change in net assets from capital transactions | (31012436)<br>| (158970371)<br>| 5555479 | (20819852)<br>| (86586713)<br>| (85227811)<br>| 752129071 | (65114743)<br>|
| Change in net assets | (65081019)<br>| (44997971)<br>| 7227225 | (7035780)<br>| (36837295)<br>| (48771798)<br>| 784227837 | (31469046)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 623423012 | 668420983 | 120685675 | 127721455 | 538391073 | 587162871 | 467007644 | 498476690 |
| End of year | $558341993 | $623423012 | $127912900 | $120685675 | $501553778 | $538391073 | $1251235481 | $467007644 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Constellation**<br> **Managed Risk**<br> **Growth Portfolio** | **AVIP Constellation**<br> **Managed Risk**<br> **Growth Portfolio** | **AVIP Moderately**<br> **Conservative Model**<br> **Portfolio** | **AVIP Moderately**<br> **Conservative Model**<br> **Portfolio** | **AVIP Balanced**<br> **Model**<br> **Portfolio** | **AVIP Balanced**<br> **Model**<br> **Portfolio** | **AVIP Moderate**<br> **Growth Model**<br> **Portfolio** | **AVIP Moderate**<br> **Growth Model**<br> **Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $5729254 | $7999641 | $4502141 | $4734312 | $14769470 | $15541950 | $22467111 | $23087275 |
| Net realized gain on investments, futures contracts, foreign currency related <br> transactions, and capital gain distributions received from underlying mutual <br> funds<br>| 50271035 | 27459400 | 6907450 | 2499557 | 53138128 | 23434957 | 130944846 | 58432630 |
| Change in unrealized appreciation on investments, futures contracts, and foreign <br> currency related transactions<br>| 6014589 | 27186552 | 6842225 | 7288795 | 19866283 | 32780757 | 45297250 | 87291867 |
| Change in net assets from operations | 62014878 | 62645593 | 18251816 | 14522664 | 87773881 | 71757664 | 198709207 | 168811772 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders | (34180817)<br>| (20040839)<br>| (6584249)<br>| (5248757)<br>| (34469636)<br>| (15131002)<br>| (52212182)<br>| (23374317)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 11280255 | 12272285 | 4279747 | 5527674 | 19333187 | 14505975 | 23470476 | 14323786 |
| Received from dividends reinvested | 34180817 | 20040839 | 6584249 | 5248757 | 34469636 | 15131002 | 52212182 | 23374317 |
| Paid for shares redeemed | (84194880)<br>| (88196984)<br>| (36315756)<br>| (37383482)<br>| (141670354)<br>| (149587285)<br>| (246767751)<br>| (265847358)<br>|
| Change in net assets from capital transactions | (38733808)<br>| (55883860)<br>| (25451760)<br>| (26607051)<br>| (87867531)<br>| (119950308)<br>| (171085093)<br>| (228149255)<br>|
| Change in net assets | (10899747)<br>| (13279106)<br>| (13784193)<br>| (17333144)<br>| (34563286)<br>| (63323646)<br>| (24588068)<br>| (82711800)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of year | 431529513 | 444808619 | 179323471 | 196656615 | 713147616 | 776471262 | 1398468400 | 1481180200 |
| End of year | $420629766 | $431529513 | $165539278 | $179323471 | $678584330 | $713147616 | $1373880332 | $1398468400 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **AVIP**<br> **Growth Model**<br> **Portfolio** | **AVIP**<br> **Growth Model**<br> **Portfolio** |
|  | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |
| Operations: |  |  |
| Net investment income | $4088631 | $4284951 |
| Net realized gain on investments and capital gain distributions received from underlying mutual funds | 37389840 | 14753819 |
| Change in unrealized appreciation on investments | 13262190 | 25680001 |
| Change in net assets from operations | 54740661 | 44718771 |
| Distributions: |  |  |
| Distributions to shareholders | (10916684)<br>| (4506813)<br>|
| Capital transactions: |  |  |
| Received from shares sold | 9065443 | 3905420 |
| Received from dividends reinvested | 10916684 | 4506813 |
| Paid for shares redeemed | (64294521)<br>| (51575991)<br>|
| Change in net assets from capital transactions | (44312394)<br>| (43163758)<br>|
| Change in net assets | (488417)<br>| (2951800)<br>|
| **Net assets:** |  |  |
| Beginning of year | 340191808 | 343143608 |
| End of year | $339703391 | $340191808 |

---

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income (loss)**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $16.76 | 0.72 | 0.56 | 1.28 | (0.64)<br>| $17.40 | 7.67<br> %<br>| 0.61<br> %<br>| 4.12<br> %<br>| 0.61<br> %<br>| $267.1 | 112<br> %<br>|
| Year Ended December 31, 2024 | $16.95 | 0.59 | (0.17)<br>| 0.42 | (0.61)<br>| $16.76 | 2.38<br> %<br>| 0.61<br> %<br>| 3.72<br> %<br>| 0.61<br> %<br>| $247.9 | 21<br> %<br>|
| Year Ended December 31, 2023 | $16.17 | 0.62 | 0.69 | 1.31 | (0.53)<br>| $16.95 | 8.30<br> %<br>| 0.61<br> %<br>| 3.64<br> %<br>| 0.61<br> %<br>| $224.9 | 21<br> %<br>|
| Year Ended December 31, 2022 | $19.88 | 0.58 | (3.60)<br>| (3.02)<br>| (0.69)<br>| $16.17 | (15.19)%<br>| 0.61<br> %<br>| 3.11<br> %<br>| 0.61<br> %<br>| $221.5 | 21<br> %<br>|
| Year Ended December 31, 2021 | $20.79 | 0.54 | (0.85)<br>| (0.31)<br>| (0.60)<br>| $19.88 | (1.52)%<br>| 0.59<br> %<br>| 2.56<br> %<br>| 0.59<br> %<br>| $277.4 | 13<br> %<br>|
| **<u>AVIP BlackRock Balanced Allocation Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $37.67 | 0.69 | 5.31 | 6.00 | (6.28)<br>| $37.39 | 16.61<br> %<br>| 0.57<br> %<br>| 1.59<br> %<br>| 0.57<br> %<br>| $368.0 | 72<br> %<br>|
| Year Ended December 31, 2024 | $32.57 | 0.67 | 5.65 | 6.32 | (1.22)<br>| $37.67 | 19.50<br> %<br>| 0.57<br> %<br>| 1.46<br> %<br>| 0.57<br> %<br>| $391.2 | 64<br> %<br>|
| Year Ended December 31, 2023 | $27.36 | 0.58 | 5.16 | 5.74 | (0.53)<br>| $32.57 | 21.13<br> %<br>| 0.56<br> %<br>| 1.56<br> %<br>| 0.56<br> %<br>| $413.4 | 65<br> %<br>|
| Year Ended December 31, 2022 | $42.43 | 0.50 | (8.21)<br>| (7.71)<br>| (7.36)<br>| $27.36 | (18.41)%<br>| 0.55<br> %<br>| 1.57<br> %<br>| 0.55<br> %<br>| $418.7 | 70<br> %<br>|
| Year Ended December 31, 2021 | $39.40 | 0.58 | 6.66 | 7.24 | (4.21)<br>| $42.43 | 19.06<br> %<br>| 0.54<br> %<br>| 1.22<br> %<br>| 0.54<br> %<br>| $551.8 | 105<br> %<br>|
| **<u>AVIP BlackRock Advantage International Equity Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $15.84 | 0.48 | 4.73 | 5.21 | (0.56)<br>| $20.49 | 33.04<br> %<br>| 0.88<br> %<br>| 1.95<br> %<br>| 0.88<br> %<br>| $350.0 | 147<br> %<br>|
| Year Ended December 31, 2024 | $15.27 | 0.36 | 0.62 | 0.98 | (0.41)<br>| $15.84 | 6.29<br> %<br>| 0.86<br> %<br>| 1.98<br> %<br>| 0.86<br> %<br>| $343.4 | 153<br> %<br>|
| Year Ended December 31, 2023 | $13.32 | 0.37 | 2.11 | 2.48 | (0.53)<br>| $15.27 | 18.94<br> %<br>| 0.89<br> %<br>| 2.09<br> %<br>| 0.89<br> %<br>| $356.0 | 153<br> %<br>|
| Year Ended December 31, 2022 | $18.44 | 0.42 | (3.11)<br>| (2.69)<br>| (2.43)<br>| $13.32 | (13.47)%<br>| 0.89<br> %<br>| 2.53<br> %<br>| 0.89<br> %<br>| $354.6 | 134<br> %<br>|
| Year Ended December 31, 2021 | $16.47 | 0.36 | 1.86 | 2.22 | (0.25)<br>| $18.44 | 13.49<br> %<br>| 0.89<br> %<br>| 1.84<br> %<br>| 0.89<br> %<br>| $507.5 | 196<br> %<br>|
| **<u>AVIP Fidelity Institutional AM</u>**<sup>®</sup> **<u>Equity Growth Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $18.26 | (— )<sup>(a)</sup><br>| 2.73 | 2.73 | (3.74)<br>| $17.25 | 15.35<br> %<br>| 0.77<br> %<br>| (0.12)%<br>| 0.77<br> %<br>| $246.3 | 52<br> %<br>|
| Year Ended December 31, 2024(b) | $15.00 | (0.05)<br>| 4.57 | 4.52 | (1.26)<br>| $18.26 | 30.68<br> %<br>| 0.79<br> %<br>| (0.28)%<br>| 0.79<br> %<br>| $126.0 | 57<br> %<br>|
| Year Ended December 31, 2023(b) | $11.90 | (— )<sup>(a)</sup><br>| 4.50 | 4.50 | (1.40)<br>| $15.00 | 39.39<br> %<br>| 0.86<br> %<br>| (0.08)%<br>| 0.86<br> %<br>| $116.3 | 98 %<sup>(c)</sup><br>|
| Year Ended December 31, 2022(b) | $364.30 | 0.20 | (114.20)<br>| (114.00)<br>| (238.40)<br>| $11.90 | (33.92)%<br>| 0.85<br> %<br>| (0.19)%<br>| 0.85<br> %<br>| $44.1 | 51<br> %<br>|
| Year Ended December 31, 2021(b) | $351.30 | (1.70)<br>| 70.70 | 69.00 | (56.00)<br>| $364.30 | 19.70<br> %<br>| 0.78<br> %<br>| (0.33)%<br>| 0.78<br> %<br>| $142.2 | 31<br> %<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective August 16, 2024, the Fund instituted a reverse share split, whereby shareholders
 of the Portfolio received one share for every ten shares previously held. Per share
 amounts for the periods have been adjusted to give effect to the reverse share split.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective July 29, 2023, the sub-adviser to the AVIP Fidelity Institutional AM <sup>®</sup> Equity Growth Portfolio changed from Janus Henderson Investors U.S. LLC to FIAM LLC. 
 Costs of purchases and proceeds from sales of portfolio securities associated with the change in sub-adviser may have contributed to a higher
 portfolio turnover rate for the year ended December 31, 2023 than for prior years.

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income (loss)**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP AB Small Cap Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $14.12 | 0.02 | 0.67 | 0.69 | (0.01)<br>| $14.80 | 4.89<br> %<br>| 0.86<br> %<br>| 0.13<br> %<br>| 0.86<br> %<br>| $282.3 | 99<br> %<br>|
| Year Ended December 31, 2024 | $12.46 | 0.04 | 1.68 | 1.72 | (0.06)<br>| $14.12 | 13.82<br> %<br>| 0.88<br> %<br>| 0.27<br> %<br>| 0.88<br> %<br>| $113.5 | 100<br> %<br>|
| Year Ended December 31, 2023 | $10.63 | 0.04 | 1.79 | 1.83 |  | $12.46 | 17.22<br> %<br>| 0.86<br> %<br>| 0.31<br> %<br>| 0.86<br> %<br>| $117.1 | 59<br> %<br>|
| Year Ended December 31, 2022 | $42.63 | 0.01 | (11.42)<br>| (11.41)<br>| (20.59)<br>| $10.63 | (28.73)%<br>| 0.85<br> %<br>| 0.07<br> %<br>| 0.85<br> %<br>| $113.7 | 58<br> %<br>|
| Year Ended December 31, 2021 | $44.52 | (0.01)<br>| 3.43 | 3.42 | (5.31)<br>| $42.63 | 8.17<br> %<br>| 0.85<br> %<br>| (0.03)%<br>| 0.85<br> %<br>| $169.3 | 136 %<sup>(a)</sup><br>|
| **<u>AVIP AB Mid Cap Core Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $33.32 | 0.12 | 2.01 | 2.13 | (0.96)<br>| $34.49 | 6.42<br> %<br>| 0.92<br> %<br>| 0.40<br> %<br>| 0.92<br> %<br>| $102.0 | 78<br> %<br>|
| Year Ended December 31, 2024 | $29.31 | 0.16 | 4.00 | 4.16 | (0.15)<br>| $33.32 | 14.21<br> %<br>| 0.91<br> %<br>| 0.40<br> %<br>| 0.91<br> %<br>| $76.6 | 74<br> %<br>|
| Year Ended December 31, 2023 | $25.16 | 0.17 | 4.11 | 4.28 | (0.13)<br>| $29.31 | 17.05<br> %<br>| 0.90<br> %<br>| 0.55<br> %<br>| 0.90<br> %<br>| $80.4 | 46<br> %<br>|
| Year Ended December 31, 2022 | $62.45 | 0.14 | (14.02)<br>| (13.88)<br>| (23.41)<br>| $25.16 | (23.31)%<br>| 0.88<br> %<br>| 0.53<br> %<br>| 0.88<br> %<br>| $77.8 | 41<br> %<br>|
| Year Ended December 31, 2021 | $56.98 | 0.18 | 9.18 | 9.36 | (3.89)<br>| $62.45 | 16.79<br> %<br>| 0.89<br> %<br>| 0.30<br> %<br>| 0.89<br> %<br>| $104.7 | 125 %<sup>(a)</sup><br>|
| **<u>AVIP S&P 500</u>**<sup>®</sup> **<u>Index Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $44.56 | 0.47 | 7.03 | 7.50 | (6.62)<br>| $45.44 | 17.43<br> %<br>| 0.38<br> %<br>| 0.91<br> %<br>| 0.38<br> %<br>| $1184.9 | 4<br> %<br>|
| Year Ended December 31, 2024 | $38.84 | 0.53 | 8.79 | 9.32 | (3.60)<br>| $44.56 | 24.57<br> %<br>| 0.38<br> %<br>| 1.02<br> %<br>| 0.38<br> %<br>| $1204.8 | 4<br> %<br>|
| Year Ended December 31, 2023 | $32.61 | 0.48 | 7.76 | 8.24 | (2.01)<br>| $38.84 | 25.72<br> %<br>| 0.38<br> %<br>| 1.31<br> %<br>| 0.38<br> %<br>| $1185.7 | 12<br> %<br>|
| Year Ended December 31, 2022 | $46.20 | 0.47 | (8.86)<br>| (8.39)<br>| (5.20)<br>| $32.61 | (18.42)%<br>| 0.38<br> %<br>| 1.27<br> %<br>| 0.38<br> %<br>| $1023.6 | 4<br> %<br>|
| Year Ended December 31, 2021 | $38.72 | 0.54 | 10.09 | 10.63 | (3.15)<br>| $46.20 | 28.25<br> %<br>| 0.37<br> %<br>| 1.05<br> %<br>| 0.37<br> %<br>| $1325.0 | 5<br> %<br>|
| **<u>AVIP BlackRock Advantage Large Cap Value Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $20.06 | 0.29 | 3.22 | 3.51 | (3.07)<br>| $20.50 | 18.44<br> %<br>| 0.75<br> %<br>| 1.27<br> %<br>| 0.75<br> %<br>| $188.5 | 71<br> %<br>|
| Year Ended December 31, 2024 | $17.94 | 0.34 | 2.48 | 2.82 | (0.70)<br>| $20.06 | 15.76<br> %<br>| 0.74<br> %<br>| 1.42<br> %<br>| 0.74<br> %<br>| $192.6 | 74<br> %<br>|
| Year Ended December 31, 2023 | $16.32 | 0.30 | 1.85 | 2.15 | (0.53)<br>| $17.94 | 13.37<br> %<br>| 0.74<br> %<br>| 1.58<br> %<br>| 0.74<br> %<br>| $200.7 | 91<br> %<br>|
| Year Ended December 31, 2022 | $23.67 | 0.38 | (2.64)<br>| (2.26)<br>| (5.09)<br>| $16.32 | (8.97)%<br>| 0.73<br> %<br>| 1.51<br> %<br>| 0.73<br> %<br>| $198.9 | 94<br> %<br>|
| Year Ended December 31, 2021 | $19.13 | 0.31 | 4.52 | 4.83 | (0.29)<br>| $23.67 | 25.39<br> %<br>| 0.73<br> %<br>| 1.25<br> %<br>| 0.73<br> %<br>| $325.9 | 153<br> %<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective May 1, 2021, the sub-adviser to the AVIP AB Small Cap Portfolio and AVIP
 AB Mid Cap Core Portfolio changed from Janus Capital Management LLC to AllianceBernstein,
 L.P. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser may have contributed
 to a higher portfolio turnover rate for the year ended December 31, 2021 than for
 prior years.

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income (loss)**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP High Income Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $19.11 | 1.19 | 0.38 | 1.57 | (1.16)<br>| $19.52 | 8.31<br> %<br>| 0.88<br> %<br>| 5.46<br> %<br>| 0.88<br> %<br>| $119.1 | 90 %<sup>(a)</sup><br>|
| Year Ended December 31, 2024 | $19.06 | 1.14 | 0.08 | 1.22 | (1.17)<br>| $19.11 | 6.45<br> %<br>| 0.86<br> %<br>| 5.50<br> %<br>| 0.86<br> %<br>| $125.2 | 33<br> %<br>|
| Year Ended December 31, 2023 | $17.97 | 1.13 | 1.09 | 2.22 | (1.13)<br>| $19.06 | 12.68<br> %<br>| 0.86<br> %<br>| 5.66<br> %<br>| 0.86<br> %<br>| $125.3 | 15<br> %<br>|
| Year Ended December 31, 2022 | $21.58 | 1.18 | (3.65)<br>| (2.47)<br>| (1.14)<br>| $17.97 | (11.43)%<br>| 0.84<br> %<br>| 5.05<br> %<br>| 0.84<br> %<br>| $123.6 | 13<br> %<br>|
| Year Ended December 31, 2021 | $21.65 | 1.05 | 0.02 | 1.07 | (1.14)<br>| $21.58 | 4.97<br> %<br>| 0.82<br> %<br>| 4.50<br> %<br>| 0.82<br> %<br>| $170.2 | 36<br> %<br>|
| **<u>AVIP Nasdaq-100</u>**<sup>®</sup> **<u>Index Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $17.74 | 0.06 | 3.43 | 3.49 | (3.56)<br>| $17.67 | 20.54<br> %<br>| 0.44<br> %<br>| 0.30<br> %<br>| 0.44<br> %<br>| $261.8 | 7<br> %<br>|
| Year Ended December 31, 2024 | $17.57 | 0.09 | 4.00 | 4.09 | (3.92)<br>| $17.74 | 25.37<br> %<br>| 0.43<br> %<br>| 0.41<br> %<br>| 0.43<br> %<br>| $269.7 | 12<br> %<br>|
| Year Ended December 31, 2023 | $12.46 | 0.10 | 6.53 | 6.63 | (1.52)<br>| $17.57 | 54.44<br> %<br>| 0.43<br> %<br>| 0.52<br> %<br>| 0.43<br> %<br>| $262.7 | 22<br> %<br>|
| Year Ended December 31, 2022 | $28.58 | 0.08 | (8.66)<br>| (8.58)<br>| (7.54)<br>| $12.46 | (32.57)%<br>| 0.43<br> %<br>| 0.46<br> %<br>| 0.43<br> %<br>| $208.5 | 9<br> %<br>|
| Year Ended December 31, 2021 | $28.08 | 0.12 | 6.89 | 7.01 | (6.51)<br>| $28.58 | 26.99<br> %<br>| 0.41<br> %<br>| 0.28<br> %<br>| 0.41<br> %<br>| $356.5 | 7<br> %<br>|
| **<u>AVIP BlackRock Advantage Large Cap Core Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $39.12 | 0.24 | 7.27 | 7.51 | (7.04)<br>| $39.59 | 20.20<br> %<br>| 0.70<br> %<br>| 0.54<br> %<br>| 0.70<br> %<br>| $327.8 | 63<br> %<br>|
| Year Ended December 31, 2024 | $32.02 | 0.31 | 8.03 | 8.34 | (1.24)<br>| $39.12 | 26.27<br> %<br>| 0.70<br> %<br>| 0.66<br> %<br>| 0.70<br> %<br>| $329.4 | 71<br> %<br>|
| Year Ended December 31, 2023 | $25.79 | 0.32 | 6.31 | 6.63 | (0.40)<br>| $32.02 | 25.84<br> %<br>| 0.69<br> %<br>| 0.89<br> %<br>| 0.69<br> %<br>| $329.3 | 82<br> %<br>|
| Year Ended December 31, 2022 | $44.84 | 0.30 | (8.89)<br>| (8.59)<br>| (10.46)<br>| $25.79 | (19.56)%<br>| 0.69<br> %<br>| 0.97<br> %<br>| 0.69<br> %<br>| $313.8 | 90<br> %<br>|
| Year Ended December 31, 2021 | $38.66 | 0.35 | 10.24 | 10.59 | (4.41)<br>| $44.84 | 28.49<br> %<br>| 0.69<br> %<br>| 0.66<br> %<br>| 0.69<br> %<br>| $437.3 | 135<br> %<br>|
| **<u>AVIP BlackRock Advantage Small Cap Growth Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $24.51 | (0.09)<br>| 3.52 | 3.43 | (1.00)<br>| $26.94 | 14.14<br> %<br>| 0.92<br> %<br>| (0.33)%<br>| 0.92<br> %<br>| $129.9 | 131<br> %<br>|
| Year Ended December 31, 2024 | $22.24 | (0.04)<br>| 2.33 | 2.29 | (0.02)<br>| $24.51 | 10.29<br> %<br>| 0.87<br> %<br>| (0.15)%<br>| 0.87<br> %<br>| $133.1 | 49<br> %<br>|
| Year Ended December 31, 2023 | $18.49 | 0.03 | 3.72 | 3.75 |  | $22.24 | 20.28<br> %<br>| 0.86<br> %<br>| 0.12<br> %<br>| 0.86<br> %<br>| $140.8 | 34<br> %<br>|
| Year Ended December 31, 2022 | $37.99 | 0.01 | (9.57)<br>| (9.56)<br>| (9.94)<br>| $18.49 | (26.12)%<br>| 0.86<br> %<br>| 0.03<br> %<br>| 0.86<br> %<br>| $135.0 | 49<br> %<br>|
| Year Ended December 31, 2021 | $41.69 | (0.13)<br>| 1.88 | 1.75 | (5.45)<br>| $37.99 | 4.05<br> %<br>| 0.85<br> %<br>| (0.33)%<br>| 0.85<br> %<br>| $196.2 | 87<br> %<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective at the end of business December 5, 2025, the sub-advisory agreement between
 Constellation Investments, Inc. ("CINV") and Federated Investment Management Company
 was terminated and CINV assumed the day-to-day portfolio management of the Portfolio. Costs of purchases and proceeds
 from sales of portfolio securities associated with the termination of the sub-advisory
 agreement contributed to a higher portfolio turnover rate for the year ended December 31, 2025 than for prior years.

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP S&P MidCap 400</u>**<sup>®</sup> **<u>Index Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $22.16 | 0.26 | 1.27 | 1.53 | (2.63)<br>| $21.06 | 7.08<br> %<br>| 0.41<br> %<br>| 1.16<br> %<br>| 0.41<br> %<br>| $525.7 | 20<br> %<br>|
| Year Ended December 31, 2024 | $20.57 | 0.28 | 2.42 | 2.70 | (1.11)<br>| $22.16 | 13.43<br> %<br>| 0.40<br> %<br>| 1.17<br> %<br>| 0.40<br> %<br>| $546.2 | 23<br> %<br>|
| Year Ended December 31, 2023 | $18.71 | 0.18 | 2.63 | 2.81 | (0.95)<br>| $20.57 | 15.50<br> %<br>| 0.41<br> %<br>| 1.41<br> %<br>| 0.41<br> %<br>| $542.5 | 34<br> %<br>|
| Year Ended December 31, 2022 | $26.22 | 0.26 | (3.79)<br>| (3.53)<br>| (3.98)<br>| $18.71 | (13.40)%<br>| 0.42<br> %<br>| 1.30<br> %<br>| 0.42<br> %<br>| $369.5 | 26<br> %<br>|
| Year Ended December 31, 2021 | $21.70 | 0.29 | 4.90 | 5.19 | (0.67)<br>| $26.22 | 24.18<br> %<br>| 0.41<br> %<br>| 0.99<br> %<br>| 0.41<br> %<br>| $437.6 | 21<br> %<br>|
| **<u>AVIP BlackRock Advantage Large Cap Growth Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $10.77 | (— )<sup>(a)</sup><br>| 2.18 | 2.18 | (3.52)<br>| $9.43 | 21.51<br> %<br>| 0.71<br> %<br>| (0.04)%<br>| 0.71<br> %<br>| $464.8 | 65<br> %<br>|
| Year Ended December 31, 2024 | $9.18 | 0.01 | 2.73 | 2.74 | (1.15)<br>| $10.77 | 31.07<br> %<br>| 0.71<br> %<br>| 0.04<br> %<br>| 0.71<br> %<br>| $475.0 | 101<br> %<br>|
| Year Ended December 31, 2023 | $6.57 | 0.02 | 2.65 | 2.67 | (0.06)<br>| $9.18 | 40.78<br> %<br>| 0.71<br> %<br>| 0.26<br> %<br>| 0.71<br> %<br>| $474.7 | 97<br> %<br>|
| Year Ended December 31, 2022 | $33.65 | 0.01 | (9.13)<br>| (9.12)<br>| (17.96)<br>| $6.57 | (32.56)%<br>| 0.75<br> %<br>| 0.49<br> %<br>| 0.75<br> %<br>| $375.1 | 135<br> %<br>|
| Year Ended December 31, 2021 | $36.36 | 0.01 | 8.69 | 8.70 | (11.41)<br>| $33.65 | 26.69<br> %<br>| 0.78<br> %<br>| (0.09)%<br>| 0.78<br> %<br>| $81.5 | 138<br> %<br>|
| **<u>AVIP Constellation Dynamic Risk Balanced Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $15.67 | 0.29 | 1.59 | 1.88 | (3.54)<br>| $14.01 | 12.44<br> %<br>| 0.84 %<sup>†</sup><br>| 2.02 %<sup>†</sup><br>| 0.84 %<sup>†</sup><br>| $1546.3 | 53<br> %<br>|
| Year Ended December 31, 2024 | $14.19 | 0.38 | 1.39 | 1.77 | (0.29)<br>| $15.67 | 12.51<br> %<br>| 0.85 %<sup>†</sup><br>| 2.02 %<sup>†</sup><br>| 0.85 %<sup>†</sup><br>| $1270.6 | 159<br> %<br>|
| Year Ended December 31, 2023 | $12.69 | 0.24 | 1.39 | 1.63 | (0.13)<br>| $14.19 | 12.90<br> %<br>| 0.85<br> %<br>| 2.09<br> %<br>| 0.85<br> %<br>| $1399.0 | 132<br> %<br>|
| Year Ended December 31, 2022 | $17.16 | 0.09 | (3.96)<br>| (3.87)<br>| (0.60)<br>| $12.69 | (22.62)%<br>| 0.87<br> %<br>| 1.48<br> %<br>| 0.87<br> %<br>| $1139.2 | 124<br> %<br>|
| Year Ended December 31, 2021 | $17.63 | 0.09 | 2.43 | 2.52 | (2.99)<br>| $17.16 | 15.04<br> %<br>| 0.95<br> %<br>| 0.48<br> %<br>| 0.95<br> %<br>| $447.0 | 51<br> %<br>|
| **<u>AVIP Core Plus Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $8.95 | 0.37 | 0.22 | 0.59 | (0.37)<br>| $9.17 | 6.60<br> %<br>| 0.58<br> %<br>| 3.58<br> %<br>| 0.58<br> %<br>| $514.3 | 40<br> %<br>|
| Year Ended December 31, 2024 | $9.07 | 0.34 | (0.18)<br>| 0.16 | (0.28)<br>| $8.95 | 1.71<br> %<br>| 0.57<br> %<br>| 3.48<br> %<br>| 0.57<br> %<br>| $543.7 | 53<br> %<br>|
| Year Ended December 31, 2023 | $8.83 | 0.25 | 0.20 | 0.45 | (0.21)<br>| $9.07 | 5.18<br> %<br>| 0.57<br> %<br>| 3.01<br> %<br>| 0.57<br> %<br>| $585.1 | 32<br> %<br>|
| Year Ended December 31, 2022 | $10.30 | 0.23 | (1.54)<br>| (1.31)<br>| (0.16)<br>| $8.83 | (12.78)%<br>| 0.56<br> %<br>| 2.22<br> %<br>| 0.56<br> %<br>| $551.1 | 81<br> %<br>|
| Year Ended December 31, 2021 | $10.47 | 0.06 | (0.19)<br>| (0.13)<br>| (0.04)<br>| $10.30 | (1.27)%<br>| 0.57<br> %<br>| 1.85<br> %<br>| 0.57<br> %<br>| $716.5 | 40<br> %<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;† The ratios presented only reflect the direct income and expenses for the Portfolio,
 and do not include the indirect expenses related to the underlying funds in which
 the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%,
 respectively.

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income**<br>| **Expenses** | **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Intech U.S. Low Volatility Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $12.44 | 0.12 | 1.35 | 1.47 | (2.41)<br>| $11.50 | 12.23<br> %<br>| 0.62<br> %<br>| 0.76<br> %<br>| 0.62<br> %<br>| $558.3 | 90<br> %<br>|
| Year Ended December 31, 2024 | $10.51 | 0.17 | 1.93 | 2.10 | (0.17)<br>| $12.44 | 20.04<br> %<br>| 0.61<br> %<br>| 1.11<br> %<br>| 0.61<br> %<br>| $623.4 | 77<br> %<br>|
| Year Ended December 31, 2023 | $9.98 | 0.16 | 0.49 | 0.65 | (0.12)<br>| $10.51 | 6.59<br> %<br>| 0.61<br> %<br>| 1.34<br> %<br>| 0.61<br> %<br>| $668.4 | 55<br> %<br>|
| Year Ended December 31, 2022 | $11.12 | 0.13 | (0.95)<br>| (0.82)<br>| (0.32)<br>| $9.98 | (7.33)%<br>| 0.62<br> %<br>| 1.06<br> %<br>| 0.62<br> %<br>| $738.4 | 78<br> %<br>|
| Period from June 25, 2021 (inception) to December 31, 2021 | $10.00 | 0.05 | 1.07 | 1.12 |  | $11.12 | 11.20<br> %\*<br>| 0.62<br> %\*\*<br>| 0.89<br> %\*\*<br>| 0.62<br> %\*\*<br>| $983.6 | 32<br> %\*<br>|
| **<u>AVIP AB Relative Value Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $12.31 | 0.14 | 1.07 | 1.21 | (1.14)<br>| $12.38 | 10.11<br> %<br>| 0.74<br> %<br>| 1.06<br> %<br>| 0.74<br> %<br>| $127.9 | 75<br> %<br>|
| Year Ended December 31, 2024 | $11.09 | 0.18 | 1.23 | 1.41 | (0.19)<br>| $12.31 | 12.74<br> %<br>| 0.73<br> %<br>| 1.17<br> %<br>| 0.73<br> %<br>| $120.7 | 52<br> %<br>|
| Year Ended December 31, 2023 | $10.04 | 0.18 | 0.99 | 1.17 | (0.12)<br>| $11.09 | 11.71<br> %<br>| 0.73<br> %<br>| 1.62<br> %<br>| 0.73<br> %<br>| $127.7 | 71<br> %<br>|
| Year Ended December 31, 2022 | $10.52 | 0.12 | (0.59)<br>| (0.47)<br>| (0.01)<br>| $10.04 | (4.50)%<br>| 0.74<br> %<br>| 1.44<br> %<br>| 0.74<br> %<br>| $125.7 | 81<br> %<br>|
| Period from December 2, 2021 (inception) to December 31, <br> 2021<br>| $10.00 | — <br><sup>(a)</sup><br>| 0.52 | 0.52 |  | $10.52 | 5.20<br> %\*<br>| 1.19<br> %\*\*<br>| 0.38<br> %\*\*<br>| 1.19<br> %\*\*<br>| $77.6 | 5<br> %\*<br>|
| **<u>AVIP Constellation Managed Risk Balanced Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $10.21 | 0.29 | 1.06 | 1.35 | (0.30)<br>| $11.26 | 13.29<br> %<br>| 0.59 %<sup>†</sup><br>| 2.17 %<sup>†</sup><br>| 0.59 %<sup>†</sup><br>| $501.6 | 21<br> %<br>|
| Year Ended December 31, 2024 | $9.60 | 0.29 | 0.59 | 0.88 | (0.27)<br>| $10.21 | 9.16<br> %<br>| 0.60 %<sup>†</sup><br>| 2.42 %<sup>†</sup><br>| 0.60 %<sup>†</sup><br>| $538.4 | 5<br> %<br>|
| Year Ended December 31, 2023 | $8.52 | 0.25 | 0.93 | 1.18 | (0.10)<br>| $9.60 | 13.89<br> %<br>| 0.59 %<sup>†</sup><br>| 2.43 %<sup>†</sup><br>| 0.59 %<sup>†</sup><br>| $587.2 | 3<br> %<br>|
| Year Ended December 31, 2022 | $10.23 | 0.10 | (1.72)<br>| (1.62)<br>| (0.09)<br>| $8.52 | (15.84)%<br>| 0.61 %<sup>†</sup><br>| 1.58 %<sup>†</sup><br>| 0.61 %<sup>†</sup><br>| $611.6 | 48<br> %<br>|
| Period from June 25, 2021 (inception) to December 31, 2021 | $10.00 | 0.06 | 0.17 | 0.23 |  | $10.23 | 2.30<br> %\*<br>| 0.62 %\*\*<sup>, †</sup><br>| 1.22 %\*\*<sup>, †</sup><br>| 0.62 %\*\*<sup>, †</sup><br>| $412.0 | 15<br> %\*<br>|
| **<u>AVIP Constellation Managed Risk Moderate Growth Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $13.14 | 0.16 | 1.74 | 1.90 | (1.40)<br>| $13.64 | 14.75<br> %<br>| 0.58 %<sup>†</sup><br>| 1.91 %<sup>†</sup><br>| 0.58 %<sup>†</sup><br>| $1251.2 | 22<br> %<br>|
| Year Ended December 31, 2024 | $12.30 | 0.31 | 1.10 | 1.41 | (0.57)<br>| $13.14 | 11.51<br> %<br>| 0.60 %<sup>†</sup><br>| 1.99 %<sup>†</sup><br>| 0.60 %<sup>†</sup><br>| $467.0 | 14<br> %<br>|
| Year Ended December 31, 2023 | $10.59 | 0.26 | 1.45 | 1.71 |  | $12.30 | 16.15<br> %<br>| 0.59 %<sup>†</sup><br>| 2.13 %<sup>†</sup><br>| 0.59 %<sup>†</sup><br>| $498.5 | 4<br> %<br>|
| Period from October 14, 2022 (inception) to December 31, 2022 | $10.00 | 0.06 | 0.53 | 0.59 |  | $10.59 | 5.90<br> %\*<br>| 0.61 %\*\*<sup>, †</sup><br>| 2.58 %\*\*<sup>, †</sup><br>| 0.61 %\*\*<sup>, †</sup><br>| $491.0 | 49<br> %\*<br>|
| **<u>AVIP Constellation Managed Risk Growth Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $13.91 | 0.24 | 1.93 | 2.17 | (1.24)<br>| $14.84 | 15.92<br> %<br>| 0.59 %<sup>†</sup><br>| 1.36 %<sup>†</sup><br>| 0.59 %<sup>†</sup><br>| $420.6 | 30<br> %<br>|
| Year Ended December 31, 2024 | $12.68 | 0.29 | 1.58 | 1.87 | (0.64)<br>| $13.91 | 14.86<br> %<br>| 0.61 %<sup>†</sup><br>| 1.78 %<sup>†</sup><br>| 0.61 %<sup>†</sup><br>| $431.5 | 7<br> %<br>|
| Year Ended December 31, 2023 | $10.60 | 0.24 | 1.84 | 2.08 |  | $12.68 | 19.62<br> %<br>| 0.59 %<sup>†</sup><br>| 1.93 %<sup>†</sup><br>| 0.59 %<sup>†</sup><br>| $444.8 | 3<br> %<br>|
| Period from October 14, 2022 (inception) to December 31, 2022 | $10.00 | 0.05 | 0.55 | 0.60 |  | $10.60 | 6.00<br> %\*<br>| 0.61 %\*\*<sup>, †</sup><br>| 2.45 %\*\*<sup>, †</sup><br>| 0.61 %\*\*<sup>, †</sup><br>| $426.6 | 47<br> %\*<br>|

---

------

---

| | |
|:---|:---|
| \* | Not annualized |
| \*\* | Annualized |
| † | The ratios presented only reflect the direct income and expenses for the Portfolio, and do not include the indirect expenses related to the underlying funds in which the Portfolio invests. |
| (a) | The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%, respectively. |

---

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Financial Highlights**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  | **Selected per-share data**  |  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  | **Ratios and supplemental data**  |
|  |  | **Operations**  | **Operations**  | **Operations**  | **Distributions**  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |  |
|  |  |  |  |  |  |  |  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios net of expenses reduced or**<br> **reimbursed by adviser**  | **Ratios assuming** <br> **no expenses** <br> **reduced or** <br> **reimbursed by** <br> **adviser** <br>|  |  |
|  | **Net asset value,** <br> **beginning of year**<br>| **Net investment** <br> **income**<br>| **Net realized and** <br> **unrealized gain (loss)**<br>| **Total from** <br> **operations**<br>| **Distributions to** <br> **shareholders**<br>| **Net asset value,** <br> **end of year**<br>| **Total Return**<sup>#</sup>  | **Expenses**<sup>†</sup> <br>| **Net investment** <br> **income**<sup>†</sup> <br>| **Expenses**<sup>†</sup> <br>| **Net assets, end of** <br> **year (millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Moderately Conservative Model Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $11.16 | 0.37 | 0.89 | 1.26 | (0.47)<br>| $11.95 | 11.43<br> %<br>| 0.48<br> %<br>| 2.62<br> %<br>| 0.48<br> %<br>| $165.5 | 12<br> %<br>|
| Year Ended December 31, 2024 | $10.65 | 0.32 | 0.51 | 0.83 | (0.32)<br>| $11.16 | 7.77<br> %<br>| 0.47<br> %<br>| 2.50<br> %<br>| 0.47<br> %<br>| $179.3 | 18<br> %<br>|
| Year Ended December 31, 2023 | $10.35 | 0.32 | 0.85 | 1.17 | (0.87)<br>| $10.65 | 11.77<br> %<br>| 0.47<br> %<br>| 2.32<br> %<br>| 0.47<br> %<br>| $196.7 | 8<br> %<br>|
| Year Ended December 31, 2022 | $13.32 | 0.23 | (2.24)<br>| (2.01)<br>| (0.96)<br>| $10.35 | (15.12)%<br>| 0.47<br> %<br>| 1.91<br> %<br>| 0.47<br> %<br>| $213.4 | 29<br> %<br>|
| Year Ended December 31, 2021 | $12.67 | 0.20 | 0.79 | 0.99 | (0.34)<br>| $13.32 | 7.90<br> %<br>| 0.43<br> %<br>| 1.29<br> %<br>| 0.45<br> %<br>| $281.6 | 13<br> %<br>|
| **<u>AVIP Balanced Model Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $11.51 | 0.31 | 1.24 | 1.55 | (0.63)<br>| $12.43 | 13.80<br> %<br>| 0.43<br> %<br>| 2.15<br> %<br>| 0.43<br> %<br>| $678.6 | 13<br> %<br>|
| Year Ended December 31, 2024 | $10.71 | 0.28 | 0.75 | 1.03 | (0.23)<br>| $11.51 | 9.67<br> %<br>| 0.44<br> %<br>| 2.04<br> %<br>| 0.44<br> %<br>| $713.1 | 16<br> %<br>|
| Year Ended December 31, 2023 | $10.59 | 0.27 | 1.12 | 1.39 | (1.27)<br>| $10.71 | 13.95<br> %<br>| 0.46<br> %<br>| 1.97<br> %<br>| 0.46<br> %<br>| $776.5 | 9<br> %<br>|
| Year Ended December 31, 2022 | $14.22 | 0.22 | (2.46)<br>| (2.24)<br>| (1.39)<br>| $10.59 | (15.75)%<br>| 0.44<br> %<br>| 1.58<br> %<br>| 0.44<br> %<br>| $787.9 | 27<br> %<br>|
| Year Ended December 31, 2021 | $13.06 | 0.18 | 1.25 | 1.43 | (0.27)<br>| $14.22 | 11.03<br> %<br>| 0.42<br> %<br>| 1.14<br> %<br>| 0.43<br> %<br>| $1092.5 | 12<br> %<br>|
| **<u>AVIP Moderate Growth Model Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $11.98 | 0.25 | 1.61 | 1.86 | (0.50)<br>| $13.34 | 15.81<br> %<br>| 0.42<br> %<br>| 1.63<br> %<br>| 0.42<br> %<br>| $1373.9 | 14<br> %<br>|
| Year Ended December 31, 2024 | $10.86 | 0.22 | 1.09 | 1.31 | (0.19)<br>| $11.98 | 12.13<br> %<br>| 0.42<br> %<br>| 1.58<br> %<br>| 0.42<br> %<br>| $1398.5 | 15<br> %<br>|
| Year Ended December 31, 2023 | $10.88 | 0.23 | 1.46 | 1.69 | (1.71)<br>| $10.86 | 16.67<br> %<br>| 0.42<br> %<br>| 1.62<br> %<br>| 0.42<br> %<br>| $1481.2 | 9<br> %<br>|
| Year Ended December 31, 2022 | $15.26 | 0.18 | (2.81)<br>| (2.63)<br>| (1.75)<br>| $10.88 | (17.17)%<br>| 0.42<br> %<br>| 1.27<br> %<br>| 0.42<br> %<br>| $1445.2 | 32<br> %<br>|
| Year Ended December 31, 2021 | $13.46 | 0.16 | 1.83 | 1.99 | (0.19)<br>| $15.26 | 14.83<br> %<br>| 0.42<br> %<br>| 0.98<br> %<br>| 0.42<br> %<br>| $1977.3 | 15<br> %<br>|
| **<u>AVIP Growth Model Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2025 | $12.35 | 0.19 | 1.97 | 2.16 | (0.44)<br>| $14.07 | 17.78<br> %<br>| 0.45<br> %<br>| 1.21<br> %<br>| 0.45<br> %<br>| $339.7 | 15<br> %<br>|
| Year Ended December 31, 2024 | $11.00 | 0.17 | 1.34 | 1.51 | (0.16)<br>| $12.35 | 13.75<br> %<br>| 0.44<br> %<br>| 1.23<br> %<br>| 0.44<br> %<br>| $340.2 | 12<br> %<br>|
| Year Ended December 31, 2023 | $11.18 | 0.22 | 1.72 | 1.94 | (2.12)<br>| $11.00 | 18.73<br> %<br>| 0.44<br> %<br>| 1.34<br> %<br>| 0.44<br> %<br>| $343.1 | 8<br> %<br>|
| Year Ended December 31, 2022 | $16.47 | 0.15 | (3.18)<br>| (3.03)<br>| (2.26)<br>| $11.18 | (18.29)%<br>| 0.44<br> %<br>| 1.01<br> %<br>| 0.44<br> %<br>| $330.9 | 28<br> %<br>|
| Year Ended December 31, 2021 | $14.17 | 0.13 | 2.35 | 2.48 | (0.18)<br>| $16.47 | 17.58<br> %<br>| 0.49<br> %<br>| 0.78<br> %<br>| 0.49<br> %<br>| $448.2 | 18<br> %<br>|

---

*# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.*

† *Ratios presented only reflect the direct income and expenses for the Portfolio, and do not include the indirect expenses related to the underlying funds in which the Portfolio invests.*

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

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements**

**December 31, 2025** 

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

**(1)Organization**

AuguStar Variable Insurance Products Fund, Inc. (the "Fund") is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "40 Act"). The Fund is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The Fund consists of twenty-five separate investment portfolios (the "Portfolios").

The AVIP Constellation Managed Risk Balanced Portfolio, AVIP Constellation Managed Risk Moderate Growth Portfolio, and AVIP Constellation Managed Risk Growth Portfolio are collectively referred to as the "AVIP Constellation Managed Risk Portfolios". The AVIP Moderately Conservative Model Portfolio, AVIP Balanced Model Portfolio, AVIP Moderate Growth Model Portfolio, and AVIP Growth Model Portfolio are collectively referred to as the "AVIP Model Portfolios". Each of the AVIP Constellation Managed Risk Portfolios and AVIP Model Portfolios, as well as the AVIP Constellation Dynamic Risk Balanced Portfolio, is a "Fund of Funds", which means each Portfolio significantly invests in other open-end mutual funds or exchange traded funds ("ETFs"). Those underlying mutual funds or ETFs invest in stocks, bonds, and other securities that are consistently recorded at fair value, but involve varying amounts of potential investment risk and reward. The portfolio management team of each of those Portfolios periodically adjusts the investment allocation to allow each of those Portfolios to achieve its investment objective. Additional information about the underlying fund holdings is available at www.sec.gov.

Details regarding Portfolio-specific objectives, policies, and investment strategies are provided in the Portfolios' Prospectuses and Statements of Additional Information. There are no assurances that these objectives will be met. Each Portfolio, except the AVIP Nasdaq-100<sup>®</sup> Index Portfolio, is classified as diversified for purposes of Section 5(b) of the 40 Act.

The Fund issues its shares to separate accounts of AuguStar Life Insurance Company ("ALIC") and National Security Life and Annuity Company ("NSLA") to support certain benefits under variable contracts issued by those entities, as well as for purchases by other Portfolios of the Fund. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.

ALIC and NSLA, at present, do not market or issue variable annuities. ALIC and NSLA will continue to service the in-force variable annuity contracts, the variable separate accounts, and underlying subaccounts regardless of new sales.

Interest in each Portfolio is represented by a separate class of the Fund's capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio's dividends, distributions, net assets, and voting matters.

The Fund is authorized to issue 1.55 billion of its capital shares. The Fund's Board of Directors (the "Board") periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary. In a meeting on August 28, 2025, the Board designated two share classes for certain Portfolios. The Board authorized shares to be allocated to specific Portfolios of the Fund as follows:

**Class I:**&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Authorized Shares** | **Portfolio** | **Authorized Shares** |
| AVIP Bond | 25000000 | AVIP BlackRock Advantage Large Cap Growth | 62000000 |
| AVIP BlackRock Balanced Allocation | 15000000 | AVIP Constellation Dynamic Risk Balanced | 170000000 |
| AVIP BlackRock Advantage International Equity | 35000000 | AVIP Core Plus Bond | 95000000 |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | 19000000 | AVIP Intech U.S. Low Volatility | 65000000 |
| AVIP AB Small Cap | 27000000 | AVIP AB Relative Value | 16000000 |
| AVIP AB Mid Cap Core | 5000000 | AVIP Constellation Managed Risk Balanced | 83000000 |
| AVIP S&P 500<sup>®</sup> Index | 50000000 | AVIP Constellation Managed Risk Moderate Growth | 140000000 |
| AVIP BlackRock Advantage Large Cap Value | 14000000 | AVIP Constellation Managed Risk Growth | 50000000 |
| AVIP High Income Bond | 10000000 | AVIP Moderately Conservative Model | 26000000 |
| AVIP Nasdaq-100<sup>®</sup> Index | 21000000 | AVIP Balanced Model | 107000000 |
| AVIP BlackRock Advantage Large Cap Core | 12000000 | AVIP Moderate Growth Model | 200000000 |
| AVIP BlackRock Advantage Small Cap Growth | 8000000 | AVIP Growth Model | 48000000 |
| AVIP S&P MidCap 400<sup>®</sup> Index | 37000000 |  |  |

---

**Class II:** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Authorized Shares** | **Portfolio** | **Authorized Shares** |
| AVIP Bond | 10000000 | AVIP Nasdaq-100<sup>®</sup> Index | 10000000 |
| AVIP BlackRock Balanced Allocation | 10000000 | AVIP BlackRock Advantage Large Cap Core | 10000000 |
| AVIP BlackRock Advantage International Equity | 10000000 | AVIP BlackRock Advantage Small Cap Growth | 10000000 |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | 10000000 | AVIP S&P MidCap 400<sup>®</sup> Index | 10000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Authorized Shares** | **Portfolio** | **Authorized Shares** |
| AVIP AB Small Cap | 10000000 | AVIP BlackRock Advantage Large Cap Growth | 10000000 |
| AVIP AB Mid Cap Core | 10000000 | AVIP Constellation Dynamic Risk Balanced | 20000000 |
| AVIP S&P 500<sup>®</sup> Index | 30000000 | AVIP Core Plus Bond | 10000000 |
| AVIP BlackRock Advantage Large Cap Value | 10000000 | AVIP Intech U.S. Low Volatility | 10000000 |
| AVIP High Income Bond | 10000000 | AVIP AB Relative Value | 10000000 |

---

While the Class II shares are authorized, there were no shares issued or outstanding through December 31, 2025. As such, all financial statements and corresponding notes to the financial statements are reflective of Class I shares only.

Under the Fund's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.

Effective August 16, 2024, the Fund instituted a reverse share split, whereby shareholders of the AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio received one share for every ten Portfolio shares previously held. The effect of the reverse share split decreased the number of the Portfolio's outstanding shares along with a corresponding increase in the Portfolio's net asset value ("NAV") per share. The reverse share split did not alter the net assets nor the shareholder rights of the Portfolio. For periods prior to this reverse share split, the selected per share data included in the Financial Highlights and the capital share transactions in Note 4 of the Financial Statements have been retroactively adjusted to give effect to this Portfolio's reverse share split.

**(2)Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements:

**Use of Estimates**

The preparation of financial statements, in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Cash Balance Credit Risk**

The Fund may place portions of its uninvested cash with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000 for each account holder. The Fund may be subject to credit risk to the extent amounts on deposit are in excess of the insured limits.

**Security Valuation and Fair Value Measurement**

The Board has adopted policies for the valuation of the Fund's securities, which include guidelines for valuation when active market quotations are not readily available. The Board has designated authority to the Fund's adviser, Constellation Investments, Inc. ("CINV") to apply those guidelines in the determination of fair value, subject to oversight by the Board.

The Portfolios are valued each day the New York Stock Exchange ("NYSE") is open for unrestricted trading. The Portfolios' investments are valued as follows:

Domestic equity securities that are traded on U.S. exchanges, other than the Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price ("NOCP"). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions). If, on a particular day, a domestic equity security does not trade, or otherwise cannot be priced by independent pricing services, then a broker quotation as of the end of the current trading session, the evaluated mean between the bid and ask prices, as reported by an approved independent pricing source, or a previous last trade price may be used when appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

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**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

Over-the-counter traded American Depositary Receipts ("ADRs") may also be valued at an evaluated price based on the value of the underlying securities. If an underlying equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board or its designee.

Futures contracts are valued at the daily quoted settlement prices as reported by an approved independent pricing source.

Swap contracts are valued on the basis of evaluations as of 4:00 pm Eastern Time that are provided by an approved independent pricing source. Evaluations are based on methodologies that consider market observable inputs such as interest rates, payment frequencies, and maturities.

Shares of open-end mutual funds are valued at each fund's last calculated net asset value per share.

Shares of closed-end mutual funds that are traded on U.S. exchanges are valued similarly to other domestic equity securities, typically at the last trade price reported by the primary exchange of each fund (4:00 pm Eastern Time for normal trading sessions).

Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board or its designee.

Equity securities that are primarily traded on foreign exchanges, other than those with close times that are consistent with the normal 4:00 pm Eastern Time close of U.S. equity markets, are further subjected to fair valuation pricing procedures provided by an independent fair valuation service. The service provides data that can be used to estimate the price of a foreign issue that would prevail in a liquid market given market information available at 4:00 pm Eastern Time (normal trading sessions) each day that the NYSE is open for trading and net asset values are calculated for the Portfolios. Multiple factors may be considered in performing this valuation, including U.S. intraday market and sector returns, currency valuations, and pricing of related depository receipts, exchange traded funds, and futures. Backtesting analysis is performed on a quarterly basis to monitor the effectiveness of these procedures. The testing is reviewed by management of the Fund and the results of testing are reported to the Board. Prior results have indicated that these procedures have been effective in reaching pre-determined valuation objectives.

Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the evaluated bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board or its designee. Many fixed income securities, including investment grade and high-yield corporate bonds, U.S. Treasury and government agency obligations, and other asset-backed instruments are not actively traded on a daily basis. As such, the approved pricing services may use asset type-specific valuation models to provide good faith determinations of value that the holders of securities would receive in an orderly transaction under current market conditions. The valuation models may use observable market data such as recent transaction data, benchmark yields, broker/dealer inputs, valuations and yields of comparable instruments, relative credit information, observed market movements, and market research and news.

Asset-backed securities and mortgage-backed securities may use valuation models that heavily consider predicted cash flows of each tranche of an issue, benchmark spreads, and unique attributes of the tranche. The last trade or last evaluated bid may be used if an evaluated bid price is not available.

Fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.

Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued using methods determined in good faith by CINV's Pricing Committee, which is subjected to oversight by the Board.

U.S exchange-traded options are valued at the composite basis last sale price as reported to a Board-approved independent pricing service by the Options Price Reporting Authority ("OPRA"). If there are no reported trades for a trading session, the evaluated composite-basis bid price or other method will be used for valuation purposes.

The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

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**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

Pricing inputs used in the determination of investment values are categorized according to a three-tier hierarchy framework. The hierarchy is summarized in three broad levels:

Level 1: Quoted prices in active markets for identical securities.

Level 2: Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.

Level 3: Significant unobservable inputs, including the Fund's own assumptions used to determine the value of securities.

The following is a summary of the inputs used in valuing each of the Portfolio's assets (liabilities) at value as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP Bond | Corporate Bonds\*\*\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $212956687 | &nbsp;&nbsp; $— |
|  | Asset-Backed Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 46887743 | &nbsp;&nbsp; — |
|  | Preferred Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3432595 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $263277025 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(82796)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP BlackRock Balanced Allocation | Common Stocks\*\*\* | &nbsp;&nbsp; $265711451 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 89545567 | &nbsp;&nbsp; — |
|  | Asset-Backed Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3119748 | &nbsp;&nbsp; — |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1984453 | &nbsp;&nbsp; — |
|  | Preferred Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1616213 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $265711451 | &nbsp;&nbsp; $96265981 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(12862)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Short Futures Contracts | &nbsp;&nbsp; $22043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage International <br> Equity<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $343341739 | &nbsp;&nbsp; $— |
|  | Preferred Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 727934 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344069673 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $16295 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Fidelity Institutional AM<sup>®</sup> Equity <br> Growth <br>| Common Stocks\*\*\* | &nbsp;&nbsp; $232753595 | &nbsp;&nbsp; $11686154 | &nbsp;&nbsp; $— |
|  | Rights\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 183 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $232753595 | &nbsp;&nbsp; $11686337 | &nbsp;&nbsp; $— |
| AVIP AB Small Cap | Common Stocks\*\*\* | &nbsp;&nbsp; $279203363 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Exchange Traded Funds | &nbsp;&nbsp; 1023934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $280227297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP AB Mid Cap Core | Common Stocks\*\*\* | &nbsp;&nbsp; $100643770 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Exchange Traded Funds | &nbsp;&nbsp; 209869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $100853639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP S&P 500<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $1174388596 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 469075 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $1174388596 | &nbsp;&nbsp; $469075 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(62636)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Value<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $186353407 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $3164 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

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**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP High Income Bond | Corporate Bonds\*\*\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110479474 | &nbsp;&nbsp; $— |
|  | Exchange Traded Funds | &nbsp;&nbsp; 4719798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 249873 | &nbsp;&nbsp; — |
|  | Common Stocks\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12121 |
|  |  | &nbsp;&nbsp; $4719798 | &nbsp;&nbsp; $110729347 | &nbsp;&nbsp; $12121 |
| AVIP Nasdaq-100<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $259202683 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 101583 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $259202683 | &nbsp;&nbsp; $101583 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(22332)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Core<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $324626587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $6587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Small Cap <br> Growth<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $126204769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Rights\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 11608 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $126204769 | &nbsp;&nbsp; $11608 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(35720)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP S&P MidCap 400<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $518330354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 230056 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $518330354 | &nbsp;&nbsp; $230056 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(54096)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Growth<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $457651245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $12715 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Dynamic Risk <br> Balanced<br>| Exchange Traded Funds | &nbsp;&nbsp; $1090658960 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Asset-Backed Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 164448334 | &nbsp;&nbsp; — |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 144222757 | &nbsp;&nbsp; — |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 128499639 | &nbsp;&nbsp; — |
|  | Preferred Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7130261 | &nbsp;&nbsp; — |
|  | Rights\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $1090658960 | &nbsp;&nbsp; $444305435 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $(987238)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Core Plus Bond | U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $236222554 | &nbsp;&nbsp; $— |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 118030952 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 104688275 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; Asset-Backed / Mortgage-Backed <br> Securities\*\*\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 41407525 | &nbsp;&nbsp; — |
|  | Sovereign Debt Issues | &nbsp;&nbsp; — | &nbsp;&nbsp; 1410312 | &nbsp;&nbsp; — |
|  | Common Stocks\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2599 |
|  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $501759618 | &nbsp;&nbsp; $2599 |
|  | Long Futures Contracts | &nbsp;&nbsp; $(161045)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

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**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
|  | Short Futures Contracts | &nbsp;&nbsp; $168766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Intech U.S. Low Volatility | Common Stocks\*\*\* | &nbsp;&nbsp; $553974497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP AB Relative Value | Common Stocks\*\*\* | &nbsp;&nbsp; $127054820 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk <br> Balanced<br>| Exchange Traded Funds | &nbsp;&nbsp; $493187817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $160509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk <br> Moderate Growth<br>| Exchange Traded Funds | &nbsp;&nbsp; $1241167682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $138708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk <br> Growth<br>| Exchange Traded Funds | &nbsp;&nbsp; $415044993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $29834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Moderately Conservative Model | Open-End Mutual Funds | &nbsp;&nbsp; $165631041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Balanced Model | Open-End Mutual Funds | &nbsp;&nbsp; $678851627 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Moderate Growth Model | Open-End Mutual Funds | &nbsp;&nbsp; $1374385848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Growth Model | Open-End Mutual Funds | &nbsp;&nbsp; $339854443 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Each of the Portfolio's Schedule of Investments includes detailed industry descriptions.

Level 3 investments held during and at the end of the year ended December 31, 2025, in relation to net assets of the AVIP High Income Bond Portfolio and AVIP Core Plus Bond Portfolio, were not significant (0.0% and 0.0% of total net assets, respectively) and accordingly, a reconciliation of level 3 assets for the year ended December 31, 2025 is not presented. The valuation technique used to value the Level 3 securities in the AVIP High Income Bond Portfolio and AVIP Core Plus Bond Portfolio at December 31, 2025 was fair valuation pursuant to procedures approved by the Board.

**Foreign Securities and Currency**

The books and records of the Portfolios are maintained in U.S. dollars. All investments and cash quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates provided by an independent source. These exchange rates are determined daily at 4:00 pm Eastern Time for normal trading sessions. Purchases and sales of foreign-denominated investments are recorded at rates of exchange prevailing on the respective dates of such transactions.

The Fund may not fully isolate the portion of the results of operations resulting from changes in foreign exchange rates from fluctuations arising from changes in market prices on foreign currency-denominated investments. For the portion that is isolated, amounts are reflected in the Statements of Operations as other foreign currency related transactions. However, for tax purposes, the Fund does fully isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon sale or maturity of such investments to the extent required by federal income tax regulations.

All Portfolios of the Fund may invest in securities of foreign issuers. The AVIP BlackRock Advantage International Equity Portfolio may be invested entirely in foreign securities. Investments in securities of foreign issuers, including investments in foreign companies through the use of depositary receipts, carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect capital investment within those countries.

**Restricted Securities**

Restricted securities are typically those securities purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 ("the 1933 Act") or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. 144A securities are issued by corporations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

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**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

without registration in reliance on 1933 Act provisions allowing for the private resale of unregistered securities to qualified institutional buyers. Section 4(a)(2) commercial paper is issued pursuant to Section 4(a)(2) of the 1933 Act which exempts an issue from registration. This paper may be used to finance non-current transactions, such as acquisitions, stock repurchase programs, and other long-term assets. Investments by a Portfolio in Rule 144A and Section 4(a)(2) securities could have the effect of decreasing the liquidity of a Portfolio during any period in which qualified institutional investors were no longer interested in purchasing these securities**.**

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are accounted for on a trade date (T+0) basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund's investment transactions are recorded no later than the first calculation on the first business day following the trade date (T+1), in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method.

Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund's information agents become aware of such dividends.

Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount using the interest method. The period of amortization or accretion extends from the purchase date to the maturity date, except for securities that are purchased at a premium and have explicit, noncontingent call features, whereby the securities are callable at fixed prices and on pre-determined dates. The premium amounts related to those securities are generally amortized to the earliest call date. Payments received for interest-only mortgage-backed securities are included in interest income. Because no principal is received at the maturity of an interest-only security, adjustments are made to the cost of the security until maturity. These amortization/accretion adjustments are also included in interest income on the Statements of Operations.

**Distributions to Shareholders and Federal Taxes** 

The Fund may satisfy its distribution requirements, as required for each of the Portfolios to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code by using consent dividends or cash distributions. Consent dividends, when authorized, become taxable to the Fund's shareholders as if they were paid in cash. The Fund has the intent to continue to comply with tax provisions pertaining to regulated investment companies and make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. As such, no provisions for federal income or excise taxes have been recorded. Also, no tax-related interest or penalties have been incurred or accrued. The Board's intent is that the Fund will not initiate any realized gain distributions until any applicable capital loss carryforwards have been offset.

The character of ordinary income distributions, realized capital gains distributions, and return of capital, if any, are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains for financial reporting purposes. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, they are reclassified within the composition of net assets; temporary differences do not require such reclassification. Distributions to shareholders that exceed taxable income and net taxable realized gains are reported as return of capital distributions.

The Fund's management and its tax agent perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is more-likely-than-not (i.e. greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland. The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability or provision.

**Expense Allocation**

Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

**Foreign Withholding Taxes**

Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.

**TBA Commitments**

To-Be-Announced ("TBA") commitments are agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date beyond the customary settlement period for such securities. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and term, and be within industry-accepted "good delivery" standards. When entering into TBA commitments, a Portfolio may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold decreases or increases, respectively, prior to settlement date.

**Transition of LIBOR-linked Reference Rates**

Certain Portfolios have fixed income instruments that transitioned from using reference rates that were directly or indirectly linked to a U.S. Dollar London Interbank Offered Rate ("LIBOR") setting to determine payment obligations, financing terms, or investment values. The Portfolios may also have fixed income instruments with current fixed rates in which future scheduled variable rates are derived from a LIBOR rate that has yet to be transitioned by the issuer to an alternative representative reference rate. Not all instruments may have alternative rate-setting provisions and some uncertainty remains regarding the willingness and ability of issuers to add future alternative rate-setting provisions. Parties to instruments that utilized LIBOR rates may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty that could impact future performance and valuation of affected instruments.

**Operating Segments**

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Principal Executive Officer and Principal Financial Officer act together as each Portfolio's CODM, which has determined that the Portfolios each have operated as a single segment since inception. The CODM monitors the operating results of each Portfolio, as a whole, and each Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by each Portfolio's portfolio management team. The financial information, in the form of the Portfolios' holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions, and redemptions) are used by the CODM to assess each Portfolio's performance versus each Portfolio's respective benchmark and to make resource allocation decisions for each Portfolio's single segment, which is consistent with that presented within the Portfolios' financial statements. Segment assets are reflected on the Portfolios' Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statements of Operations.

**Accounting Pronouncements and Regulations**

In December 2023, FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Management has evaluated the implications of this ASU and determined that no additional disclosures are necessary.

**Subsequent Events**

Management has evaluated events and transactions through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements, and there are no subsequent events to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

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

**(3)Related Party and Other Transactions**

The Fund has an Investment Advisory Agreement with CINV, an affiliate of ALIC. Under the terms of this agreement, CINV provides portfolio management and investment advice to the Fund and administers its operations, subject to the supervision of the Board. This agreement is renewed annually upon the approval by the Board. As compensation for its services, CINV receives advisory fees from the Fund calculated on the basis of each Portfolio's average daily net assets and the following current schedule of Board-approved annualized fee breakpoints.

---

| |
|:---|
| **AVIP Bond** |
| 0.60% of first $100 million |
| 0.50% of next $150 million |
| 0.45% of next $250 million |
| 0.40% of next $500 million |
| 0.30% of next $1 billion |
| 0.25% over $2 billion |
| **AVIP BlackRock Balanced Allocation** |
| 0.58% of first $100 million |
| 0.50% of next $150 million |
| 0.45% of next $250 million |
| 0.40% of next $500 million |
| 0.30% of next $1 billion |
| 0.25% over $2 billion |
| **AVIP BlackRock Advantage International Equity** |
| 0.72% of first $200 million |
| 0.70% of next $800 million |
| 0.66% over $1 billion |
| **AVIP Fidelity Institutional AM**<sup>®</sup> **Equity Growth** |
| 0.68% of first $100 million |
| 0.65% over $100 million |
| **AVIP AB Small Cap** |
| 0.73% of first $400 million |
| 0.675% of next $200 million |
| 0.63% over $600 million |
| **AVIP AB Mid Cap Core** |
| 0.715% of first $100 million |
| 0.71% of next $200 million |
| 0.69% of next $200 million |
| 0.66% over $500 million |

---

---

| |
|:---|
| **AVIP S&P 500**<sup>®</sup> **Index** |
| 0.40% of first $100 million |
| 0.35% of next $150 million |
| 0.33% over $250 million |
| **AVIP BlackRock Advantage Large Cap Value** |
| 0.67% of first $500 million |
| 0.65% over $500 million |
| **AVIP High Income Bond** |
| 0.75% of first $75 million |
| 0.70% of next $75 million |
| 0.65% of next $75 million |
| 0.60% over $225 million |
| **AVIP Nasdaq-100**<sup>®</sup> **Index** |
| 0.40% of first $100 million |
| 0.35% of next $150 million |
| 0.33% over $250 million |
| **AVIP BlackRock Advantage Large Cap Core** |
| 0.64% of first $500 million |
| 0.62% over $500 million |
| **AVIP BlackRock Advantage Small Cap Growth** |
| 0.78% of first $100 million |
| 0.75% of next $400 million |
| 0.70% over $500 million |
| **AVIP S&P MidCap 400**<sup>®</sup> **Index** |
| 0.40% of first $100 million |
| 0.35% of next $150 million |
| 0.33% over $250 million |
| **AVIP BlackRock Advantage Large Cap Growth** |
| 0.66% of first $500 million |
| 0.64% over $500 million |

---

---

| |
|:---|
| **AVIP Constellation Dynamic Risk Balanced** |
| 0.88% of first $500 million |
| 0.74% of next $1.3 billion |
| 0.72% over $1.8 billion |
| **AVIP Core Plus Bond** |
| 0.56% of first $100 million |
| 0.54% of next $150 million |
| 0.50% of next $150 million |
| 0.45% of next $350 million |
| 0.43% over $750 million |
| **AVIP Intech U.S. Low Volatility** |
| 0.575% of first $500 million |
| 0.555% over $500 million |
| **AVIP AB Relative Value** |
| 0.65% of first $100 million |
| 0.61% of next $200 million |
| 0.59% over $300 million |
| **Each of the AVIP Constellation Managed Risk Portfolios** |
| 0.55% of first $1.5 billion |
| 0.53% over $1.5 billion |
| **Each of the AVIP Model Portfolios** |
| 0.40% of all net assets |

---

Under the Investment Advisory Agreement, the Fund authorizes CINV to retain sub-advisers for all Portfolios of the Fund, subject to the approval of the Board. CINV has entered into sub-advisory agreements to manage the investment of certain Portfolios' assets, as detailed below, subject to the supervision of CINV.

---

| |
|:---|
| **AllianceBernstein, L.P. ("AB")** |
| AVIP AB Small Cap |
| AVIP AB Mid Cap Core |
| AVIP AB Relative Value |
| **BlackRock Investment Management, LLC ("BlackRock")** |
| AVIP BlackRock Balanced Allocation |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage International <br> Equity<br>|

---

---

| |
|:---|
| **BlackRock (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large <br> Cap Value<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large <br> Cap Core<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Small <br> Cap Growth<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Growth<br>|

---

---

| |
|:---|
| **FIAM LLC ("FIAM")** |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Fidelity Institutional AM<sup>®</sup> <br> Equity Growth<br>|
| **Geode Capital Management, LLC ("Geode")** |
| AVIP S&P 500<sup>®</sup> Index |
| AVIP Nasdaq-100<sup>®</sup> Index |
| AVIP S&P MidCap 400<sup>®</sup> Index |
| **Intech Investment Management LLC ("Intech")** |
| AVIP Intech U.S. Low Volatility |

---

At a meeting held on August 28, 2025, the Board, including a majority of the Directors who are not "interested persons" (the "Independent Directors") of the Fund, approved the termination of the sub-advisory agreements between CINV and Federated Investment Management Company, the prior sub-adviser to the AVIP High Income Bond and AVIP Core Plus Bond Portfolios. Effective at the end of business December 5, 2025, CINV assumed the day-to-day portfolio management of those Portfolios and the names and investment strategies of those Portfolios were revised as a result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

The sub-advisers receive from CINV a sub-advisory fee calculated on the basis of average daily net assets and Board-approved schedules of annualized fee breakpoints.

BlackRock receives a sub-advisory fee from CINV on the aggregate average daily net assets of the AVIP BlackRock Advantage Large Cap Core Portfolio, AVIP BlackRock Advantage Large Cap Growth Portfolio, AVIP BlackRock Advantage Large Cap Value Portfolio, and the sub-advised equity sleeve of the AVIP BlackRock Balanced Allocation Portfolio.

The Investment Advisory Agreement allows for a portion of the expenses related to ALIC's compliance and legal staff to be incurred by the Fund and paid from the Fund to CINV. Pursuant to the service agreement among CINV, ALIC, and the Fund, ALIC has provided the personnel, services, and equipment necessary for the execution of the Fund's regulation-mandated compliance functions and CINV has reimbursed ALIC for those costs allocated to the Fund. For the year ended December 31, 2025, the Fund incurred compliance expenses totaling $488,700, which are allocated to the Portfolios by equal dollar amounts on a daily basis. Expenses incurred by the Portfolios are reflected on the Statements of Operations as "Compliance expense".

Pursuant to the Investment Advisory Agreement between CINV and the Fund, if the total expenses applicable to any Portfolio during any calendar quarter (excluding management fees, acquired fund fees and expenses, taxes, brokerage commissions, and interest expense) exceed 1%, on an annualized basis, evaluated quarterly, of such Portfolio's average daily net asset value, CINV will reimburse the Portfolio for such excess expenses. There were no expense reimbursements associated with this agreement during the year ended December 31, 2025.

Pursuant to a service agreement among CINV, ALIC, and the Fund, ALIC has agreed to provide personnel and facilities to CINV on a cost-reimbursement basis. These personnel members include officers of the Fund. ALIC also provides clerical and administrative services and such supplies and equipment as may be reasonably required in order for CINV to properly perform its advisory function pursuant to the Investment Advisory Agreement. ALIC further performs duties to fulfill the transfer agent function on behalf of the Fund. Performance of these duties by ALIC and availability of facilities, personnel, supplies, and equipment does not represent an expense to the Fund in excess of the advisory fees paid to CINV.

Through prior Operating Expense Limitation Agreements, CINV contractually agreed to reimburse the Fund to the extent that the annual ordinary operating expenses of the AVIP Model Portfolios, excluding: portfolio transaction and other investment related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 40 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan approved by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Fund Officers and Directors and contractual indemnification of Portfolio service providers); and other expenses that the Directors agree would not have been incurred in the ordinary course of the Portfolios' business, exceeded certain percentages of the average daily net assets. The prior Operating Expense Limitation Agreements expired with respect to the AVIP Moderate Growth Model Portfolio and the AVIP Growth Model Portfolio on April 30, 2023. The prior Operating Expense Limitation Agreements expired with respect to the AVIP Moderately Conservative Model Portfolio and the AVIP Balanced Model Portfolio on April 30, 2024.

ALIC, NSLA, and certain variable separate account entities affiliated with ALIC and NSLA were parties to a correspondence letter filed with the SEC on July 10, 2023, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the correspondence letter, those entities substituted shares of certain unaffiliated funds (the "Substitution Unaffiliated Funds") currently available under certain variable contracts for shares of different affiliated fund options (the "Substitution Replacement AuguStar Variable Insurance Products Fund Portfolios"). The substitution transactions were:

---

| | |
|:---|:---|
| **Substitution Unaffiliated Funds** | **Substitution Replacement AuguStar Variable Insurance Products Fund** <br> **Portfolios**<br>|
| PSF PGIM Jennison Focused Blend Portfolio (Class II) | AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Large Cap Value Fund (Institutional Shares and <br> Service Shares)<br>| AVIP S&P 500<sup>®</sup> Index Portfolio |
| PSF PGIM Jennison Growth Portfolio (Class II) | AVIP BlackRock Advantage Large Cap Growth Portfolio |
| LVIP JPMorgan Mid Cap Value Fund (Standard Class) | AVIP S&P MidCap 400<sup>®</sup> Index Portfolio |
| Allspring VT Discovery SMID Cap Growth Fund (Class 2) | AVIP S&P MidCap 400<sup>®</sup> Index Portfolio |
| Invesco V.I. Balanced-Risk Allocation Fund (Series II) | AVIP Constellation Dynamic Risk Balanced Portfolio |
| Western Asset Core Plus VIT Portfolio (Class II) | AVIP Core Plus Bond Portfolio |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

The substitution transactions occurred as cash redemptions of each Substitution Unaffiliated Fund's shares and cash subscriptions of each Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio's shares on August 25, 2023. In conjunction with the substitution transactions, CINV entered into expense limitation agreements with the Substitution Replacement AuguStar Variable Insurance Products Fund Portfolios whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses for each applicable Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio would not exceed the annual net operating expenses of the related Substitution Unaffiliated Fund for the fiscal year ended December 31, 2022. This expense limitation, which expired August 25, 2025, included acquired fund fees and expenses from underlying funds in the calculation of allowable net operating expenses. The net operating expense limitation for each Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio, stated as a percent of average net assets, were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Expense Limitation** |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | &nbsp;&nbsp; 1.26% |
| AVIP S&P 500<sup>®</sup> Index | &nbsp;&nbsp; 0.71% |
| AVIP S&P MidCap 400<sup>®</sup> Index  | &nbsp;&nbsp; 0.73% |
| AVIP BlackRock Advantage Large Cap Growth | &nbsp;&nbsp; 1.02% |
| AVIP Constellation Dynamic Risk Balanced | &nbsp;&nbsp; 1.13% |
| AVIP Core Plus Bond | &nbsp;&nbsp; 0.76% |

---

ALIC, NSLA, and certain variable separate account entities affiliated with ALIC and NSLA were parties to a correspondence letter filed with the SEC on August 14, 2025, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the correspondence letter, those entities substituted shares of certain unaffiliated funds (the "Substitution Unaffiliated Funds") currently available under certain variable contracts for shares of different affiliated fund options (the "Substitution Replacement AuguStar Variable Insurance Products Fund Portfolios"). The substitution transactions were:

---

| | |
|:---|:---|
| **Substitution Unaffiliated Funds** | **Substitution Replacement AuguStar Variable Insurance Products Fund** <br> **Portfolios**<br>|
| Janus Henderson Flexible Bond Portfolio (Service Shares)<sup>1</sup> <br>| AVIP Bond Portfolio |
| Fidelity<sup>®</sup> VIP Growth Portfolio (Class II)<sup>1</sup> <br>| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard Retirement US Small Cap Equity Select Portfolio <br> (Service Shares)<sup>1</sup> <br>| AVIP AB Small Cap Portfolio |
| AB VPS Small Cap Growth Portfolio (Class B)<sup>1</sup> <br>| AVIP AB Small Cap Portfolio |
| Royce Small-Cap Portfolio (Investment Class)<sup>1</sup> <br>| AVIP AB Small Cap Portfolio |
| Royce Micro-Cap Portfolio (Investment Class)<sup>1</sup> <br>| AVIP AB Small Cap Portfolio |
| Allspring VT Discovery SMID Cap Growth Fund (Class 2)<sup>1</sup> <br>| AVIP AB Mid Cap Core Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio <br> (Class S)<sup>1</sup> <br>| AVIP AB Mid Cap Core Portfolio |
| Goldman Sachs U.S. Equity Insights Fund (Institutional Shares)<sup>1</sup> <br>| AVIP S&P 500<sup>®</sup> Index Portfolio |
| Franklin VolSmart Allocation VIP Fund (Class 5)<sup>1</sup> <br>| AVIP Constellation Dynamic Risk Balanced Portfolio |
| Goldman Sachs Trend Driven Allocation Fund (Service Shares)<sup>1</sup> <br>| AVIP Constellation Dynamic Risk Balanced Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard Retirement Global Dynamic Multi-Asset Portfolio <br> (Service Shares)<sup>1</sup> <br>| AVIP Constellation Dynamic Risk Balanced Portfolio |
| AB VPS Relative Value Portfolio (Class B)<sup>2</sup> <br>| AVIP AB Relative Value Portfolio |
| Fidelity<sup>®</sup> VIP Target Volatility Portfolio (Class II)<sup>2</sup> <br>| AVIP Constellation Managed Risk Moderate Growth Portfolio |
| AB VPS Global Risk Allocation-Moderate Portfolio (Class B)<sup>2</sup> <br>| AVIP Constellation Managed Risk Moderate Growth Portfolio |

---

The substitution transactions occurred as cash redemptions of each Substitution Unaffiliated Fund's shares and cash subscriptions of each Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio's shares on October 10, 2025 and October 17, 2025. Funds with a "<sup>1</sup>" took place on October 10, 2025 and Funds with a "<sup>2</sup>" took place on October 17, 2025. In conjunction with the substitution transactions, CINV entered into expense limitation agreements with the Substitution Replacement AuguStar Variable Insurance Products Fund Portfolios whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses for each applicable Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio will not exceed the annual net operating expenses of the related Substitution Unaffiliated Fund for the fiscal year ended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

December 31, 2024. This expense limitation includes acquired fund fees and expenses from underlying funds in the calculation of allowable net operating expenses. The net operating expense limitation for each Substitution Replacement AuguStar Variable Insurance Products Fund Portfolio, stated as a percent of average net assets, are as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Expense Limitation** |
| AVIP Bond | &nbsp;&nbsp; 0.82% |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | &nbsp;&nbsp; 0.81% |
| AVIP AB Small Cap | &nbsp;&nbsp; 1.10% |
| AVIP AB Mid Cap Core | &nbsp;&nbsp; 1.15% |
| AVIP S&P 500<sup>®</sup> Index | &nbsp;&nbsp; 0.56% |
| AVIP AB Relative Value | &nbsp;&nbsp; 0.86% |
| AVIP Constellation Dynamic Risk Balanced | &nbsp;&nbsp; 0.90% |
| AVIP Constellation Managed Risk Moderate Growth | &nbsp;&nbsp; 0.78% |

---

There were no recorded liabilities related to any of the aforementioned substitution-related expense limitation agreements at December 31, 2025, nor any reimbursement of expenses related to these agreements for the year ended December 31, 2025.

For the year ended December 31, 2025, each Director was compensated based on an annual retainer fee of $170,000, paid quarterly. The Board chair received an additional quarterly retainer fee of $5,000, and the Audit Committee chair received an additional quarterly retainer fee of $2,500; each paid quarterly. For the year ended December 31, 2025, Directors' compensation and reimbursement of expenses by the Portfolios totaled $890,122.

The accounting agent and custodian for the Fund is State Street Bank and Trust Company (Boston, MA). For assets held outside of the United States, State Street Bank and Trust Company may use a foreign sub-custodian network that is subject to oversight and periodic approval of the Board.

**Affiliated Cross-Trades**

The Fund is permitted to purchase from, or sell securities to, other funds or accounts managed by CINV or the sub-advisers in accordance with Rule 17a-7 of the 40 Act and the Fund's Policy Regarding Portfolio Cross Transactions, which has been approved by the Board. Rule 17a-7 and the Fund's policy were designed to ensure that any trades between the Fund and an affiliated fund or account ("cross-trades") are effected at the then-current market price and exclude broker commissions or other compensatory fees.

For the year ended December 31, 2025, the Fund engaged in the following affiliated cross-trades:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** | **Realized gain (loss)** |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth  | &nbsp;&nbsp; $4309672 | &nbsp;&nbsp; $3279704 | &nbsp;&nbsp; $1007934 |
| AVIP S&P 500<sup>®</sup> Index | &nbsp;&nbsp; 295767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Nasdaq-100<sup>®</sup> Index | &nbsp;&nbsp; — | &nbsp;&nbsp; 226296 | &nbsp;&nbsp; (241368)<br>|

---

**(4)Capital Share Transactions**

Capital share transactions for the year ended December 31, 2025, and the year ended December 31, 2024, respectively, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond** | **AVIP Bond** | **AVIP BlackRock Balanced Allocation** | **AVIP BlackRock Balanced Allocation** | **AVIP BlackRock Advantage** <br> **International Equity** | **AVIP BlackRock Advantage** <br> **International Equity** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 3161126 | 3678074 | 518759 | 355311 | 1041872 | 1890328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 500047 | 465388 | 1575099 | 359142 | 505803 | 522596 |
| Capital shares redeemed  | (3099872)<br>| (2630734)<br>| (2635606)<br>| (3024731)<br>| (6139643)<br>| (4055454)<br>|
| Net increase (decrease) | 561301 | 1512728 | (541748)<br>| (2310278)<br>| (4591968)<br>| (1642530)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Fidelity Institutional AM**<sup>®</sup> **Equity** <br> **Growth**  | **AVIP Fidelity Institutional AM**<sup>®</sup> **Equity** <br> **Growth**  | **AVIP AB Small Cap** | **AVIP AB Small Cap** | **AVIP AB Mid Cap Core** | **AVIP AB Mid Cap Core** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024**<sup>1</sup> <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 7865314 | 284812 | 13242614 | 611282 | 1029293 | 132684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 1335436 | 494668 | 5046 | 37097 | 59765 | 11463 |
| Capital shares redeemed  | (1827406)<br>| (1628882)<br>| (2221022)<br>| (2010495)<br>| (428803)<br>| (589709)<br>|
| Net increase (decrease) | 7373344 | (849402)<br>| 11026638 | (1362116)<br>| 660255 | (445562)<br>|

---

---

| | |
|:---|:---|
| 1 | Effective August 16, 2024, the Fund instituted a reverse share split, whereby shareholders of the Portfolio received one share for every ten shares previously held. The <br> capital share transactions prior to that date have been adjusted to give effect to the reverse share split.<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P 500**<sup>®</sup> **Index** | **AVIP S&P 500**<sup>®</sup> **Index** | **AVIP BlackRock Advantage Large Cap** <br> **Value** | **AVIP BlackRock Advantage Large Cap** <br> **Value** | **AVIP High Income Bond** | **AVIP High Income Bond** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 1352419 | 1583013 | 279849 | 429311 | 448362 | 1002383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 3620524 | 2301921 | 1365734 | 340451 | 358672 | 371348 |
| Capital shares redeemed  | (5933808)<br>| (7371017)<br>| (2052294)<br>| (2354883)<br>| (1258335)<br>| (1394202)<br>|
| Net increase (decrease) | (960865)<br>| (3486083)<br>| (406711)<br>| (1585121)<br>| (451301)<br>| (20471)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Nasdaq-100**<sup>®</sup> **Index** | **AVIP Nasdaq-100**<sup>®</sup> **Index** | **AVIP BlackRock Advantage Large Cap** <br> **Core** | **AVIP BlackRock Advantage Large Cap** <br> **Core** | **AVIP BlackRock Advantage Small Cap** <br> **Growth** | **AVIP BlackRock Advantage Small Cap** <br> **Growth** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 1023909 | 1939820 | 317857 | 226578 | 558148 | 504887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 2783560 | 3146338 | 1408082 | 293788 | 189966 | 4527 |
| Capital shares redeemed  | (4193610)<br>| (4837819)<br>| (1867224)<br>| (2384467)<br>| (1355136)<br>| (1407572)<br>|
| Net increase (decrease) | (386141)<br>| 248339 | (141285)<br>| (1864101)<br>| (607022)<br>| (898158)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P MidCap 400**<sup>®</sup> **Index** | **AVIP S&P MidCap 400**<sup>®</sup> **Index** | **AVIP BlackRock Advantage Large Cap** <br> **Growth** | **AVIP BlackRock Advantage Large Cap** <br> **Growth** | **AVIP Constellation Dynamic Risk** <br> **Balanced** | **AVIP Constellation Dynamic Risk** <br> **Balanced** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 2101345 | 2712724 | 1443780 | 829128 | 31152557 | 1783593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 2911983 | 1259729 | 14713629 | 4994160 | 18030913 | 1608727 |
| Capital shares redeemed  | (4697745)<br>| (5700259)<br>| (10993306)<br>| (13452260)<br>| (19863449)<br>| (20896626)<br>|
| Net increase (decrease) | 315583 | (1727806)<br>| 5164103 | (7628972)<br>| 29320021 | (17504306)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Core Plus Bond** | **AVIP Core Plus Bond** | **AVIP Intech U.S. Low Volatility** | **AVIP Intech U.S. Low Volatility** | **AVIP AB Relative Value** | **AVIP AB Relative Value** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 5473790 | 6454505 | 1459105 | 1002884 | 1314341 | 385499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 2243015 | 1860668 | 9028356 | 769027 | 860578 | 155211 |
| Capital shares redeemed  | (12398485)<br>| (12102609)<br>| (12063064)<br>| (15244641)<br>| (1645380)<br>| (2251684)<br>|
| Net increase (decrease) | (4681680)<br>| (3787436)<br>| (1575603)<br>| (13472730)<br>| 529539 | (1710974)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Constellation Managed Risk** <br> **Balanced** | **AVIP Constellation Managed Risk** <br> **Balanced** | **AVIP Constellation Managed Risk** <br> **Moderate Growth** | **AVIP Constellation Managed Risk** <br> **Moderate Growth** | **AVIP Constellation Managed Risk** <br> **Growth** | **AVIP Constellation Managed Risk** <br> **Growth** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 1900229 | 2231862 | 62640585 | 1013757 | 805473 | 910275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 1250018 | 1433569 | 3311193 | 1573715 | 2378623 | 1473592 |
| Capital shares redeemed  | (11297849)<br>| (12133882)<br>| (9727420)<br>| (7565160)<br>| (5851808)<br>| (6446663)<br>|
| Net increase (decrease) | (8147602)<br>| (8468451)<br>| 56224358 | (4977688)<br>| (2667712)<br>| (4062796)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Moderately Conservative Model** | **AVIP Moderately Conservative Model** | **AVIP Balanced Model** | **AVIP Balanced Model** | **AVIP Moderate Growth Model** | **AVIP Moderate Growth Model** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>| **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 371083 | 505643 | 1577657 | 1307715 | 1853240 | 1211559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 561796 | 470319 | 2841685 | 1324956 | 4034944 | 1984237 |
| Capital shares redeemed  | (3138836)<br>| (3386176)<br>| (11788019)<br>| (13226604)<br>| (19584992)<br>| (22879324)<br>|
| Net increase (decrease) | (2205957)<br>| (2410214)<br>| (7368677)<br>| (10593933)<br>| (13696808)<br>| (19683528)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **AVIP Growth Model** | **AVIP Growth Model** |
|  | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2025** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 687372 | 321704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>| 803288 | 373699 |
| Capital shares redeemed  | (4902411)<br>| (4332210)<br>|
| Net increase (decrease) | (3411751)<br>| (3636807)<br>|

---

**(5)Investment Transactions** 

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the year ended December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond** | **AVIP BlackRock** <br> **Balanced Allocation**<br>| **AVIP BlackRock** <br> **Advantage** <br> **International Equity**<br>| **AVIP Fidelity** <br> **Institutional AM**<sup>®</sup> <br> **Equity Growth** <br>| **AVIP AB Small Cap** |
| Cost of purchases | $256738294 | &nbsp;&nbsp; $260092973 | &nbsp;&nbsp; $502277846 | &nbsp;&nbsp; $173815783 | &nbsp;&nbsp; $300166057 |
| Proceeds from sales | $228180048 | &nbsp;&nbsp; $336530020 | &nbsp;&nbsp; $582863261 | &nbsp;&nbsp; $76713388 | &nbsp;&nbsp; $144694401 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP AB Mid Cap** <br> **Core**<br>| **AVIP S&P 500**<sup>®</sup> **Index** | **AVIP BlackRock** <br> **Advantage Large Cap** <br> **Value**<br>| **AVIP High Income** <br> **Bond**<br>| **AVIP Nasdaq-100**<sup>®</sup> <br> **Index**<br>|
| Cost of purchases | $82182790 | &nbsp;&nbsp; $48790959 | &nbsp;&nbsp; $132084452 | &nbsp;&nbsp; $106155276 | &nbsp;&nbsp; $19392238 |
| Proceeds from sales | $61842371 | &nbsp;&nbsp; $251482288 | &nbsp;&nbsp; $162069447 | &nbsp;&nbsp; $117135596 | &nbsp;&nbsp; $76072875 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP BlackRock** <br> **Advantage Large Cap** <br> **Core**<br>| **AVIP BlackRock** <br> **Advantage Small Cap** <br> **Growth**<br>| **AVIP S&P MidCap** <br> **400**<sup>®</sup> **Index**<br>| **AVIP BlackRock** <br> **Advantage Large Cap** <br> **Growth**<br>| **AVIP Constellation** <br> **Dynamic Risk** <br> **Balanced**<br>|
| Cost of purchases | $203258097 | &nbsp;&nbsp; $166159113 | &nbsp;&nbsp; $103283978 | &nbsp;&nbsp; $297717532 | &nbsp;&nbsp; $776213979 |
| Proceeds from sales | $264900271 | &nbsp;&nbsp; $184341971 | &nbsp;&nbsp; $147940751 | &nbsp;&nbsp; $402771507 | &nbsp;&nbsp; $384938052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP Core Plus Bond** | **AVIP Intech U.S. Low** <br> **Volatility**<br>| **AVIP AB Relative** <br> **Value**<br>| **AVIP Constellation** <br> **Managed Risk** <br> **Balanced**<br>| **AVIP Constellation** <br> **Managed Risk** <br> **Moderate Growth**<br>|
| Cost of purchases | $81950705 | &nbsp;&nbsp; $527512084 | &nbsp;&nbsp; $89037091 | &nbsp;&nbsp; $104691016 | &nbsp;&nbsp; $861627928 |
| Proceeds from sales | $164212961 | &nbsp;&nbsp; $658067483 | &nbsp;&nbsp; $88484139 | &nbsp;&nbsp; $186199958 | &nbsp;&nbsp; $141176377 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP Constellation** <br> **Managed Risk** <br> **Growth**<br>| **AVIP Moderately** <br> **Conservative Model**<br>| **AVIP Balanced Model** | **AVIP Moderate** <br> **Growth Model**<br>| **AVIP Growth Model** |
| Cost of purchases | $122766614 | &nbsp;&nbsp; $20689662 | &nbsp;&nbsp; $90913925 | &nbsp;&nbsp; $200016585 | &nbsp;&nbsp; $52125194 |
| Proceeds from sales | $184055949 | &nbsp;&nbsp; $42162638 | &nbsp;&nbsp; $164904146 | &nbsp;&nbsp; $309125274 | &nbsp;&nbsp; $77379078 |

---

Cost of purchases and proceeds from sales of government securities for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVIP Bond** | **AVIP BlackRock**<br> **Balanced Allocation**<br>| **AVIP Constellation**<br> **Dynamic Risk** <br> **Balanced**<br>| **AVIP Core**<br> **Plus Bond**<br>|
| Cost of purchases | $31476964 | &nbsp;&nbsp; $7572851 | &nbsp;&nbsp; $113216533 | &nbsp;&nbsp; $122973288 |
| Proceeds from sales | $47752635 | &nbsp;&nbsp; $7612121 | &nbsp;&nbsp; $285871556 | &nbsp;&nbsp; $90169982 |

---

**(6)Financial Instruments**

The Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investment objectives. These financial instruments may include swaps, options, futures, and foreign currency contracts that may involve, to a varying degree, elements of risk in excess of the amounts recognized on financial statements.

**Swap Contracts** 

Swap contracts are bilaterally negotiated agreements between a party and a counterparty to exchange or swap investment cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap contracts may be either executed and centrally cleared with a centralized Derivatives Clearing Organization or privately negotiated in the OTC market. Certain Portfolios may engage in swap contracts to manage their respective exposure to various asset types or other market inputs such as interest rates.

Entering into swap contracts involves varying degrees of interest, credit, market, and documentation risk in excess of the unrealized gain or loss recorded by a Portfolio. Such risks include that there may be no liquid market, that the counterparty to the contracts may default on an obligation to perform or otherwise disagree as to the meaning of contractual terms in the agreement, or that there may be unfavorable changes in underlying terms, indices, or securities that severely impact the valuation of the swap contract. In connection with the terms of these contracts, a Portfolio's securities or cash may be identified as collateral or margin to provide assets of value and recourse in the event of default.

Swap contracts are marked-to-market daily, and the change in value is recorded as a change in unrealized appreciation (depreciation). Premiums paid or received at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates, and other relevant factors, as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap contract is recorded as a realized gain or loss. Net periodic payments received or paid are included in the calculation of realized gain or loss.

Credit default swap contracts involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a party will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. As a buyer of protection, a party will generally pay the seller of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event.

A credit event is defined by the terms of each swap contract and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. If a party is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap contract, the party will either (i) pay or receive an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

amount equal to the notional amount of the referenced obligation agreement and take delivery or deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Either as a seller of protection or a buyer of protection of a credit default swap contract, a party's maximum risk of loss from counterparty risk is the fair value of the contract. The maximum potential amount a party could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap contract. The potential amounts of loss realized as a seller would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the contract or net amounts received from the settlement of buy protection credit default swap contracts entered into for the same referenced entity or entities.

A Portfolio may engage in credit default swap contracts on credit indices ("CDX"). A credit index is a basket of credit instruments or exposures designed to represent a portion of the credit market. These indices consist of reference credits that are considered to be the liquid entities in the credit default swap market based on the index sector. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities and emerging market securities. These components can be determined based upon various credit ratings within each sector. Implied credit spreads, the prices, and resulting values for credit default swap contracts on credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. An index credit default swap references all the issuers in the index, and if there is a credit event, the credit event is settled based on that issuer's weight in the index. The composition of underlying indices may change periodically.

For the AVIP Constellation Dynamic Risk Balanced and AVIP Constellation Managed Risk Balanced Portfolios, swap contracts were used to execute those Portfolios' stated investment strategies. For the year ended December 31, 2025, the notional values of swap contracts opened and closed prior to contract settlement date were:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Collateral Pledged** | **Swap Contracts** <br> **Opened (in millions)**<br>| **Swap Contracts** <br> **Closed (in millions)**<br>|
| AVIP Constellation Dynamic Risk Balanced | Portions of cash holdings | $176.2 | $178.2 |
| AVIP Constellation Managed Risk Balanced | Portions of cash holdings | 46.5 | 47.4 |

---

**Futures Contracts**

A Portfolio may buy or sell futures contracts relating to stock indices, foreign currencies, or interest rates. Stock index futures contracts are contracts developed by and traded on national commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the actual value of the stock index on the last day of the contract and the value of the stock index established by the contract multiplied by the specific dollar amount set by the exchange. Futures contracts may be based on broad-based stock indices such as the S&P 500<sup>®</sup> Index or on narrow-based stock indices. A particular index will be selected pursuant to the investment strategy for the particular Portfolio. Foreign currency futures contracts are contracts traded on commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the value of a stated foreign currency in relation to the U.S. dollar, or other currency, on the last day of the contract and the relative value of those currencies on the date of executing the contract. Foreign currency futures may be valued by exchange rates that are based on the relative value of a variety of foreign currencies. An interest rate futures contract is an agreement whereby one party agrees to sell and another party agrees to purchase a specified amount of a specified financial instrument (debt security) at a specified price at a specified date, time and place. Although interest rate futures contracts typically require actual future delivery of, and payment for, financial instruments, the contracts are usually closed out before the delivery date. A public market exists in interest rate futures contracts covering primarily the following financial instruments: U.S. Treasury bonds; U.S. Treasury notes; Government National Mortgage Association ("GNMA") modified pass-through mortgage-backed securities; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; and Eurodollar certificates of deposit. U.S. futures contracts are traded on exchanges which have been designated "contract markets" by the Commodities Futures Trading Commission ("CFTC") and must be executed through a futures commission merchant ("FCM"), or brokerage firm, which is a member of the relevant contract market.

The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio's operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit "initial margin" for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract's value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.

Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio's investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party's position declines, the party on the side of the declining position will be required to make additional "variation margin" payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Variation margin is recognized as a receivable and/or payable for variation margin on futures contracts on the Statement of Assets and Liabilities. In the event of a bankruptcy of the FCM that holds margin on behalf of a Portfolio, the Portfolio may be entitled to return of margin owed to the Portfolio only in proportion to the amount received by the FCM's other customers. CINV and the sub-advisers will attempt to minimize this risk by carefully monitoring the creditworthiness of the FCMs with which the Portfolios do business.

Portions of certain Portfolios' securities and cash holdings, as noted on those Portfolios' Schedules of Investments, were pledged at December 31, 2025 as collateral for the Portfolios' futures contracts. Cash holdings pledged are noted as "Cash subject to usage restrictions" on the Statements of Assets and Liabilities. The futures contracts, except those held by the AVIP Constellation Dynamic Risk Balanced, AVIP Core Plus Bond, and AVIP Constellation Managed Risk Portfolios, were used for the purpose of gaining equity exposure for cash and cash equivalents, thereby seeking to lessen a performance difference between the Portfolios and their respective benchmark indices. For the AVIP Constellation Dynamic Risk Balanced and AVIP Constellation Managed Risk Portfolios, futures contracts were used to provide for the Portfolios' respective stated risk management strategies. For the AVIP Core Plus Bond Portfolio, futures contracts were used to manage total exposure to underlying investments, to manage interest rate risk, or to otherwise execute the Portfolio's stated investment strategy. There were other futures contracts executed and closed in the Portfolios during the year ended December 31, 2025. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2025. For the year ended December 31, 2025, the notional values of futures contracts opened and closed prior to contract settlement date by the Portfolios were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Collateral Pledged** | **Futures Contracts** <br> **Opened (in millions)**<br>| **Futures Contracts** <br> **Closed (in millions)**<br>|
| AVIP Bond | Portions of cash holdings | $72.3 | $57.7 |
| AVIP BlackRock Balanced Allocation | Portions of cash holdings | 84.2 | 74.0 |
| AVIP BlackRock Advantage International Equity | Portions of cash holdings | 106.9 | 107.2 |
| AVIP S&P 500<sup>®</sup> Index | Portions of cash holdings and securities | 258.2 | 258.5 |
| AVIP BlackRock Advantage Large Cap Value | Portions of cash holdings | 46.4 | 46.8 |
| AVIP Nasdaq-100<sup>®</sup> Index | Portions of cash holdings and securities | 70.5 | 70.5 |
| AVIP BlackRock Advantage Large Cap Core | Portions of cash holdings | 84.1 | 83.2 |
| AVIP BlackRock Advantage Small Cap Growth | Portions of cash holdings | 45.4 | 45.4 |
| AVIP S&P MidCap 400<sup>®</sup> Index | Portions of cash holdings and securities | 116.4 | 118.2 |
| AVIP BlackRock Advantage Large Cap Growth | Portions of cash holdings | 122.8 | 119.2 |
| AVIP Constellation Dynamic Risk Balanced | Portions of cash holdings | 706.8 | 822.0 |
| AVIP Core Plus Bond | Portions of cash holdings | 922.0 | 926.3 |
| AVIP Constellation Managed Risk Balanced | Portions of cash holdings | 258.3 | 277.7 |
| AVIP Constellation Managed Risk Moderate Growth | Portions of cash holdings | 148.1 | 132.5 |
| AVIP Constellation Managed Risk Growth | Portions of cash holdings | 120.7 | 116.9 |

---

The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for, the year ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Instrument** | **Primary Risk Type** | **Fair Value-** <br> **Asset** <br> **Derivatives**<br>| **Fair Value-** <br> **Liability** <br> **Derivatives**<br>|
| AVIP Bond | Futures contracts | Interest rate | &nbsp;&nbsp; $16679 | &nbsp;&nbsp; $(99475)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Balanced Allocation | Futures contracts | Equity price | &nbsp;&nbsp; 9032 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; 24741 | &nbsp;&nbsp; (24592)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Instrument** | **Primary Risk Type** | **Fair Value-** <br> **Asset** <br> **Derivatives**<br>| **Fair Value-** <br> **Liability** <br> **Derivatives**<br>|
| AVIP BlackRock Advantage International Equity | Futures contracts | Equity price | &nbsp;&nbsp; $16295 | &nbsp;&nbsp; $—<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP S&P 500<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; — | &nbsp;&nbsp; (62636)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Value | Futures contracts | Equity price | &nbsp;&nbsp; 3164 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Nasdaq-100<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; — | &nbsp;&nbsp; (22332)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Core | Futures contracts | Equity price | &nbsp;&nbsp; 6587 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; — | &nbsp;&nbsp; (35720)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP S&P MidCap 400<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; — | &nbsp;&nbsp; (54096)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; 12715 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Dynamic Risk Balanced | Futures contracts | Interest rate | &nbsp;&nbsp; — | &nbsp;&nbsp; (987238)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Core Plus Bond | Futures contracts | Interest rate | &nbsp;&nbsp; 168766 | &nbsp;&nbsp; (161045)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Balanced | Futures contracts | Equity price | &nbsp;&nbsp; 265645 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; — | &nbsp;&nbsp; (105136)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Moderate Growth | Futures contracts | Equity price | &nbsp;&nbsp; 138708 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Growth | Futures contracts | Equity price | &nbsp;&nbsp; 29834 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

Total distributable earnings. The amounts represent the cumulative appreciation (depreciation) of these futures contracts as reported in the Statements of Assets and Liabilities. Only the current day's variation margin, if any, is reported within the Statements of Assets and Liabilities as receivable (payable) for variation margin on futures contracts. Each Portfolio's Schedule of Open Futures Contracts details the values by futures contract type.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Instrument** | **Primary Risk Type** | **Realized Gain** <br> **(Loss) on** <br> **Derivatives** <br> **Recognized in** <br> **Income**<br>| **Change in Unrealized** <br> **Appreciation/** <br> **Depreciation on** <br> **Derivatives** <br> **Recognized in** <br> **Income**<br>|
| AVIP Bond | Futures contracts | Interest rate | &nbsp;&nbsp; $(71047)<br>| &nbsp;&nbsp; $(82796)<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Balanced Allocation | Futures contracts | Equity price | &nbsp;&nbsp; 530528 | &nbsp;&nbsp; 31428<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; (26619)<br>| &nbsp;&nbsp; 149<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage International <br> Equity<br>| Futures contracts | Equity price | &nbsp;&nbsp; 1295143 | &nbsp;&nbsp; 148955<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP S&P 500<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; 126805 | &nbsp;&nbsp; (26264)<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Value | Futures contracts | Equity price | &nbsp;&nbsp; 189706 | &nbsp;&nbsp; 106600<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Nasdaq-100<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; 152920 | &nbsp;&nbsp; 40070<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Core | Futures contracts | Equity price | &nbsp;&nbsp; 318869 | &nbsp;&nbsp; 96919<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; (43248)<br>| &nbsp;&nbsp; 85855<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP S&P MidCap 400<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; (142329)<br>| &nbsp;&nbsp; 135973<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; 402211 | &nbsp;&nbsp; 107077<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Constellation Dynamic Risk Balanced | Futures contracts | Equity price | &nbsp;&nbsp; (1356725)<br>| &nbsp;&nbsp; 479916<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; 2811156 | &nbsp;&nbsp; 2092556<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Swap contracts | Credit quality | &nbsp;&nbsp; 1992941 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(3)</sup><br>|
| AVIP Core Plus Bond | Futures contracts | Interest rate | &nbsp;&nbsp; 533006 | &nbsp;&nbsp; (375593)<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Instrument** | **Primary Risk Type** | **Realized Gain** <br> **(Loss) on** <br> **Derivatives** <br> **Recognized in** <br> **Income**<br>| **Change in Unrealized** <br> **Appreciation/** <br> **Depreciation on** <br> **Derivatives** <br> **Recognized in** <br> **Income**<br>|
| AVIP Constellation Managed Risk Balanced | Futures contracts | Equity price | &nbsp;&nbsp; $3315269 | &nbsp;&nbsp; $854465<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; 120834 | &nbsp;&nbsp; 350346<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Swap contracts | Credit quality | &nbsp;&nbsp; 918091 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(3)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk Moderate <br> Growth<br>| Futures contracts | Equity price | &nbsp;&nbsp; 5816833 | &nbsp;&nbsp; 554872<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Constellation Managed Risk Growth | Futures contracts | Equity price | &nbsp;&nbsp; 2141852 | &nbsp;&nbsp; 802628<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

Net realized gain (loss) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

Change in unrealized appreciation/depreciation on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

Net realized gain (loss) on swap contracts.

The Portfolios may enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") or similar agreements with their derivative contract counterparties whereby the Portfolios may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables and create one single net payment. For financial reporting purposes, the Portfolios offset derivative assets and liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. At December 31, 2025, there were no outstanding derivative transactions subject to netting arrangements.

**(7)Federal Income Tax Information**

The following information is presented on a federal income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Reclassifications related to permanent differences relate principally to consent dividends, foreign currency gains and losses, net investment losses, and distributions from real estate investment trusts and closed-end mutual funds.

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br> **Ordinary** <br> **Income**<br>| **Undistributed** <br> **Long-Term** <br> **Capital Gains** <br> **(Losses)**<br>| **Accumulated** <br> **Earnings**<br>| **Accumulated** <br> **Capital and** <br> **Other Losses**<br>| **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<sup>(1)</sup> <br>| **Total** <br> **Accumulated** <br> **Earnings** <br> **(Deficit)**<br>|
| AVIP Bond | $10190084 | $— | $10190084 | $(11692295)<br>| $(7059606)<br>| $(8561817)<br>|
| AVIP BlackRock Balanced Allocation | 11168026 | 22251507 | 33419533 |  | 74969283 | 108388816 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage International <br> Equity<br>| 46185484 | 21675247 | 67860731 |  | 38128065 | 105988796 |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | 443838 | 16276005 | 16719843 |  | 30271050 | 46990893 |
| AVIP AB Small Cap | 4786448 | 298462 | 5084910 |  | 7453638 | 12538548 |
| AVIP AB Mid Cap Core | 1437432 | 4091297 | 5528729 |  | 5093475 | 10622204 |
| AVIP S&P 500<sup>®</sup> Index | 11134461 | 137305785 | 148440246 |  | 582345676 | 730785922 |
| AVIP BlackRock Advantage Large Cap Value | 6266652 | 12025516 | 18292168 |  | 27246295 | 45538463 |
| AVIP High Income Bond | 6637577 |  | 6637577 | (19785014)<br>| (15360)<br>| (13162797)<br>|
| AVIP Nasdaq-100<sup>®</sup> Index | 1480087 | 43580345 | 45060432 |  | 111135126 | 156195558 |
| AVIP BlackRock Advantage Large Cap Core | 6725252 | 32533529 | 39258781 |  | 98507340 | 137766121 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Small Cap <br> Growth<br>| 452180 | 1026288 | 1478468 |  | 14811676 | 16290144 |
| AVIP S&P MidCap 400<sup>®</sup> Index | 7027073 | 33818751 | 40845824 |  | 71752726 | 112598550 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Growth<br>| 10016344 | 56023790 | 66040134 |  | 108567308 | 174607442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br> **Ordinary** <br> **Income**<br>| **Undistributed** <br> **Long-Term** <br> **Capital Gains** <br> **(Losses)**<br>| **Accumulated** <br> **Earnings**<br>| **Accumulated** <br> **Capital and** <br> **Other Losses**<br>| **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<sup>(1)</sup><br>| **Total** <br> **Accumulated** <br> **Earnings** <br> **(Deficit)**<br>|
| AVIP Constellation Dynamic Risk Balanced | $37288036 | $1871782 | $39159818 | $— | $85528279 | $124688097 |
| AVIP Core Plus Bond | 19323969 |  | 19323969 | (69736708)<br>| (20566355)<br>| (70979094)<br>|
| AVIP Intech U.S. Low Volatility | 8647077 | 54859462 | 63506539 |  | 62281657 | 125788196 |
| AVIP AB Relative Value | 1287562 | 6468730 | 7756292 |  | 20070762 | 27827054 |
| AVIP Constellation Managed Risk Balanced | 12127409 | 30750232 | 42877641 |  | 70343034 | 113220675 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk Moderate <br> Growth<br>| 14493812 | 32965218 | 47459030 |  | 113979346 | 161438376 |
| AVIP Constellation Managed Risk Growth | 6679794 | 50123122 | 56802916 |  | 112777143 | 169580059 |
| AVIP Moderately Conservative Model | 5366157 | 6402590 | 11768747 |  | 2523312 | 14292059 |
| AVIP Balanced Model | 20022646 | 46744703 | 66767349 |  | 41684172 | 108451521 |
| AVIP Moderate Growth Model | 38536119 | 113497490 | 152033609 |  | 138518852 | 290552461 |
| AVIP Growth Model | 8790449 | 31807203 | 40597652 |  | 41608812 | 82206464 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributed primarily to tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains/(losses) on certain instruments.

For federal income tax purposes, the following Portfolios had capital loss carryforwards ("CLCF") as of December 31, 2025 that are available to offset future realized gains, if any:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Total Loss** <br> **Carryforward**<br>| **No** <br> **Expiration** <br> **Short Term**<br>| **No** <br> **Expiration** <br> **Long Term**<br>| **CLCO Utilized** |
| AVIP Bond  | $11692295 | $358601 | $11333694 | $— |
| AVIP AB Small Cap  |  |  |  | 8140150 |
| AVIP High Income Bond &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 19785014 |  | 19785014 |  |
| AVIP Core Plus Bond  | 69736708 | 27941486 | 41795222 |  |
| AVIP Constellation Managed Risk Balanced  |  |  |  | 3624858 |

---

The cost basis for federal income tax purposes may differ from the cost basis for financial reporting purposes. The table below details the unrealized appreciation (depreciation) and aggregate cost of investments at December 31, 2025 for federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Bond** | **AVIP BlackRock** <br> **Balanced** <br> **Allocation**<br>| **AVIP BlackRock** <br> **Advantage** <br> **International** <br> **Equity**<br>| **AVIP Fidelity** <br> **Institutional AM**<sup>®</sup> <br> **Equity Growth** <br>| **AVIP AB Small** <br> **Cap**<br>| **AVIP AB Mid Cap** <br> **Core**<br>|
| Gross unrealized: |  |  |  |  |  |  |
| Appreciation | $1713971 | $85060904 | $43022538 | $34735703 | $21993803 | $11324925 |
| Depreciation | (8773577)<br>| (10091621)<br>| (5044156)<br>| (4467245)<br>| (14540165)<br>| (6231450)<br>|
| Net unrealized appreciation (depreciation) | $(7059606)<br>| $74969283 | $37978382 | $30268458 | $7453638 | $5093475 |
| Aggregate cost of investments: | $270253836 | $287017330 | $306107586 | $214171474 | $272773659 | $95760164 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P 500**<sup>®</sup> <br> **Index**<br>| **AVIP BlackRock** <br> **Advantage Large** <br> **Cap Value**<br>| **AVIP High Income** <br> **Bond**<br>| **AVIP** <br> **Nasdaq-100**<sup>®</sup> <br> **Index**<br>| **AVIP BlackRock** <br> **Advantage Large** <br> **Cap Core**<br>| **AVIP BlackRock** <br> **Advantage Small** <br> **Cap Growth**<br>|
| Gross unrealized: |  |  |  |  |  |  |
| Appreciation | $605551067 | $34061226 | $824204 | $117863097 | $104550066 | $23452376 |
| Depreciation | (23205391)<br>| (6818943)<br>| (839722)<br>| (6727971)<br>| (6042726)<br>| (8640700)<br>|
| Net unrealized appreciation (depreciation) | $582345676 | $27242283 | $(15518)<br>| $111135126 | $98507340 | $14811676 |
| Aggregate cost of investments: | $592449359 | $159114288 | $115476784 | $148146808 | $226125834 | $111368981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P MidCap** <br> **400**<sup>®</sup> **Index**<br>| **AVIP BlackRock** <br> **Advantage Large** <br> **Cap Growth**<br>| **AVIP** <br> **Constellation** <br> **Dynamic Risk** <br> **Balanced**<br>| **AVIP Core Plus** <br> **Bond**<br>| **AVIP Intech** <br> **U.S. Low Volatility**<br>| **AVIP AB Relative** <br> **Value**<br>|
| Gross unrealized: |  |  |  |  |  |  |
| Appreciation | $105192748 | $113101065 | $95715553 | $5063264 | $73003938 | $22750560 |
| Depreciation | (33440022)<br>| (4533757)<br>| (10187274)<br>| (25629619)<br>| (10722281)<br>| (2679798)<br>|
| Net unrealized appreciation (depreciation) | $71752726 | $108567308 | $85528279 | $(20566355)<br>| $62281657 | $20070762 |
| Aggregate cost of investments: | $446753588 | $349096652 | $1448448878 | $522336293 | $491692840 | $106984058 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP** <br> **Constellation** <br> **Managed Risk** <br> **Balanced**<br>| **AVIP** <br> **Constellation** <br> **Managed Risk** <br> **Moderate Growth**<br>| **AVIP** <br> **Constellation** <br> **Managed Risk** <br> **Growth**<br>| **AVIP Moderately** <br> **Conservative** <br> **Model**<br>| **AVIP Balanced** <br> **Model**<br>| **AVIP Moderate** <br> **Growth Model**<br>|
| Gross unrealized: |  |  |  |  |  |  |
| Appreciation | $73178807 | $113979346 | $114405502 | $6174243 | $48246423 | $142460888 |
| Depreciation | (2835773)<br>|  | (1628359)<br>| (3650931)<br>| (6562251)<br>| (3942036)<br>|
| Net unrealized appreciation (depreciation) | $70343034 | $113979346 | $112777143 | $2523312 | $41684172 | $138518852 |
| Aggregate cost of investments: | $423005291 | $1127327044 | $302297683 | $163107729 | $637167455 | $1235866996 |

---

---

| | |
|:---|:---|
|  | **AVIP Growth** <br> **Model**<br>|
| Gross unrealized: |  |
| Appreciation | $41616470 |
| Depreciation | (7658)<br>|
| Net unrealized appreciation | $41608812 |
| Aggregate cost of investments: | $298245631 |

---

The tax character of cash distributions paid to shareholders for the year ended December 31, 2025, as well as other reclassifications of capital accounts due to permanent tax differences, were as follows (in aggregate):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Other Reclassifications** | **Other Reclassifications** |
| **Portfolio** | **Ordinary** <br> **Income\***<br>| **Net** <br> **Long-Term** <br> **Capital Gains**<br>| **Total** <br> **Distribution**<br>| **Paid-in**<br> **Capital**<br>| **Total**<br> **Distributable**<br> **Earnings**<br>|
| AVIP Bond  | $8660818 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8660818 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP BlackRock Balanced Allocation  | 20642533 | &nbsp;&nbsp; 35935016 | &nbsp;&nbsp; 56577549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP BlackRock Advantage International Equity  | 7822867 | &nbsp;&nbsp; 2050395 | &nbsp;&nbsp; 9873262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth  | 10765925 | &nbsp;&nbsp; 11802936 | &nbsp;&nbsp; 22568861 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP AB Small Cap  | 73314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP AB Mid Cap Core  | 615357 | &nbsp;&nbsp; 1425048 | &nbsp;&nbsp; 2040405 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; (558)<br>|
| AVIP S&P 500<sup>®</sup> Index  | 13082020 | &nbsp;&nbsp; 145207265 | &nbsp;&nbsp; 158289285 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp; (2453)<br>|
| AVIP BlackRock Advantage Large Cap Value  | 15168935 | &nbsp;&nbsp; 11189725 | &nbsp;&nbsp; 26358660 | &nbsp;&nbsp; 7832 | &nbsp;&nbsp; (7832)<br>|
| AVIP High Income Bond | 6904427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6904427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Nasdaq-100<sup>®</sup> Index &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 1107480 | &nbsp;&nbsp; 46046024 | &nbsp;&nbsp; 47153504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP BlackRock Advantage Large Cap Core  | 17794841 | &nbsp;&nbsp; 34994146 | &nbsp;&nbsp; 52788987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP BlackRock Advantage Small Cap Growth  | 33547 | &nbsp;&nbsp; 4913184 | &nbsp;&nbsp; 4946731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP S&P MidCap 400<sup>®</sup> Index &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 19913741 | &nbsp;&nbsp; 40509902 | &nbsp;&nbsp; 60423643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP BlackRock Advantage Large Cap Growth  | 51071236 | &nbsp;&nbsp; 82528517 | &nbsp;&nbsp; 133599753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Constellation Dynamic Risk Balanced | 42961727 | &nbsp;&nbsp; 204602705 | &nbsp;&nbsp; 247564432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Core Plus Bond | 20456299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20456299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Intech U.S. Low Volatility  | 36204591 | &nbsp;&nbsp; 65454699 | &nbsp;&nbsp; 101659290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP AB Relative Value  | 1464681 | &nbsp;&nbsp; 8896676 | &nbsp;&nbsp; 10361357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Notes to Financial Statements (Continued)**

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Other** <br> **Reclassifications** | **Other** <br> **Reclassifications** |
| **Portfolio** | **Ordinary** <br> **Income\***<br>| **Net** <br> **Long-Term** <br> **Capital Gains**<br>| **Total** <br> **Distribution**<br>| **Paid-in**<br> **Capital**<br>| **Total**<br> **Distributable**<br> **Earnings**<br>|
| AVIP Constellation Managed Risk Balanced  | $13762703 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13762703 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Constellation Managed Risk Moderate Growth  | 12758696 | &nbsp;&nbsp; 31180836 | &nbsp;&nbsp; 43939532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Constellation Managed Risk Growth  | 11865942 | &nbsp;&nbsp; 22314875 | &nbsp;&nbsp; 34180817 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Moderately Conservative Model  | 4660203 | &nbsp;&nbsp; 1924046 | &nbsp;&nbsp; 6584249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Balanced Model | 16562913 | &nbsp;&nbsp; 17906723 | &nbsp;&nbsp; 34469636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Moderate Growth Model  | 27839135 | &nbsp;&nbsp; 24373047 | &nbsp;&nbsp; 52212182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AVIP Growth Model  | 5748451 | &nbsp;&nbsp; 5168233 | &nbsp;&nbsp; 10916684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

\* Ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of cash distributions paid to shareholders for the year ended December 31, 2024, as well as other reclassifications of capital accounts due to permanent tax differences, were as follows (in aggregate):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Distributions Paid to Shareholders** | **Other Reclassifications** | **Other Reclassifications** |
| **Portfolio** | **Ordinary** <br> **Income\***<br>| **Net** <br> **Long-Term** <br> **Capital Gains**<br>| **Total** <br> **Distribution**<br>| **Paid-in**<br> **Capital**<br>| **Total**<br> **Distributable**<br> **Earnings**<br>|
| AVIP Bond  | $8037254 | $— | $8037254 | $— | $— |
| AVIP BlackRock Balanced Allocation  | 8724979 | 4437588 | 13162567 |  |  |
| AVIP BlackRock Advantage International Equity  | 8596710 |  | 8596710 |  |  |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth  | 1355287 | 7138154 | 8493441 |  |  |
| AVIP AB Small Cap  | 491912 |  | 491912 |  |  |
| AVIP AB Mid Cap Core  | 359724 |  | 359724 | (117)<br>| 117 |
| AVIP S&P 500<sup>®</sup> Index  | 14917091 | 81648505 | 96565596 | (473)<br>| 473 |
| AVIP BlackRock Advantage Large Cap Value  | 6744337 |  | 6744337 | (1643)<br>| 1643 |
| AVIP High Income Bond &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 7055612 |  | 7055612 |  |  |
| AVIP Nasdaq-100<sup>®</sup> Index &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 1314266 | 49750808 | 51065074 |  |  |
| AVIP BlackRock Advantage Large Cap Core  | 6628542 | 4253347 | 10881889 |  |  |
| AVIP BlackRock Advantage Small Cap Growth  | 106070 |  | 106070 |  |  |
| AVIP S&P MidCap 400<sup>®</sup> Index &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 6944524 | 19421611 | 26366135 |  |  |
| AVIP BlackRock Advantage Large Cap Growth  | 40270909 | 8721793 | 48992702 |  |  |
| AVIP Constellation Dynamic Risk Balanced | 25112235 |  | 25112235 |  |  |
| AVIP Core Plus Bond | 17192571 |  | 17192571 |  |  |
| AVIP Intech U.S. Low Volatility  | 9320606 |  | 9320606 |  |  |
| AVIP AB Relative Value  | 1896675 |  | 1896675 |  |  |
| AVIP Constellation Managed Risk Balanced  | 14636740 |  | 14636740 |  |  |
| AVIP Constellation Managed Risk Moderate Growth  | 15104679 | 5385086 | 20489765 |  |  |
| AVIP Constellation Managed Risk Growth  | 15940462 | 4100377 | 20040839 |  |  |
| AVIP Moderately Conservative Model  | 4649759 | 598998 | 5248757 |  |  |
| AVIP Balanced Model | 15131002 |  | 15131002 |  |  |
| AVIP Moderate Growth Model  | 23374317 |  | 23374317 |  |  |
| AVIP Growth Model  | 4506813 |  | 4506813 |  |  |

---

\* Ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

AuguStar Variable Insurance Products Fund, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of AVIP Bond Portfolio, AVIP BlackRock Balanced Allocation Portfolio, AVIP BlackRock Advantage International Equity Portfolio, AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio, AVIP AB Small Cap Portfolio, AVIP AB Mid Cap Core Portfolio, AVIP S&P 500<sup>®</sup> Index Portfolio, AVIP BlackRock Advantage Large Cap Value Portfolio, AVIP High Income Bond Portfolio (formerly AVIP Federated High Income Bond Portfolio), AVIP Nasdaq-100<sup>®</sup> Index Portfolio, AVIP BlackRock Advantage Large Cap Core Portfolio, AVIP BlackRock Advantage Small Cap Growth Portfolio, AVIP S&P MidCap 400<sup>®</sup> Index Portfolio, AVIP BlackRock Advantage Large Cap Growth Portfolio, AVIP Constellation Dynamic Risk Balanced Portfolio, AVIP Core Plus Bond Portfolio (formerly AVIP Federated Core Plus Bond Portfolio), AVIP Intech U.S. Low Volatility Portfolio, AVIP AB Relative Value Portfolio, AVIP Constellation Managed Risk Balanced Portfolio, AVIP Constellation Managed Risk Moderate Growth Portfolio, AVIP Constellation Managed Risk Growth Portfolio, AVIP Moderately Conservative Model Portfolio, AVIP Balanced Model Portfolio, AVIP Moderate Growth Model Portfolio, and AVIP Growth Model Portfolio (each a Portfolio and collectively, the Portfolios of AuguStar Variable Insurance Products Fund, Inc.), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 the Portfolios 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 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians, brokers, and transfer agents, or by other appropriate auditing procedures when replies were not received. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more AuguStar Variable Insurance Products Fund, Inc. investment companies since 1969.

Columbus, Ohio

February 20, 2026

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information**

**December 31, 2025 (Unaudited)** 

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

**(1)Review and Approval of Investment Advisory and Sub-Advisory Agreements for Existing Portfolios**

At a meeting held on November 10, 2025, the Board of Directors (the "Board" or "Directors"), all of whom are not "interested persons" ("Independent Directors") of AuguStar Variable Insurance Products Fund, Inc. (the "Fund"), approved the continuation of the Investment Advisory Agreement (the "Advisory Agreement") with Constellation Investments, Inc. ("Adviser") and, as applicable, sub-advisory agreements (each a "Sub-Advisory Agreement") with the sub-advisers (each a "Sub-Adviser," and together the "Sub-Advisers") for the Portfolios identified below. The Directors were separately represented by independent legal counsel in connection with their consideration of the approval of the continuation of these agreements.

The Directors noted that the Adviser is responsible for directly managing certain of the Fund's investment portfolios (each, a "Portfolio") and for monitoring the investment performance and other activities of the various Sub-Advisers that have day-to-day responsibility for the decisions made for certain of the Fund's other Portfolios. The Directors further noted that for those Portfolios operating as "funds of funds," the Adviser bears significant responsibility and administrative burdens in the monitoring and reporting required by Rule 12d1-4 under the Investment Company Act of 1940, as amended. They also noted that the Adviser reports to the Board on its analysis of its performance and the performance of each Sub-Adviser at the regular meetings of the Board, which are held at least quarterly. The Directors reviewed the compliance and operational services provided to the Portfolios by the Adviser, which includes implementing and operating the Fund's Liquidity Risk Management and Derivatives Risk Management programs and overseeing the valuation of portfolio securities. Finally, the Board noted that the Adviser provides the facilities and equipment utilized by the Portfolios; supplies business management services to the Fund, including monitoring expense accruals and preparing the Portfolios' financial statements; prepares and files Fund registration statements, proxies, shareholder reports and other regulatory filings; provides financial oversight; and ensures that proxies related to each Portfolio's holdings are voted in compliance with policies approved by the Board. Finally, the Directors noted that the Adviser and its parent, AuguStar Life Insurance Company, bear reputational and litigation risks for any actions taken by the Fund, the Board, the Sub-Advisers, and third parties servicing the Fund.

In considering the Advisory Agreement and Sub-Advisory Agreements, the Board requested, received and reviewed a significant amount of information relating to each Portfolio, the Adviser and the Sub-Advisers, including the following: (1) performance data for each Portfolio for various time periods, including year-to-date, through September 30, 2025, (2) comparative performance, advisory fee, and expense ratio information for a peer group of funds in each respective Portfolio's Morningstar category (a "peer group"), as well as management fee peer comparison charts showing where each Portfolio's advisory and sub-advisory fees were located in the dispersion of its peer group's advisory and sub-advisory fees; (3) comparable performance information for each Portfolio's relevant benchmark index or indices; (4) other comparative data regarding advisory fees, including data regarding the fees charged by the Adviser and Sub-Advisers for managing other institutional funds and institutional accounts using investment strategies and techniques similar to those used in managing the Portfolios, as applicable; (5) comparative data regarding the expense ratio of each Portfolio, as compared to its peer group; (6) a profitability analysis for the Adviser with respect to each Portfolio; and (7) other information regarding the nature, extent and quality of services provided by the Adviser and the Sub-Advisers, as applicable. The Directors also took into account information regarding the services provided by the Adviser and each Sub-Adviser, and performance, fee and expense ratio information regarding each Portfolio provided to them periodically throughout the year. They also met with representatives of the Adviser to review the relative performance of each Portfolio, as compared with its benchmark index(es) and peer group.

The Directors were assisted by experienced independent legal counsel throughout the Advisory Agreement and Sub-Advisory Agreement review process. The Directors discussed the proposed continuations in a private session with such counsel at which no representatives of management, the Adviser or any Sub-Adviser were present. Each of the Directors relied upon the advice of independent legal counsel and his or her own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and each Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Directors were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement and each Sub-Advisory Agreement.

<u>Nature, Extent and Quality of Services</u>

The Directors evaluated the nature, extent and quality of the advisory services provided to the Portfolios by the Adviser. As part of their review, the Directors reviewed information regarding the Adviser's operations, procedures, and personnel. The Directors considered information they received during the previous year at Board meetings and other discussions and through periodic reports regarding the Adviser's performance of its duties. The Directors considered the capabilities and resources that the Adviser has dedicated to performing services on behalf of the Fund and its Portfolios, the experience and qualifications of the Adviser's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

portfolio managers, and the quality of administrative and other services provided by the Adviser, which include monitoring each Sub-Adviser's performance, monitoring the quality of each Sub-Adviser's compliance program, and providing other support to contract owners. The Directors also considered the quality of the Adviser's compliance programs and the Adviser's responsiveness to Board inquiries and requests.

For each Portfolio with a fund-of-funds structure, the Directors considered that the Adviser performs significant services to the Portfolio that are in addition to, rather than duplicative of, services provided under the advisory contracts of the underlying funds. The Directors noted the Adviser's statement at the meeting that it performs regular reviews of each Portfolio and its underlying funds in order to confirm that the Portfolio is diversified, has the appropriate asset mix, and is performing well.

For each Portfolio subject to a Sub-Advisory Agreement, the Board considered similar criteria as applied to each Sub-Adviser, including the nature, extent and quality of the sub-advisory services provided by each Sub-Adviser. In addition to the criteria used to review the Adviser, the Directors reviewed information on each Sub-Adviser's portfolio management and compliance practices. The Directors also reviewed the performance record of each Portfolio managed by the applicable Sub-Adviser. The Directors determined that overall, they were satisfied with the nature, extent and quality of services provided to the Fund and each of the Portfolios.

<u>Investment Performance</u>

Representatives of the Adviser reviewed with the Directors each Portfolio's performance for the 1-year, 3-year, 5-year and 10-year periods ended September 30, 2025, to the extent relevant, as compared to each Portfolio's peer group and prospectus benchmark(s). The Adviser also provided custom blended benchmarks for certain Portfolios. The Board also considered the Adviser's effectiveness in monitoring the performance of each Sub-Adviser and the Adviser's timeliness in responding to performance issues. The Directors discussed with the Adviser representatives certain Portfolios that underperformed their respective benchmark indices. A Portfolio-by-Portfolio discussion of each Portfolio's performance and the Board's conclusions regarding that performance is set forth below.

<u>Fees and Expenses</u>

The Directors considered a report from the Adviser showing the gross and net advisory fee for each Portfolio, as well as the difference between each Portfolio's fee and the average advisory fee for the Portfolio's peer group and the Portfolio's percentile ranking within the peer group. The Directors also considered separate charts showing, for each Portfolio, how the Portfolio's advisory fees compared to the advisory fees of the funds in its peer group. The charts showed the number of funds in the peer group within each defined range of advisory fees, and the range that included the Portfolio. The Directors also reviewed the difference between each Portfolio's overall expense ratio and that of its peer group, as well as the expense ratio's percentile ranking within the peer group.

When applicable, the Directors considered the amount of the net advisory fee retained by the Adviser, after payment of the sub-advisory fee, as well as the proportion the net fee represented of the total advisory fee, in light of the services provided by the Adviser to the Portfolio.

When applicable, the Directors also considered the fees paid to Sub-Advisers. The Directors relied to a degree on the Adviser's negotiation of each sub-advisory agreement at an arm's-length basis. The Directors considered the fees the Adviser and Sub-Advisers charge for their separately managed institutional accounts and other accounts and expressed no concerns with those rates relative to the fees charged to the Portfolios. The Directors also recognized that it was difficult to make comparisons of advisory fees because there were variations in the services that were included in the fees paid by other funds and separately managed accounts.

<u>Profitability</u>

The Directors reviewed the advisory fee paid to the Adviser for each Portfolio and noted the pre-tax profit margins reported by the Adviser for each Portfolio. The Directors also noted that the Adviser, and not the Portfolios, is responsible for paying sub-advisory fees to the Sub-Advisers. The Board also evaluated whether the net advisory fee received by the Adviser for each Portfolio, after paying sub-advisory fees to the Sub-Adviser, was reasonable, given the level of the Adviser's services to the Portfolio. The Directors took into account the fact that the Adviser had contractually agreed, where applicable, to limit Portfolio expenses and reimburse expenses to the extent necessary to keep total Portfolio expenses at or below a specified amount. The Directors further considered the statement of a representative of the Adviser that the profitability calculations account for all of the Adviser's costs in providing services to the Fund, including services outside the investment advisory function (such as Fund operations and legal functions). The Directors discussed that if the Adviser's efficiency results in enhanced profitability, the Adviser's effective use of resources should not be penalized on a comparative basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

In considering the reasonableness of the sub-advisory fees paid by the Adviser to each Sub-Adviser, the Directors relied on the ability of the Adviser to negotiate the sub-advisory fee at arm's length, noting that the Adviser is not affiliated with any Sub-Adviser. The Directors also noted that the Adviser is incentivized to negotiate a favorable sub-advisory fee since it was the Adviser, not the Portfolio, which pays the sub-advisory fee. The Board discussed economies of scale and agreed it was a matter more appropriately considered at the Advisory Agreement level. The Board concluded that the profitability, fees, and potential realization of economies of scale by the Portfolios from the sub-advisory arrangements with the unaffiliated Sub-Advisers should not be material factors in its deliberations. After considering all of the above, the Board concluded that the profitability of the Adviser with respect to each Portfolio was reasonable.

<u>Economies of Scale</u>

The Directors noted that all of the advisory and sub-advisory fee schedules, other than those for the Model Portfolios, contain breakpoints that would reduce the applicable advisory or sub-advisory fees on assets above a specified level as the applicable Portfolio's assets increase. The Directors also noted that a Portfolio would realize additional economies of scale if the Portfolio's net assets increased over time proportionately more than certain other expenses. The Directors took into account that many of the Portfolios had a small amount of net assets relative to the funds in their respective peer groups. After considering each Portfolio's current size and potential for growth, the Board concluded that each Portfolio was likely to benefit from economies of scale as the Portfolio's net assets increased, and that the existing breakpoints are appropriate.

In addition to the foregoing, the Directors considered the specific factors and related conclusions set forth below with respect to each Portfolio's performance and fees and expenses. Except as otherwise indicated, the performance data described below for each Portfolio is for periods ended September 30, 2025.

AVIP Bond Portfolio. The Directors noted that the Portfolio underperformed its benchmark index for all periods and generally performed in line with its peer group but also acknowledged that the Portfolio's strategy is not one that promotes overperformance. The Directors noted that the Portfolio's advisory fee was slightly higher than the peer group average while its net expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio's performance was acceptable and its advisory fee was reasonable.

AVIP BlackRock Balanced Allocation Portfolio (Sub-Adviser – BlackRock). The Directors acknowledged that performance before February 2019 was attributable to the prior sub-adviser. They observed that the Portfolio underperformed its blended benchmark for the 1-year and 10-year periods, although they noted the benchmark does not reflect the balanced nature of the Portfolio. The Directors observed that the Portfolio outperformed its blended benchmark index for the 3-year period and outperformed its peer group for all periods. The Directors noted that both the Portfolio's advisory fee and net expense ratio were below the peer group averages. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP BlackRock Advantage International Equity Portfolio, (Sub-Adviser – BlackRock). The Directors acknowledged that performance prior to December 2019 was attributable to the prior sub-adviser. The Directors observed that the Portfolio outperformed its peers and benchmark index for all periods and reported that the portfolio's advisory fee and net expense ratio were both below the peer group average. Overall, the Board concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP Fidelity Institutional AM Equity Growth (Sub-Adviser – FIAM). The Directors acknowledged that performance prior to July 2023 was attributable to the prior sub-adviser. The Directors observed that the Portfolio underperformed its benchmark index for all periods and peer group average for the 1-year, 5-year, and 10-year periods. The Directors noted that the Portfolio's advisory fee was below the peer group average, and the Portfolio's expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable. The Directors and the Adviser decided to monitor performance and explore a change in the sub-adviser if performance does not improve.

AVIP AB Small Cap (Sub-Adviser – AB). The Directors acknowledged that perforance prior to May 2021 was attributable to the prior sub-adviser. The Directors noted that the Portfolio underperformed its peer group and benchmark index for all periods. The Directors noted that the Portfolio's advisory fee and net expense ratio were below the peer group averages. Overall, the Directors concluded that the Portfolio's advisory fee and sub-advisory fees were reasonable. The Directors and the Adviser decided to monitor performance and explore a change in the sub-adviser if performance does not improve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

AVIP AB Mid Cap Core (Sub-Adviser – AB). The Directors recognized that the Portfolio's performance prior to May 2021 was attributable to the prior sub-adviser. The Directors noted that the Portfolio underperformed its benchmark index for all periods but outperformed its peer group for all but the 5-year period. The Directors observed that the Portfolio's advisory fee was on par with its peer group and the expense ratio was below the peer group average. The Directors concluded that the advisory and sub-advisory fees were reasonable. The Directors and the Adviser decided to monitor performance and explore a change in the sub-adviser if performance does not improve.

AVIP S&P 500<sup>®</sup> Index Portfolio (Sub-Adviser – Geode). The Directors observed that while the Portfolio underperformed its benchmark index across all periods, it outperformed its peer group for all periods, and its performance generally was in line with the index when expenses were excluded. The Directors noted that peer group performance data for index funds is generally irrelevant and did not rely on peer group comparison performance figures for the Portfolio. The Directors noted that, while the advisory fee was above the Portfolio's peer group average, the overall expense ratio was the statistic most important to index fund shareholders, and the Portfolio's net expense ratio was lower than the average for the peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP BlackRock Advantage Large Cap Value Portfolio (Sub-Adviser –BlackRock). The Directors noted that the Portfolio's performance prior to December 2019 was attributable to the prior sub-adviser. The Directors considered that the Portfolio outperformed or performed in line with its peer group and benchmark index for all periods. The Directors noted that the Portfolio's advisory fee was in line with the peer group average and that the Portfolio's expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio's performance was acceptable, and its advisory and sub-advisory fees were reasonable.

AVIP High Income Bond Portfolio (formerly sub-advised by Federated Investment). The Directors observed that while the Portfolio underperformed its peer group and benchmark index for all periods shown. The Directors noted that the advisory fee and net expense ratio were above the peer group average. The Adviser attributed the relatively higher fees to the higher research and trading costs associated with managing a relatively small high-yield portfolio. Directors further noted that the Adviser would assume direct management of the Portfolio on December 5, 2025. The Directors determined to renew the Advisory Agreement, with the caveat that the level of advisory fee will be reexamined if the Adviser does not improve the Portfolio's performance.

AVIP Nasdaq-100<sup>®</sup> Index Portfolio (Sub-Adviser – Geode). The Directors observed that while the Portfolio underperformed its benchmark index across all time periods shown, its performance generally was in line with the index when expenses were excluded. The Directors noted that the Portfolio outperformed its peer group for all periods but deemed peer group performance data for index funds to be generally irrelevant and did not rely on peer group comparison performance. The Directors noted that the Portfolio's advisory fee and net expense ratio were below the peer group average. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP BlackRock Advantage Large Cap Core Portfolio (Sub-Adviser – BlackRock). The Directors noted that performance prior to February 2019 was attributable to the prior sub-adviser. They observed that although the Portfolio underperformed its benchmark index for the 1-year, 5-year and 10-year periods, it outperformed its peer group for all periods. The Directors considered that the Portfolio's advisory fee was in line with the peer group average and its net expense ratio was below the peer group average. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP BlackRock Advantage Small Cap Growth Portfolio (Sub-Adviser – BlackRock). The Directors acknowledged that the Portfolio's performance prior to February 2019 was attributable to the previous sub-advisor. They observed that the Portfolio underperformed its benchmark index for all but the 10-year period and outperformed its peer group for all periods. The Directors noted that the Portfolio's advisory fee and net expense ratio were both below the peer group average. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

AVIP S&P MidCap 400<sup>®</sup> Index (Sub-Adviser – Geode). The Directors acknowledged that while the Portfolio underperformed its benchmark index, its performance generally was in line with the benchmark index when expenses were excluded. The Directors noted that the Portfolio outperformed its peer group for all periods but deemed peer group performance data for index funds to be generally irrelevant and did not rely on peer group comparison performance figures for the Portfolio. The Directors noted that, while the advisory fee was above the Portfolio's peer group average, the overall expense ratio was the statistic most important to index fund shareholders, and the Portfolio's net expense ratio was lower than the average for the peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory and sub-advisory fees were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

AVIP BlackRock Advantage Large Cap Growth Portfolio (Sub-Adviser – BlackRock). The Directors recognized that the Portfolio's performance prior to February 2019 was attributable to the prior sub-adviser. They observed that the Portfolio underperformed its benchmark index for the 1-year, 3-year, 5-year, and 10-year periods, but outperformed its peer group for all periods. The Directors noted that the Portfolio's advisory fee and net expense ratios were below the peer group averages. Overall, the Directors concluded that the Portfolio's performance was acceptable, and the advisory fee and sub-advisory fees were reasonable.

AVIP Constellation Dynamic Risk Balanced Portfolio. The Directors noted that the Adviser began advising the Portfolio without a sub-adviser on November 25, 2024. They noted that from May 1, 2014 to November 25, 2024, the Portfolio was sub-advised by sub-advisers not affiliated with the Adviser using different investment strategies and, therefore, performance for prior periods were not indicative of returns of the current strategy or Adviser. Consequently, the Directors concluded that the past performance of the Portfolio, prior to November 25, 2024, was not relevant to their deliberations. The Directors noted that while the Portfolio continues to underperform its peer group and benchmark, performance has improved significantly since the Adviser began to directly manage the Portfolio. The Directors noted that the Portfolio's advisory fee was higher than its peer group's average but considered that the Portfolio is managed in a dynamic manner and contains a risk management overlay, which reduces risk but adds complexity and additional management expense. The Directors also noted that the Portfolio's net expense ratio was below its peer group average. Overall, the Directors concluded that the Portfolio's advisory was reasonable.

AVIP Core Plus Bond Portfolio (formerly sub-advised by Federated Investment). The Directors observed that the Portfolio underperformed its peer group for all periods and its benchmark index for the 1-year and 3-year periods. The Directors noted that the Portfolio's 1-year, 3-year and 5-year performance placed it in the 88th, 90th, and 76th percentile of its peer group, respectively. The Directors further noted that the Adviser would assume direct management of the Portfolio on December 5, 2025. The Directors observed that the Portfolio's advisory fee was on par with the peer group while its net expense ratio was below the peer group average. Overall, the Board concluded that the that the advisory fee was reasonable.

AVIP U.S. Low Volatility Portfolio (Sub-Adviser – Intech). The Directors noted that the Portfolio outperformed the benchmark index for all periods shown and underperformed its peer group average for all periods, although the Adviser stated that the Portfolio's benchmark index is not representative of low volatility funds. The Directors noted that the Portfolio's advisory fee and net expense ratio were below the peer group average. Overall, the Directors concluded that the Portfolio's performance bore monitoring and that the advisory fees and sub-advisory fees were reasonable.

AVIP AB Relative Value Portfolio (Sub-Adviser – AB). The Directors noted that the Portfolio underperformed its peer group and benchmark index for all periods. The Directors also noted that the Portfolio's advisory fee and net expense ratio were below the peer group averages. Overall, the Directors concluded that the Portfolio's advisory fee and sub-advisory fees were reasonable. The Directors and the Adviser decided to monitor performance and explore a change in the sub-adviser if performance does not improve.

AVIP Constellation Managed Risk Balanced Portfolio. The Directors noted that the Adviser began advising the Portfolio without a sub-adviser on November 25, 2024. They noted that from June 25, 2021 to November 25, 2024, the Portfolio was sub-advised by a sub-adviser not affiliated with the Adviser under a different strategy and, therefore, performance for prior periods were not indicative of returns of the current strategy or Adviser. Consequently, the Directors concluded that the past performance of the Portfolio, prior to November 25, 2024, was not relevant to their deliberations. The Directors observed that the Portfolio underperformed its benchmark index for all periods but also outperformed its peer group over the same periods. The Directors noted that the Portfolio's advisory fee was higher than its peer group's average but considered that the Portfolio employs a complex strategy containing a risk management overlay, which adds additional management expense. The Directors also noted that the Portfolio's net expense ratio was below its peer group average. Overall, the Directors concluded that the advisory fee was reasonable.

AVIP Constellation Managed Risk Moderate Growth Portfolio. The Directors noted that the Adviser began advising the Portfolio without a sub-adviser on November 25, 2024. They also noted that from June 25, 2021 to November 25, 2024, the Portfolio was sub-advised by a sub-adviser not affiliated with the Adviser under a different strategy and, therefore, performance for prior periods were not indicative of returns of the current strategy or Adviser. Consequently, the Directors concluded that the past performance of the Portfolio, prior to November 25, 2024, was not relevant to their deliberations. The Directors noted that the Portfolio underperformed its benchmark index for all periods but also outperformed its peer group over the same periods. The Directors noted that the Portfolio's advisory fee was higher than its peer group's average but considered that the Portfolio employs a complex strategy containing a risk management overlay, which adds additional management expense. The Directors also noted that the Portfolio's net expense ratio was below its peer group average.

AVIP Constellation Managed Risk Growth Portfolio. The Directors noted that the Adviser began advising the Portfolio without a sub-adviser on November 25, 2024. They also noted that from October 14, 2022 to November 25, 2024, the Portfolio was sub-advised by a sub-adviser not affiliated with the Adviser under a different strategy and, therefore, performance for prior periods were not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

indicative of returns of the current strategy or Adviser. Consequently, the Directors concluded that the past performance of the Portfolio, prior to November 25, 2024, was not relevant to their deliberations. The Directors noted that the Portfolio underperformed its benchmark index for all periods but also outperformed its peer group over the same periods. The Directors noted that the Portfolio's advisory fee was higher than its peer group's average but considered that the Portfolio employs a complex strategy containing a risk management overlay, which adds additional management expense. The Directors also noted that the Portfolio's net expense ratio was below its peer group average.

AVIP Moderately Conservative Model. The Directors noted that the Portfolio outperformed its peer group average for all periods and its benchmark index for all periods other than the 1-year period. The Directors observed that the Portfolio's advisory fee was higher than the peer group average, and the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory fee was reasonable.

AVIP Balanced Model. The Directors observed that while the Portfolio underperformed its benchmark index for the 1- year and 3-year periods, it outperformed the peer group average for all but the 5-year period. The Directors noted that the Portfolio's advisory fee was above the peer group average and the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory fee was reasonable.

AVIP Moderate Growth Model. The Directors observed that while the Portfolio underperformed its benchmark index for all periods, it outperformed its peer group average for all periods. The Directors also noted that the Portfolio's advisory fee was above the peer group average, and the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory fee was reasonable.

AVIP Growth Model. The Directors observed that while the Portfolio underperformed its benchmark index for all periods, it outperformed its peer group average for all periods. The Directors also noted that the Portfolio's advisory fee was above the peer group average, and the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio's performance was acceptable and that the advisory fee was reasonable.

After consideration of the foregoing, the Board reached the following conclusions regarding the Advisory Agreement and, as applicable, the Sub-Advisory Agreement with respect to each Portfolio, in addition to the conclusions set forth above: (1) the Adviser and the Sub-Advisers demonstrated that they possessed the capability and resources to perform the duties required of them under the Advisory Agreement and applicable Sub-Advisory Agreement(s), respectively; (2) the investment philosophy, strategies and techniques of the Adviser (with respect to the Portfolios without a Sub-Adviser) and the Sub-Advisers were appropriate for pursuing the applicable Portfolio's investment objective; (3) the Adviser (with respect to the Portfolios without a Sub-Adviser) and the Sub-Advisers were likely to execute their investment philosophy, strategies and techniques consistently over time; and (4) the Adviser and the Sub-Advisers maintained appropriate compliance programs. Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Director not necessarily attributing the same weight to each factor, the Directors unanimously concluded that approval of the continuation of the Advisory Agreement and, as applicable, the Sub-Advisory Agreements was in the best interests of the Portfolios and their shareholders. Accordingly, the Board, consisting exclusively of Independent Directors, voted unanimously to approve the continuation of the Advisory Agreement and, as applicable, the Sub-Advisory Agreements for the Portfolios.

**(2)Other Federal Tax Information**

For corporate shareholders, the percentages of the total ordinary income dividends paid in the 2025 tax year that qualify for the corporate dividends received deduction are as follows:

---

| | |
|:---|:---|
| AVIP Bond | &nbsp;&nbsp; 0.00% |
| AVIP BlackRock Balanced Allocation | &nbsp;&nbsp; 16.21% |
| AVIP BlackRock Advantage International Equity | &nbsp;&nbsp; 0.00% |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth  | &nbsp;&nbsp; 4.07% |
| AVIP AB Small Cap | &nbsp;&nbsp; 100.00% |
| AVIP AB Mid Cap Core | &nbsp;&nbsp; 100.00% |
| AVIP S&P 500<sup>®</sup> Index | &nbsp;&nbsp; 100.00% |
| AVIP BlackRock Advantage Large Cap Value | &nbsp;&nbsp; 22.74% |
| AVIP High Income Bond | &nbsp;&nbsp; 0.00% |
| AVIP Nasdaq-100<sup>®</sup> Index | &nbsp;&nbsp; 100.00% |
| AVIP BlackRock Advantage Large Cap Core | &nbsp;&nbsp; 21.26% |
| AVIP BlackRock Advantage Small Cap Growth | &nbsp;&nbsp; 100.00% |

---

---

| | |
|:---|:---|
| AVIP S&P MidCap 400<sup>®</sup> Index | &nbsp;&nbsp; 29.67% |
| AVIP BlackRock Advantage Large Cap Growth | &nbsp;&nbsp; 6.23% |
| AVIP Constellation Dynamic Risk Balanced | &nbsp;&nbsp; 21.77% |
| AVIP Core Plus Bond | &nbsp;&nbsp; 0.00% |
| AVIP Intech U.S. Low Volatility | &nbsp;&nbsp; 29.95% |
| AVIP AB Relative Value | &nbsp;&nbsp; 100.00% |
| AVIP Constellation Managed Risk Balanced | &nbsp;&nbsp; 15.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk Moderate <br> Growth<br>| &nbsp;&nbsp; 26.91% |
| AVIP Constellation Managed Risk Growth | &nbsp;&nbsp; 23.48% |
| AVIP Moderately Conservative Model | &nbsp;&nbsp; 12.29% |
| AVIP Balanced Model | &nbsp;&nbsp; 18.24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(continued)*

------

**AuguStar Variable Insurance Products Fund, Inc.**

**Additional Information (Continued)**

**December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| AVIP Moderate Growth Model | &nbsp;&nbsp; 27.87% |

---

---

| | |
|:---|:---|
| AVIP Growth Model | &nbsp;&nbsp; 36.37% |

---

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates the following amounts as foreign taxes paid for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign**<br> **Taxes Paid**<br>| **Per Share**<br> **Amount**<br>| **Portion of Ordinary**<br> **Income Distribution Derived**<br> **from Foreign Sourced**<br> **Income**<br>|
| AVIP BlackRock Advantage International Equity | &nbsp;&nbsp; $904531 | &nbsp;&nbsp; $0.0510 | &nbsp;&nbsp; 95.67% |
| AVIP Constellation Managed Risk Balanced | &nbsp;&nbsp; $27834 | &nbsp;&nbsp; $0.0006 | &nbsp;&nbsp; 6.28% |
| AVIP Constellation Managed Risk Moderate Growth | &nbsp;&nbsp; $32353 | &nbsp;&nbsp; $0.0010 | &nbsp;&nbsp; 4.92% |
| AVIP Constellation Managed Risk Growth | &nbsp;&nbsp; $33775 | &nbsp;&nbsp; $0.0012 | &nbsp;&nbsp; 9.28% |
| AVIP Moderately Conservative Model | &nbsp;&nbsp; $76074 | &nbsp;&nbsp; $0.0054 | &nbsp;&nbsp; 5.48% |
| AVIP Balanced Model | &nbsp;&nbsp; $530888 | &nbsp;&nbsp; $0.0098 | &nbsp;&nbsp; 12.50% |
| AVIP Moderate Growth Model | &nbsp;&nbsp; $1357607 | &nbsp;&nbsp; $0.0130 | &nbsp;&nbsp; 16.13% |
| AVIP Growth Model | &nbsp;&nbsp; $444519 | &nbsp;&nbsp; $0.0180 | &nbsp;&nbsp; 22.74% |

---

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Record Date** <br> **Shares Outstanding**<br>| **Record Date** |
| AVIP BlackRock Advantage International Equity | &nbsp;&nbsp; 17740154 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Constellation Managed Risk Balanced | &nbsp;&nbsp; 45910510 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Constellation Managed Risk Moderate Growth | &nbsp;&nbsp; 31410715 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Constellation Managed Risk Growth | &nbsp;&nbsp; 27468659 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Moderately Conservative Model | &nbsp;&nbsp; 14093583 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Balanced Model | &nbsp;&nbsp; 54295086 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Moderate Growth Model | &nbsp;&nbsp; 104498094 | &nbsp;&nbsp; 9/16/2025 |
| AVIP Growth Model | &nbsp;&nbsp; 24760998 | &nbsp;&nbsp; 9/16/2025 |

---

Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes. None of the Portfolios listed above derived any income from ineligible foreign sources, as defined under Section 901(j) of the Internal Revenue Code.

**(3)Other Disclosures**

The Statement of Additional Information (the "SAI") of the Fund includes information about the the Board as well as a description of the policies and procedures the Fund uses in voting proxies related to the Fund's securities. The SAI is available at <u>http://www.augustarfund.com</u> or upon request, without charge, by calling 877-781-6392 (toll-free).

Information regarding how the Fund voted proxies during the most recent twelve-month period ended June 30, as reported in Form N-PX, is available without charge, upon request, by calling 877-781-6392 (toll-free), at <u>http://www.augustarfund.com</u>, and on the SEC's website at <u>http://www.sec.gov.</u>

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory board for regular compensation; $880,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board for special compensation; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information required is disclosed as part of the financial statements included in Item 7.

#### Item 12. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.
Not applicable for open-end investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for open-end investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable for open-end investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors.

#### Item 16. Controls and Procedures.
* The Fund's principal executive officer and principal financial officer have concluded, based on their evaluation conducted as of a date within 90 days of the filing of this report, that the Fund's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the Fund, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the Fund on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

* There were no changes in the Fund's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
a.1. The Fund's Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as [EX-99.CODE](codeofethics.htm).

a.2. A separate certification for each principal executive officer and principal financial officer of the Fund as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](302Cert.htm).

a.3. The certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as [EX-99.906CERT](906Cert.htm).

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Thomas G. Mooney |
|  | Thomas G. Mooney |
|  | President |
|  | (Principal Executive Officer) |
| Date: | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Thomas G. Mooney |
|  | Thomas G. Mooney |
|  | President |
|  | (Principal Executive Officer) |
| Date: | March 6, 2026 |
| By: | /s/ Matthew J. Donlan |
|  | Matthew J. Donlan |
|  | Treasurer |
|  | (Principal Financial Officer) |
| Date: | March 6, 2026 |

---

------

[THIS PAGE LEFT INTENTIONALLY BLANK]

------

## Ex-99.Cert

**AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc.**

Section 302 Certifications

I, Thomas G. Mooney, certify that:

1. I have reviewed this report on Form N-CSR of AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc. ("the Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| <u>Date: March 6, 2026</u> | <u>/s/ Thomas G. Mooney</u> |
|  | Thomas G. Mooney |
|  | President (Principal Executive Officer) |

---

I, Matthew J. Donlan, certify that:

1. I have reviewed this report on Form N-CSR of AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc. ("the Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| <u>Date: March 6, 2026</u> | <u>/s/ Matthew J. Donlan</u> |
|  | Matthew J. Donlan |
|  | Treasurer (Principal Financial Officer) |

---

------

## Exhibit 99.906

**AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc.**

Section 906 Certifications

Thomas G. Mooney and Matthew J. Donlan, respectively, the Principal Executive Officer and Principal Financial Officer of AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc. (the "Registrant"), each certify to the best of his knowledge and belief that:

1. The Registrant's report on Form N-CSR for December 31, 2025 fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| <u>March 6, 2026</u> | <u>March 6, 2026</u> |
| Date | Date |
| <u>/s/ Thomas G. Mooney</u> | <u>/s/ Matthew J. Donlan</u> |
| Thomas G. Mooney | Matthew J. Donlan |
| President (Principal Executive Officer) | Treasurer (Principal Financial Officer) |

---

------

## Ex-99.Code

**Code of Ethics**

**for**

**President and Treasurer**

**of**

**AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc.**

This Code of Ethics applies to the President (the principal executive officer) and the Treasurer (the principal financial and accounting

officer) (collectively, the "Covered Officers") of AuguStar<sup>®</sup> Variable Insurance Products Fund, Inc. (the "Fund").

In order to maintain the Fund's high ethical standards, each Covered Officer shall, to the best of his ability and knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.endeavor to comply with all applicable rules and regulations of federal, state and local governments and regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.make every effort to assure that there is full, fair, accurate, timely and understandable disclosure in reports and documents which are provided by Fund to, or for the benefit of, the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.provide regulators, independent auditors and shareholders with relevant, material, accurate and appropriate information reasonably needed or requested by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.cooperate with any audit or investigation by, or on behalf of, any governmental or regulatory authority, including preserving all relevant and material records reasonably needed for such audit or investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.comply with the Conflicts of Interest policy applicable to Constellation Insurance, Inc., and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.respect the confidentiality of Fund or shareholder information and not disclose such information unless such disclosure is reasonably necessary: (1) to perform your duties; (2) to prevent a fraud, a criminal act, or serious physical or financial harm; or (3) to comply with a reasonable request for information (a) from a governmental or regulatory agency, or (b) in conjunction with pending or threatened litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.use and control Fund assets and resources responsibly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.promptly report any suspected violation of this Code of Ethics in accordance with the reporting procedures published by the Fund.

------