# EDGAR Filing Document

**Accession Number:** 0000315754
**File Stem:** 0000315754-25-000008
**Filing Date:** 2025-9
**Character Count:** 898155
**Document Hash:** a927a4603e9684a7be1c9251c2f55a77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315754-25-000008.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0000315754-25-000008

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03015
- **FILM NUMBER:** 251288801

**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 | AVIP AB Small Cap Portfolio |  |

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

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000021416 | AVIP AB Mid Cap Core Portfolio |  |

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

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000021418 | AVIP S&P 500® Index Portfolio |  |

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

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000021419 | AVIP Federated High Income Bond Portfolio |  |

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

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000021420 | AVIP BlackRock Advantage Large Cap Value Portfolio |  |

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

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000021421 | AVIP Nasdaq-100® Index Portfolio |  |

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

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000021422 | AVIP BlackRock Advantage Large Cap Core Portfolio |  |

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

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000021423 | AVIP BlackRock Advantage Small Cap Growth Portfolio |  |

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

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000021428 | AVIP S&P MidCap 400® Index Portfolio |  |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021430 | AVIP Bond Portfolio |  |

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

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000021431 | AVIP BlackRock Balanced Allocation Portfolio |  |

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

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000021432 | AVIP BlackRock Advantage International Equity Portfolio |  |

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

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000021436 | AVIP Fidelity Institutional AM® Equity Growth Portfolio |  |

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

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000047872 | AVIP BlackRock Advantage Large Cap Growth Portfolio |  |

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

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000141102 | AVIP Constellation Dynamic Risk Balanced Portfolio |  |

### 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 | AVIP Intech U.S. Low Volatility Portfolio |  |

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

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000218951 | AVIP Federated Core Plus Bond Portfolio |  |

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

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000232289 | AVIP AB Relative Value Portfolio |  |

?xml version='1.0' encoding='ASCII'? 8ddeae9d4abe898

#### 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:

#### 513-794-6971

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Bond Portfolio | $31 | 0.61% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$240346393 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Marriott International, Inc. 4.900%, 04/15/2029 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. 5.543%, 01/17/2031 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. 5.284%, 07/26/2035 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. 4.500%, 07/15/2027 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. 5.600%, 03/02/2043 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MPLX LP 5.000%, 03/01/2033 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. 5.500%, 07/15/2044 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. 5.200%, 09/15/2034 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. 3.900%, 11/19/2029 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. 5.250%, 05/15/2035 | 1.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97826.jpg)

Sector Allocation

![](chartimages_97831.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 Balanced Allocation Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP BlackRock Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at <u>www.augustarfund.com</u>. 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 six months?
(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 (annualized)** |
| AVIP BlackRock Balanced Allocation Portfolio | $29 | 0.57% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$374664858 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (As of June 30 , 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;Microsoft Corp. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.1% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97846.jpg)

Sector Allocation

![](chartimages_97850.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP BlackRock Advantage International Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP BlackRock Advantage International Equity Portfolio | $48 | 0.88% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349318556 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 23.0% |
| United Kingdom | 14.3% |
| Germany | 11.3% |
| Switzerland | 10.7% |
| France | 10.5% |
| Australia | 5.5% |
| Netherlands | 4.3% |
| Italy | 2.7% |
| Sweden | 2.5% |
| Hong Kong | 2.4% |

---

Portfolio

Composition

![](chartimages_97864.jpg)

Sector

Allocation

![](chartimages_97870.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth Portfolio | $40 | 0.79% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$120687231 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. | 2.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97881.jpg)

Sector Allocation

![](chartimages_97888.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 Small Cap Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP AB Small Cap Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP AB Small Cap Portfolio | $43 | 0.89% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$105964119 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;511 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings (As of June 30, 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;AeroVironment, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. Class A | 0.8% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97901.jpg)

Sector Allocation

![](chartimages_97905.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 Mid Cap Core Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP AB Mid Cap Core Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP AB Mid Cap Core Portfolio | $46 | 0.93% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$73857323 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;578 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Encompass Health Corp. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems U.S.A., Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. Class A | 0.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97923.jpg)

Sector Allocation

![](chartimages_97925.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 500<sup>®</sup> Index Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP S&P 500<sup>®</sup> Index Portfolio | $19 | 0.38% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1177489655 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97940.jpg)

Sector Allocation

![](chartimages_97947.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 Value Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP BlackRock Advantage Large Cap Value Portfolio | $38 | 0.75% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$189447241 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Berkshire Hathaway, Inc. Class B | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 1.3% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97959.jpg)

Sector Allocation

![](chartimages_97964.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 Federated High Income Bond Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Federated High Income Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Federated High Income Bond Portfolio | $44 | 0.87% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$122689590 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;438 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

#### Graphical Representation of Holdings (As of June 30, 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;BroadStreet Partners, Inc. 5.875%, 04/15/2029 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios U.S. Finance Co. 8.500%, 05/15/2027 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. 7.375%, 02/15/2030 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Group Finance Ltd. 8.875%, 02/15/2032 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP 5.250%, 10/01/2029 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. ULC / New Red Finance, Inc. 4.000%, 10/15/2030 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. 4.750%, 03/01/2030 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;USI, Inc. 7.500%, 01/15/2032 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. 6.500%, 02/15/2030 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC 5.875%, 06/30/2029 | 0.7% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97998.jpg)

Sector Allocation

![](chartimages_98002.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 Nasdaq-100<sup>®</sup> Index Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio | $23 | 0.44% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$262664160 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98016.jpg)

Sector Allocation

![](chartimages_98022.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP BlackRock Advantage Large Cap Core Portfolio | $36 | 0.70% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$322084139 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Microsoft Corp. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.5% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98033.jpg)

Sector Allocation

![](chartimages_98040.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP BlackRock Advantage Small Cap Growth Portfolio | $45 | 0.91% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$127980168 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CubeSmart | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calix, Inc. | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | 0.8% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98053.jpg)

Sector Allocation

![](chartimages_98057.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio | $20 | 0.41% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$532102936 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;403 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Interactive Brokers Group, Inc. Class A | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems U.S.A., Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. Class A | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. | 0.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98075.jpg)

Sector Allocation

![](chartimages_98077.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 Growth Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP BlackRock Advantage Large Cap Growth Portfolio | $36 | 0.71% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$463848460 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### Graphical Representation of Holdings (As of June 30, 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;Microsoft Corp. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 2.4% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98092.jpg)

Sector Allocation

![](chartimages_98099.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 Dynamic Risk Balanced Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Constellation Dynamic Risk Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Constellation Dynamic Risk Balanced Portfolio | $43 | 0.84% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1204577189 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Intermediate-Term Corporate Bond ETF | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.625%, 02/15/2055 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares MBS ETF | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.750%, 05/15/2055 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Small-Cap ETF | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 3.250%, 05/15/2042 | 1.6% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98111.jpg)

Sector Allocation

![](chartimages_98116.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 Federated Core Plus Bond Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Federated Core Plus Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Federated Core Plus Bond Portfolio | $29 | 0.58% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$524353325 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;694 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond 4.250%, 08/15/2054 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.625%, 02/15/2035 | 3.9% |
| &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 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 2.750%, 04/30/2027 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.000%, 01/31/2029 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.250%, 11/15/2034 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note 4.375%, 11/30/2030 | 1.9% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97669.jpg)

Sector Allocation

![](chartimages_97659.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 Intech U.S. Low Volatility Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP Intech U.S. Low Volatility Portfolio | $31 | 0.61% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$590345841 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class C | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 1.2% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97576.jpg)

Sector Allocation

![](chartimages_97763.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP AB Relative Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP AB Relative Value Portfolio | $37 | 0.74% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$118205997 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings (As of June 30, 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. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. Class B | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 2.2% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97716.jpg)

Sector Allocation

![](chartimages_97703.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 Balanced Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Constellation Managed Risk Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Constellation Managed Risk Balanced Portfolio | $30 | 0.59% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$516610745 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 37.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 25.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 1.5% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97603.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-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 June 30, 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 six months?
(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 (annualized)** |
| AVIP Constellation Managed Risk Moderate Growth Portfolio | $30 | 0.59% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$454901597 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 34.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 30.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Total U.S. Stock Market ETF | 2.5% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97814.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 Growth Portfolio

![AVIP Fund Logo](images_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Constellation Managed Risk Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Constellation Managed Risk Growth Portfolio | $30 | 0.59% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$423554375 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 46.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Cap ETF | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Stock Market ETF | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 1000 ETF | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Core S&P Total U.S. Stock Market ETF | 2.2% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97772.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Moderately Conservative Model Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Moderately Conservative Model Portfolio | $24 | 0.48% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$171821588 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (As of June 30, 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 Federated 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 Federated High Income Bond Portfolio | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage International Equity Portfolio | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA International Core Equity Portfolio Institutional | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP BlackRock Advantage Large Cap Value Portfolio | 3.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98130.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Balanced Model Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Balanced Model Portfolio | $22 | 0.43% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$689760613 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (As of June 30, 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 Federated 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 Federated High Income Bond Portfolio | 4.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_98158.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Moderate Growth Model Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Moderate Growth Model Portfolio | $22 | 0.42% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1376719836 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (As of June 30, 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;DFA International Core Equity Portfolio Institutional | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Total Return Institutional | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP Federated Core Plus Bond Portfolio | 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_98176.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_172.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the AVIP Growth Model Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 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 six months?
(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 (annualized)** |
| AVIP Growth Model Portfolio | $23 | 0.45% |

---

#### Key Portfolio Statistics (As of June 30, 2025)
The following table outlines key Portfolio statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$336643717 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

#### Graphical Representation of Holdings (As of June 30, 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 | 18.9% |
| &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 | 9.1% |
| &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;DFA Emerging Markets Portfolio Institutional | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVIP AB Small Cap Portfolio | 3.0% |

---

Portfolio Composition

![Graphical Representation - Allocation 1 Chart](chartimages_97978.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;(b) Not applicable.

#### Item 2. Code Of Ethics.
Not applicable for semiannual reports.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.

#### Item 4. Principal Accountant Fees And Services.
Not applicable for semiannual reports.

#### Item 5. Audit Committee Of Listed Registrants.
Not applicable for semiannual reports.

#### 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.

------

![](imgfea49e0d1.gif)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [The following pages contain the Schedules of Investments (Unaudited) for the Fund's Portfolios:](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_1) <br>|  |
| [AVIP Bond Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_1) | 2 |
| [AVIP BlackRock Balanced Allocation Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_5) | 6 |
| [AVIP BlackRock Advantage International Equity Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_10) | 11 |
| [AVIP Fidelity Institutional AM](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_14)<sup>®</sup>[Equity Growth Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_14) | 15 |
| [AVIP AB Small Cap Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_16) | 17 |
| [AVIP AB Mid Cap Core Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_22) | 23 |
| [AVIP S&P 500](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_28)<sup>®</sup>[Index Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_28) | 29 |
| [AVIP BlackRock Advantage Large Cap Value Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_34) | 35 |
| [AVIP Federated High Income Bond Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_37) | 38 |
| [AVIP Nasdaq-100](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_45)<sup>®</sup>[Index Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_45) | 46 |
| [AVIP BlackRock Advantage Large Cap Core Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_47) | 48 |
| [AVIP BlackRock Advantage Small Cap Growth Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_49) | 50 |
| [AVIP S&P MidCap 400](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_55)<sup>®</sup>[Index Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_55) | 56 |
| [AVIP BlackRock Advantage Large Cap Growth Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_60) | 61 |
| [AVIP Constellation Dynamic Risk Balanced Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_62) | 63 |
| [AVIP Federated Core Plus Bond Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_66) | 67 |
| [AVIP Intech U.S. Low Volatility Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_79) | 80 |
| [AVIP AB Relative Value Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_81) | 82 |
| [AVIP Constellation Managed Risk Balanced Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_82) | 83 |
| [AVIP Constellation Managed Risk Moderate Growth Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_83) | 84 |
| [AVIP Constellation Managed Risk Growth Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_84) | 85 |
| [AVIP Moderately Conservative Model Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_85) | 86 |
| [AVIP Balanced Model Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_86) | 87 |
| [AVIP Moderate Growth Model Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_87) | 88 |
| [AVIP Growth Model Portfolio](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FI-FundInformation-3_88) | 89 |
| [Statements of Assets and Liabilities (Unaudited)](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FS-PageNumber_1) | 90 |
| [Statements of Operations (Unaudited)](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FS-PageNumber_4) | 93 |
| [Statements of Changes in Net Assets](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FS-PageNumber_7) | 96 |
| [Financial Highlights](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_FIHI-FIHI-SeeAccompanyingNotes_1) | 103 |
| [Notes to Financial Statements (Unaudited)](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_NTF-NotestoFinancialStatements_1) | 109 |
| [Additional Information (Unaudited)](#xx_a44e7f53-f32f-4464-8412-ff3cf2caacf1_Al-AdditionalInformation-Intro_1) | 127 |

---

------

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

**AVIP Bond Portfolio**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–94.5%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–5.6%** |  |  |  |  |
| AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $958427 |
| Charter Communications Operating LLC / Charter Communications Operating Capital Corp. <br> (Media)<br>| 3.700% | 04/01/2051 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 666110 |
| Comcast Corp. (Media) | 3.250% | 11/01/2039 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2350305 |
| Cox Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 06/30/2043 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 1984647 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 4.950% | 05/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1025386 |
| Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2065639 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1748192 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.700% | 01/15/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1937711 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 622911 |
|  |  |  |  | &nbsp;&nbsp; 13359328 |
| **Consumer Discretionary–7.6%** |  |  |  |  |
| Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 904549 |
| Aptiv Swiss Holdings Ltd. (Automobile Components) | 4.350% | 03/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985532 |
| Aptiv Swiss Holdings Ltd. (Automobile Components) | 3.250% | 03/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1790038 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (a)(b) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp; 1420026 |
| Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004060 |
| Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2892805 |
| Home Depot, Inc. / The (Specialty Retail) | 2.375% | 03/15/2051 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1130980 |
| Lear Corp. (Automobile Components) | 4.250% | 05/15/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1963382 |
| Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1249515 |
| M.D.C. Holdings, Inc. (Household Durables) | 3.850% | 01/15/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1910355 |
| Marriott International, Inc. (Hotels, Restaurants & Leisure) | 4.900% | 04/15/2029 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3053383 |
|  |  |  |  | &nbsp;&nbsp; 18304625 |
| **Consumer Staples–8.3%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 5.625% | 02/06/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2038766 |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1951500 |
| Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.600% | 04/15/2048 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1773030 |
| B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2009531 |
| Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 664397 |
| Coca-Cola Co. / The (Beverages) | 2.500% | 03/15/2051 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 600434 |
| Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1595360 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003394 |
| 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; 906633 |
| Kimberly-Clark Corp. (Household Products) | 1.050% | 09/15/2027 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1879474 |
| Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1345500 |
| Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2411418 |
| Smithfield Foods, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.000% | 10/15/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1816760 |
|  |  |  |  | &nbsp;&nbsp; 19996197 |
| **Energy–11.8%** |  |  |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 4.080% | 12/15/2047 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1561064 |
| BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 1.749% | 08/10/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 878676 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1643670 |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.200% | 09/15/2034 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2913410 |
| Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 5.550% | 06/20/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016615 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2029704 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2037187 |
| Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962458 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997646 |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 831744 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 5.000% | 03/01/2033 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2958259 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 10/01/2034 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1766201 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.050% | 10/01/2054 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1374314 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.850% | 01/15/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005101 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.000% | 06/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040237 |
| Shell Finance U.S., Inc. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 794995 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 08/15/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1507589 |
| Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.150% | 01/15/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 775930 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 01/15/2034 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165000 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988420 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 939490 |
|  |  |  |  | &nbsp;&nbsp; 28187710 |
| **Financials–27.7%** |  |  |  |  |
| ABN AMRO Bank N.V. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.197% | 07/07/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001605 |

---

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

------

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

**AVIP Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.300% | 01/30/2032 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp; $1358985 |
| Ally Financial, Inc. (Rate is fixed until 01/17/2030, then SOFRINDX + 173) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.543% | 01/17/2031 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3042154 |
| American Express Co. (Rate is fixed until 08/03/2032, then SOFR + 176) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.420% | 08/03/2033 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1756517 |
| American Express Co. (Rate is fixed until 07/26/2034, then SOFR + 142) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.284% | 07/26/2035 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3037069 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1558704 |
| 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; 1000000 | &nbsp;&nbsp; 1028215 |
| Bank of America Corp. (Rate is fixed until 03/08/2032, then H15T5Y + 200) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 3.846% | 03/08/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 915094 |
| Blackrock, Inc. (Capital Markets) | 2.400% | 04/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 920308 |
| Blackrock, Inc. (Capital Markets) | 2.100% | 02/25/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1725641 |
| Blackstone Private Credit Fund (Capital Markets) | 6.000% | 01/29/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011058 |
| CaixaBank SA (Rate is fixed until 07/03/2028, then SOFR + 114) (Banks)<br> (a)(c) | 4.634% | 07/03/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002491 |
| Capital One Financial Corp. (Rate is fixed until 07/26/2034, then SOFR + 199) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.884% | 07/26/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2062002 |
| Capital One N.A. (Banks) | USISOA05 + 173 | 08/09/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2049120 |
| Citadel LP (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 01/23/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033900 |
| Citigroup, Inc. (Rate is fixed until 01/24/2035, then SOFR + 183) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.020% | 01/24/2036 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2053835 |
| First Horizon Bank (Banks) | 5.750% | 05/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022867 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 11/05/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1995073 |
| General Motors Financial Co., Inc. (Consumer Finance) | 6.400% | 01/09/2033 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2104319 |
| 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; 1500000 | &nbsp;&nbsp; 1513041 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 10/23/2034, then SOFR + 142) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.016% | 10/23/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 987904 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.300% | 01/08/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1532214 |
| Jefferies Financial Group, Inc. (Capital Markets) | 4.850% | 01/15/2027 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1813481 |
| JPMorgan Chase & Co. (Rate is fixed until 10/22/2034, then SOFR + 134) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.946% | 10/22/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989525 |
| KeyCorp (Rate is fixed until 06/01/2032, then SOFRINDX + 206) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.789% | 06/01/2033 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2437161 |
| LPL Holdings, Inc. (Capital Markets) | 5.200% | 03/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523290 |
| Mitsubishi UFJ Financial Group, Inc. (Rate is fixed until 02/22/2033, then H15T1Y + 163) <br> (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.441% | 02/22/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2058760 |
| Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993718 |
| 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; 1800000 | &nbsp;&nbsp; 1821974 |
| Oaktree Strategic Credit Fund (Capital Markets) | 6.500% | 07/23/2029 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1536159 |
| PNC Bank N.A. (Banks) | 2.700% | 10/22/2029 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2332795 |
| Sixth Street Lending Partners (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 916443 |
| State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1769185 |
| Sumitomo Mitsui Financial Group, Inc. (Rate is fixed until 07/08/2045, then SOFR + 178) <br> (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.796% | 07/08/2046 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| Synchrony Financial (Consumer Finance) | 5.150% | 03/19/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2008074 |
| Truist Financial Corp. (Rate is fixed until 10/28/2032, then SOFR + 230) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 6.123% | 10/28/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062792 |
| U.S. Bancorp (Rate is fixed until 07/23/2029, then SOFR + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.100% | 07/23/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531132 |
| Wells Fargo & Co. (Rate is fixed until 01/24/2030, then SOFR + 111) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 5.244% | 01/24/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2051675 |
| 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; 1500000 | &nbsp;&nbsp; 1133504 |
| Wells Fargo & Co. (Banks) | 4.650% | 11/04/2044 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 856038 |
| Westpac Banking Corp. (Rate is fixed until 11/23/2026, then USISOA05 + 224) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 4.322% | 11/23/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993412 |
|  |  |  |  | &nbsp;&nbsp; 66541234 |
| **Health Care–8.2%** |  |  |  |  |
| AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 956502 |
| AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1647622 |
| Amgen, Inc. (Biotechnology) | 5.600% | 03/02/2043 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2976040 |
| HCA, Inc. (Health Care Providers & Svs.) | 5.500% | 03/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2064065 |
| Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.950% | 06/30/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1861247 |
| Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.800% | 06/30/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 907053 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1563337 |
| Takeda U.S. Financing, Inc. (Pharmaceuticals) | 5.200% | 07/07/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000211 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.500% | 07/15/2044 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2921973 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.050% | 04/15/2053 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1785162 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.950% | 06/15/2055 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015572 |
|  |  |  |  | &nbsp;&nbsp; 19698784 |
| **Industrials–5.3%** |  |  |  |  |
| BAE Systems PLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1.900% | 02/15/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1737856 |
| Boeing Co. / The (Aerospace & Defense) | 6.298% | 05/01/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2114303 |
| Canadian Pacific Railway Co. (Ground Transportation) | 2.050% | 03/05/2030 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1170521 |
| FedEx Corp. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1944412 |
| Lockheed Martin Corp. (Aerospace & Defense) | 1.850% | 06/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 888959 |
| Lockheed Martin Corp. (Aerospace & Defense) | 3.600% | 03/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 905294 |

---

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

------

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

**AVIP Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials (continued)** |  |  |  |  |
| Ryder System, Inc. (Ground Transportation) | 4.900% | 12/01/2029 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2028366 |
| TTX Co. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.650% | 12/01/2052 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1983029 |
|  |  |  |  | &nbsp;&nbsp; 12772740 |
| **Information Technology–1.9%** |  |  |  |  |
| Micron Technology, Inc. (Semiconductors & Equip.) | 6.750% | 11/01/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2161819 |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2430226 |
|  |  |  |  | &nbsp;&nbsp; 4592045 |
| **Materials–7.0%** |  |  |  |  |
| Anglo American Capital PLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 04/10/2027 | &nbsp;&nbsp; 724000 | &nbsp;&nbsp; 727363 |
| BHP Billiton Finance U.S.A. Ltd. (Metals & Mining) | 5.300% | 02/21/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2041648 |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 622608 |
| Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | &nbsp;&nbsp; 1402000 | &nbsp;&nbsp; 1287678 |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.850% | 04/27/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1803181 |
| Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3002788 |
| Nutrien Ltd. (Chemicals) | 4.200% | 04/01/2029 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1880325 |
| RPM International, Inc. (Chemicals) | 4.250% | 01/15/2048 | &nbsp;&nbsp; 2473000 | &nbsp;&nbsp; 2037593 |
| Steel Dynamics, Inc. (Metals & Mining) | 3.250% | 01/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 932787 |
| Steel Dynamics, Inc. (Metals & Mining) | 5.250% | 05/15/2035 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2502654 |
|  |  |  |  | &nbsp;&nbsp; 16838625 |
| **Real Estate–2.2%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 3.950% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989069 |
| Healthcare Realty Holdings LP (Health Care REITs) | 3.625% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 975633 |
| Kimco Realty OP LLC (Retail REITs) | 5.300% | 02/01/2036 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1409748 |
| 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; 982438 |
| Welltower OP LLC (Health Care REITs) | 2.700% | 02/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 977329 |
|  |  |  |  | &nbsp;&nbsp; 5334217 |
| **Utilities–8.9%** |  |  |  |  |
| AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 790244 |
| AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | &nbsp;&nbsp; 1351000 | &nbsp;&nbsp; 1022833 |
| Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1889400 |
| Berkshire Hathaway Energy Co. (Multi-Utilities) | 3.250% | 04/15/2028 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1859491 |
| Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1690329 |
| Commonwealth Edison Co. (Electric Utilities) | 5.650% | 06/01/2054 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1981668 |
| Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 784528 |
| Consolidated Edison Co. of New York, Inc. (Electric Utilities) | 5.700% | 05/15/2054 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2495710 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 740446 |
| Eversource Energy (Electric Utilities) | 3.300% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 973543 |
| FirstEnergy Transmission LLC (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.550% | 04/01/2049 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1695208 |
| Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1351372 |
| Jersey Central Power & Light Co. (Electric Utilities) | 5.100% | 01/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997044 |
| NiSource, Inc. (Multi-Utilities) | 5.250% | 03/30/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2047454 |
| Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1111222 |
|  |  |  |  | &nbsp;&nbsp; 21430492 |
| **Total Corporate Bonds (Cost $240,129,536)** |  |  |  | &nbsp;&nbsp; $227055997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities–2.0%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials–2.0%** |  |  |  |  |
| Air Canada 2017-1 Class B Pass Through Trust <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.700% | 01/15/2026 | &nbsp;&nbsp; $909392 | &nbsp;&nbsp; $898387 |
| FedEx Corp. 2020-1 Class AA Pass Through Trust  | 1.875% | 02/20/2034 | &nbsp;&nbsp; 2278120 | &nbsp;&nbsp; 1966945 |
| United Airlines 2016-1 Class B Pass Through Trust  | 3.650% | 01/07/2026 | &nbsp;&nbsp; 720833 | &nbsp;&nbsp; 712684 |
| United Airlines 2019-2 Class AA Pass Through Trust  | 2.700% | 05/01/2032 | &nbsp;&nbsp; 1324557 | &nbsp;&nbsp; 1183529 |
| **Total Asset-Backed Securities (Cost $5,171,982)** |  |  |  | &nbsp;&nbsp; $4761545 |
| **Total Investments – 96.5% (Cost $245,301,518)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  |  |  | &nbsp;&nbsp; $231817542 |
| **Other Assets in Excess of Liabilities – 3.5%** |  |  |  | &nbsp;&nbsp; 8528851 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $240346393 |

---

<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 Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 3.960% at 6/30/2025 |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.790% at 6/30/2025 |
| PIK: | Payment-in-Kind |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 4.45% at 6/30/2025 |
| SOFRINDX: | Secured Overnight Financing Rate ("SOFR") Compounded Index, 1.201% at 6/30/2025  |
| USISOA05: | 5 Year Secured Overnight Financing Rate ("SOFR") Spread-Adjusted ICE Swap Rate, 3.744% at 6/30/2025 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025, the value of these securities totaled $26,953,525, or 11.2% 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) | 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 June 30, 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>|

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–70.1%** | **Shares** | **Value** |
| **Communication Services–7.3%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & Svs.) | 41652 | $7340332 |
| Alphabet, Inc. Class C (Interactive Media & Svs.) | 23949 | 4248313 |
| Comcast Corp. Class A (Media) | 55859 | 1993608 |
| Fox Corp. Class A (Media) | 5202 | 291520 |
| Fox Corp. Class B (Media) | 685 | 35367 |
| Meta Platforms, Inc. Class A (Interactive Media & Svs.) | 12266 | 9053412 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1873 | 2508190 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 20687 | 895126 |
| Walt Disney Co. / The (Entertainment) | 6686 | 829131 |
|  |  | 27194999 |
| **Consumer Discretionary–7.5%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57635 | 12644543 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 140 | 519712 |
| Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 411 | 2379378 |
| BorgWarner, Inc. (Automobile Components) | 31143 | 1042668 |
| Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 2998 | 653474 |
| Home Depot, Inc. / The (Specialty Retail) | 9493 | 3480513 |
| Lithia Motors, Inc. (Specialty Retail) | 1006 | 339847 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3990 | 359619 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 4710 | 1291859 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9532 | 3027935 |
| TJX Cos., Inc. / The (Specialty Retail) | 8013 | 989525 |
| Toll Brothers, Inc. (Household Durables) | 8939 | 1020208 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 2974 | 440687 |
|  |  | 28189968 |
| **Consumer Staples–3.7%** |  |  |
| Coca-Cola Co. / The (Beverages) | 8326 | 589065 |
| Colgate-Palmolive Co. (Household Products) | 14070 | 1278963 |
| Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 3177 | 3145039 |
| Keurig Dr Pepper, Inc. (Beverages) | 17293 | 571707 |
| Philip Morris International, Inc. (Tobacco) | 12264 | 2233642 |
| Procter & Gamble Co. / The (Household Products) | 6739 | 1073657 |
| Walmart, Inc. (Consumer Staples Distribution & Retail) | 50646 | 4952166 |
|  |  | 13844239 |
| **Energy–1.6%** |  |  |
| Antero Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10512 | 423423 |
| Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 2829 | 688918 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 5856 | 525518 |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 59791 | 1901952 |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 8539 | 920504 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 6304 | 1097400 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 8622 | 541548 |
|  |  | 6099263 |
| **Financials–9.9%** |  |  |
| American Express Co. (Consumer Finance) | 1925 | 614036 |
| Bank of America Corp. (Banks) | 80228 | 3796389 |
| Berkshire Hathaway, Inc. Class B (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4728 | 2296721 |
| Blackstone, Inc. (Capital Markets) | 7989 | 1194995 |
| Charles Schwab Corp. / The (Capital Markets) | 33745 | 3078894 |
| Citigroup, Inc. (Banks) | 11084 | 943470 |
| CME Group, Inc. (Capital Markets) | 5798 | 1598045 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2133 | 367751 |
| Huntington Bancshares, Inc. (Banks) | 30615 | 513107 |
| Intercontinental Exchange, Inc. (Capital Markets) | 11224 | 2059267 |
| JPMorgan Chase & Co. (Banks) | 13738 | 3982784 |
| Mastercard, Inc. Class A (Financial Services) | 3988 | 2241017 |
| Moody's Corp. (Capital Markets) | 3190 | 1600072 |
| Morgan Stanley (Capital Markets) | 24919 | 3510090 |
| Nasdaq, Inc. (Capital Markets) | 8730 | 780637 |
| PNC Financial Services Group, Inc. / The (Banks) | 3651 | 680619 |
| Progressive Corp. / The (Insurance) | 5854 | 1562198 |
| S&P Global, Inc. (Capital Markets) | 3289 | 1734257 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Travelers Cos., Inc. / The (Insurance) | 10890 | $2913511 |
| Visa, Inc. (Financial Services) | 4150 | 1473457 |
|  |  | 36941317 |
| **Health Care–6.9%** |  |  |
| AbbVie, Inc. (Biotechnology) | 10110 | 1876618 |
| BioMarin Pharmaceutical, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8303 | 456416 |
| Boston Scientific Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9940 | 1067655 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 45806 | 2120360 |
| Cardinal Health, Inc. (Health Care Providers & Svs.) | 17942 | 3014256 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11178 | 606742 |
| Edwards Lifesciences Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4787 | 374391 |
| Eli Lilly & Co. (Pharmaceuticals) | 3400 | 2650402 |
| Gilead Sciences, Inc. (Biotechnology) | 12923 | 1432773 |
| Medtronic PLC (Health Care Equip. & Supplies) | 37869 | 3301041 |
| Merck & Co., Inc. (Pharmaceuticals) | 19543 | 1547024 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3341 | 564428 |
| Pfizer, Inc. (Pharmaceuticals) | 95221 | 2308157 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 4458 | 2340450 |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 1966 | 797134 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 4881 | 1522726 |
|  |  | 25980573 |
| **Industrials–5.8%** |  |  |
| AMETEK, Inc. (Electrical Equip.) | 7686 | 1390859 |
| Cintas Corp. (Commercial Svs. & Supplies) | 11003 | 2452239 |
| Comfort Systems U.S.A., Inc. (Construction & Engineering) | 1593 | 854182 |
| Cummins, Inc. (Machinery) | 2538 | 831195 |
| Delta Air Lines, Inc. (Passenger Airlines) | 12335 | 606635 |
| Eaton Corp. PLC (Electrical Equip.) | 2812 | 1003856 |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | 6643 | 758963 |
| FedEx Corp. (Air Freight & Logistics) | 8155 | 1853713 |
| Flowserve Corp. (Machinery) | 15894 | 832051 |
| General Dynamics Corp. (Aerospace & Defense) | 1217 | 354950 |
| HEICO Corp. Class A (Aerospace & Defense) | 1524 | 394335 |
| Honeywell International, Inc. (Industrial Conglomerates) | 3008 | 700503 |
| Lockheed Martin Corp. (Aerospace & Defense) | 4532 | 2098950 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3425 | 583723 |
| Parker-Hannifin Corp. (Machinery) | 3787 | 2645106 |
| RTX Corp. (Aerospace & Defense) | 3940 | 575319 |
| Trane Technologies PLC (Building Products) | 1017 | 444846 |
| Uber Technologies, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13460 | 1255818 |
| Union Pacific Corp. (Ground Transportation) | 1540 | 354323 |
| United Parcel Service, Inc. Class B (Air Freight & Logistics) | 8485 | 856476 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 2849 | 531965 |
| Waste Management, Inc. (Commercial Svs. & Supplies) | 2279 | 521481 |
|  |  | 21901488 |
| **Information Technology–23.6%** |  |  |
| Accenture PLC Class A (IT Svs.) | 1521 | 454612 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5407 | 2091860 |
| Advanced Micro Devices, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7847 | 1113489 |
| Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 15113 | 1492409 |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 84052 | 17244949 |
| Broadcom, Inc. (Semiconductors & Equip.) | 22682 | 6252293 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5766 | 486247 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 172 | 314409 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12931 | 645516 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4944 | 522680 |
| Intuit, Inc. (Software) | 2329 | 1834390 |
| Lam Research Corp. (Semiconductors & Equip.) | 18501 | 1800887 |
| Marvell Technology, Inc. (Semiconductors & Equip.) | 15920 | 1232208 |
| Microsoft Corp. (Software) | 43071 | 21423946 |
| Motorola Solutions, Inc. (Communications Equip.) | 4767 | 2004333 |
| NVIDIA Corp. (Semiconductors & Equip.) | 131649 | 20799226 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9928 | 1353385 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 14035 | 2235214 |
| Salesforce, Inc. (Software) | 11101 | 3027132 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 468 | $481141 |
| Texas Instruments, Inc. (Semiconductors & Equip.) | 6907 | 1434031 |
|  |  | 88244357 |
| **Materials–1.0%** |  |  |
| Ecolab, Inc. (Chemicals) | 2829 | 762246 |
| Newmont Corp. (Metals & Mining) | 13222 | 770314 |
| Nucor Corp. (Metals & Mining) | 4902 | 635005 |
| Packaging Corp. of America (Containers & Packaging) | 8536 | 1608609 |
|  |  | 3776174 |
| **Real Estate–1.4%** |  |  |
| CubeSmart (Specialized REITs) | 14203 | 603627 |
| Equinix, Inc. (Specialized REITs) | 2791 | 2220157 |
| Simon Property Group, Inc. (Retail REITs) | 10711 | 1721900 |
| Ventas, Inc. (Health Care REITs) | 8833 | 557804 |
|  |  | 5103488 |
| **Utilities–1.4%** |  |  |
| Consolidated Edison, Inc. (Multi-Utilities) | 12912 | 1295719 |
| Entergy Corp. (Electric Utilities) | 34655 | 2880524 |
| OGE Energy Corp. (Electric Utilities) | 14438 | 640758 |
| PG&E Corp. (Electric Utilities) | 34057 | 474755 |
|  |  | 5291756 |
| **Total Common Stocks (Cost $198,926,436)** |  | $262567622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–27.7%** | **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; $958427 |
| Comcast Corp. (Media) | 3.250% | 11/01/2039 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1566870 |
| Cox Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 06/30/2043 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 793859 |
| Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032819 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1165461 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 622911 |
|  |  |  |  | &nbsp;&nbsp; 6140347 |
| **Consumer Discretionary–1.6%** |  |  |  |  |
| Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 904549 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (b)(c) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 653005 |
| Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004060 |
| Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1928537 |
| Lear Corp. (Automobile Components) | 3.500% | 05/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 942581 |
| Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 624757 |
|  |  |  |  | &nbsp;&nbsp; 6057489 |
| **Consumer Staples–2.4%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 5.625% | 02/06/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1019383 |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 975750 |
| B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004766 |
| Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1328794 |
| Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1063573 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501697 |
| 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; 402948 |
| Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 897000 |
| Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 964567 |
| Target Corp. (Consumer Staples Distribution & Retail) | 2.350% | 02/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 922587 |
|  |  |  |  | &nbsp;&nbsp; 9081065 |
| **Energy–4.1%** |  |  |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 3.337% | 12/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 979760 |
| BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.017% | 01/16/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 983482 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1095780 |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.200% | 09/15/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1942273 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014852 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018594 |
| Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962458 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997647 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 5.000% | 03/01/2033 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1972173 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Energy (continued)** |  |  |  |  |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 10/01/2034 | &nbsp;&nbsp; $1200000 | &nbsp;&nbsp; $1177467 |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.050% | 10/01/2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 916209 |
| Shell Finance U.S., Inc. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1192493 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 01/15/2034 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85000 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988420 |
|  |  |  |  | &nbsp;&nbsp; 15326608 |
| **Financials–8.3%** |  |  |  |  |
| ABN AMRO Bank N.V. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.197% | 07/07/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000803 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.300% | 01/30/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 905990 |
| Ally Financial, Inc. (Rate is fixed until 01/17/2030, then SOFRINDX + 173) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.543% | 01/17/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2028103 |
| American Express Co. (Rate is fixed until 08/03/2032, then SOFR + 176) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.420% | 08/03/2033 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1171011 |
| American Express Co. (Rate is fixed until 07/26/2034, then SOFR + 142) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.284% | 07/26/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2024712 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039136 |
| 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; 1000000 | &nbsp;&nbsp; 1028215 |
| Bank of New York Mellon Corp. / The (Rate is fixed until 07/21/2034, then SOFR + 177) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.606% | 07/21/2039 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1527745 |
| Blackrock, Inc. (Capital Markets) | 2.100% | 02/25/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 862821 |
| Capital One Financial Corp. (Rate is fixed until 07/26/2034, then SOFR + 199) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.884% | 07/26/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031001 |
| Capital One N.A. (Banks) | USISOA05 + 173 | 08/09/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024560 |
| Citigroup, Inc. (Rate is fixed until 05/01/2031, then SOFR + 117) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 2.561% | 05/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1771838 |
| First Horizon Bank (Banks) | 5.750% | 05/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022867 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 11/05/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997537 |
| General Motors Financial Co., Inc. (Consumer Finance) | 2.700% | 06/10/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1750871 |
| Goldman Sachs Group, Inc. / The (Rate is fixed until 07/23/2034, then SOFR + 155) <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.330% | 07/23/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008694 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 01/08/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021476 |
| Morgan Stanley (Rate is fixed until 07/19/2034, then SOFR + 156) (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.320% | 07/19/2035 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1214649 |
| Oaktree Strategic Credit Fund (Capital Markets) | 6.500% | 07/23/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024106 |
| PNC Bank N.A. (Banks) | 4.050% | 07/26/2028 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1488198 |
| Royal Bank of Canada (Rate is fixed until 08/02/2029, then SOFR + 110) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.969% | 08/02/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013923 |
| Sixth Street Lending Partners (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 610962 |
| State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 884592 |
| Sumitomo Mitsui Financial Group, Inc. (Rate is fixed until 07/08/2045, then SOFR + 178) <br> (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.796% | 07/08/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| Truist Bank (Rate is fixed until 09/17/2029, then H15T5Y + 115) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.632% | 09/17/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988142 |
| U.S. Bancorp (Rate is fixed until 07/23/2029, then SOFR + 125) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.100% | 07/23/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020755 |
| Wells Fargo & Co. (Rate is fixed until 04/30/2040, then SOFR + 253) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 3.068% | 04/30/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 755670 |
|  |  |  |  | &nbsp;&nbsp; 31218377 |
| **Health Care–2.1%** |  |  |  |  |
| AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 956502 |
| HCA, Inc. (Health Care Providers & Svs.) | 5.500% | 03/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1032032 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1042225 |
| Takeda U.S. Financing, Inc. (Pharmaceuticals) | 5.200% | 07/07/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000106 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 3.875% | 12/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1974145 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.500% | 07/15/2044 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1947982 |
|  |  |  |  | &nbsp;&nbsp; 7952992 |
| **Industrials–1.3%** |  |  |  |  |
| FedEx Corp. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 972206 |
| TTX Co. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.650% | 12/01/2052 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991514 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996012 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 2.600% | 02/01/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1860924 |
|  |  |  |  | &nbsp;&nbsp; 4820656 |
| **Information Technology–1.0%** |  |  |  |  |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 2.650% | 06/17/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1769978 |
| Oracle Corp. (Software) | 4.300% | 07/08/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 949764 |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1041526 |
|  |  |  |  | &nbsp;&nbsp; 3761268 |
| **Materials–1.5%** |  |  |  |  |
| BHP Billiton Finance U.S.A. Ltd. (Metals & Mining) | 5.300% | 02/21/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020824 |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 415072 |
| Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | &nbsp;&nbsp; 1402000 | &nbsp;&nbsp; 1287678 |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.850% | 04/27/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1803181 |
| Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000929 |
|  |  |  |  | &nbsp;&nbsp; 5527684 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Real Estate–0.5%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 3.950% | 01/15/2028 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $989069 |
| American Tower Corp. (Specialized REITs) | 2.750% | 01/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 976202 |
|  |  |  |  | &nbsp;&nbsp; 1965271 |
| **Utilities–3.2%** |  |  |  |  |
| AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 790244 |
| AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 757093 |
| Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 944700 |
| Black Hills Corp. (Multi-Utilities) | 3.050% | 10/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937537 |
| Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 845165 |
| Commonwealth Edison Co. (Electric Utilities) | 5.650% | 06/01/2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990834 |
| Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 784528 |
| Consolidated Edison Co. of New York, Inc. (Electric Utilities) | 5.700% | 05/15/2054 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998284 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1110669 |
| Duke Energy Indiana LLC (Electric Utilities) | 3.250% | 10/01/2049 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 678359 |
| FirstEnergy Transmission LLC (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.550% | 04/01/2049 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 847604 |
| Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 675686 |
| Jersey Central Power & Light Co. (Electric Utilities) | 5.100% | 01/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997044 |
| Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 740815 |
|  |  |  |  | &nbsp;&nbsp; 12098562 |
| **Total Corporate Bonds (Cost $112,659,475)** |  |  |  | &nbsp;&nbsp; $103950319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities–0.7%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials–0.7%** |  |  |  |  |
| FedEx Corp. 2020-1 Class AA Pass Through Trust  | 1.875% | 02/20/2034 | &nbsp;&nbsp; $1518746 | &nbsp;&nbsp; $1311296 |
| United Airlines 2016-1 Class B Pass Through Trust  | 3.650% | 01/07/2026 | &nbsp;&nbsp; 80093 | &nbsp;&nbsp; 79187 |
| United Airlines 2019-2 Class AA Pass Through Trust  | 2.700% | 05/01/2032 | &nbsp;&nbsp; 1324557 | &nbsp;&nbsp; 1183529 |
| **Total Asset-Backed Securities (Cost $2,862,476)** |  |  |  | &nbsp;&nbsp; $2574012 |
| **Total Investments – 98.5% (Cost $314,448,387)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(e) |  |  |  | &nbsp;&nbsp; $369091953 |
| **Other Assets in Excess of Liabilities – 1.5%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(f) |  |  |  | &nbsp;&nbsp; 5572905 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $374664858 |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.790% at 6/30/2025 |
| PIK: | Payment-in-Kind |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 4.45% at 6/30/2025 |
| SOFRINDX: | Secured Overnight Financing Rate ("SOFR") Compounded Index, 1.201% at 6/30/2025  |
| USISOA05: | 5 Year Secured Overnight Financing Rate ("SOFR") Spread-Adjusted ICE Swap Rate, 3.744% at 6/30/2025 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025, the value of these securities totaled $10,099,327, or 2.7% 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 June 30, 2025.<br>|
| (e) | 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>|
| (f) | Includes $279,903 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | September 19, 2025 | &nbsp;&nbsp; $3937320 | &nbsp;&nbsp; $4064938 | &nbsp;&nbsp; $127618 | &nbsp;&nbsp; $19500 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–97.4%** | **Shares** | **Value** |
| **Japan–23.0%** |  |  |
| Amada Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 67600 | $736602 |
| Asahi Kasei Corp. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 59700 | 424075 |
| Astellas Pharma, Inc. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 163900 | 1607113 |
| Brother Industries Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 34900 | 600843 |
| Canon, Inc. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 105200 | 3047038 |
| Chubu Electric Power Co., Inc. (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23500 | 290605 |
| Chugai Pharmaceutical Co. Ltd. <br> (Health Care)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12200 | 637738 |
| Concordia Financial Group Ltd. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14100 | 91182 |
| Dai-ichi Life Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 63900 | 483022 |
| Daito Trust Construction Co. Ltd. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7700 | 839305 |
| Daiwa House Industry Co. Ltd. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9800 | 337622 |
| Daiwa Securities Group, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24700 | 175673 |
| Denso Corp. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42000 | 566433 |
| DMG Mori Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1200 | 27458 |
| ENEOS Holdings, Inc. (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 418900 | 2067545 |
| FANUC Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39800 | 1082638 |
| Fujitsu Ltd. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1300 | 31585 |
| Hitachi Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 73900 | 2140798 |
| Hoya Corp. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12100 | 1436450 |
| Japan Post Bank Co. Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31100 | 335729 |
| Japan Post Holdings Co. Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32400 | 299061 |
| Japan Post Insurance Co. Ltd. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1700 | 38340 |
| Kakaku.com, Inc. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20900 | 387780 |
| Kansai Electric Power Co., Inc. / The <br> (Utilities)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 103300 | 1222489 |
| Keyence Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6800 | 2730463 |
| Kyushu Electric Power Co., Inc. (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6300 | 56316 |
| Mazda Motor Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 79900 | 479962 |
| McDonald's Holdings Co. Japan Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17800 | 736663 |
| Mitsubishi Chemical Group Corp. <br> (Materials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 204700 | 1073127 |
| Mitsubishi HC Capital, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17200 | 126854 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 207800 | 2845121 |
| Mitsui & Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 119500 | 2434741 |
| Mitsui Fudosan Co. Ltd. (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 129600 | 1251995 |
| Mizuho Financial Group, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 53700 | 1478315 |
| MS&AD Insurance Group Holdings, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36300 | 809716 |
| Murata Manufacturing Co. Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 124500 | 1841597 |
| NEC Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50700 | 1484935 |
| Nissan Chemical Corp. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3300 | 100530 |
| Nomura Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 343800 | 2257818 |
| Nomura Real Estate Holdings, Inc. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 139600 | 816188 |
| Nomura Research Institute Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10400 | 417912 |
| NTT, Inc. (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1456100 | 1555000 |
| Obayashi Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12000 | 181596 |
| Olympus Corp. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 85600 | 1015690 |
| ORIX Corp. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 76400 | 1722673 |
| Otsuka Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10200 | 207700 |
| Otsuka Holdings Co. Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1500 | 74265 |
| Pan Pacific International Holdings Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2700 | 92800 |
| Panasonic Holdings Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 153700 | 1651148 |
| Recruit Holdings Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49900 | 2938075 |
| Resona Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39200 | 359794 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Japan (continued)** |  |  |
| Sanwa Holdings Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4900 | $162448 |
| Secom Co. Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9200 | 331097 |
| Shimizu Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 105700 | 1179075 |
| Shin-Etsu Chemical Co. Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 117700 | 3878552 |
| SMC Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1400 | 504172 |
| SoftBank Corp. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 757800 | 1171077 |
| SoftBank Group Corp. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11800 | 855560 |
| Sojitz Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5600 | 137306 |
| Sompo Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33600 | 1006625 |
| Sony Group Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 163600 | 4264973 |
| Sumitomo Chemical Co. Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 182600 | 439890 |
| Sumitomo Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 79800 | 2056420 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 128600 | 3224005 |
| Sumitomo Mitsui Trust Group, Inc. <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12000 | 318101 |
| T&D Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9400 | 205611 |
| Takeda Pharmaceutical Co. Ltd. <br> (Health Care)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 79000 | 2438623 |
| TDK Corp. (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29600 | 346208 |
| Terumo Corp. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 41700 | 765414 |
| Tohoku Electric Power Co., Inc. (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 65200 | 475553 |
| Tokio Marine Holdings, Inc. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32600 | 1375218 |
| Tokyo Electron Ltd. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13300 | 2539231 |
| Tokyo Gas Co. Ltd. (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20100 | 668223 |
| Tokyo Tatemono Co. Ltd. (Real Estate)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8400 | 149292 |
| Tokyu Fudosan Holdings Corp. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 81600 | 584610 |
| Toyota Motor Corp. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 40300 | 692240 |
| Toyota Tsusho Corp. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 41600 | 939612 |
|  |  | 80357254 |
| **United Kingdom–14.3%** |  |  |
| AstraZeneca PLC (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38247 | 5333842 |
| BAE Systems PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 122882 | 3181321 |
| Barclays PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 862160 | 3993256 |
| Barratt Redrow PLC <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25452 | 159443 |
| Beazley PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5567 | 71465 |
| Berkeley Group Holdings PLC <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1022 | 54181 |
| BP PLC (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 87635 | 437164 |
| Compass Group PLC <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2220 | 75192 |
| GSK PLC (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 162701 | 3101529 |
| Halma PLC (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1309 | 57512 |
| HSBC Holdings PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 385085 | 4662248 |
| IG Group Holdings PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30178 | 441065 |
| Imperial Brands PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 76554 | 3022179 |
| International Consolidated Airlines Group <br> SA (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 54019 | 253082 |
| Intertek Group PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24319 | 1582720 |
| J Sainsbury PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 124753 | 496273 |
| London Stock Exchange Group PLC <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 33731 | 4928729 |
| NatWest Group PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 279953 | 1965686 |
| Next PLC (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 240 | 41002 |
| RELX PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13096 | 710391 |
| Rightmove PLC <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22402 | 242721 |
| Rio Tinto PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3387 | 197369 |
| Rolls-Royce Holdings PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 275619 | 3661949 |
| Sage Group PLC / The <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 94024 | 1615935 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **United Kingdom (continued)** |  |  |
| Shell PLC (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 139722 | $4896249 |
| Smiths Group PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 61007 | 1881300 |
| Standard Chartered PLC (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2542 | 42127 |
| Unilever PLC (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27781 | 1692117 |
| Vodafone Group PLC <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1133726 | 1210719 |
|  |  | 50008766 |
| **Germany–11.1%** |  |  |
| adidas AG (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17805 | 4150333 |
| Allianz SE (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16288 | 6599414 |
| Deutsche Bank AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 62692 | 1859998 |
| Deutsche Telekom AG <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 90030 | 3296197 |
| E.ON SE (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 175133 | 3224715 |
| GEA Group AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 321 | 22456 |
| HUGO BOSS AG <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2163 | 100060 |
| Mercedes-Benz Group AG <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23012 | 1346431 |
| Nemetschek SE <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3045 | 441335 |
| Rational AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 383 | 321215 |
| Rheinmetall AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 833 | 1762392 |
| SAP SE (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31739 | 9654613 |
| Siemens AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9316 | 2389324 |
| Siemens Energy AG (Industrials)<br> (a)(b) | 24847 | 2871385 |
| Siemens Healthineers AG (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11759 | 652306 |
|  |  | 38692174 |
| **Switzerland–10.7%** |  |  |
| ABB Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 94717 | 5662340 |
| Accelleron Industries AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5189 | 366039 |
| Amrize Ltd. (Materials)<br> (b)(c) | 21047 | 1049896 |
| Belimo Holding AG (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 469 | 479466 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 45 | 757150 |
| Cie Financiere Richemont SA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 99 | 18723 |
| Givaudan SA (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 671 | 3254623 |
| Glencore PLC (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 595993 | 2320724 |
| Helvetia Holding AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1306 | 307260 |
| Holcim AG (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21047 | 1568805 |
| Logitech International SA <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11452 | 1034842 |
| Nestle SA (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20509 | 2036991 |
| Novartis AG (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 65589 | 7934633 |
| Roche Holding Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1546 | 537907 |
| Roche Holding Ltd. NVS (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16125 | 5271431 |
| SGS SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11986 | 1219022 |
| Sonova Holding AG (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 662 | 197750 |
| UBS Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30948 | 1051555 |
| Zurich Insurance Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3097 | 2171748 |
|  |  | 37240905 |
| **France–10.5%** |  |  |
| Air Liquide SA (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2039 | 421147 |
| BNP Paribas SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11839 | 1066330 |
| Bureau Veritas SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 60671 | 2093068 |
| Capgemini SE (Information Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 488 | 83526 |
| Carrefour SA (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38896 | 548335 |
| Credit Agricole SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 92019 | 1743257 |
| Danone SA (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36549 | 2986171 |
| Dassault Systemes SE <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 66681 | 2417059 |
| Eiffage SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1992 | 280145 |
| Engie SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 94017 | 2213959 |
| Hermes International SCA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1077 | 2921915 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **France (continued)** |  |  |
| Ipsen SA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7437 | $886668 |
| LVMH Moet Hennessy Louis Vuitton SE <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7779 | 4079709 |
| Orange SA (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 93909 | 1433570 |
| Safran SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19692 | 6413368 |
| Sanofi SA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24626 | 2382752 |
| Thales SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5907 | 1740229 |
| TotalEnergies SE (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37804 | 2325224 |
| Valeo SE (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 46310 | 507958 |
| Vinci SA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 124 | 18304 |
|  |  | 36562694 |
| **Australia–5.5%** |  |  |
| AGL Energy Ltd. (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31624 | 203201 |
| ANZ Group Holdings Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5556 | 106639 |
| Aristocrat Leisure Ltd. <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 77846 | 3339384 |
| BHP Group Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 53742 | 1291663 |
| Commonwealth Bank of Australia <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41449 | 5040382 |
| CSL Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7720 | 1216865 |
| Evolution Mining Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 64943 | 338718 |
| JB Hi-Fi Ltd. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 499 | 36245 |
| Macquarie Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14932 | 2248230 |
| Northern Star Resources Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 143528 | 1775259 |
| Qantas Airways Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 43612 | 308319 |
| REA Group Ltd. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6326 | 1001386 |
| Santos Ltd. (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78018 | 392516 |
| SEEK Ltd. (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16827 | 266383 |
| Sonic Healthcare Ltd. (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78549 | 1385050 |
| South32 Ltd. (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 99344 | 190437 |
|  |  | 19140677 |
| **Netherlands–4.3%** |  |  |
| Adyen N.V. (Financials)<br> (a)(b) | 370 | 679361 |
| Argenx SE (Health Care)<br> (a)(b) | 803 | 442701 |
| ASML Holding N.V. <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9825 | 7866360 |
| ASR Nederland N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1227 | 81498 |
| Euronext N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1624 | 277894 |
| ING Groep N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 133963 | 2939798 |
| Koninklijke Ahold Delhaize N.V. <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8847 | 369872 |
| NN Group N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3708 | 246461 |
| Prosus N.V. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21310 | 1193720 |
| Stellantis N.V. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36847 | 369494 |
| Wolters Kluwer N.V. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2932 | 490299 |
|  |  | 14957458 |
| **Italy–2.7%** |  |  |
| A2A SpA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 148114 | 398749 |
| Amplifon SpA (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32367 | 760799 |
| Banca Mediolanum SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4059 | 69933 |
| Banca Monte dei Paschi di Siena SpA <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 113848 | 968981 |
| BPER Banca SPA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18103 | 164612 |
| Buzzi SpA (Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1355 | 75149 |
| Enel SpA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 360380 | 3420426 |
| Ferrari N.V. (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 299 | 146598 |
| Generali (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17242 | 613733 |
| Intesa Sanpaolo SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 278288 | 1604141 |
| Leonardo SpA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5429 | 306152 |
| Moncler SpA (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 603 | 34429 |
| Nexi SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 54891 | 328212 |
| Recordati Industria Chimica e <br> Farmaceutica SpA (Health Care)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6718 | 422673 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Italy (continued)** |  |  |
| UniCredit SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1292 | $86655 |
| Unipol Assicurazioni SpA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7176 | 142278 |
|  |  | 9543520 |
| **Sweden–2.5%** |  |  |
| AddTech AB (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7171 | 244274 |
| Alfa Laval AB (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19003 | 800442 |
| Assa Abloy AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 33937 | 1061203 |
| Atlas Copco AB Class A (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 138630 | 2245733 |
| Atlas Copco AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 67778 | 965711 |
| Evolution AB (Consumer Discretionary)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9705 | 771857 |
| Getinge AB Class B (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14643 | 293863 |
| Hexagon AB Class B <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2734 | 27473 |
| Saab AB Class B (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2569 | 143487 |
| Sandvik AB (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24949 | 572531 |
| Swedish Orphan Biovitrum AB <br> (Health Care)<br>(a)(b) | 8947 | 273008 |
| Telefonaktiebolaget LM Ericsson Class B <br> (Information Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 168015 | 1439954 |
|  |  | 8839536 |
| **Hong Kong–2.4%** |  |  |
| AIA Group Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 340800 | 3064737 |
| CK Hutchison Holdings Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 294000 | 1814922 |
| Jardine Matheson Holdings Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2300 | 110569 |
| Sun Hung Kai Properties Ltd. <br> (Real Estate)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17500 | 200944 |
| Swire Pacific Ltd. Class A (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 52000 | 446006 |
| Techtronic Industries Co. Ltd. <br> (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 116000 | 1277802 |
| WH Group Ltd. (Consumer Staples)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1449000 | 1395511 |
|  |  | 8310491 |
| **Spain–2.3%** |  |  |
| ACS Actividades de Construccion y <br> Servicios SA (Industrials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2784 | 193340 |
| Banco Bilbao Vizcaya Argentaria SA <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21580 | 331902 |
| Banco Santander SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 305618 | 2530082 |
| Bankinter SA (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37973 | 495668 |
| Endesa SA (Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5750 | 182141 |
| Industria de Diseno Textil SA <br> (Consumer Discretionary)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 37294 | 1943370 |
| Telefonica SA (Communication Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 426156 | 2248124 |
|  |  | 7924627 |
| **Singapore–2.1%** |  |  |
| DBS Group Holdings Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 89800 | 3175265 |
| Singapore Telecommunications Ltd. <br> (Communication Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1371200 | 4120515 |
|  |  | 7295780 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Ireland–1.1%** |  |  |
| Experian PLC (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 74651 | $3845762 |
| **New Zealand–1.0%** |  |  |
| Xero Ltd. (Information Technology)<br> (a)(b) | 29475 | 3488428 |
| **Denmark–1.0%** |  |  |
| Genmab A/S (Health Care)<br> (a)(b) | 1902 | 393565 |
| GN Store Nord AS <br> (Consumer Discretionary)<br>(a)(b) | 26138 | 402216 |
| Novo Nordisk A/S Class B (Health Care)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35086 | 2448230 |
| Vestas Wind Systems A/S (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15461 | 232319 |
|  |  | 3476330 |
| **Israel–0.8%** |  |  |
| Bank Hapoalim BM (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22329 | 428827 |
| Bank Leumi Le-Israel BM (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27727 | 515950 |
| Elbit Systems Ltd. (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 120055 |
| Israel Discount Bank Ltd. Class A <br> (Financials)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22093 | 220302 |
| Mizrahi Tefahot Bank Ltd. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10825 | 705783 |
| Nice Ltd. (Information Technology)<br> (a)(b) | 5799 | 982692 |
|  |  | 2973609 |
| **Belgium–0.7%** |  |  |
| Ageas SA / N.V. (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35215 | 2377829 |
| **Norway–0.6%** |  |  |
| Kongsberg Gruppen ASA (Industrials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49409 | 1916490 |
| Var Energi ASA (Energy)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 99336 | 318462 |
|  |  | 2234952 |
| **Finland–0.5%** |  |  |
| Nordea Bank Abp (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 110585 | 1644373 |
| **Austria–0.3%** |  |  |
| BAWAG Group AG (Financials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9398 | 1197900 |
| **Total Common Stocks (Cost $299,467,102)** |  | $340113065 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Securities–0.2%** | **Rate** | **Quantity** | **Value** |
| **Germany–0.2%** |  |  |  |
| Henkel AG & Co. KGaA <br> (Consumer Staples)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | &nbsp;&nbsp; 3.053%<br> (d)<br>| &nbsp;&nbsp; 11431 | &nbsp;&nbsp; $897573 |
| **Total Preferred Securities (Cost $982,329)** | **Total Preferred Securities (Cost $982,329)** |  | &nbsp;&nbsp; $897573 |
| **Total Investments – 97.6% (Cost $300,449,431)** | **Total Investments – 97.6% (Cost $300,449,431)** | &nbsp;&nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp; $341010638 |
| **Other Assets in Excess of Liabilities – 2.4%** | **Other Assets in Excess of Liabilities – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp;(f) | &nbsp;&nbsp; 8307918 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $349318556 |

---

<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** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| 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 $339,960,742 or 97.3% <br> of the Portfolio's net assets.<br>|
| (b) | Non-income producing security. |
| (c) | As discussed in Note 2 of the Notes to Financial Statements, not all investments that are traded on a foreign exchange are valued at an estimate that is different <br> from the local close price. In some instances, the independent fair valuation service uses a stock's local close price because the service's measure of <br> predictability related to their valuation model of a stock is below a chosen threshold. These securities represent $1,049,896 or 0.3% of the Portfolio's net assets. <br>Other Portfolio securities are not subjected to fair valuation procedures because they are traded on domestic or foreign exchanges that have close times that are <br> consistent with the U.S. market close, normally 4:00 pm Eastern Time.<br>|
| (d) | 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>|
| (e) | 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>|
| (f) | Includes $284,593 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 54 | September 19, 2025 | &nbsp;&nbsp; $7144964 | &nbsp;&nbsp; $7240590 | &nbsp;&nbsp; $95626 | &nbsp;&nbsp; $2160 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.3%** | **Shares** | **Value** |
| **Communication Services–10.5%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 32448 | $5718311 |
| Live Nation Entertainment, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6589 | 996784 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 4072 | 3005502 |
| ROBLOX Corp. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14819 | 1558959 |
| Tencent Holdings Ltd. (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 21567 | 1385186 |
|  |  | 12664742 |
| **Consumer Discretionary–18.8%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8517 | 1127140 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58978 | 12939184 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 216 | 1250476 |
| BYD Co. Ltd. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 70315 | 1100494 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9784 | 275126 |
| D.R. Horton, Inc. (Household Durables) | 2070 | 266864 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 592 | 242732 |
| Floor & Decor Holdings, Inc. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2686 | 204029 |
| Games Workshop Group PLC <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 1286 | 286388 |
| Kura Sushi U.S.A., Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2192 | 188687 |
| Lowe's Cos., Inc. (Specialty Retail) | 9882 | 2192519 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 615 | 1607383 |
| Savers Value Village, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12354 | 126011 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 4964 | 454851 |
| TopBuild Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1107 | 358380 |
|  |  | 22620264 |
| **Consumer Staples–2.3%** |  |  |
| Coca-Cola Co. / The (Beverages) | 7546 | 533880 |
| Constellation Brands, Inc. Class A <br> (Beverages)<br>| 4486 | 729782 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 18179 | 1468863 |
|  |  | 2732525 |
| **Energy–1.5%** |  |  |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 4677 | 1138943 |
| Range Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 16152 | 656902 |
|  |  | 1795845 |
| **Financials–10.2%** |  |  |
| Arthur J. Gallagher & Co. (Insurance) | 3635 | 1163636 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 5797 | 1233370 |
| Evercore, Inc. Class A (Capital Markets) | 1379 | 372358 |
| Huntington Bancshares, Inc. (Banks) | 14015 | 234891 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 7338 | 1346303 |
| M&T Bank Corp. (Banks) | 1214 | 235504 |
| Mastercard, Inc. Class A (Financial Services) | 5455 | 3065383 |
| Morgan Stanley (Capital Markets) | 2350 | 331021 |
| Rocket Cos., Inc. Class A (Financial Services) | 24800 | 351664 |
| Toast, Inc. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23984 | 1062251 |
| Visa, Inc. (Financial Services) | 8221 | 2918866 |
|  |  | 12315247 |
| **Health Care–14.0%** |  |  |
| 10X Genomics, Inc. Class A (Life Sciences <br> Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4630 | 53615 |
| Aclaris Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2837 | 4029 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3159 | $598094 |
| Alnylam Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4376 | 1426970 |
| Arcellx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 627 | 41288 |
| Beam Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8641 | 146983 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2403 | 301793 |
| BioNTech SE – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4554 | 484864 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 805 | 41417 |
| Blueprint Medicines Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 399 | 51144 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 25603 | 2750018 |
| Ceribell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1200 | 22476 |
| Chemometec A/S (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1663 | 153418 |
| Chugai Pharmaceutical Co. Ltd. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 9325 | 487451 |
| Codexis, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19371 | 47265 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1969 | 65056 |
| Eli Lilly & Co. (Pharmaceuticals) | 3853 | 3003529 |
| Exact Sciences Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17365 | 922776 |
| Galapagos N.V. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4172 | 116774 |
| Gilead Sciences, Inc. (Biotechnology) | 9571 | 1061137 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2580 | 266488 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9222 | 966097 |
| Hookipa Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 679 | 852 |
| Immunocore Holdings PLC – ADR <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2525 | 79235 |
| Janux Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1392 | 32155 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 476 | 65431 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3454 | 122583 |
| MaxCyte, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6466 | 14096 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3898 | 107546 |
| Penumbra, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1343 | 344654 |
| Pulmonx Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1299 | 3364 |
| Royalty Pharma PLC Class A <br> (Pharmaceuticals)<br>| 38813 | 1398432 |
| RxSight, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 418 | 5434 |
| Teva Pharmaceutical Industries Ltd. – ADR <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 32666 | 547482 |
| UCB SA (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3343 | 656767 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1403 | 404036 |
| Vor BioPharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6484 | 10504 |
| XOMA Royalty Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2769 | 69779 |
| Zevra Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6376 | 56173 |
|  |  | 16931205 |
| **Industrials–8.8%** |  |  |
| Deere & Co. (Machinery) | 3172 | 1612930 |
| Equifax, Inc. (Professional Svs.) | 7627 | 1978215 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 3400 | 743127 |
| GE Vernova, Inc. (Electrical Equip.) | 3015 | 1595387 |
| General Electric Co. (Aerospace & Defense) | 6931 | 1783970 |
| Ingersoll Rand, Inc. (Machinery) | 6760 | 562297 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 57 | 4912 |
| RELX PLC – ADR (Professional Svs.) | 6767 | 367719 |
| Simpson Manufacturing Co., Inc. <br> (Building Products)<br>| 278 | 43176 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8403 | 784000 |
| UL Solutions, Inc. Class A (Professional Svs.) | 7209 | 525248 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 3186 | 666989 |
|  |  | 10667970 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology–30.4%** |  |  |
| Appfolio, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 256 | $58952 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 23506 | 4822726 |
| Astera Labs, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 200 | 18084 |
| BE Semiconductor Industries N.V. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5278 | 790102 |
| Circle Internet Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 200 | 36258 |
| CyberArk Software Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 588 | 239245 |
| Docusign, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4883 | 380337 |
| Gartner, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 243 | 98225 |
| HubSpot, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1550 | 862777 |
| Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 2979 | 649720 |
| Microsoft Corp. (Software) | 14464 | 7194538 |
| Monday.com Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2288 | 719530 |
| Nutanix, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3933 | 300639 |
| NVIDIA Corp. (Semiconductors & Equip.) | 89111 | 14078647 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1809 | 370194 |
| SailPoint, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 700 | 16002 |
| Shopify, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13128 | 1514315 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1913 | 407622 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> – ADR (Semiconductors & Equip.)<br>| 13870 | 3141416 |
| Wix.com Ltd. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4032 | 638911 |
| Zeta Global Holdings Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11766 | 182255 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 545 | 171097 |
|  |  | 36691592 |
| **Materials–2.0%** |  |  |
| Carpenter Technology Corp. (Metals & <br> Mining)<br>| 3074 | 849592 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Eagle Materials, Inc. (Construction Materials) | 196 | $39613 |
| International Paper Co. (Containers & <br> Packaging)<br>| 14433 | 675897 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 933 | 512180 |
| Vale SA – ADR (Metals & Mining) | 36491 | 354328 |
|  |  | 2431610 |
| **Real Estate–0.8%** |  |  |
| Zillow Group, Inc. Class A (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2724 | 186567 |
| Zillow Group, Inc. Class C (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11638 | 815242 |
|  |  | 1001809 |
| **Total Common Stocks (Cost $95,412,376)** |  | $119852809 |

---

---

| | | |
|:---|:---|:---|
| **Rights–0.0%** | **Quantity** | **Value** |
| **Health Care–0.0%** |  |  |
| 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 $44,288)** |  | $— |
| **Total Investments – 99.3% (Cost $95,456,664)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  | $119852809 |
| **Other Assets in Excess of Liabilities – 0.7%** |  | 834422 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $120687231 |

---

<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 $5,602,933 or 4.6% of the <br> Portfolio's net assets.<br>|
| (c) | Represents a security deemed to be restricted. At June 30, 2025, the value of restricted securities in the Portfolio totaled $0, or 0.0% of the Portfolio's net assets. |
| (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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.4%** | **Shares** | **Value** |
| **Communication Services–1.5%** |  |  |
| Cable One, Inc. (Media) | 320 | $43459 |
| Cargurus, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4230 | 141578 |
| Cars.com, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5115 | 60613 |
| Cinemark Holdings, Inc. (Entertainment) | 6250 | 188625 |
| Cogent Communications Holdings, Inc. <br> (Diversified Telecom. Svs.)<br>| 1790 | 86296 |
| DoubleVerify Holdings, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6000 | 89820 |
| IAC, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2903 | 108398 |
| John Wiley & Sons, Inc. Class A (Media) | 2150 | 95955 |
| Lumen Technologies, Inc. (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 42020 | 184048 |
| Madison Square Garden Sports Corp. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 540 | 112833 |
| QuinStreet, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4900 | 78890 |
| Shutterstock, Inc. (Interactive Media & Svs.) | 2280 | 43229 |
| TEGNA, Inc. (Media) | 7090 | 118828 |
| Telephone & Data Systems, Inc. (Wireless <br> Telecom. Svs.)<br>| 4780 | 170072 |
| Yelp, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2696 | 92392 |
|  |  | 1615036 |
| **Consumer Discretionary–13.7%** |  |  |
| Academy Sports & Outdoors, Inc. <br> (Specialty Retail)<br>| 2109 | 94504 |
| Acushnet Holdings Corp. (Leisure Products) | 1056 | 76898 |
| Adient PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5380 | 104695 |
| Adtalem Global Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1100 | 139953 |
| Advance Auto Parts, Inc. (Specialty Retail) | 2303 | 107066 |
| American Eagle Outfitters, Inc. <br> (Specialty Retail)<br>| 9400 | 90428 |
| Asbury Automotive Group, Inc. <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 836 | 199419 |
| BJ's Restaurants, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3030 | 135138 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 5730 | 49335 |
| Boot Barn Holdings, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6595 | 1002440 |
| BorgWarner, Inc. (Automobile Components) | 8670 | 290272 |
| Brinker International, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1820 | 328201 |
| Buckle, Inc. / The (Specialty Retail) | 2600 | 117910 |
| Caleres, Inc. (Specialty Retail) | 2590 | 31650 |
| Cava Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3320 | 279644 |
| Cavco Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 117296 |
| Century Communities, Inc. <br> (Household Durables)<br>| 1830 | 103066 |
| Champion Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10132 | 634365 |
| Cheesecake Factory, Inc. / The (Hotels, <br> Restaurants & Leisure)<br>| 1890 | 118427 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 1380 | 84290 |
| Dana, Inc. (Automobile Components) | 7540 | 129311 |
| Dorman Products, Inc. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 850 | 104269 |
| Dutch Bros, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10156 | 694366 |
| Etsy, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4140 | 207662 |
| Foot Locker, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4430 | 108535 |
| Frontdoor, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3161 | 186309 |
| Gentherm, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3600 | 101844 |
| G-III Apparel Group Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3240 | 72576 |
| Golden Entertainment, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 2690 | 79167 |
| Green Brick Partners, Inc. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1770 | 111298 |
| Group 1 Automotive, Inc. (Specialty Retail) | 402 | 175557 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Guess?, Inc. (Specialty Retail) | 1070 | $12936 |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14600 | 66868 |
| Installed Building Products, Inc. <br> (Household Durables)<br>| 968 | 174550 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 1410 | 24619 |
| Kohl's Corp. (Broadline Retail) | 5490 | 46555 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>| 2300 | 151731 |
| La-Z-Boy, Inc. (Household Durables) | 2300 | 85491 |
| LGI Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1070 | 55126 |
| M/I (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1120 | 125574 |
| Matthews International Corp. Class A <br> (Diversified Consumer Svs.)<br>| 3870 | 92532 |
| Meritage Homes Corp. (Household Durables) | 2520 | 168764 |
| Mister Car Wash, Inc. (Diversified Consumer <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18480 | 111065 |
| Modine Manufacturing Co. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7518 | 740523 |
| National Vision Holdings, Inc. <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5680 | 130697 |
| Newell Brands, Inc. (Household Durables) | 17040 | 92016 |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6219 | 819540 |
| Oxford Industries, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>| 950 | 38237 |
| Patrick Industries, Inc. <br> (Automobile Components)<br>| 1380 | 127333 |
| Penn Entertainment, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5930 | 105969 |
| Phinia, Inc. (Automobile Components) | 2470 | 109890 |
| Portillo's, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 50990 | 595053 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1594 | 301282 |
| Rush Street Interactive, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 53401 | 795675 |
| Shake Shack, Inc. Class A (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1640 | 230584 |
| SharkNinja, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6139 | 607700 |
| Signet Jewelers Ltd. (Specialty Retail) | 2160 | 171828 |
| Six Flags Entertainment Corp. (Hotels, <br> Restaurants & Leisure)<br>| 3864 | 117582 |
| Sonos, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9149 | 98901 |
| Steven Madden Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>| 3220 | 77216 |
| Stride, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1730 | 251179 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 3168 | 593715 |
| Topgolf Callaway Brands Corp. <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11210 | 90240 |
| Tri Pointe Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3853 | 123103 |
| Urban Outfitters, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2230 | 161764 |
| Victoria's Secret & Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3273 | 60616 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 2047 | 689307 |
| Winnebago Industries, Inc. (Automobiles) | 1670 | 48430 |
| Wolverine World Wide, Inc. (Textiles, Apparel <br> & Luxury Goods)<br>| 180 | 3254 |
| XPEL, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3090 | 110931 |
|  |  | 14484267 |
| **Consumer Staples–3.3%** |  |  |
| Andersons, Inc. / The (Consumer Staples <br> Distribution & Retail)<br>| 1920 | 70560 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7155 | 414489 |
| Cal-Maine Foods, Inc. (Food Products) | 1600 | 159408 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17156 | 795867 |
| Chefs' Warehouse, Inc. / The (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12501 | 797689 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Edgewell Personal Care Co. (Personal Care <br> Products)<br>| 2680 | $62739 |
| Energizer Holdings, Inc. (Household Products) | 3360 | 67738 |
| Fresh Del Monte Produce, Inc. <br> (Food Products)<br>| 60 | 1945 |
| Freshpet, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1851 | 125794 |
| Grocery Outlet Holding Corp. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4660 | 57877 |
| Interparfums, Inc. (Personal Care Products) | 900 | 118179 |
| J & J Snack Foods Corp. (Food Products) | 540 | 61241 |
| John B. Sanfilippo & Son, Inc. (Food Products) | 990 | 62608 |
| MGP Ingredients, Inc. (Beverages) | 1020 | 30569 |
| PriceSmart, Inc. (Consumer Staples <br> Distribution & Retail)<br>| 1000 | 105040 |
| Simply Good Foods Co. / The (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3780 | 119410 |
| Tootsie Roll Industries, Inc. (Food Products) | 3469 | 116038 |
| TreeHouse Foods, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2560 | 49715 |
| Universal Corp. (Tobacco) | 1179 | 68665 |
| WD-40 Co. (Household Products) | 630 | 143697 |
|  |  | 3429268 |
| **Energy–2.2%** |  |  |
| Archrock, Inc. (Energy Equip. & Svs.) | 6340 | 157422 |
| Bristow Group, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 70 | 2308 |
| Cactus, Inc. Class A (Energy Equip. & Svs.) | 2850 | 124602 |
| California Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 2930 | 133813 |
| Core Laboratories, Inc. (Energy Equip. & Svs.) | 1230 | 14170 |
| Core Natural Resources, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 2043 | 142479 |
| Crescent Energy Co. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 7200 | 61920 |
| CVR Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 3470 | 93170 |
| Gulfport Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 905 | 182059 |
| Helix Energy Solutions Group, Inc. (Energy <br> Equip. & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110 | 6926 |
| Helmerich & Payne, Inc. (Energy Equip. & Svs.) | 3900 | 59124 |
| Innovex International, Inc. (Energy Equip. & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6490 | 101374 |
| Liberty Energy, Inc. (Energy Equip. & Svs.) | 8530 | 97924 |
| Magnolia Oil & Gas Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 7580 | 170399 |
| Northern Oil & Gas, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 4380 | 124173 |
| Par Pacific Holdings, Inc. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2840 | 75345 |
| Patterson-UTI Energy, Inc. (Energy Equip. & <br> Svs.)<br>| 14264 | 84586 |
| Permian Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 2247 | 30604 |
| RPC, Inc. (Energy Equip. & Svs.) | 15490 | 73268 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 5130 | 126762 |
| Talos Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7240 | 61395 |
| TechnipFMC PLC (Energy Equip. & Svs.) | 3660 | 126050 |
| Tidewater, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2270 | 104715 |
| Vital Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2990 | 48109 |
| World Kinect Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 3640 | 103194 |
|  |  | 2305891 |
| **Financials–14.8%** |  |  |
| Acadian Asset Management, Inc. <br> (Capital Markets)<br>| 2827 | 99623 |
| Ameris Bancorp (Banks) | 2890 | 186983 |
| Apollo Commercial Real Estate Finance, Inc. <br> (Mortgage REIT)<br>| 12700 | 122936 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Arbor Realty Trust, Inc. (Mortgage REIT) | 10954 | $117208 |
| Artisan Partners Asset Management, Inc. <br> Class A (Capital Markets)<br>| 4150 | 183969 |
| Assured Guaranty Ltd. (Insurance) | 1970 | 171587 |
| Atlantic Union Bankshares Corp. (Banks) | 5655 | 176888 |
| Axos Financial, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2460 | 187058 |
| Banc of California, Inc. (Banks) | 6950 | 97648 |
| Bancorp, Inc. / The (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2390 | 136158 |
| Bank of Hawaii Corp. (Banks) | 2400 | 162072 |
| BankUnited, Inc. (Banks) | 3490 | 124209 |
| Banner Corp. (Banks) | 2240 | 143696 |
| BGC Group, Inc. Class A (Capital Markets) | 15180 | 155291 |
| Blackstone Mortgage Trust, Inc. Class A <br> (Mortgage REIT)<br>| 9480 | 182490 |
| Bread Financial Holdings, Inc. <br> (Consumer Finance)<br>| 3242 | 185183 |
| Brookline Bancorp, Inc. (Banks) | 11040 | 116472 |
| Cathay General Bancorp (Banks) | 3990 | 181665 |
| Community Financial System, Inc. (Banks) | 2450 | 139331 |
| Customers Bancorp, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2500 | 146850 |
| CVB Financial Corp. (Banks) | 5540 | 109637 |
| Donnelley Financial Solutions, Inc. <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1710 | 105422 |
| Enact Holdings, Inc. (Financial Services) | 2630 | 97705 |
| Enova International, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1100 | 122672 |
| EVERTEC, Inc. (Financial Services) | 3260 | 117523 |
| FB Financial Corp. (Banks) | 3190 | 144507 |
| First BanCorp (Banks) | 8240 | 171639 |
| First Hawaiian, Inc. (Banks) | 5920 | 147763 |
| Fulton Financial Corp. (Banks) | 8210 | 148108 |
| Genworth Financial, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23130 | 179951 |
| Goosehead Insurance, Inc. Class A <br> (Insurance)<br>| 1000 | 105510 |
| HA Sustainable Infrastructure Capital, Inc. <br> (Financial Services)<br>| 4910 | 131883 |
| Hilltop Holdings, Inc. (Banks) | 100 | 3035 |
| Hope Bancorp, Inc. (Banks) | 9440 | 101291 |
| Horace Mann Educators Corp. (Insurance) | 3140 | 134926 |
| Houlihan Lokey, Inc. (Capital Markets) | 3428 | 616869 |
| Independent Bank Corp. (Banks) | 1963 | 123443 |
| Jackson Financial, Inc. Class A <br> (Financial Services)<br>| 3067 | 272319 |
| KKR Real Estate Finance Trust, Inc. <br> (Mortgage REIT)<br>| 20 | 175 |
| Lincoln National Corp. (Insurance) | 7010 | 242546 |
| Marex Group PLC (Capital Markets) | 11717 | 462470 |
| Moelis & Co. Class A (Capital Markets) | 2430 | 151438 |
| Mr. Cooper Group, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2680 | 399883 |
| Navient Corp. (Consumer Finance) | 6040 | 85164 |
| NCR Atleos Corp. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22055 | 629229 |
| NMI Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3464 | 146146 |
| Northwest Bancshares, Inc. (Banks) | 9360 | 119621 |
| OFG Bancorp (Banks) | 20 | 856 |
| Pacific Premier Bancorp, Inc. (Banks) | 4480 | 94483 |
| Palomar Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5203 | 802563 |
| Park National Corp. (Banks) | 660 | 110392 |
| Pathward Financial, Inc. (Banks) | 2070 | 163778 |
| Payoneer Global, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10530 | 72131 |
| Piper Sandler Cos. (Capital Markets) | 3260 | 906084 |
| PJT Partners, Inc. Class A (Capital Markets) | 960 | 158410 |
| ProAssurance Corp. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7110 | 162321 |
| PROG Holdings, Inc. (Consumer Finance) | 2390 | 70147 |
| Provident Financial Services, Inc. (Banks) | 5900 | 103427 |
| Radian Group, Inc. (Financial Services) | 5720 | 206034 |
| Ready Capital Corp. (Mortgage REIT) | 9780 | 42739 |
| Renasant Corp. (Banks) | 3679 | 132186 |
| RLI Corp. (Insurance) | 6480 | 467986 |
| S&T Bancorp, Inc. (Banks) | 3030 | 114595 |
| ServisFirst Bancshares, Inc. (Banks) | 2190 | 169747 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Shift4 Payments, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5409 | $536086 |
| Simmons First National Corp. Class A (Banks) | 9350 | 177276 |
| SiriusPoint Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7640 | 155780 |
| Southside Bancshares, Inc. (Banks) | 4430 | 130375 |
| StepStone Group, Inc. Class A <br> (Capital Markets)<br>| 12426 | 689643 |
| Stewart Information Services Corp. <br> (Insurance)<br>| 90 | 5859 |
| Stifel Financial Corp. (Capital Markets) | 5328 | 552940 |
| StoneX Group, Inc. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 577 | 52588 |
| Triumph Financial, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 110 | 6062 |
| Trupanion, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2310 | 127858 |
| Trustmark Corp. (Banks) | 4200 | 153132 |
| TWFG, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10605 | 371175 |
| Two Harbors Investment Corp. <br> (Mortgage REIT)<br>| 9510 | 102423 |
| United Community Banks, Inc. (Banks) | 4336 | 129169 |
| Virtu Financial, Inc. Class A (Capital Markets) | 3400 | 152286 |
| WaFd, Inc. (Banks) | 3860 | 113021 |
| Westamerica BanCorp (Banks) | 2230 | 108021 |
| WisdomTree, Inc. (Capital Markets) | 10600 | 122006 |
| WSFS Financial Corp. (Banks) | 2801 | 154055 |
|  |  | 15705826 |
| **Health Care–15.5%** |  |  |
| ACADIA Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4880 | 105262 |
| Addus HomeCare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 125557 |
| ADMA Biologics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10130 | 184467 |
| Akero Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7466 | 398386 |
| Alkermes PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6820 | 195120 |
| AMN Healthcare Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2150 | 44441 |
| Amphastar Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2530 | 58089 |
| ANI Pharmaceuticals, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1630 | 106357 |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6785 | 294673 |
| Arcus Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5810 | 47293 |
| ARS Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19252 | 335947 |
| Ascendis Pharma A/S – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1621 | 279785 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17780 | 582651 |
| Azenta, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4857 | 149498 |
| Beta Bionics, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1170 | 17035 |
| Blueprint Medicines Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2673 | 342625 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12211 | 527271 |
| BrightSpring Health Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 26699 | 629829 |
| Caris Life Sciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8533 | 228002 |
| Catalyst Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4610 | 100037 |
| Certara, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6570 | 76869 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10381 | 269906 |
| Concentra Group Holdings Parent, Inc. (Health <br> Care Providers & Svs.)<br>| 4360 | 89685 |
| CONMED Corp. (Health Care Equip. & <br> Supplies)<br>| 1540 | 80203 |
| Corcept Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3790 | 278186 |
| CorVel Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1320 | 135670 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5471 | 180762 |
| Denali Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15144 | 211865 |
| Dianthus Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9369 | 174544 |
| Dynavax Technologies Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7903 | 78398 |
| Embecta Corp. (Health Care Equip. & Supplies) | 4021 | 38963 |
| GeneDx Holdings Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3318 | 306285 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8716 | 900276 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5311 | 276278 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Harmony Biosciences Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3100 | $97960 |
| ICU Medical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 960 | 126864 |
| Insmed, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4522 | 455094 |
| Inspire Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1300 | 168701 |
| Integer Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1710 | 210279 |
| Integra LifeSciences Holdings Corp. (Health <br> Care Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20 | 245 |
| Kestra Medical Technologies Ltd. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11815 | 195893 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1160 | 159454 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7687 | 272812 |
| LeMaitre Vascular, Inc. (Health Care Equip. & <br> Supplies)<br>| 1230 | 102151 |
| Masimo Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3709 | 623928 |
| Merit Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2800 | 261744 |
| Merus N.V. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5419 | 285039 |
| Metsera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6719 | 191156 |
| MoonLake Immunotherapeutics <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5648 | 266586 |
| National HealthCare Corp. (Health Care <br> Providers & Svs.)<br>| 1130 | 120921 |
| Neogen Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10840 | 51815 |
| Newamsterdam Pharma Co. N.V. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11581 | 209732 |
| Omnicell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2210 | 64974 |
| Organon & Co. (Pharmaceuticals) | 11605 | 112336 |
| Owens & Minor, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5160 | 46956 |
| Premier, Inc. Class A (Health Care Providers & <br> Svs.)<br>| 6550 | 143641 |
| Prestige Consumer Healthcare, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1980 | 158103 |
| Privia Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5845 | 134435 |
| PROCEPT BioRobotics Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10836 | 624154 |
| Protagonist Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2650 | 146465 |
| RadNet, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2600 | 147966 |
| Rapport Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8884 | 101011 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4292 | 533839 |
| Schrodinger, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3290 | 66195 |
| Select Medical Holdings Corp. (Health Care <br> Providers & Svs.)<br>| 5070 | 76963 |
| Supernus Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3810 | 120091 |
| Tandem Diabetes Care, Inc. (Health Care Equip. <br> & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3020 | 56293 |
| Teleflex, Inc. (Health Care Equip. & Supplies) | 1860 | 220150 |
| TG Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5800 | 208742 |
| TransMedics Group, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1650 | 221116 |
| Trevi Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 34281 | 187517 |
| UFP Technologies, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 340 | 83014 |
| Ultragenyx Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5017 | 182418 |
| Vir Biotechnology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9590 | 48334 |
| Viridian Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15363 | 214775 |
| Waystar Holding Corp. (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16507 | 674641 |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7578 | 237191 |
|  |  | 16461909 |
| **Industrials–22.2%** |  |  |
| AAR Corp. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1440 | 99058 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| ABM Industries, Inc. (Commercial Svs. & <br> Supplies)<br>| 2860 | $135021 |
| ACV Auctions, Inc. Class A (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 42029 | 681710 |
| AeroVironment, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4727 | 1346960 |
| Air Lease Corp. (Trading Companies & <br> Distributors)<br>| 5230 | 305903 |
| Alamo Group, Inc. (Machinery) | 510 | 111374 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5700 | 134577 |
| Apogee Enterprises, Inc. (Building Products) | 1450 | 58870 |
| ArcBest Corp. (Ground Transportation) | 1059 | 81554 |
| Arcosa, Inc. (Construction & Engineering) | 1620 | 140470 |
| Armstrong World Industries, Inc. <br> (Building Products)<br>| 5684 | 923309 |
| AZEK Co., Inc. / The (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8846 | 480780 |
| AZZ, Inc. (Building Products) | 1410 | 133217 |
| Boise Cascade Co. (Trading Companies & <br> Distributors)<br>| 1690 | 146726 |
| Brady Corp. Class A (Commercial Svs. & <br> Supplies)<br>| 2100 | 142737 |
| Casella Waste Systems, Inc. Class A <br> (Commercial Svs. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7194 | 830044 |
| Construction Partners, Inc. Class A <br> (Construction & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8092 | 860018 |
| CoreCivic, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4420 | 93129 |
| CSG Systems International, Inc. <br> (Professional Svs.)<br>| 2350 | 153478 |
| CSW Industrials, Inc. (Building Products) | 2863 | 821194 |
| Deluxe Corp. (Commercial Svs. & Supplies) | 5150 | 81937 |
| Dycom Industries, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 980 | 239502 |
| Enerpac Tool Group Corp. (Machinery) | 2210 | 89638 |
| Enpro, Inc. (Machinery) | 4282 | 820217 |
| Esab Corp. (Machinery) | 4844 | 583944 |
| ESCO Technologies, Inc. (Machinery) | 1330 | 255187 |
| Everus Construction Group, Inc. (Construction <br> & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13366 | 849142 |
| Federal Signal Corp. (Machinery) | 2460 | 261793 |
| Franklin Electric Co., Inc. (Machinery) | 1790 | 160635 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2646 | 427329 |
| Gates Industrial Corp. PLC (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8652 | 199256 |
| GEO Group, Inc. / The (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5630 | 134838 |
| Gibraltar Industries, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1840 | 108560 |
| GMS, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1940 | 210975 |
| Granite Construction, Inc. (Construction & <br> Engineering)<br>| 2280 | 213203 |
| Greenbrier Cos., Inc. / The (Machinery) | 1732 | 79759 |
| Griffon Corp. (Building Products) | 1840 | 133161 |
| Hayward Holdings, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2705 | 37329 |
| Hillenbrand, Inc. (Machinery) | 4220 | 84695 |
| HNI Corp. (Commercial Svs. & Supplies) | 70 | 3443 |
| Hub Group, Inc. Class A (Air Freight & <br> Logistics)<br>| 2750 | 91933 |
| Interface, Inc. (Commercial Svs. & Supplies) | 5870 | 122859 |
| ITT, Inc. (Machinery) | 4389 | 688327 |
| JBT Marel Corp. (Machinery) | 1909 | 229576 |
| JetBlue Airways Corp. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16980 | 71825 |
| Kadant, Inc. (Machinery) | 480 | 152376 |
| Karman Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9497 | 478364 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6150 | 697471 |
| Korn Ferry (Professional Svs.) | 2040 | 149593 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6602 | 306663 |
| Leonardo DRS, Inc. (Aerospace & Defense) | 16470 | 765526 |
| Lindsay Corp. (Machinery) | 810 | 116842 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6874 | 592333 |
| Marten Transport Ltd. (Ground Transportation) | 4660 | 60533 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6500 | 71045 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Matson, Inc. (Marine Transportation) | 1434 | $159676 |
| Mercury Systems, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3385 | 182316 |
| MillerKnoll, Inc. (Commercial Svs. & Supplies) | 3990 | 77486 |
| Moog, Inc. Class A (Aerospace & Defense) | 1150 | 208115 |
| Mueller Water Products, Inc. Class A <br> (Machinery)<br>| 6260 | 150490 |
| MYR Group, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 640 | 116128 |
| NV5 Global, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3116 | 71948 |
| OPENLANE, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4230 | 103424 |
| Pitney Bowes, Inc. (Commercial Svs. & <br> Supplies)<br>| 1440 | 15710 |
| Powell Industries, Inc. (Electrical Equip.) | 430 | 90494 |
| Primoris Services Corp. (Construction & <br> Engineering)<br>| 10570 | 823826 |
| Resideo Technologies, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7490 | 165229 |
| Robert Half, Inc. (Professional Svs.) | 1830 | 75122 |
| Rush Enterprises, Inc. Class A (Trading <br> Companies & Distributors)<br>| 2686 | 138356 |
| RXO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5956 | 93628 |
| Saia, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 65 | 17809 |
| Schneider National, Inc. Class B <br> (Ground Transportation)<br>| 3920 | 94668 |
| SkyWest, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 640 | 65901 |
| SPX Technologies, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6852 | 1148943 |
| StandardAero, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19744 | 624898 |
| Sterling Infrastructure, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1221 | 281721 |
| Sun Country Airlines Holdings, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7020 | 82485 |
| Sunrun, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11012 | 90078 |
| Tennant Co. (Machinery) | 1190 | 92201 |
| Titan International, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7860 | 80722 |
| Trinity Industries, Inc. (Machinery) | 4060 | 109661 |
| Triumph Group, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2300 | 59225 |
| UniFirst Corp. (Commercial Svs. & Supplies) | 670 | 126107 |
| Verra Mobility Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6548 | 166254 |
| Vestis Corp. (Commercial Svs. & Supplies) | 6810 | 39021 |
| Voyager Technologies, Inc. Class A (Aerospace <br> & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5720 | 224510 |
| WillScot Holdings Corp. (Construction & <br> Engineering)<br>| 7380 | 202212 |
| Worthington Enterprises, Inc. (Machinery) | 1800 | 114552 |
| Zurn Elkay Water Solutions Corp. <br> (Building Products)<br>| 5690 | 208083 |
|  |  | 23550937 |
| **Information Technology–17.6%** |  |  |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4166 | 191261 |
| Adeia, Inc. (Software) | 7000 | 98980 |
| Advanced Energy Industries, Inc. (Electronic <br> Equip., Instr. & Comp.)<br>| 1210 | 160325 |
| Agilysys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 900 | 103176 |
| Alarm.com Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2300 | 130111 |
| Alkami Technology, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28101 | 846964 |
| Allegro MicroSystems, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18606 | 636139 |
| Alpha & Omega Semiconductor Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2680 | 68769 |
| Amplitude, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35747 | 443263 |
| Badger Meter, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 1270 | 311086 |
| BlackLine, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2570 | 145513 |
| Box, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5770 | 197161 |
| Braze, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17892 | 502765 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2380 | 126592 |
| Cleanspark, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11200 | 123536 |
| Clearwater Analytics Holdings, Inc. Class A <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29418 | 645137 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Corsair Gaming, Inc. (Tech. Hardware, Storage <br> & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9060 | $85436 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13798 | 1277557 |
| CTS Corp. (Electronic Equip., Instr. & Comp.) | 2150 | 91612 |
| Digi International, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4380 | 152687 |
| DigitalOcean Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2581 | 73713 |
| Diodes, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2320 | 122705 |
| DXC Technology Co. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8350 | 127672 |
| ePlus, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1350 | 97335 |
| FormFactor, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3300 | 113553 |
| Gitlab, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6544 | 295200 |
| Harmonic, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8940 | 84662 |
| Impinj, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 990 | 109959 |
| Insight Enterprises, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 150513 |
| Intapp, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14251 | 735637 |
| InterDigital, Inc. (Software) | 1060 | 237684 |
| Itron, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1850 | 243516 |
| JFrog Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17468 | 766496 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21712 | 729089 |
| Kulicke & Soffa Industries, Inc. <br> (Semiconductors & Equip.)<br>| 3430 | 118678 |
| Lattice Semiconductor Corp. (Semiconductors <br> & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2745 | 134478 |
| LiveRamp Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4660 | 153966 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5461 | 782507 |
| MARA Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10906 | 171006 |
| MaxLinear, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4640 | 65934 |
| Monday.com Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2177 | 684623 |
| N-able, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12800 | 103680 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7920 | 92902 |
| NetScout Systems, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5976 | 148265 |
| Onestream, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21167 | 599026 |
| OSI Systems, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 820 | 184385 |
| PC Connection, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 1580 | 103932 |
| Photronics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3990 | 75132 |
| Plexus Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1120 | 151547 |
| Progress Software Corp. (Software) | 2020 | 128957 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3900 | 331149 |
| Ralliant Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4519 | 219126 |
| Rubrik, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4694 | 420535 |
| Sandisk Corp. (Tech. Hardware, Storage & <br> Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5292 | 239992 |
| Sanmina Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2170 | 212291 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19231 | 868087 |
| SentinelOne, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11230 | 205284 |
| ServiceTitan, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4430 | 474807 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4648 | 990396 |
| SPS Commerce, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1620 | 220466 |
| TTM Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5710 | 233082 |
| Ultra Clean Holdings, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5100 | 115107 |
| Veeco Instruments, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2476 | 50312 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 230 | 2316 |
| Vishay Intertechnology, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>| 6200 | 98456 |
|  |  | 18606228 |
| **Materials–3.6%** |  |  |
| Balchem Corp. (Chemicals) | 1460 | 232432 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Celanese Corp. (Chemicals) | 4370 | $241792 |
| Century Aluminum Co. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1450 | 26129 |
| Element Solutions, Inc. (Chemicals) | 36182 | 819522 |
| FMC Corp. (Chemicals) | 4990 | 208333 |
| H.B. Fuller Co. (Chemicals) | 2182 | 131247 |
| Hawkins, Inc. (Chemicals) | 767 | 108991 |
| Ingevity Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2070 | 89196 |
| Kaiser Aluminum Corp. (Metals & Mining) | 1580 | 126242 |
| Knife River Corp. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8835 | 721289 |
| Koppers Holdings, Inc. (Chemicals) | 2080 | 66872 |
| Materion Corp. (Metals & Mining) | 1100 | 87307 |
| Minerals Technologies, Inc. (Chemicals) | 1740 | 95822 |
| MP Materials Corp. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5000 | 166350 |
| O-I Glass, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7907 | 116549 |
| Quaker Chemical Corp. (Chemicals) | 710 | 79477 |
| Sealed Air Corp. (Containers & Packaging) | 4299 | 133398 |
| Sensient Technologies Corp. (Chemicals) | 1890 | 186203 |
| Sylvamo Corp. (Paper & Forest Products) | 1720 | 86172 |
| Worthington Steel, Inc. (Metals & Mining) | 3590 | 107090 |
|  |  | 3830413 |
| **Real Estate–3.8%** |  |  |
| Acadia Realty Trust (Retail REITs) | 6240 | 115877 |
| American Assets Trust, Inc. (Diversified REITs) | 5070 | 100133 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br> REITs)<br>| 11700 | 136539 |
| CareTrust REIT, Inc. (Health Care REITs) | 7214 | 220748 |
| Cushman & Wakefield PLC (Real Estate Mgmt. <br> & Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9490 | 105054 |
| DiamondRock Hospitality Co. (Hotel & Resort <br> REITs)<br>| 100 | 766 |
| Douglas Emmett, Inc. (Office REITs) | 4390 | 66026 |
| Easterly Government Properties, Inc. <br> (Office REITs)<br>| 3680 | 81696 |
| Essential Properties Realty Trust, Inc. <br> (Diversified REITs)<br>| 7241 | 231060 |
| Four Corners Property Trust, Inc. <br> (Specialized REITs)<br>| 2870 | 77232 |
| Getty Realty Corp. (Retail REITs) | 4240 | 117194 |
| Global Net Lease, Inc. (Diversified REITs) | 13700 | 103435 |
| Highwoods Properties, Inc. (Office REITs) | 4141 | 128744 |
| Innovative Industrial Properties, Inc. <br> (Industrial REITs)<br>| 1220 | 67368 |
| JBG SMITH Properties (Office REITs) | 6370 | 110201 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br> Mgmt. & Development)<br>| 10190 | 69292 |
| LTC Properties, Inc. (Health Care REITs) | 2800 | 96908 |
| LXP Industrial Trust (Industrial REITs) | 11630 | 96064 |
| Macerich Co. / The (Retail REITs) | 10030 | 162285 |
| Marcus & Millichap, Inc. (Real Estate Mgmt. & <br> Development)<br>| 2590 | 79539 |
| Medical Properties Trust, Inc. (Health Care <br> REITs)<br>| 28000 | 120680 |
| Millrose Properties, Inc. (Specialized REITs) | 5136 | 146427 |
| NexPoint Residential Trust, Inc. <br> (Residential REITs)<br>| 1600 | 53312 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 8530 | 85215 |
| Phillips Edison & Co., Inc. (Retail REITs) | 5150 | 180405 |
| Ryman Hospitality Properties, Inc. (Hotel & <br> Resort REITs)<br>| 2400 | 236808 |
| Safehold, Inc. (Specialized REITs) | 4830 | 75155 |
| SITE Centers Corp. (Retail REITs) | 3615 | 40886 |
| SL Green Realty Corp. (Office REITs) | 2446 | 151407 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br> REITs)<br>| 15043 | 130573 |
| Tanger, Inc. (Retail REITs) | 4581 | 140087 |
| Terreno Realty Corp. (Industrial REITs) | 4100 | 229887 |
| Uniti Group, Inc. (Specialized REITs) | 20270 | 87566 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| Urban Edge Properties (Retail REITs) | 5370 | $100204 |
| Veris Residential, Inc. (Residential REITs) | 5360 | 79810 |
|  |  | 4024583 |
| **Utilities–1.2%** |  |  |
| American States Water Co. (Water Utilities) | 1500 | 114990 |
| Avista Corp. (Multi-Utilities) | 3300 | 125235 |
| California Water Service Group <br> (Water Utilities)<br>| 2120 | 96418 |
| Chesapeake Utilities Corp. (Gas Utilities) | 950 | 114209 |
| Clearway Energy, Inc. Class A (Ind. Power & <br> Renewable Elec.)<br>| 4200 | 127092 |
| Clearway Energy, Inc. Class C (Ind. Power & <br> Renewable Elec.)<br>| 3300 | 105600 |
| MDU Resources Group, Inc. (Gas Utilities) | 5678 | 94652 |
| MGE Energy, Inc. (Electric Utilities) | 1133 | 100202 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| Middlesex Water Co. (Water Utilities) | 1910 | $103484 |
| Northwest Natural Holding Co. (Gas Utilities) | 2830 | 112408 |
| Otter Tail Corp. (Electric Utilities) | 1911 | 147319 |
|  |  | 1241609 |
| **Total Common Stocks (Cost $101,891,744)** |  | $105255967 |

---

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–0.3%** | **Shares** | **Value** |
| iShares Core S&P Small-Cap ETF  | 3159 | $345247 |
| **Total Exchange Traded Funds (Cost $343,895)** |  | $345247 |
| **Total Investments – 99.7% (Cost $102,235,639)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $105601214 |
| **Other Assets in Excess of Liabilities – 0.3%** |  | 362905 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $105964119 |

---

<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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.0%** | **Shares** | **Value** |
| **Communication Services–3.3%** |  |  |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 233 | $95253 |
| Criteo SA – ADR (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6710 | 160772 |
| Electronic Arts, Inc. (Entertainment) | 678 | 108277 |
| Fox Corp. Class B (Media) | 890 | 45951 |
| Frontier Communications Parent, Inc. <br> (Diversified Telecom. Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1290 | 46956 |
| Liberty Broadband Corp. Class C (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 660 | 64931 |
| Liberty Media Corp. - Liberty Formula One <br> Class C (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 720 | 75240 |
| Live Nation Entertainment, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 440 | 66563 |
| News Corp. Class A (Media) | 2370 | 70436 |
| Nexstar Media Group, Inc. (Media) | 1740 | 300933 |
| Omnicom Group, Inc. (Media) | 930 | 66904 |
| Paramount Global Class B (Media) | 5130 | 66177 |
| Pinterest, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1690 | 60603 |
| Reddit, Inc. Class A (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1969 | 296472 |
| ROBLOX Corp. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1750 | 184100 |
| Sirius XM Holdings, Inc. (Media) | 3186 | 73183 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 460 | 111711 |
| TKO Group Holdings, Inc. (Entertainment) | 1817 | 330603 |
| Trade Desk, Inc. / The Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1120 | 80629 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7731 | 88597 |
|  |  | 2394291 |
| **Consumer Discretionary–12.3%** |  |  |
| ADT, Inc. (Diversified Consumer Svs.) | 33435 | 283194 |
| Amer Sports, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1990 | 77132 |
| Aramark (Hotels, Restaurants & Leisure) | 1962 | 82149 |
| AutoNation, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1176 | 233612 |
| Bath & Body Works, Inc. (Specialty Retail) | 9443 | 282912 |
| Best Buy Co., Inc. (Specialty Retail) | 940 | 63102 |
| Birkenstock Holding PLC (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6507 | 320014 |
| BorgWarner, Inc. (Automobile Components) | 7592 | 254180 |
| Brunswick Corp. (Leisure Products) | 3659 | 202123 |
| Burlington Stores, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 565 | 131442 |
| CarMax, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 820 | 55112 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 980 | 27558 |
| Carvana Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 310 | 104458 |
| Cava Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4485 | 377772 |
| Champion Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3421 | 214189 |
| Coupang, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3130 | 93775 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 1970 | 120328 |
| Crocs, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3029 | 306777 |
| D.R. Horton, Inc. (Household Durables) | 730 | 94112 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 250 | 54493 |
| Deckers Outdoor Corp. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 351 | 36178 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 180 | 81108 |
| DraftKings, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8623 | 369840 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1128 | 462503 |
| eBay, Inc. (Broadline Retail) | 1190 | 88607 |
| Expedia Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 270 | 45544 |
| Flutter Entertainment PLC (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 450 | 128592 |
| Ford Motor Co. (Automobiles) | 9990 | 108392 |
| GameStop Corp. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2136 | 52097 |
| Gap, Inc. / The (Specialty Retail) | 2190 | 47764 |
| Garmin Ltd. (Household Durables) | 359 | 74930 |
| Genuine Parts Co. (Distributors) | 610 | 73999 |
| Group 1 Automotive, Inc. (Specialty Retail) | 471 | 205690 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 601 | 160070 |
| Hyatt Hotels Corp. Class A (Hotels, Restaurants <br> & Leisure)<br>| 536 | 74852 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br> Leisure)<br>| 1210 | 52647 |
| Laureate Education, Inc. (Diversified Consumer <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1041 | 24339 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Lennar Corp. Class A (Household Durables) | 220 | $24334 |
| LKQ Corp. (Distributors) | 1630 | 60326 |
| Lucid Group, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24658 | 52028 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 64147 |
| MGM Resorts International (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1930 | 66373 |
| Murphy U.S.A., Inc. (Specialty Retail) | 653 | 265640 |
| Norwegian Cruise Line Holdings Ltd. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3400 | 68952 |
| NVR, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7 | 51700 |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2679 | 353039 |
| On Holding AG Class A (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6369 | 331506 |
| PulteGroup, Inc. (Household Durables) | 544 | 57370 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 227 | 62262 |
| Restaurant Brands International, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 830 | 55021 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 721 | 136276 |
| Rivian Automotive, Inc. Class A (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2290 | 31465 |
| Ross Stores, Inc. (Specialty Retail) | 845 | 107805 |
| Royal Caribbean Cruises Ltd. (Hotels, <br> Restaurants & Leisure)<br>| 610 | 191015 |
| Service Corp. International (Diversified <br> Consumer Svs.)<br>| 570 | 46398 |
| SharkNinja, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3354 | 332012 |
| Skechers U.S.A., Inc. Class A (Textiles, Apparel <br> & Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 770 | 48587 |
| Somnigroup International, Inc. <br> (Household Durables)<br>| 1140 | 77577 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 250 | 46853 |
| Tractor Supply Co. (Specialty Retail) | 1200 | 63324 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 110 | 51460 |
| Viking Holdings Ltd. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6905 | 367967 |
| Williams-Sonoma, Inc. (Specialty Retail) | 336 | 54892 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 1220 | 410823 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 750 | 60908 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 720 | 106690 |
|  |  | 9112336 |
| **Consumer Staples–4.8%** |  |  |
| Albertsons Cos., Inc. Class A (Consumer <br> Staples Distribution & Retail)<br>| 2510 | 53990 |
| Archer-Daniels-Midland Co. (Food Products) | 1270 | 67031 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3084 | 178656 |
| BJ's Wholesale Club Holdings, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3700 | 398971 |
| Casey's General Stores, Inc. (Consumer Staples <br> Distribution & Retail)<br>| 90 | 45924 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10208 | 473549 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 656 | 63048 |
| Clorox Co. / The (Household Products) | 400 | 48028 |
| Constellation Brands, Inc. Class A (Beverages) | 330 | 53684 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 580 | 66340 |
| Dollar Tree, Inc. (Consumer Staples Distribution <br> & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3270 | 323861 |
| e.l.f. Beauty, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30 | 3733 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 600 | 48480 |
| General Mills, Inc. (Food Products) | 1414 | 73259 |
| Hershey Co. / The (Food Products) | 380 | 63061 |
| Hormel Foods Corp. (Food Products) | 1720 | 52030 |
| Kellanova (Food Products) | 1220 | 97027 |
| Kenvue, Inc. (Personal Care Products) | 5780 | 120976 |
| Kraft Heinz Co. / The (Food Products) | 2180 | 56288 |
| Kroger Co. / The (Consumer Staples Distribution <br> & Retail)<br>| 1556 | 111612 |
| Maplebear, Inc. (Consumer Staples Distribution <br> & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1510 | 68312 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| McCormick & Co., Inc. (Food Products) | 1010 | $76578 |
| Molson Coors Beverage Co. Class B <br> (Beverages)<br>| 910 | 43762 |
| Nomad Foods Ltd. (Food Products) | 15033 | 255411 |
| Performance Food Group Co. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 810 | 70851 |
| Pilgrim's Pride Corp. (Food Products) | 1100 | 49478 |
| Primo Brands Corp. (Beverages) | 1560 | 46207 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 1330 | 100734 |
| The Campbell's Company (Food Products) | 1600 | 49040 |
| Tyson Foods, Inc. Class A (Food Products) | 1180 | 66009 |
| U.S. Foods Holding Corp. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110 | 85481 |
| Walgreens Boots Alliance, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 2410 | 27667 |
| WD-40 Co. (Household Products) | 960 | 218967 |
|  |  | 3558045 |
| **Energy–3.8%** |  |  |
| Antero Midstream Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 2470 | 46806 |
| Baker Hughes Co. (Energy Equip. & Svs.) | 2590 | 99301 |
| Cameco Corp. (Oil, Gas & Consumable Fuels) | 1790 | 132872 |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 562 | 136858 |
| Chord Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 340 | 32929 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 2470 | 62689 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 1627 | 51755 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 406 | 55784 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 1778 | 103693 |
| Expand Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 250 | 29235 |
| Halliburton Co. (Energy Equip. & Svs.) | 2640 | 53803 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 720 | 99749 |
| HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 2994 | 122993 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 3490 | 102606 |
| Magnolia Oil & Gas Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 8944 | 201061 |
| Marathon Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 800 | 132888 |
| Matador Resources Co. (Oil, Gas & Consumable <br> Fuels)<br>| 5530 | 263892 |
| Northern Oil & Gas, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 5859 | 166103 |
| NOV, Inc. (Energy Equip. & Svs.) | 3710 | 46115 |
| Occidental Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 1720 | 72257 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1560 | 127343 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 1040 | 124072 |
| Range Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 1810 | 73613 |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 561 | 97659 |
| TechnipFMC PLC (Energy Equip. & Svs.) | 5424 | 186803 |
| Texas Pacific Land Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 50 | 52819 |
| Valero Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 800 | 107536 |
|  |  | 2783234 |
| **Financials–14.9%** |  |  |
| Affirm Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 880 | 60843 |
| Allstate Corp. / The (Insurance) | 710 | 142930 |
| Ally Financial, Inc. (Consumer Finance) | 1520 | 59204 |
| American Financial Group, Inc. (Insurance) | 2665 | 336350 |
| Ameriprise Financial, Inc. (Capital Markets) | 240 | 128095 |
| Annaly Capital Management, Inc. <br> (Mortgage REIT)<br>| 2850 | 53637 |
| Arch Capital Group Ltd. (Insurance) | 930 | 84677 |
| Ares Management Corp. Class A <br> (Capital Markets)<br>| 380 | 65816 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Axis Capital Holdings Ltd. (Insurance) | 450 | $46719 |
| Bank of New York Mellon Corp. / The <br> (Capital Markets)<br>| 1890 | 172198 |
| Block, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1820 | 123633 |
| Blue Owl Capital, Inc. (Capital Markets) | 2390 | 45912 |
| Brown & Brown, Inc. (Insurance) | 640 | 70957 |
| Carlyle Group, Inc. / The (Capital Markets) | 1300 | 66820 |
| CBOE Global Markets, Inc. (Capital Markets) | 1475 | 343985 |
| Chime Financial, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5716 | 197259 |
| Cincinnati Financial Corp. (Insurance) | 400 | 59568 |
| Citizens Financial Group, Inc. (Banks) | 1110 | 49673 |
| CNA Financial Corp. (Insurance) | 1360 | 63281 |
| Coinbase Global, Inc. Class A (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 633 | 221860 |
| Comerica, Inc. (Banks) | 2727 | 162666 |
| Commerce Bancshares, Inc. (Banks) | 966 | 60056 |
| Corebridge Financial, Inc. (Financial Services) | 1380 | 48990 |
| Corpay, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | 49773 |
| Credit Acceptance Corp. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 120 | 61132 |
| East West Bancorp, Inc. (Banks) | 460 | 46451 |
| Euronet Worldwide, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 536 | 54340 |
| Everest Group Ltd. (Insurance) | 43 | 14614 |
| FactSet Research Systems, Inc. <br> (Capital Markets)<br>| 120 | 53674 |
| Fidelity National Information Services, Inc. <br> (Financial Services)<br>| 1340 | 109089 |
| Fifth Third Bancorp (Banks) | 2010 | 82671 |
| First BanCorp (Banks) | 8580 | 178721 |
| First Citizens BancShares, Inc. Class A (Banks) | 145 | 283688 |
| First Hawaiian, Inc. (Banks) | 7343 | 183281 |
| First Horizon Corp. (Banks) | 2360 | 50032 |
| Flagstar Financial, Inc. (Banks) | 11030 | 116918 |
| Franklin Resources, Inc. (Capital Markets) | 2540 | 60579 |
| Global Payments, Inc. (Financial Services) | 960 | 76838 |
| Globe Life, Inc. (Insurance) | 480 | 59659 |
| HA Sustainable Infrastructure Capital, Inc. <br> (Financial Services)<br>| 8130 | 218372 |
| Hanover Insurance Group, Inc. / The <br> (Insurance)<br>| 1778 | 302029 |
| Hartford Insurance Group, Inc. / The <br> (Insurance)<br>| 750 | 95152 |
| Huntington Bancshares, Inc. (Banks) | 2180 | 36537 |
| Independent Bank Corp. (Banks) | 3120 | 196201 |
| Invesco Ltd. (Capital Markets) | 20181 | 318254 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 20 | 3603 |
| Jefferies Financial Group, Inc. <br> (Capital Markets)<br>| 5738 | 313811 |
| Kinsale Capital Group, Inc. (Insurance) | 798 | 386152 |
| Loews Corp. (Insurance) | 670 | 61412 |
| LPL Financial Holdings, Inc. (Capital Markets) | 280 | 104992 |
| M&T Bank Corp. (Banks) | 500 | 96995 |
| Markel Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30 | 59921 |
| Morningstar, Inc. (Capital Markets) | 190 | 59647 |
| MSCI, Inc. (Capital Markets) | 219 | 126306 |
| Nasdaq, Inc. (Capital Markets) | 1120 | 100150 |
| NCR Atleos Corp. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9440 | 269323 |
| Northern Trust Corp. (Capital Markets) | 550 | 69735 |
| PJT Partners, Inc. Class A (Capital Markets) | 2157 | 355927 |
| Principal Financial Group, Inc. (Insurance) | 590 | 46864 |
| Prudential Financial, Inc. (Insurance) | 980 | 105291 |
| Raymond James Financial, Inc. <br> (Capital Markets)<br>| 370 | 56747 |
| Regions Financial Corp. (Banks) | 2430 | 57154 |
| RenaissanceRe Holdings Ltd. (Insurance) | 190 | 46151 |
| Robinhood Markets, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1850 | 173215 |
| Rocket Cos., Inc. Class A (Financial Services) | 3690 | 52324 |
| Ryan Specialty Holdings, Inc. (Insurance) | 5504 | 374217 |
| SEI Investments Co. (Capital Markets) | 770 | 69192 |
| Shift4 Payments, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3327 | 329739 |
| SoFi Technologies, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2830 | 51534 |
| State Street Corp. (Capital Markets) | 610 | 64867 |
| Stifel Financial Corp. (Capital Markets) | 4666 | 484237 |
| Synchrony Financial (Consumer Finance) | 1210 | 80755 |
| T. Rowe Price Group, Inc. (Capital Markets) | 420 | 40530 |
| Texas Capital Bancshares, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2089 | 165867 |
| Toast, Inc. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1160 | 51376 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| TPG, Inc. (Capital Markets) | 5019 | $263247 |
| UMB Financial Corp. (Banks) | 2360 | 248178 |
| Voya Financial, Inc. (Financial Services) | 820 | 58220 |
| W. R. Berkley Corp. (Insurance) | 978 | 71854 |
| Walker & Dunlop, Inc. (Financial Services) | 1978 | 139409 |
| Webster Financial Corp. (Banks) | 3009 | 164291 |
| Western Alliance Bancorp (Banks) | 940 | 73301 |
| Willis Towers Watson PLC (Insurance) | 290 | 88885 |
| Wintrust Financial Corp. (Banks) | 1800 | 223164 |
| XP, Inc. Class A (Capital Markets) | 2360 | 47672 |
| Zions Bancorp N.A. (Banks) | 1381 | 71729 |
|  |  | 11021118 |
| **Health Care–12.1%** |  |  |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 440 | 51924 |
| Akero Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2672 | 142578 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 51119 |
| Alnylam Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 290 | 94566 |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2555 | 110964 |
| ARS Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7059 | 123180 |
| Ascendis Pharma A/S – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 658 | 113571 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7032 | 230439 |
| Avantor, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2380 | 32035 |
| Baxter International, Inc. (Health Care Equip. & <br> Supplies)<br>| 1700 | 51476 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 500 | 62795 |
| BioMarin Pharmaceutical, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 640 | 35181 |
| Bio-Rad Laboratories, Inc. Class A (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 120 | 28958 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 860 | 44247 |
| Blueprint Medicines Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 625 | 80112 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4094 | 176779 |
| BrightSpring Health Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10110 | 238495 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 640 | 107520 |
| Cencora, Inc. (Health Care Providers & Svs.) | 470 | 140929 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1610 | 87391 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3859 | 100334 |
| Charles River Laboratories International, Inc. <br> (Life Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 230 | 34898 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2141 | 70739 |
| DaVita, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 78347 |
| Denali Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5431 | 75980 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1030 | 89909 |
| Elanco Animal Health, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3820 | 54550 |
| Encompass Health Corp. (Health Care Providers <br> & Svs.)<br>| 4808 | 589603 |
| Envista Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12360 | 241514 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 1290 | 95550 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2302 | 237774 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3176 | 165216 |
| Humana, Inc. (Health Care Providers & Svs.) | 360 | 88013 |
| ICON PLC (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1660 | 241447 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 230 | 123358 |
| Illumina, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 450 | 42935 |
| Incyte Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 740 | 50394 |
| Insmed, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3705 | 372871 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 271 | 85143 |
| Integer Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2190 | 269304 |
| IQVIA Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 86674 |
| Labcorp Holdings, Inc. (Health Care Providers & <br> Svs.)<br>| 210 | 55127 |
| Legend Biotech Corp. – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3094 | 109806 |
| Masimo Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2066 | 347543 |
| Medpace Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | 47079 |
| Merus N.V. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2167 | 113984 |
| Metsera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2596 | 73856 |
| Mettler-Toledo International, Inc. (Life Sciences <br> Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 61 | 71658 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Molina Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 150 | $44685 |
| MoonLake Immunotherapeutics <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2231 | 105303 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1908 | 322338 |
| Neurocrine Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2599 | 326668 |
| Newamsterdam Pharma Co. N.V. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4599 | 83288 |
| Penumbra, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 310 | 79555 |
| PROCEPT BioRobotics Corp. (Health Care Equip. <br> & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4031 | 232186 |
| QIAGEN N.V. (Life Sciences Tools & Svs.) | 1489 | 71561 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 290 | 52093 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1748 | 217416 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 350 | 90300 |
| Revvity, Inc. (Life Sciences Tools & Svs.) | 420 | 40622 |
| Roivant Sciences Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5000 | 56350 |
| Royalty Pharma PLC Class A (Pharmaceuticals) | 2130 | 76744 |
| STERIS PLC (Health Care Equip. & Supplies) | 346 | 83116 |
| Tempus AI, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 700 | 44478 |
| Tenet Healthcare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1740 | 306240 |
| Ultragenyx Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2954 | 107407 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 380 | 109432 |
| Viatris, Inc. (Pharmaceuticals) | 5730 | 51169 |
| Waters Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 113 | 39442 |
| Waystar Holding Corp. (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6112 | 249797 |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2591 | 81098 |
| Zimmer Biomet Holdings, Inc. (Health Care <br> Equip. & Supplies)<br>| 850 | 77529 |
|  |  | 8966682 |
| **Industrials–19.7%** |  |  |
| A. O. Smith Corp. (Building Products) | 1130 | 74094 |
| AAON, Inc. (Building Products) | 550 | 40563 |
| Advanced Drainage Systems, Inc. <br> (Building Products)<br>| 360 | 41350 |
| AECOM (Construction & Engineering) | 670 | 75616 |
| AGCO Corp. (Machinery) | 520 | 53643 |
| Allison Transmission Holdings, Inc. <br> (Machinery)<br>| 740 | 70293 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 530 | 12513 |
| AMETEK, Inc. (Electrical Equip.) | 623 | 112738 |
| API Group Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 910 | 46456 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 1524 | 354254 |
| ArcBest Corp. (Ground Transportation) | 3039 | 234033 |
| Armstrong World Industries, Inc. <br> (Building Products)<br>| 2077 | 337388 |
| ATI, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 550 | 47487 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 190 | 157309 |
| AZEK Co., Inc. / The (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4930 | 267945 |
| Booz Allen Hamilton Holding Corp. <br> (Professional Svs.)<br>| 420 | 43735 |
| Broadridge Financial Solutions, Inc. <br> (Professional Svs.)<br>| 347 | 84331 |
| Builders FirstSource, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 470 | 54844 |
| BWX Technologies, Inc. (Aerospace & <br> Defense)<br>| 2709 | 390259 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br> Logistics)<br>| 2384 | 228745 |
| CACI International, Inc. Class A <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 590 | 281253 |
| Carlisle Cos., Inc. (Building Products) | 150 | 56010 |
| Clean Harbors, Inc. (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 57795 |
| CNH Industrial N.V. (Machinery) | 21130 | 273845 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 1085 | 581788 |
| Core & Main, Inc. Class A (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3960 | 238986 |
| Crane Co. (Machinery) | 2051 | 389464 |
| Cummins, Inc. (Machinery) | 352 | 115280 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Curtiss-Wright Corp. (Aerospace & Defense) | 745 | $363970 |
| Delta Air Lines, Inc. (Passenger Airlines) | 1670 | 82131 |
| Dover Corp. (Machinery) | 300 | 54969 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 130 | 69536 |
| Equifax, Inc. (Professional Svs.) | 290 | 75217 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 540 | 61695 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 2940 | 123480 |
| Ferguson Enterprises, Inc. (Trading Companies <br> & Distributors)<br>| 690 | 150247 |
| First Advantage Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10690 | 177561 |
| Flowserve Corp. (Machinery) | 1000 | 52350 |
| Fluor Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4470 | 229177 |
| Fortive Corp. (Machinery) | 1010 | 52651 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1178 | 190247 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 35803 |
| Graco, Inc. (Machinery) | 990 | 85110 |
| Granite Construction, Inc. (Construction & <br> Engineering)<br>| 4003 | 374321 |
| GXO Logistics, Inc. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5390 | 262493 |
| HEICO Corp. (Aerospace & Defense) | 140 | 45920 |
| HEICO Corp. Class A (Aerospace & Defense) | 190 | 49163 |
| Herc Holdings, Inc. (Trading Companies & <br> Distributors)<br>| 1620 | 213338 |
| Hexcel Corp. (Aerospace & Defense) | 3550 | 200539 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 1070 | 199159 |
| Hubbell, Inc. (Electrical Equip.) | 180 | 73514 |
| IDEX Corp. (Machinery) | 350 | 61449 |
| Ingersoll Rand, Inc. (Machinery) | 952 | 79187 |
| ITT, Inc. (Machinery) | 2471 | 387527 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 310 | 44516 |
| Jacobs Solutions, Inc. (Professional Svs.) | 500 | 65725 |
| JBT Marel Corp. (Machinery) | 1974 | 237393 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5135 | 582362 |
| L3Harris Technologies, Inc. (Aerospace & <br> Defense)<br>| 510 | 127928 |
| Landstar System, Inc. (Ground Transportation) | 310 | 43096 |
| Leidos Holdings, Inc. (Professional Svs.) | 400 | 63104 |
| Lennox International, Inc. (Building Products) | 698 | 400122 |
| Loar Holdings, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3606 | 310729 |
| Lyft, Inc. Class A (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1370 | 21591 |
| Masco Corp. (Building Products) | 710 | 45696 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 993 | 169237 |
| MillerKnoll, Inc. (Commercial Svs. & Supplies) | 9218 | 179014 |
| Moog, Inc. Class A (Aerospace & Defense) | 1891 | 342214 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 680 | 57814 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 220 | 35706 |
| Otis Worldwide Corp. (Machinery) | 1080 | 106942 |
| Owens Corning (Building Products) | 390 | 53633 |
| Parsons Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 700 | 50239 |
| Paychex, Inc. (Professional Svs.) | 840 | 122186 |
| Paylocity Holding Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 400 | 72476 |
| Pentair PLC (Machinery) | 2912 | 298946 |
| Quanta Services, Inc. (Construction & <br> Engineering)<br>| 390 | 147451 |
| RB Global, Inc. (Commercial Svs. & Supplies) | 470 | 49909 |
| Regal Rexnord Corp. (Electrical Equip.) | 1901 | 275569 |
| Robert Half, Inc. (Professional Svs.) | 1569 | 64407 |
| Rocket Lab Corp. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1410 | 50436 |
| Rockwell Automation, Inc. (Electrical Equip.) | 270 | 89686 |
| Sensata Technologies Holding PLC <br> (Electrical Equip.)<br>| 1321 | 39775 |
| Snap-on, Inc. (Machinery) | 210 | 65348 |
| Southwest Airlines Co. (Passenger Airlines) | 2410 | 78180 |
| SS&C Technologies Holdings, Inc. <br> (Professional Svs.)<br>| 570 | 47196 |
| StandardAero, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10020 | 317133 |
| Star Bulk Carriers Corp. <br> (Marine Transportation)<br>| 8819 | 152128 |
| Toro Co. / The (Machinery) | 700 | 49476 |
| TransUnion (Professional Svs.) | 780 | 68640 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Trex Co., Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 610 | $33172 |
| U-Haul Holding Co. NVS <br> (Ground Transportation)<br>| 840 | 45671 |
| United Airlines Holdings, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 270 | 21500 |
| United Rentals, Inc. (Trading Companies & <br> Distributors)<br>| 111 | 83627 |
| Veralto Corp. (Commercial Svs. & Supplies) | 750 | 75712 |
| Verisk Analytics, Inc. (Professional Svs.) | 449 | 139863 |
| Vertiv Holdings Co. Class A (Electrical Equip.) | 1090 | 139967 |
| W.W. Grainger, Inc. (Trading Companies & <br> Distributors)<br>| 120 | 124829 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 430 | 90020 |
| WillScot Holdings Corp. (Construction & <br> Engineering)<br>| 7272 | 199253 |
| Woodward, Inc. (Aerospace & Defense) | 320 | 78429 |
| Xylem, Inc. (Machinery) | 730 | 94433 |
|  |  | 14525250 |
| **Information Technology–15.3%** |  |  |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4280 | 196495 |
| Amdocs Ltd. (IT Svs.) | 1000 | 91240 |
| Amkor Technology, Inc. (Semiconductors & <br> Equip.)<br>| 1450 | 30436 |
| ANSYS, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 350 | 122927 |
| Arrow Electronics, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 440 | 56069 |
| Astera Labs, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 294 | 26583 |
| Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 3460 | 183657 |
| Belden, Inc. (Electronic Equip., Instr. & Comp.) | 1320 | 152856 |
| Bentley Systems, Inc. Class B (Software) | 1100 | 59367 |
| BILL Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 490 | 22667 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2630 | 139890 |
| CCC Intelligent Solutions Holdings, Inc. <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4820 | 45356 |
| CDW Corp. (Electronic Equip., Instr. & Comp.) | 350 | 62507 |
| Celestica, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2346 | 366234 |
| Clearwater Analytics Holdings, Inc. Class A <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11572 | 253774 |
| Cloudflare, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 900 | 176247 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 1710 | 133431 |
| Coherent Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3806 | 339533 |
| Commvault Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 749 | 130573 |
| Corning, Inc. (Electronic Equip., Instr. & Comp.) | 2000 | 105180 |
| Crane NXT Co. (Electronic Equip., Instr. & <br> Comp.)<br>| 4630 | 249557 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5182 | 479801 |
| CyberArk Software Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 841 | 342186 |
| Datadog, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 924 | 124121 |
| Entegris, Inc. (Semiconductors & Equip.) | 680 | 54842 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 647 | 190425 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58 | 106022 |
| First Solar, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 370 | 61250 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 970 | 48422 |
| FormFactor, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4382 | 150785 |
| Gartner, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 139 | 56187 |
| Gitlab, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4738 | 213731 |
| GLOBALFOUNDRIES, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 860 | 32852 |
| Globant SA (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2200 | 199848 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 490 | 88229 |
| Guidewire Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2287 | 538474 |
| Hewlett Packard Enterprise Co. (Tech. <br> Hardware, Storage & Periph.)<br>| 5300 | 108385 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 690 | 16877 |
| HubSpot, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 633 | 352347 |
| Informatica, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1900 | 46265 |
| IPG Photonics Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2830 | 194279 |
| Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 270 | 58887 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Juniper Networks, Inc. <br> (Communications Equip.)<br>| 1590 | $63489 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 380 | 62267 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9614 | 322838 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2223 | 211318 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2583 | 370118 |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 1376 | 96829 |
| Monday.com Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1107 | 348129 |
| Monolithic Power Systems, Inc. <br> (Semiconductors & Equip.)<br>| 122 | 89228 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 640 | 68192 |
| Nice Ltd. – ADR (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1110 | 187490 |
| Nutanix, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5441 | 415910 |
| ON Semiconductor Corp. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5074 | 265928 |
| Onto Innovation, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 370 | 37344 |
| Procore Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5580 | 381784 |
| PTC, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 310 | 53425 |
| Pure Storage, Inc. Class A (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 850 | 48943 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 470 | 39908 |
| Ralliant Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 337 | 16325 |
| SailPoint, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10468 | 239298 |
| Samsara, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4688 | 186489 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6473 | 292191 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 680 | 50674 |
| Super Micro Computer, Inc. (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1500 | 73515 |
| TD SYNNEX Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 2168 | 294198 |
| Teledyne Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 115 | 58916 |
| Teradyne, Inc. (Semiconductors & Equip.) | 680 | 61146 |
| Trimble, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 610 | 46348 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 100 | 59284 |
| Ubiquiti, Inc. (Communications Equip.) | 120 | 49398 |
| Unity Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2300 | 55660 |
| VeriSign, Inc. (IT Svs.) | 220 | 63536 |
| Western Digital Corp. (Tech. Hardware, Storage <br> & Periph.)<br>| 930 | 59511 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 220 | 67839 |
| Zoom Communications, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 870 | 67843 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 250 | 78485 |
|  |  | 11292590 |
| **Materials–3.4%** |  |  |
| Alcoa Corp. (Metals & Mining) | 2283 | 67371 |
| Amcor PLC (Containers & Packaging) | 6490 | 59643 |
| Anglogold Ashanti PLC (Metals & Mining) | 1290 | 58785 |
| Avery Dennison Corp. (Containers & <br> Packaging)<br>| 260 | 45622 |
| Avient Corp. (Chemicals) | 6279 | 202875 |
| Ball Corp. (Containers & Packaging) | 990 | 55529 |
| Carpenter Technology Corp. (Metals & Mining) | 170 | 46985 |
| CF Industries Holdings, Inc. (Chemicals) | 580 | 53360 |
| Corteva, Inc. (Chemicals) | 1813 | 135123 |
| Crown Holdings, Inc. (Containers & Packaging) | 630 | 64877 |
| Dow, Inc. (Chemicals) | 2130 | 56402 |
| DuPont de Nemours, Inc. (Chemicals) | 1132 | 77644 |
| Eastman Chemical Co. (Chemicals) | 660 | 49276 |
| Graphic Packaging Holding Co. (Containers & <br> Packaging)<br>| 11720 | 246940 |
| International Flavors & Fragrances, Inc. <br> (Chemicals)<br>| 719 | 52882 |
| International Paper Co. (Containers & <br> Packaging)<br>| 1357 | 63548 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Louisiana-Pacific Corp. (Paper & Forest <br> Products)<br>| 520 | $44715 |
| LyondellBasell Industries N.V. Class A <br> (Chemicals)<br>| 760 | 43974 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 150 | 82344 |
| Nucor Corp. (Metals & Mining) | 590 | 76429 |
| O-I Glass, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13610 | 200611 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 240 | 45228 |
| PPG Industries, Inc. (Chemicals) | 220 | 25025 |
| Reliance, Inc. (Metals & Mining) | 123 | 38610 |
| Royal Gold, Inc. (Metals & Mining) | 260 | 46238 |
| RPM International, Inc. (Chemicals) | 3055 | 335561 |
| Silgan Holdings, Inc. (Containers & Packaging) | 20 | 1084 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 1503 | 64855 |
| Steel Dynamics, Inc. (Metals & Mining) | 480 | 61445 |
| Vulcan Materials Co. (Construction Materials) | 320 | 83462 |
| Westlake Corp. (Chemicals) | 550 | 41762 |
|  |  | 2528205 |
| **Real Estate–5.4%** |  |  |
| Alexandria Real Estate Equities, Inc. (Health <br> Care REITs)<br>| 550 | 39946 |
| American Healthcare REIT, Inc. (Health Care <br> REITs)<br>| 7170 | 263426 |
| American Homes 4 Rent Class A <br> (Residential REITs)<br>| 2060 | 74304 |
| AvalonBay Communities, Inc. <br> (Residential REITs)<br>| 390 | 79365 |
| Brixmor Property Group, Inc. (Retail REITs) | 2660 | 69266 |
| Broadstone Net Lease, Inc. (Diversified REITs) | 6911 | 110922 |
| CBRE Group, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 710 | 99485 |
| COPT Defense Properties (Office REITs) | 9620 | 265320 |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1060 | 85224 |
| Crown Castle, Inc. (Specialized REITs) | 700 | 71911 |
| CubeSmart (Specialized REITs) | 4101 | 174292 |
| Digital Realty Trust, Inc. (Specialized REITs) | 860 | 149924 |
| Equity LifeStyle Properties, Inc. <br> (Residential REITs)<br>| 1100 | 67837 |
| Equity Residential (Residential REITs) | 1070 | 72214 |
| Essex Property Trust, Inc. (Residential REITs) | 270 | 76518 |
| Extra Space Storage, Inc. (Specialized REITs) | 569 | 83893 |
| First Industrial Realty Trust, Inc. <br> (Industrial REITs)<br>| 1503 | 72339 |
| Gaming & Leisure Properties, Inc. <br> (Specialized REITs)<br>| 10 | 467 |
| Healthpeak Properties, Inc. (Health Care REITs) | 2630 | 46051 |
| Independence Realty Trust, Inc. <br> (Residential REITs)<br>| 14240 | 251906 |
| Invitation Homes, Inc. (Residential REITs) | 1780 | 58384 |
| Iron Mountain, Inc. (Specialized REITs) | 940 | 96416 |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1261 | 322539 |
| Kimco Realty Corp. (Retail REITs) | 3630 | 76303 |
| Lineage, Inc. (Industrial REITs) | 1139 | 49569 |
| Mid-America Apartment Communities, Inc. <br> (Residential REITs)<br>| 480 | 71045 |
| Millrose Properties, Inc. (Specialized REITs) | 120 | 3421 |
| Realty Income Corp. (Retail REITs) | 2360 | 135960 |
| Regency Centers Corp. (Retail REITs) | 950 | 67668 |
| Ryman Hospitality Properties, Inc. (Hotel & <br> Resort REITs)<br>| 1462 | 144256 |
| SBA Communications Corp. (Specialized REITs) | 280 | 65755 |
| Simon Property Group, Inc. (Retail REITs) | 838 | 134717 |
| STAG Industrial, Inc. (Industrial REITs) | 6080 | 220582 |
| Ventas, Inc. (Health Care REITs) | 1180 | 74517 |
| VICI Properties, Inc. (Specialized REITs) | 3360 | 109536 |
| W.P. Carey, Inc. (Diversified REITs) | 1020 | 63628 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| Weyerhaeuser Co. (Specialized REITs) | 2040 | $52408 |
| Zillow Group, Inc. Class C (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1290 | 90364 |
|  |  | 3991678 |
| **Utilities–4.0%** |  |  |
| Ameren Corp. (Multi-Utilities) | 720 | 69149 |
| American Water Works Co., Inc. <br> (Water Utilities)<br>| 510 | 70946 |
| Atmos Energy Corp. (Gas Utilities) | 490 | 75514 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 1940 | 71276 |
| CMS Energy Corp. (Multi-Utilities) | 880 | 60966 |
| Consolidated Edison, Inc. (Multi-Utilities) | 810 | 81283 |
| DTE Energy Co. (Multi-Utilities) | 560 | 74178 |
| Edison International (Electric Utilities) | 770 | 39732 |
| Entergy Corp. (Electric Utilities) | 860 | 71483 |
| Evergy, Inc. (Electric Utilities) | 1160 | 79959 |
| Eversource Energy (Electric Utilities) | 940 | 59803 |
| Exelon Corp. (Electric Utilities) | 1940 | 84235 |
| FirstEnergy Corp. (Electric Utilities) | 1520 | 61195 |
| IDACORP, Inc. (Electric Utilities) | 3150 | 363667 |
| NiSource, Inc. (Multi-Utilities) | 1200 | 48408 |
| NRG Energy, Inc. (Electric Utilities) | 2780 | 446412 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| OGE Energy Corp. (Electric Utilities) | 1760 | $78109 |
| ONE Gas, Inc. (Gas Utilities) | 2840 | 204082 |
| PG&E Corp. (Electric Utilities) | 5776 | 80517 |
| PPL Corp. (Electric Utilities) | 1290 | 43718 |
| Public Service Enterprise Group, Inc. <br> (Multi-Utilities)<br>| 1170 | 98491 |
| TXNM Energy, Inc. (Electric Utilities) | 6140 | 345805 |
| Vistra Corp. (Ind. Power & Renewable Elec.) | 770 | 149234 |
| WEC Energy Group, Inc. (Multi-Utilities) | 930 | 96906 |
| Xcel Energy, Inc. (Electric Utilities) | 1680 | 114408 |
|  |  | 2969476 |
| **Total Common Stocks (Cost $68,368,990)** |  | $73142905 |

---

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–0.3%** | **Shares** | **Value** |
| iShares Russell Mid-Cap ETF  | 2334 | $214658 |
| **Total Exchange Traded Funds (Cost $212,008)** |  | $214658 |
| **Total Investments – 99.3% (Cost $68,580,998)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $73357563 |
| **Other Assets in Excess of Liabilities – 0.7%** |  | 499760 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $73857323 |

---

<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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.8%** | **Shares** | **Value** |
| **Communication Services–9.8%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 130217 | $22948142 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 105073 | 18638899 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 161010 | 4659629 |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2133 | 871992 |
| Comcast Corp. Class A (Media) | 83362 | 2975190 |
| Electronic Arts, Inc. (Entertainment) | 5097 | 813991 |
| Fox Corp. Class A (Media) | 4810 | 269552 |
| Fox Corp. Class B (Media) | 2965 | 153083 |
| Interpublic Group of Cos., Inc. / The (Media) | 8309 | 203404 |
| Live Nation Entertainment, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3508 | 530690 |
| Match Group, Inc. (Interactive Media & Svs.) | 5511 | 170235 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 48584 | 35859365 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9524 | 12753874 |
| News Corp. Class A (Media) | 8477 | 251936 |
| News Corp. Class B (Media) | 2505 | 85947 |
| Omnicom Group, Inc. (Media) | 4316 | 310493 |
| Paramount Global Class B (Media) | 13524 | 174460 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3787 | 919673 |
| TKO Group Holdings, Inc. (Entertainment) | 1506 | 274017 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 10673 | 2542949 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 94336 | 4081919 |
| Walt Disney Co. / The (Entertainment) | 40232 | 4989170 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 50139 | 574593 |
|  |  | 115053203 |
| **Consumer Discretionary–10.3%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9657 | 1278007 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 211436 | 46386944 |
| Aptiv PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4893 | 333800 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 374 | 1388374 |
| Best Buy Co., Inc. (Specialty Retail) | 4329 | 290606 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 728 | 4214567 |
| Caesars Entertainment, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4674 | 132695 |
| CarMax, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3424 | 230127 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23403 | 658092 |
| Chipotle Mexican Grill, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 30148 | 1692810 |
| D.R. Horton, Inc. (Household Durables) | 6174 | 795952 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 2607 | 568248 |
| Deckers Outdoor Corp. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3411 | 351572 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 770 | 346962 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7672 | 1891225 |
| eBay, Inc. (Broadline Retail) | 10294 | 766491 |
| Expedia Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 2733 | 461002 |
| Ford Motor Co. (Automobiles) | 87311 | 947324 |
| Garmin Ltd. (Household Durables) | 3438 | 717579 |
| General Motors Co. (Automobiles) | 21505 | 1058261 |
| Genuine Parts Co. (Distributors) | 3119 | 378366 |
| Hasbro, Inc. (Leisure Products) | 2960 | 218507 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 5317 | 1416130 |
| Home Depot, Inc. / The (Specialty Retail) | 22241 | 8154440 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br> Leisure)<br>| 7623 | 331677 |
| Lennar Corp. Class A (Household Durables) | 5218 | 577163 |
| LKQ Corp. (Distributors) | 5802 | 214732 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Lowe's Cos., Inc. (Specialty Retail) | 12522 | $2778256 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2463 | 585160 |
| Marriott International, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>| 5086 | 1389546 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 16000 | 4674720 |
| MGM Resorts International (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4648 | 159845 |
| Mohawk Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1166 | 122243 |
| NIKE, Inc. Class B (Textiles, Apparel & Luxury <br> Goods)<br>| 26346 | 1871620 |
| Norwegian Cruise Line Holdings Ltd. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10042 | 203652 |
| NVR, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 65 | 480068 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19122 | 1723466 |
| Pool Corp. (Distributors) | 845 | 246301 |
| PulteGroup, Inc. (Household Durables) | 4504 | 474992 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 896 | 245755 |
| Ross Stores, Inc. (Specialty Retail) | 7351 | 937841 |
| Royal Caribbean Cruises Ltd. (Hotels, <br> Restaurants & Leisure)<br>| 5590 | 1750453 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 25428 | 2329968 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br> Goods)<br>| 4668 | 409897 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 62706 | 19919188 |
| TJX Cos., Inc. / The (Specialty Retail) | 24978 | 3084533 |
| Tractor Supply Co. (Specialty Retail) | 11823 | 623900 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1004 | 469691 |
| Williams-Sonoma, Inc. (Specialty Retail) | 2763 | 451391 |
| Wynn Resorts Ltd. (Hotels, Restaurants & <br> Leisure)<br>| 1978 | 185279 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 6212 | 920494 |
|  |  | 121839912 |
| **Consumer Staples–5.5%** |  |  |
| Altria Group, Inc. (Tobacco) | 37682 | 2209296 |
| Archer-Daniels-Midland Co. (Food Products) | 10704 | 564957 |
| Brown-Forman Corp. Class B (Beverages) | 4093 | 110143 |
| Bunge Global SA (Food Products) | 3021 | 242526 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 5535 | 531969 |
| Clorox Co. / The (Household Products) | 2770 | 332594 |
| Coca-Cola Co. / The (Beverages) | 86691 | 6133388 |
| Colgate-Palmolive Co. (Household Products) | 18125 | 1647562 |
| Conagra Brands, Inc. (Food Products) | 10728 | 219602 |
| Constellation Brands, Inc. Class A (Beverages) | 3410 | 554739 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 9929 | 9829114 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 4899 | 560348 |
| Dollar Tree, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4439 | 439639 |
| Estee Lauder Cos., Inc. / The Class A (Personal <br> Care Products)<br>| 5264 | 425331 |
| General Mills, Inc. (Food Products) | 12213 | 632756 |
| Hershey Co. / The (Food Products) | 3297 | 547137 |
| Hormel Foods Corp. (Food Products) | 6550 | 198138 |
| J. M. Smucker Co. / The (Food Products) | 2392 | 234894 |
| Kellanova (Food Products) | 6042 | 480520 |
| Kenvue, Inc. (Personal Care Products) | 42898 | 897855 |
| Keurig Dr Pepper, Inc. (Beverages) | 30375 | 1004197 |
| Kimberly-Clark Corp. (Household Products) | 7413 | 955684 |
| Kraft Heinz Co. / The (Food Products) | 19225 | 496390 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 13699 | 982629 |
| Lamb Weston Holdings, Inc. (Food Products) | 3171 | 164416 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| McCormick & Co., Inc. (Food Products) | 5679 | $430582 |
| Molson Coors Beverage Co. Class B <br> (Beverages)<br>| 3850 | 185147 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 28981 | 1954479 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15702 | 983573 |
| PepsiCo, Inc. (Beverages) | 30683 | 4051383 |
| Philip Morris International, Inc. (Tobacco) | 34833 | 6344134 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 52462 | 8358246 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 10828 | 820113 |
| Target Corp. (Consumer Staples Distribution & <br> Retail)<br>| 10160 | 1002284 |
| The Campbell's Company (Food Products) | 4423 | 135565 |
| Tyson Foods, Inc. Class A (Food Products) | 6433 | 359862 |
| Walgreens Boots Alliance, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 16130 | 185172 |
| Walmart, Inc. (Consumer Staples Distribution <br> & Retail)<br>| 96687 | 9454055 |
|  |  | 64660419 |
| **Energy–3.0%** |  |  |
| APA Corp. (Oil, Gas & Consumable Fuels) | 8110 | 148332 |
| Baker Hughes Co. (Energy Equip. & Svs.) | 22134 | 848618 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 36343 | 5203954 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 28247 | 2534886 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 17154 | 435369 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 14431 | 459050 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 4202 | 577355 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 12209 | 1460318 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 13371 | 779797 |
| Expand Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 4826 | 564352 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 96447 | 10396987 |
| Halliburton Co. (Energy Equip. & Svs.) | 19321 | 393762 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 6195 | 858255 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 43253 | 1271638 |
| Marathon Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 6874 | 1141840 |
| Occidental Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 15807 | 664052 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 13974 | 1140698 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 9115 | 1087419 |
| Schlumberger N.V. (Energy Equip. & Svs.) | 30419 | 1028162 |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 4845 | 843418 |
| Texas Pacific Land Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 424 | 447909 |
| Valero Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 7002 | 941209 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 27321 | 1716032 |
|  |  | 34943412 |
| **Financials–14.0%** |  |  |
| Aflac, Inc. (Insurance) | 10879 | 1147299 |
| Allstate Corp. / The (Insurance) | 5921 | 1191957 |
| American Express Co. (Consumer Finance) | 12390 | 3952162 |
| American International Group, Inc. <br> (Insurance)<br>| 12887 | 1102998 |
| Ameriprise Financial, Inc. (Capital Markets) | 2130 | 1136845 |
| Aon PLC Class A (Insurance) | 4830 | 1723151 |
| Apollo Global Management, Inc. <br> (Financial Services)<br>| 10104 | 1433454 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Arch Capital Group Ltd. (Insurance) | 8333 | $758720 |
| Arthur J. Gallagher & Co. (Insurance) | 5729 | 1833967 |
| Assurant, Inc. (Insurance) | 1139 | 224941 |
| Bank of America Corp. (Banks) | 146651 | 6939525 |
| Bank of New York Mellon Corp. / The <br> (Capital Markets)<br>| 16007 | 1458398 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41036 | 19934058 |
| BlackRock, Inc. (Capital Markets) | 3259 | 3419506 |
| Blackstone, Inc. (Capital Markets) | 16330 | 2442641 |
| Brown & Brown, Inc. (Insurance) | 6271 | 695266 |
| Capital One Financial Corp. <br> (Consumer Finance)<br>| 14316 | 3045872 |
| CBOE Global Markets, Inc. (Capital Markets) | 2353 | 548743 |
| Charles Schwab Corp. / The (Capital Markets) | 38221 | 3487284 |
| Chubb Ltd. (Insurance) | 8336 | 2415106 |
| Cincinnati Financial Corp. (Insurance) | 3513 | 523156 |
| Citigroup, Inc. (Banks) | 41802 | 3558186 |
| Citizens Financial Group, Inc. (Banks) | 9630 | 430943 |
| CME Group, Inc. (Capital Markets) | 8062 | 2222048 |
| Coinbase Global, Inc. Class A <br> (Capital Markets)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4731 | 1658168 |
| Corpay, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1584 | 525603 |
| Erie Indemnity Co. Class A (Insurance) | 561 | 194549 |
| Everest Group Ltd. (Insurance) | 956 | 324897 |
| FactSet Research Systems, Inc. <br> (Capital Markets)<br>| 853 | 381530 |
| Fidelity National Information Services, Inc. <br> (Financial Services)<br>| 11747 | 956323 |
| Fifth Third Bancorp (Banks) | 14878 | 611932 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12407 | 2139091 |
| Franklin Resources, Inc. (Capital Markets) | 6968 | 166187 |
| Global Payments, Inc. (Financial Services) | 5418 | 433657 |
| Globe Life, Inc. (Insurance) | 1855 | 230558 |
| Goldman Sachs Group, Inc. / The <br> (Capital Markets)<br>| 6867 | 4860119 |
| Hartford Insurance Group, Inc. / The <br> (Insurance)<br>| 6340 | 804356 |
| Huntington Bancshares, Inc. (Banks) | 32740 | 548722 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 12835 | 2354837 |
| Invesco Ltd. (Capital Markets) | 10058 | 158615 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 1636 | 294758 |
| JPMorgan Chase & Co. (Banks) | 62192 | 18030083 |
| KeyCorp (Banks) | 22167 | 386149 |
| KKR & Co., Inc. (Capital Markets) | 15149 | 2015271 |
| Loews Corp. (Insurance) | 3912 | 358574 |
| M&T Bank Corp. (Banks) | 3581 | 694678 |
| MarketAxess Holdings, Inc. (Capital Markets) | 843 | 188276 |
| Marsh & McLennan Cos., Inc. (Insurance) | 11023 | 2410069 |
| Mastercard, Inc. Class A (Financial Services) | 18152 | 10200335 |
| MetLife, Inc. (Insurance) | 12610 | 1014096 |
| Moody's Corp. (Capital Markets) | 3463 | 1737006 |
| Morgan Stanley (Capital Markets) | 27648 | 3894497 |
| MSCI, Inc. (Capital Markets) | 1730 | 997760 |
| Nasdaq, Inc. (Capital Markets) | 9233 | 825615 |
| Northern Trust Corp. (Capital Markets) | 4330 | 549001 |
| PayPal Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21764 | 1617500 |
| PNC Financial Services Group, Inc. / The <br> (Banks)<br>| 8856 | 1650936 |
| Principal Financial Group, Inc. (Insurance) | 4635 | 368158 |
| Progressive Corp. / The (Insurance) | 13116 | 3500136 |
| Prudential Financial, Inc. (Insurance) | 7909 | 849743 |
| Raymond James Financial, Inc. <br> (Capital Markets)<br>| 4048 | 620842 |
| Regions Financial Corp. (Banks) | 19984 | 470024 |
| S&P Global, Inc. (Capital Markets) | 7025 | 3704212 |
| State Street Corp. (Capital Markets) | 6360 | 676322 |
| Synchrony Financial (Consumer Finance) | 8478 | 565822 |
| T. Rowe Price Group, Inc. (Capital Markets) | 4951 | 477772 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Travelers Cos., Inc. / The (Insurance) | 5066 | $1355358 |
| Truist Financial Corp. (Banks) | 29310 | 1260037 |
| U.S. Bancorp (Banks) | 34878 | 1578230 |
| Visa, Inc. (Financial Services) | 38289 | 13594509 |
| W. R. Berkley Corp. (Insurance) | 6735 | 494820 |
| Wells Fargo & Co. (Banks) | 72828 | 5834979 |
| Willis Towers Watson PLC (Insurance) | 2212 | 677978 |
|  |  | 164868916 |
| **Health Care–9.3%** |  |  |
| Abbott Laboratories (Health Care Equip. & <br> Supplies)<br>| 38928 | 5294597 |
| AbbVie, Inc. (Biotechnology) | 39530 | 7337559 |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 6365 | 751134 |
| Align Technology, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1531 | 289864 |
| Amgen, Inc. (Biotechnology) | 12034 | 3360013 |
| Baxter International, Inc. (Health Care Equip. & <br> Supplies)<br>| 11533 | 349219 |
| Becton Dickinson & Co. (Health Care Equip. & <br> Supplies)<br>| 6407 | 1103606 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3253 | 408544 |
| Bio-Techne Corp. (Life Sciences Tools & Svs.) | 3523 | 181258 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 33097 | 3554949 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 45534 | 2107769 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 5334 | 896112 |
| Cencora, Inc. (Health Care Providers & Svs.) | 3860 | 1157421 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11091 | 602019 |
| Charles River Laboratories International, Inc. <br> (Life Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1104 | 167510 |
| Cigna Group / The (Health Care Providers & <br> Svs.)<br>| 5979 | 1976538 |
| Cooper Cos., Inc. / The (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4494 | 319793 |
| CVS Health Corp. (Health Care Providers & <br> Svs.)<br>| 28311 | 1952893 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 14252 | 2815340 |
| DaVita, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 933 | 132906 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8755 | 764224 |
| Edwards Lifesciences Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 13117 | 1025881 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 5057 | 1966971 |
| Eli Lilly & Co. (Pharmaceuticals) | 17603 | 13722067 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 10222 | 757144 |
| Gilead Sciences, Inc. (Biotechnology) | 27838 | 3086399 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 3877 | 1485279 |
| Henry Schein, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2736 | 199865 |
| Hologic, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5008 | 326321 |
| Humana, Inc. (Health Care Providers & Svs.) | 2691 | 657896 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1798 | 964339 |
| Incyte Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3611 | 245909 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1582 | 497033 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8020 | 4358148 |
| IQVIA Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3663 | 577252 |
| Johnson & Johnson (Pharmaceuticals) | 53841 | 8224213 |
| Labcorp Holdings, Inc. (Health Care Providers <br> & Svs.)<br>| 1881 | 493781 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 2800 | 2051784 |
| Medtronic PLC (Health Care Equip. & <br> Supplies)<br>| 28690 | 2500907 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Merck & Co., Inc. (Pharmaceuticals) | 56188 | $4447842 |
| Mettler-Toledo International, Inc. (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 463 | 543895 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7649 | 211036 |
| Molina Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1218 | 362842 |
| Pfizer, Inc. (Pharmaceuticals) | 127210 | 3083570 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 2481 | 445662 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 2324 | 1220100 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 3276 | 845208 |
| Revvity, Inc. (Life Sciences Tools & Svs.) | 2649 | 256211 |
| Solventum Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3111 | 235938 |
| STERIS PLC (Health Care Equip. & Supplies) | 2208 | 530406 |
| Stryker Corp. (Health Care Equip. & Supplies) | 7694 | 3043977 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br> Tools & Svs.)<br>| 8446 | 3424515 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 20300 | 6332991 |
| Universal Health Services, Inc. Class B (Health <br> Care Providers & Svs.)<br>| 1285 | 232778 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5747 | 2558564 |
| Viatris, Inc. (Pharmaceuticals) | 26377 | 235547 |
| Waters Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1337 | 466666 |
| West Pharmaceutical Services, Inc. (Life <br> Sciences Tools & Svs.)<br>| 1615 | 353362 |
| Zimmer Biomet Holdings, Inc. (Health Care <br> Equip. & Supplies)<br>| 4446 | 405520 |
| Zoetis, Inc. (Pharmaceuticals) | 9962 | 1553574 |
|  |  | 109454661 |
| **Industrials–8.6%** |  |  |
| 3M Co. (Industrial Conglomerates) | 12038 | 1832665 |
| A. O. Smith Corp. (Building Products) | 2612 | 171269 |
| Allegion PLC (Building Products) | 1934 | 278728 |
| AMETEK, Inc. (Electrical Equip.) | 5161 | 933935 |
| Automatic Data Processing, Inc. <br> (Professional Svs.)<br>| 9083 | 2801197 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1655 | 1370241 |
| Boeing Co. / The (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16873 | 3535400 |
| Broadridge Financial Solutions, Inc. <br> (Professional Svs.)<br>| 2640 | 641599 |
| Builders FirstSource, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2484 | 289858 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br> Logistics)<br>| 2668 | 255995 |
| Carrier Global Corp. (Building Products) | 17836 | 1305417 |
| Caterpillar, Inc. (Machinery) | 10524 | 4085522 |
| Cintas Corp. (Commercial Svs. & Supplies) | 7679 | 1711419 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19655 | 964471 |
| CSX Corp. (Ground Transportation) | 42033 | 1371537 |
| Cummins, Inc. (Machinery) | 3081 | 1009027 |
| Dayforce, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3593 | 199016 |
| Deere & Co. (Machinery) | 5648 | 2871951 |
| Delta Air Lines, Inc. (Passenger Airlines) | 14555 | 715815 |
| Dover Corp. (Machinery) | 3081 | 564532 |
| Eaton Corp. PLC (Electrical Equip.) | 8758 | 3126518 |
| Emerson Electric Co. (Electrical Equip.) | 12589 | 1678491 |
| Equifax, Inc. (Professional Svs.) | 2772 | 718974 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 3078 | 351661 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 25663 | 1077846 |
| FedEx Corp. (Air Freight & Logistics) | 4929 | 1120411 |
| Fortive Corp. (Machinery) | 7639 | 398221 |
| GE Vernova, Inc. (Electrical Equip.) | 6108 | 3232048 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1328 | 190183 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 5636 | 1643796 |
| General Electric Co. (Aerospace & Defense) | 23863 | 6142098 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 14379 | $3348581 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 9033 | 1681312 |
| Hubbell, Inc. (Electrical Equip.) | 1187 | 484783 |
| Huntington Ingalls Industries, Inc. (Aerospace <br> & Defense)<br>| 882 | 212968 |
| IDEX Corp. (Machinery) | 1698 | 298118 |
| Illinois Tool Works, Inc. (Machinery) | 5964 | 1474599 |
| Ingersoll Rand, Inc. (Machinery) | 9007 | 749202 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 1761 | 252880 |
| Jacobs Solutions, Inc. (Professional Svs.) | 2700 | 354915 |
| Johnson Controls International PLC <br> (Building Products)<br>| 14720 | 1554726 |
| L3Harris Technologies, Inc. (Aerospace & <br> Defense)<br>| 4181 | 1048762 |
| Leidos Holdings, Inc. (Professional Svs.) | 2860 | 451194 |
| Lennox International, Inc. (Building Products) | 718 | 411586 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 4666 | 2161011 |
| Masco Corp. (Building Products) | 4741 | 305131 |
| Nordson Corp. (Machinery) | 1215 | 260460 |
| Norfolk Southern Corp. <br> (Ground Transportation)<br>| 5045 | 1291369 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 3027 | 1513439 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 4148 | 673220 |
| Otis Worldwide Corp. (Machinery) | 8819 | 873257 |
| PACCAR, Inc. (Machinery) | 11742 | 1116195 |
| Parker-Hannifin Corp. (Machinery) | 2859 | 1996926 |
| Paychex, Inc. (Professional Svs.) | 7171 | 1043094 |
| Paycom Software, Inc. (Professional Svs.) | 1095 | 253383 |
| Pentair PLC (Machinery) | 3698 | 379637 |
| Quanta Services, Inc. (Construction & <br> Engineering)<br>| 3316 | 1253713 |
| Republic Services, Inc. (Commercial Svs. & <br> Supplies)<br>| 4541 | 1119856 |
| Rockwell Automation, Inc. (Electrical Equip.) | 2518 | 836404 |
| Rollins, Inc. (Commercial Svs. & Supplies) | 6317 | 356405 |
| RTX Corp. (Aerospace & Defense) | 29895 | 4365268 |
| Snap-on, Inc. (Machinery) | 1175 | 365636 |
| Southwest Airlines Co. (Passenger Airlines) | 12807 | 415459 |
| Stanley Black & Decker, Inc. (Machinery) | 3477 | 235567 |
| Textron, Inc. (Aerospace & Defense) | 4057 | 325737 |
| Trane Technologies PLC (Building Products) | 4989 | 2182238 |
| TransDigm Group, Inc. (Aerospace & Defense) | 1257 | 1911444 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 46795 | 4365973 |
| Union Pacific Corp. (Ground Transportation) | 13372 | 3076630 |
| United Airlines Holdings, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7340 | 584484 |
| United Parcel Service, Inc. Class B (Air Freight <br> & Logistics)<br>| 16406 | 1656022 |
| United Rentals, Inc. (Trading Companies & <br> Distributors)<br>| 1454 | 1095444 |
| Veralto Corp. (Commercial Svs. & Supplies) | 5570 | 562291 |
| Verisk Analytics, Inc. (Professional Svs.) | 3128 | 974372 |
| W.W. Grainger, Inc. (Trading Companies & <br> Distributors)<br>| 977 | 1016314 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 8191 | 1874265 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 3822 | 800136 |
| Xylem, Inc. (Machinery) | 5430 | 702425 |
|  |  | 100856672 |
| **Information Technology–33.0%** |  |  |
| Accenture PLC Class A (IT Svs.) | 14010 | 4187449 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9538 | $3690061 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 36283 | 5148558 |
| Akamai Technologies, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3286 | 262091 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 27071 | 2673261 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 11099 | 2641784 |
| ANSYS, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1961 | 688742 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 334221 | 68572123 |
| Applied Materials, Inc. (Semiconductors & <br> Equip.)<br>| 18180 | 3328213 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23046 | 2357836 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4788 | 1482221 |
| Broadcom, Inc. (Semiconductors & Equip.) | 105216 | 29002790 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6111 | 1883105 |
| CDW Corp. (Electronic Equip., Instr. & Comp.) | 2931 | 523447 |
| Cisco Systems, Inc. (Communications Equip.) | 89017 | 6175999 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 11014 | 859422 |
| Corning, Inc. (Electronic Equip., Instr. & Comp.) | 17227 | 905968 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5574 | 2838894 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 6692 | 820439 |
| Enphase Energy, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2949 | 116928 |
| EPAM Systems, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1273 | 225092 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1291 | 379967 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 544 | 994410 |
| First Solar, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2410 | 398951 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14217 | 1503021 |
| Gartner, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1718 | 694450 |
| Gen Digital, Inc. (Software) | 12266 | 360620 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3174 | 571510 |
| Hewlett Packard Enterprise Co. (Tech. <br> Hardware, Storage & Periph.)<br>| 29521 | 603704 |
| HP, Inc. (Tech. Hardware, Storage & Periph.) | 21186 | 518210 |
| Intel Corp. (Semiconductors & Equip.) | 97612 | 2186509 |
| International Business Machines Corp. <br> (IT Svs.)<br>| 20799 | 6131129 |
| Intuit, Inc. (Software) | 6256 | 4927413 |
| Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 2388 | 520823 |
| Juniper Networks, Inc. <br> (Communications Equip.)<br>| 7441 | 297119 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3854 | 631516 |
| KLA Corp. (Semiconductors & Equip.) | 2959 | 2650495 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 28624 | 2786260 |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 12016 | 845566 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 25009 | 3082359 |
| Microsoft Corp. (Software) | 166320 | 82729231 |
| Monolithic Power Systems, Inc. <br> (Semiconductors & Equip.)<br>| 1069 | 781845 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 3734 | 1569998 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 4571 | 487040 |
| NVIDIA Corp. (Semiconductors & Equip.) | 545723 | 86218777 |
| NXP Semiconductors N.V. (Semiconductors & <br> Equip.)<br>| 5653 | 1235124 |
| ON Semiconductor Corp. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9300 | 487413 |
| Oracle Corp. (Software) | 36397 | 7957476 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 47599 | 6488696 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14818 | 3032356 |
| PTC, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2667 | 459631 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 24552 | $3910152 |
| Ralliant Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 146 | 7096 |
| Roper Technologies, Inc. (Software) | 2406 | 1363817 |
| Salesforce, Inc. (Software) | 21472 | 5855200 |
| Seagate Technology Holdings PLC (Tech. <br> Hardware, Storage & Periph.)<br>| 4732 | 682970 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4632 | 4762067 |
| Skyworks Solutions, Inc. (Semiconductors & <br> Equip.)<br>| 3374 | 251431 |
| Super Micro Computer, Inc. (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11535 | 565330 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3461 | 1774386 |
| TE Connectivity PLC (Electronic Equip., Instr. & <br> Comp.)<br>| 6635 | 1119125 |
| Teledyne Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1053 | 539462 |
| Teradyne, Inc. (Semiconductors & Equip.) | 3605 | 324162 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 20329 | 4220707 |
| Trimble, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5362 | 407405 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 969 | 574462 |
| VeriSign, Inc. (IT Svs.) | 1815 | 524172 |
| Western Digital Corp. (Tech. Hardware, <br> Storage & Periph.)<br>| 7761 | 496626 |
| Workday, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4848 | 1163520 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1143 | 352456 |
|  |  | 388810588 |
| **Materials–1.9%** |  |  |
| Air Products & Chemicals, Inc. (Chemicals) | 4979 | 1404377 |
| Albemarle Corp. (Chemicals) | 2644 | 165699 |
| Amcor PLC (Containers & Packaging) | 50952 | 468249 |
| Avery Dennison Corp. (Containers & <br> Packaging)<br>| 1757 | 308301 |
| Ball Corp. (Containers & Packaging) | 6235 | 349721 |
| CF Industries Holdings, Inc. (Chemicals) | 3641 | 334972 |
| Corteva, Inc. (Chemicals) | 15261 | 1137402 |
| Dow, Inc. (Chemicals) | 15704 | 415842 |
| DuPont de Nemours, Inc. (Chemicals) | 9332 | 640082 |
| Eastman Chemical Co. (Chemicals) | 2595 | 193743 |
| Ecolab, Inc. (Chemicals) | 5645 | 1520989 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 32152 | 1393789 |
| International Flavors & Fragrances, Inc. <br> (Chemicals)<br>| 5749 | 422839 |
| International Paper Co. (Containers & <br> Packaging)<br>| 11757 | 550580 |
| Linde PLC (Chemicals) | 10532 | 4941404 |
| LyondellBasell Industries N.V. Class A <br> (Chemicals)<br>| 5779 | 334373 |
| Martin Marietta Materials, Inc. <br> (Construction Materials)<br>| 1346 | 738900 |
| Mosaic Co. / The (Chemicals) | 7129 | 260066 |
| Newmont Corp. (Metals & Mining) | 24911 | 1451315 |
| Nucor Corp. (Metals & Mining) | 5147 | 666742 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 2008 | 378408 |
| PPG Industries, Inc. (Chemicals) | 5058 | 575347 |
| Sherwin-Williams Co. / The (Chemicals) | 5158 | 1771051 |
| Smurfit WestRock PLC (Containers & <br> Packaging)<br>| 11145 | 480907 |
| Steel Dynamics, Inc. (Metals & Mining) | 3103 | 397215 |
| Vulcan Materials Co. (Construction Materials) | 2950 | 769419 |
|  |  | 22071732 |
| **Real Estate–2.0%** |  |  |
| Alexandria Real Estate Equities, Inc. (Health <br> Care REITs)<br>| 3460 | 251300 |
| American Tower Corp. (Specialized REITs) | 10479 | 2316069 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| AvalonBay Communities, Inc. <br> (Residential REITs)<br>| 3172 | $645502 |
| BXP, Inc. (Office REITs) | 3274 | 220897 |
| Camden Property Trust (Residential REITs) | 2401 | 270569 |
| CBRE Group, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6563 | 919608 |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9419 | 757288 |
| Crown Castle, Inc. (Specialized REITs) | 9739 | 1000487 |
| Digital Realty Trust, Inc. (Specialized REITs) | 7087 | 1235477 |
| Equinix, Inc. (Specialized REITs) | 2190 | 1742079 |
| Equity Residential (Residential REITs) | 7611 | 513666 |
| Essex Property Trust, Inc. (Residential REITs) | 1430 | 405262 |
| Extra Space Storage, Inc. (Specialized REITs) | 4735 | 698128 |
| Federal Realty Investment Trust (Retail REITs) | 1745 | 165757 |
| Healthpeak Properties, Inc. (Health Care <br> REITs)<br>| 15613 | 273384 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 15591 | 239478 |
| Invitation Homes, Inc. (Residential REITs) | 12811 | 420201 |
| Iron Mountain, Inc. (Specialized REITs) | 6584 | 675321 |
| Kimco Realty Corp. (Retail REITs) | 15204 | 319588 |
| Mid-America Apartment Communities, Inc. <br> (Residential REITs)<br>| 2631 | 389414 |
| Prologis, Inc. (Industrial REITs) | 20775 | 2183868 |
| Public Storage (Specialized REITs) | 3531 | 1036066 |
| Realty Income Corp. (Retail REITs) | 20210 | 1164298 |
| Regency Centers Corp. (Retail REITs) | 3672 | 261557 |
| SBA Communications Corp. <br> (Specialized REITs)<br>| 2394 | 562207 |
| Simon Property Group, Inc. (Retail REITs) | 6865 | 1103617 |
| UDR, Inc. (Residential REITs) | 6775 | 276623 |
| Ventas, Inc. (Health Care REITs) | 10063 | 635478 |
| VICI Properties, Inc. (Specialized REITs) | 23596 | 769230 |
| Welltower, Inc. (Health Care REITs) | 13910 | 2138384 |
| Weyerhaeuser Co. (Specialized REITs) | 16112 | 413917 |
|  |  | 24004720 |
| **Utilities–2.4%** |  |  |
| AES Corp. / The (Ind. Power & Renewable <br> Elec.)<br>| 15999 | 168309 |
| Alliant Energy Corp. (Electric Utilities) | 5773 | 349093 |
| Ameren Corp. (Multi-Utilities) | 6074 | 583347 |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 11949 | 1239828 |
| American Water Works Co., Inc. <br> (Water Utilities)<br>| 4383 | 609719 |
| Atmos Energy Corp. (Gas Utilities) | 3570 | 550173 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 14669 | 538939 |
| CMS Energy Corp. (Multi-Utilities) | 6723 | 465769 |
| Consolidated Edison, Inc. (Multi-Utilities) | 8039 | 806714 |
| Constellation Energy Corp. (Electric Utilities) | 7014 | 2263839 |
| Dominion Energy, Inc. (Multi-Utilities) | 19056 | 1077045 |
| DTE Energy Co. (Multi-Utilities) | 4664 | 617793 |
| Duke Energy Corp. (Electric Utilities) | 17392 | 2052256 |
| Edison International (Electric Utilities) | 8647 | 446185 |
| Entergy Corp. (Electric Utilities) | 9971 | 828790 |
| Evergy, Inc. (Electric Utilities) | 5171 | 356437 |
| Eversource Energy (Electric Utilities) | 8179 | 520348 |
| Exelon Corp. (Electric Utilities) | 22569 | 979946 |
| FirstEnergy Corp. (Electric Utilities) | 11544 | 464761 |
| NextEra Energy, Inc. (Electric Utilities) | 46069 | 3198110 |
| NiSource, Inc. (Multi-Utilities) | 10579 | 426757 |
| NRG Energy, Inc. (Electric Utilities) | 4362 | 700450 |
| PG&E Corp. (Electric Utilities) | 49038 | 683590 |
| Pinnacle West Capital Corp. (Electric Utilities) | 2683 | 240048 |
| PPL Corp. (Electric Utilities) | 16614 | 563048 |
| Public Service Enterprise Group, Inc. <br> (Multi-Utilities)<br>| 11153 | 938860 |
| Sempra (Multi-Utilities) | 14583 | 1104954 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| Southern Co. / The (Electric Utilities) | 24596 | $2258651 |
| Vistra Corp. (Ind. Power & Renewable Elec.) | 7594 | 1471793 |
| WEC Energy Group, Inc. (Multi-Utilities) | 7098 | 739612 |
| Xcel Energy, Inc. (Electric Utilities) | 12889 | 877741 |
|  |  | 28122905 |
| **Total Common Stocks (Cost $611,883,759)** |  | $1174687140 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.0%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill | 0.000% | 08/21/2025 | &nbsp;&nbsp; $528000 | &nbsp;&nbsp; $524770 |
| **Total U.S. Treasury Obligations (Cost $524,849)** | **Total U.S. Treasury Obligations (Cost $524,849)** | **Total U.S. Treasury Obligations (Cost $524,849)** | **Total U.S. Treasury Obligations (Cost $524,849)** | &nbsp;&nbsp; $524770 |
| **Total Investments – 99.8% (Cost $612,408,608)** | **Total Investments – 99.8% (Cost $612,408,608)** | **Total Investments – 99.8% (Cost $612,408,608)** | &nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp; $1175211910 |
| **Other Assets in Excess of Liabilities – 0.2%** | **Other Assets in Excess of Liabilities – 0.2%** | **Other Assets in Excess of Liabilities – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp; 2277745 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $1177489655 |

---

<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 $602,867 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 28 | September 19, 2025 | &nbsp;&nbsp; $8564192 | &nbsp;&nbsp; $8755250 | &nbsp;&nbsp; $191058 | &nbsp;&nbsp; $42000 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.5%** | **Shares** | **Value** |
| **Communication Services–8.0%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 17921 | $3158218 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 11262 | 1997766 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 52557 | 1521000 |
| Comcast Corp. Class A (Media) | 59326 | 2117345 |
| Fox Corp. Class A (Media) | 19243 | 1078378 |
| Fox Corp. Class B (Media) | 965 | 49823 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 2408 | 1777321 |
| Pinterest, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6519 | 233771 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1931 | 468943 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 1867 | 444831 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 18549 | 802615 |
| Walt Disney Co. / The (Entertainment) | 11908 | 1476711 |
|  |  | 15126722 |
| **Consumer Discretionary–8.6%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16522 | 3624761 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 85 | 315539 |
| Best Buy Co., Inc. (Specialty Retail) | 3485 | 233948 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 232 | 1343104 |
| BorgWarner, Inc. (Automobile Components) | 24092 | 806600 |
| CarMax, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4444 | 298681 |
| D.R. Horton, Inc. (Household Durables) | 6138 | 791311 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 2610 | 568902 |
| Gap, Inc. / The (Specialty Retail) | 10718 | 233759 |
| Garmin Ltd. (Household Durables) | 2857 | 596313 |
| General Motors Co. (Automobiles) | 10795 | 531222 |
| Home Depot, Inc. / The (Specialty Retail) | 5090 | 1866198 |
| Lithia Motors, Inc. (Specialty Retail) | 1506 | 508757 |
| McDonald's Corp. (Hotels, Restaurants & <br> Leisure)<br>| 2434 | 711142 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 4521 | 1240020 |
| TJX Cos., Inc. / The (Specialty Retail) | 8039 | 992736 |
| Toll Brothers, Inc. (Household Durables) | 10274 | 1172572 |
| Under Armour, Inc. Class C (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1385 | 8989 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 3234 | 479214 |
|  |  | 16323768 |
| **Consumer Staples–7.0%** |  |  |
| Coca-Cola Co. / The (Beverages) | 3909 | 276562 |
| Colgate-Palmolive Co. (Household Products) | 20966 | 1905809 |
| Constellation Brands, Inc. Class A (Beverages) | 1812 | 294776 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 1138 | 1126552 |
| Ingredion, Inc. (Food Products) | 3912 | 530545 |
| Keurig Dr Pepper, Inc. (Beverages) | 15434 | 510248 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 6877 | 493287 |
| Philip Morris International, Inc. (Tobacco) | 13539 | 2465858 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 6837 | 1089271 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 46802 | 4576300 |
|  |  | 13269208 |
| **Energy–5.3%** |  |  |
| Antero Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6484 | 261176 |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 3017 | 734700 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Energy (continued)** |  |  |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 9137 | $1308327 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 17639 | 1582924 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 50894 | 1618938 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 21544 | 2322443 |
| Halliburton Co. (Energy Equip. & Svs.) | 41014 | 835865 |
| Marathon Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 4970 | 825567 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 7993 | 502040 |
|  |  | 9991980 |
| **Financials–22.8%** |  |  |
| Allstate Corp. / The (Insurance) | 10129 | 2039069 |
| American Express Co. (Consumer Finance) | 1434 | 457417 |
| Bank of America Corp. (Banks) | 79780 | 3775190 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9611 | 4668736 |
| Blackstone, Inc. (Capital Markets) | 3301 | 493764 |
| Charles Schwab Corp. / The (Capital Markets) | 22297 | 2034378 |
| Chime Financial, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6459 | 222900 |
| Citigroup, Inc. (Banks) | 27596 | 2348972 |
| CME Group, Inc. (Capital Markets) | 4624 | 1274467 |
| Etoro Group Ltd. Class A (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2980 | 198438 |
| Huntington Bancshares, Inc. (Banks) | 71400 | 1196664 |
| Interactive Brokers Group, Inc. Class A <br> (Capital Markets)<br>| 5980 | 331352 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 10739 | 1970284 |
| Invesco Ltd. (Capital Markets) | 79973 | 1261174 |
| JPMorgan Chase & Co. (Banks) | 20634 | 5982003 |
| Mastercard, Inc. Class A (Financial Services) | 1627 | 914276 |
| Morgan Stanley (Capital Markets) | 19981 | 2814524 |
| Nasdaq, Inc. (Capital Markets) | 11936 | 1067317 |
| OneMain Holdings, Inc. (Consumer Finance) | 15827 | 902139 |
| PNC Financial Services Group, Inc. / The <br> (Banks)<br>| 11530 | 2149423 |
| Progressive Corp. / The (Insurance) | 2030 | 541726 |
| Remitly Global, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14653 | 275037 |
| S&P Global, Inc. (Capital Markets) | 3935 | 2074886 |
| Slide Insurance Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7461 | 161605 |
| Travelers Cos., Inc. / The (Insurance) | 7141 | 1910503 |
| Unum Group (Insurance) | 23007 | 1858045 |
| Visa, Inc. (Financial Services) | 800 | 284040 |
|  |  | 43208329 |
| **Health Care–12.4%** |  |  |
| AbbVie, Inc. (Biotechnology) | 6744 | 1251821 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6787 | 852379 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14647 | 805146 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7661 | 822868 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 31706 | 1467671 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 11944 | 2006592 |
| Caris Life Sciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 950 | 25384 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16050 | 871194 |
| Cigna Group / The (Health Care Providers & <br> Svs.)<br>| 2591 | 856533 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 1278 | 252456 |
| Edwards Lifesciences Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4864 | 380413 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 1049 | 408019 |
| Johnson & Johnson (Pharmaceuticals) | 11216 | 1713244 |
| Medtronic PLC (Health Care Equip. & Supplies) | 31986 | 2788220 |
| Merck & Co., Inc. (Pharmaceuticals) | 2480 | 196317 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3559 | $601257 |
| Pfizer, Inc. (Pharmaceuticals) | 112975 | 2738514 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 3475 | 1824375 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br> Tools & Svs.)<br>| 4023 | 1631166 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 6157 | 1920799 |
|  |  | 23414368 |
| **Industrials–12.9%** |  |  |
| AECOM (Construction & Engineering) | 3171 | 357879 |
| AMETEK, Inc. (Electrical Equip.) | 6295 | 1139143 |
| Caterpillar, Inc. (Machinery) | 2974 | 1154537 |
| Cintas Corp. (Commercial Svs. & Supplies) | 9525 | 2122837 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 791 | 424142 |
| Cummins, Inc. (Machinery) | 1264 | 413960 |
| Delta Air Lines, Inc. (Passenger Airlines) | 12076 | 593898 |
| Eaton Corp. PLC (Electrical Equip.) | 4766 | 1701414 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 451 | 241235 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 8618 | 984607 |
| FedEx Corp. (Air Freight & Logistics) | 4988 | 1133822 |
| Flowserve Corp. (Machinery) | 15352 | 803677 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 3768 | 1098975 |
| HEICO Corp. Class A (Aerospace & Defense) | 2465 | 637819 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 1358 | 316251 |
| Illinois Tool Works, Inc. (Machinery) | 3942 | 974660 |
| Knight-Swift Transportation Holdings, Inc. <br> (Ground Transportation)<br>| 13754 | 608339 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 3405 | 1576992 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2831 | 482487 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 983 | 491480 |
| Parker-Hannifin Corp. (Machinery) | 3051 | 2131032 |
| Pentair PLC (Machinery) | 2963 | 304182 |
| RTX Corp. (Aerospace & Defense) | 8380 | 1223648 |
| Trane Technologies PLC (Building Products) | 2989 | 1307419 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2500 | 233250 |
| Union Pacific Corp. (Ground Transportation) | 2255 | 518830 |
| United Parcel Service, Inc. Class B (Air Freight <br> & Logistics)<br>| 7451 | 752104 |
| Voyager Technologies, Inc. Class A (Aerospace <br> & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 261 | 10244 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 3099 | 709113 |
|  |  | 24447976 |
| **Information Technology–10.9%** |  |  |
| Accenture PLC Class A (IT Svs.) | 6342 | 1895560 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1753 | 678201 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3162 | 448688 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 10987 | 1084966 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 809 | 192558 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 5034 | 1032826 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3339 | 1033654 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Cisco Systems, Inc. (Communications Equip.) | 7329 | $508486 |
| Corning, Inc. (Electronic Equip., Instr. & Comp.) | 14406 | 757612 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7443 | 627668 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 193 | 352796 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15771 | 787288 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5099 | 539066 |
| Intel Corp. (Semiconductors & Equip.) | 27040 | 605696 |
| Juniper Networks, Inc. <br> (Communications Equip.)<br>| 2377 | 94914 |
| Keysight Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2081 | 340993 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 7232 | 703963 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 9308 | 720439 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 5217 | 642995 |
| Microsoft Corp. (Software) | 2189 | 1088831 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 3629 | 1525849 |
| NVIDIA Corp. (Semiconductors & Equip.) | 4707 | 743659 |
| Qorvo, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2704 | 229597 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 9641 | 1535426 |
| Salesforce, Inc. (Software) | 4749 | 1295005 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 5441 | 1129660 |
|  |  | 20596396 |
| **Materials–3.0%** |  |  |
| DuPont de Nemours, Inc. (Chemicals) | 7435 | 509967 |
| Ecolab, Inc. (Chemicals) | 4755 | 1281187 |
| Huntsman Corp. (Chemicals) | 31420 | 327396 |
| Mosaic Co. / The (Chemicals) | 12084 | 440824 |
| Newmont Corp. (Metals & Mining) | 10874 | 633519 |
| Nucor Corp. (Metals & Mining) | 8300 | 1075182 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 6575 | 1239059 |
| Scotts Miracle-Gro Co. / The (Chemicals) | 3904 | 257508 |
|  |  | 5764642 |
| **Real Estate–3.5%** |  |  |
| CubeSmart (Specialized REITs) | 10710 | 455175 |
| Equinix, Inc. (Specialized REITs) | 2326 | 1850263 |
| Kimco Realty Corp. (Retail REITs) | 50950 | 1070969 |
| NNN REIT, Inc. (Retail REITs) | 11440 | 493979 |
| Simon Property Group, Inc. (Retail REITs) | 13819 | 2221543 |
| Ventas, Inc. (Health Care REITs) | 8329 | 525976 |
|  |  | 6617905 |
| **Utilities–4.1%** |  |  |
| CMS Energy Corp. (Multi-Utilities) | 13240 | 917267 |
| Consolidated Edison, Inc. (Multi-Utilities) | 2500 | 250875 |
| Edison International (Electric Utilities) | 11132 | 574411 |
| Entergy Corp. (Electric Utilities) | 24060 | 1999868 |
| NextEra Energy, Inc. (Electric Utilities) | 8674 | 602149 |
| NiSource, Inc. (Multi-Utilities) | 16980 | 684973 |
| OGE Energy Corp. (Electric Utilities) | 41999 | 1863916 |
| PG&E Corp. (Electric Utilities) | 68732 | 958124 |
|  |  | 7851583 |
| **Total Common Stocks (Cost $171,386,461)** |  | $186612877 |
| **Total Investments – 98.5% (Cost $171,386,461)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $186612877 |
| **Other Assets in Excess of Liabilities – 1.5%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 2834364 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $189447241 |

---

<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 Advantage Large Cap Value Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

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 $213,157 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 9 | September 19, 2025 | &nbsp;&nbsp; $2726559 | &nbsp;&nbsp; $2814188 | &nbsp;&nbsp; $87629 | &nbsp;&nbsp; $13500 |

---

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

------

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

**AVIP Federated High Income Bond Portfolio**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–95.3%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–7.8%** |  |  |  |  |
| Cars.com, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 11/01/2028 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $250678 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 05/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199357 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/01/2028 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 520162 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 06/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124543 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 03/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 968802 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 08/15/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238345 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 03/01/2031 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 339108 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 06/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182806 |
| CSC Holdings LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 12/01/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 282205 |
| CSC Holdings LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.375% | 02/15/2031 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 606278 |
| CSC Holdings LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 11/15/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 105553 |
| DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 216619 |
| Gray Media, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 11/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56238 |
| Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148278 |
| Lamar Media Corp. (Media) | 3.625% | 01/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92404 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 12/15/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198903 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 06/01/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73187 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 08/01/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 257176 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 10/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134211 |
| Sinclair Television Group, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 03/01/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60656 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.125% | 09/01/2026 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 220755 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 07/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192085 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 07/01/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 299663 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 09/01/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 311120 |
| Stagwell Global LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 358697 |
| Sunrise FinCo I B.V. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 07/15/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 472875 |
| Telenet Finance Luxembourg Notes SARL (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 03/01/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 395794 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 06/01/2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124659 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 08/15/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304434 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 05/01/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 250030 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 06/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24568 |
| Virgin Media Secured Finance PLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 08/15/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 278817 |
| Virgin Media Vendor Financing Notes IV DAC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 07/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195797 |
| 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; 183224 |
| Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 07/15/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 370010 |
| VZ Secured Financing B.V. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 01/15/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 444804 |
| WMG Acquisition Corp. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 12/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 117167 |
|  |  |  |  | &nbsp;&nbsp; 9600008 |
| **Consumer Discretionary–15.9%** |  |  |  |  |
| 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; 230754 |
| 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; 152118 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 10/15/2030 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1048352 |
| Academy Ltd. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 11/15/2027 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 451132 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 04/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103056 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 04/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210149 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 02/15/2033 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127825 |
| Aramark Services, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/01/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99598 |
| Asbury Automotive Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 11/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 313783 |
| Asbury Automotive Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/15/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237867 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (a)(b) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310955 |
| Belron U.K. Finance PLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 10/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201669 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 272960 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 06/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191689 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.125% | 07/01/2027 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp; 152046 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 10/15/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 286361 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 02/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155337 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 02/15/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153917 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 10/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 269696 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 05/01/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 429438 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 08/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131682 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 03/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76269 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 02/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102315 |
| Champ Acquisition Corp. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 12/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 425051 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 174663 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 04/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200652 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 05/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128478 |
| Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.500% | 05/15/2027 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1205256 |
| Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 05/15/2028 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128307 |
| Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 02/15/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207957 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Discretionary (continued)** |  |  |  |  |
| Dornoch Debt Merger Sub, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 10/15/2029 | &nbsp;&nbsp; $475000 | &nbsp;&nbsp; $367833 |
| Gap, Inc. / The (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 10/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116096 |
| Gap, Inc. / The (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 10/01/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 156420 |
| Group 1 Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 01/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128358 |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 02/15/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 185277 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | 4.875% | 01/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124438 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 02/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 181172 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 03/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203776 |
| IHO Verwaltungs GmbH (Automobile Components)<br> (a)(b) | 6.375%, 7.125% PIK | 05/15/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300236 |
| IHO Verwaltungs GmbH (Automobile Components)<br> (a)(b) | 8.000%, 8.750% PIK | 11/15/2032 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 434580 |
| J.B. Poindexter & Co., Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 12/15/2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457964 |
| 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; 200000 | &nbsp;&nbsp; 199436 |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 11/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 211435 |
| LCM Investments Holdings II LLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 05/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 340358 |
| LCM Investments Holdings II LLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 08/01/2031 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 292375 |
| Light & Wonder International, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 11/15/2029 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 386346 |
| Light & Wonder International, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 09/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156962 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 4.625% | 09/01/2026 | &nbsp;&nbsp; 198000 | &nbsp;&nbsp; 197744 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 4.750% | 10/15/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74100 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 6.125% | 09/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101715 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304894 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 05/01/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 313062 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.125% | 01/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131773 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 02/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 345567 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 03/01/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126067 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 02/01/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204326 |
| NCL Finance Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 03/15/2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 279474 |
| Patrick Industries, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 11/01/2032 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 376030 |
| Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 07/01/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138991 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 09/30/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176069 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 03/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77091 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 02/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203855 |
| Sally Holdings LLC / Sally Capital, Inc. (Specialty Retail) | 6.750% | 03/01/2032 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 436308 |
| SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 08/15/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 513128 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/15/2027 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 274407 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 05/15/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256921 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 02/15/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245151 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 12/01/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234183 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 03/15/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127814 |
| Whirlpool Corp. (Household Durables) | 6.125% | 06/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75659 |
| Whirlpool Corp. (Household Durables) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 326041 |
| William Carter Co. / The (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 03/15/2027 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 322980 |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 08/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 317936 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 02/15/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 373261 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 03/15/2033 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150962 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 01/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74293 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96277 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 5.375% | 04/01/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200147 |
|  |  |  |  | &nbsp;&nbsp; 19498620 |
| **Consumer Staples–3.3%** |  |  |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 02/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99900 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.500% | 03/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 142107 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 03/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77312 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 03/15/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 624809 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 06/01/2028 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 174115 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 04/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188919 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 12/31/2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126423 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 06/15/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243449 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 03/31/2029 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 449262 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 10/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149686 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 08/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241062 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 09/15/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127867 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 02/15/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128461 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/01/2033 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 353191 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 10/15/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100568 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Staples (continued)** |  |  |  |  |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 09/15/2028 | &nbsp;&nbsp; $225000 | &nbsp;&nbsp; $232644 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 02/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 343860 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 06/01/2030 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 170393 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 04/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74921 |
|  |  |  |  | &nbsp;&nbsp; 4048949 |
| **Energy–10.2%** |  |  |  |  |
| Aethon United BR LP / Aethon United Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 10/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209787 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 03/01/2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124847 |
| 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; 623944 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 06/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 347370 |
| Antero Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.375% | 03/01/2030 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226440 |
| Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 04/01/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500511 |
| Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 04/01/2028 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 376241 |
| Aris Water Holdings LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 04/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206346 |
| 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; 200000 | &nbsp;&nbsp; 200340 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 10/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203549 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 07/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101450 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 07/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 234823 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 07/15/2032 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238423 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 07/01/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255978 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.625% | 11/01/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152286 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 07/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50555 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.625% | 06/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205036 |
| CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 04/15/2030 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 661201 |
| CNX Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 03/01/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 284738 |
| Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 03/01/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501120 |
| Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 01/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97132 |
| DT Midstream, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 06/15/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 287275 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 02/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26196 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 06/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178184 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 01/15/2029 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 65198 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 01/15/2031 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 541351 |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 02/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50201 |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75210 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 06/15/2028 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 422019 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102841 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 02/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96147 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 10/15/2030 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175775 |
| Kodiak Gas Services LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 02/15/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310323 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300156 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 04/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99261 |
| Nabors Industries Ltd. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 01/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178426 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 05/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49375 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.125% | 01/31/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47875 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.875% | 08/15/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 92851 |
| Northriver Midstream Finance LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 07/15/2032 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 388361 |
| Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 01/15/2032 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181419 |
| Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 02/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75696 |
| Precision Drilling Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 01/15/2026 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 67054 |
| Precision Drilling Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 01/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197575 |
| Range Resources Corp. (Oil, Gas & Consumable Fuels) | 8.250% | 01/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 231651 |
| Range Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 02/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 121589 |
| Rockies Express Pipeline LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 03/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260917 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 11/01/2028 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130884 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.750% | 09/15/2026 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125059 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176530 |
| SM Energy Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 08/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99632 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 4.875% | 02/01/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74398 |
| TGNR Intermediate Holdings LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 10/15/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 266498 |
| U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 09/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200402 |
| U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 03/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358726 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 05/01/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 321247 |
| Venture Global Plaquemines LNG LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 05/01/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324727 |
|  |  |  |  | &nbsp;&nbsp; 12503146 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–12.3%** |  |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 08/01/2029 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; $145828 |
| Acrisure LLC / Acrisure Finance, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 11/06/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 335736 |
| Acrisure LLC / Acrisure Finance, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 07/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50709 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 11/01/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147864 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 01/15/2031 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 568925 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 10/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257703 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 02/15/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280290 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 06/30/2029 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 583089 |
| Ardonagh Finco Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 02/15/2031 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 235230 |
| Ardonagh Group Finance Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.875% | 02/15/2032 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1131166 |
| AssuredPartners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 01/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74801 |
| AssuredPartners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 02/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294669 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, Inc. <br> (Insurance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 05/15/2031 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 571775 |
| Boost Newco Borrower LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 01/15/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 636909 |
| BroadStreet Partners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 04/15/2029 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1334150 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 4.271% | 01/09/2027 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 443532 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 7.350% | 11/04/2027 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233674 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 12/01/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 650088 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 06/15/2030 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 600895 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 01/31/2032 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 837063 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.500% | 03/15/2030 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 476968 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10.500% | 12/15/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532904 |
| NCR Atleos Corp. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.500% | 04/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219073 |
| Panther Escrow Issuer LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 06/01/2031 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 856970 |
| Rocket Cos., Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 08/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25476 |
| Rocket Cos., Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 08/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76740 |
| 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; 285078 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 03/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 370808 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 10/15/2033 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 357867 |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 02/01/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 265980 |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 08/01/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302360 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 08/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77893 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 11/15/2025 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199968 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 06/15/2027 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 224460 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 218397 |
| USI, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 01/15/2032 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 949643 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 02/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200207 |
|  |  |  |  | &nbsp;&nbsp; 15054888 |
| **Health Care–7.6%** |  |  |  |  |
| 1261229 B.C. Ltd. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10.000% | 04/15/2032 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 479166 |
| AHP Health Partners, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 511962 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 07/15/2028 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 441882 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 11/01/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 284040 |
| Bausch Health Cos., Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 06/01/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 253064 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 03/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49249 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 01/15/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 168327 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 04/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79735 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 04/01/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 110919 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 05/15/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 221687 |
| Concentra Health Services, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 07/15/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103536 |
| Grifols SA (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 10/15/2028 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 624863 |
| HealthEquity, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 10/01/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 510448 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 04/01/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52129 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 10/15/2026 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199795 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 05/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 335069 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 06/01/2032 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179588 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 04/01/2029 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 359715 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 10/01/2029 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1091425 |
| Medline Borrower LP / Medline Co-Issuer, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 04/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128411 |
| Molina Healthcare, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 01/15/2033 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127237 |
| Neogen Food Safety Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.625% | 07/20/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103434 |
| Opal Bidco SAS (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 03/31/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280669 |
| Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 04/30/2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 390535 |
| 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; 180610 |
| Prestige Brands, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 04/01/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 161260 |
| Raven Acquisition Holdings LLC (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 11/15/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350015 |
| Select Medical Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 12/01/2032 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 452687 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.250% | 02/01/2027 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124995 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 5.125% | 11/01/2027 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 424320 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $172806 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200280 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.250% | 06/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48491 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 05/15/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181053 |
|  |  |  |  | &nbsp;&nbsp; 9383402 |
| **Industrials–14.2%** |  |  |  |  |
| Allied Universal Holdco LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 02/15/2031 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287290 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 583542 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 06/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126696 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 08/01/2032 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 488848 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 04/20/2026 | &nbsp;&nbsp; 66667 | &nbsp;&nbsp; 66514 |
| 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; 174846 |
| American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 01/15/2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 268959 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206159 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 06/15/2032 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 234314 |
| CACI International, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 06/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103195 |
| Camelot Return Merger Sub, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 08/01/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92221 |
| Clarivate Science Holdings Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 07/01/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71889 |
| Clarivate Science Holdings Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 07/01/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 612041 |
| CP Atlas Buyer, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 12/01/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 370219 |
| Dun & Bradstreet Corp. / The (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 333125 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 12/15/2030 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 741075 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 07/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103500 |
| Enpro, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 06/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76674 |
| Foundation Building Materials, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 03/01/2029 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 664977 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 02/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49690 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 02/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103456 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 366020 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 08/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256551 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 11/15/2032 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 616325 |
| Gates Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 07/01/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 467265 |
| Goat Holdco LLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 02/01/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127068 |
| GYP Holdings III Corp. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 05/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350814 |
| Herc Holdings, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 06/15/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287198 |
| Herc Holdings, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 06/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104780 |
| Hillenbrand, Inc. (Machinery) | 6.250% | 02/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101907 |
| Interface, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 12/01/2028 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 369636 |
| Madison IAQ LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 06/30/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48574 |
| Madison IAQ LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 06/30/2029 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 885397 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 07/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306376 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 04/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256415 |
| MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 02/01/2030 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 166358 |
| QXO Building Products, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 04/30/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 283306 |
| Science Applications International Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 04/01/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 319961 |
| Sensata Technologies B.V. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 09/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250336 |
| Sensata Technologies, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.375% | 02/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 119338 |
| Sensata Technologies, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 02/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22788 |
| SPX FLOW, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 04/01/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 622537 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 09/30/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600526 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129765 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 08/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 281774 |
| Stena International SA (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 01/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200620 |
| TransDigm, Inc. (Aerospace & Defense) | 4.625% | 01/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98120 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/01/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153891 |
| TransDigm, Inc. (Aerospace & Defense) | 4.875% | 05/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 343903 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 12/15/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 674432 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 03/01/2032 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 491812 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 05/31/2033 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125113 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199202 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75199 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47018 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 3.750% | 01/15/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137784 |
| United Rentals North America, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 03/15/2034 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154503 |
| Watco Cos. LLC / Watco Finance Corp. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 08/01/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 313595 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 06/15/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253104 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/15/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 231487 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 03/15/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129896 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103358 |
| White Cap Buyer LLC (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 10/15/2028 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 549127 |
|  |  |  |  | &nbsp;&nbsp; 17382409 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Information Technology–9.2%** |  |  |  |  |
| AthenaHealth Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 02/15/2030 | &nbsp;&nbsp; $925000 | &nbsp;&nbsp; $910446 |
| Capstone Borrower, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 06/15/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 313006 |
| Capstone Borrower, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.000% | 06/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52031 |
| Ciena Corp. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 01/31/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71052 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 03/31/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 454191 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 09/30/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 673742 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 06/30/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212846 |
| Coherent Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245533 |
| Consensus Cloud Solutions, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 10/15/2026 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199000 |
| Consensus Cloud Solutions, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 10/15/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 223854 |
| CoreWeave, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.250% | 06/01/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357817 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.125% | 07/15/2029 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 358320 |
| Ellucian Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 12/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127837 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 04/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 346119 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.950% | 06/15/2030 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 380960 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.000% | 05/15/2033 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151375 |
| Fortress Intermediate 3, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 06/01/2031 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 340476 |
| Gen Digital, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 04/01/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308053 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 12/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 174761 |
| Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 05/15/2032 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 334794 |
| McAfee Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 02/15/2030 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1180480 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 10/01/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 222720 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 04/15/2029 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 137891 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.900% | 12/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181179 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 12/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 329673 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 11/28/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 231931 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 02/15/2029 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 630686 |
| Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 8.250% | 12/15/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159750 |
| Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 9.625% | 12/01/2032 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 507273 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 06/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 236588 |
| TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 03/01/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 429958 |
| UKG, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 02/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 415030 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 10/01/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 256963 |
| Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154242 |
|  |  |  |  | &nbsp;&nbsp; 11310577 |
| **Materials–9.1%** |  |  |  |  |
| ARD Finance SA (Containers & Packaging)<br> (a)(b) | 6.500%, 7.250% PIK | 06/30/2027 | &nbsp;&nbsp; 218173 | &nbsp;&nbsp; 9272 |
| Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC <br> (Containers & Packaging)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 09/01/2029 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 707480 |
| Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.250% | 08/15/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 89186 |
| Axalta Coating Systems Dutch Holding B B.V. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 02/15/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158143 |
| Axalta Coating Systems LLC (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.375% | 02/15/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 165760 |
| Ball Corp. (Containers & Packaging) | 6.875% | 03/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25583 |
| Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128147 |
| Ball Corp. (Containers & Packaging) | 2.875% | 08/15/2030 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 202834 |
| Celanese U.S. Holdings LLC (Chemicals) | 6.500% | 04/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51181 |
| Celanese U.S. Holdings LLC (Chemicals) | 6.750% | 04/15/2033 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 404154 |
| Clearwater Paper Corp. (Paper & Forest Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 08/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189485 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 03/01/2031 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 278002 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.500% | 09/15/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 120557 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 03/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 188532 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 05/01/2033 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140843 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.875% | 01/15/2030 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178899 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.750% | 04/15/2030 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 588124 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 04/15/2032 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 384851 |
| Coeur Mining, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.125% | 02/15/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 390022 |
| Crown Americas LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 06/01/2033 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151025 |
| Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging) | 4.250% | 09/30/2026 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49719 |
| Element Solutions, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 09/01/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 290938 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 07/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147484 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.500% | 03/15/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143752 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.500% | 03/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 117897 |
| H.B. Fuller Co. (Chemicals) | 4.250% | 10/15/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145300 |
| Herens Holdco SARL (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 05/15/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 201932 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.000% | 07/01/2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 276350 |
| Mauser Packaging Solutions Holding Co. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.875% | 04/15/2027 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 330327 |
| Maxam Prill SARL (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 07/15/2030 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 375665 |
| OI European Group B.V. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 02/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144292 |
| Olympus Water U.S. Holding Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.125% | 10/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203655 |
| Olympus Water U.S. Holding Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 10/01/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237741 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Materials (continued)** |  |  |  |  |
| Olympus Water U.S. Holding Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9.750% | 11/15/2028 | &nbsp;&nbsp; $275000 | &nbsp;&nbsp; $289583 |
| Olympus Water U.S. Holding Corp. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 10/01/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 429376 |
| Owens-Brockway Glass Container, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 05/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76861 |
| Owens-Brockway Glass Container, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.375% | 06/01/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127354 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.375% | 03/01/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205664 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.750% | 03/01/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103183 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 12/01/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195195 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 04/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123638 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 07/15/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 284972 |
| Sealed Air Corp. / Sealed Air Corp. U.S. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 02/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78936 |
| SNF Group SACA (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.375% | 03/15/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184549 |
| Standard Industries, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/15/2027 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 673474 |
| Standard Industries, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.750% | 01/15/2028 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123611 |
| Trivium Packaging Finance BV (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.250% | 07/15/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264372 |
| Trivium Packaging Finance BV (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12.250% | 01/15/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 455572 |
| W.R. Grace Holdings LLC (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.875% | 06/15/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99422 |
| W.R. Grace Holdings LLC (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 248926 |
|  |  |  |  | &nbsp;&nbsp; 11181820 |
| **Real Estate–2.0%** |  |  |  |  |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.000% | 02/15/2029 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 465840 |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 01/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205641 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 01/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 310919 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.625% | 03/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143267 |
| 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; 211743 |
| 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; 336380 |
| RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 04/01/2032 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 179978 |
| RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25719 |
| VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 12/01/2026 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124238 |
| XHR LP (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.625% | 05/15/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 407547 |
|  |  |  |  | &nbsp;&nbsp; 2411272 |
| **Utilities–3.7%** |  |  |  |  |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.500% | 02/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 322366 |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 02/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123655 |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.750% | 03/01/2031 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 308317 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.375% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47148 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200257 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46015 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.875% | 02/15/2032 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 87240 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 11/01/2034 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229241 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324906 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 06/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 118262 |
| TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 01/31/2028 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 791852 |
| TransAlta Corp. (Ind. Power & Renewable Elec.) | 7.750% | 11/15/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 420223 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 09/01/2026 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250239 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.000% | 07/31/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199754 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.750% | 10/15/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 371995 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.250% | 01/15/2029 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 281911 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.375% | 01/15/2031 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 240323 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8.625% | 03/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214355 |
|  |  |  |  | &nbsp;&nbsp; 4578059 |
| **Total Corporate Bonds (Cost $116,966,954)** |  |  |  | &nbsp;&nbsp; $116953150 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks–0.0%** | **Shares** | **Value** |
| **Communication Services–0.0%** |  |  |
| Audacy, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 527 | $10535 |
| **Total Common Stocks (Cost $357,285)** |  | $10535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants–0.0%** | **Expiration** | **Strike Price** | **Quantity** | **Value** |
| **Communication Services–0.0%** |  |  |  |  |
| Audacy, Inc. Second Lien Warrants (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 09/30/2028 | &nbsp;&nbsp; $77.10 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; $— |
| Audacy, Inc. Second Lien Warrants (with Black-Scholes protections) (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) | 09/30/2028 | 77.10 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; — |
| **Total Warrants (Cost $214)** |  |  |  | &nbsp;&nbsp; $— |
| **Total Investments – 95.3% (Cost $117,324,453)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  |  |  | &nbsp;&nbsp; $116963685 |
| **Other Assets in Excess of Liabilities – 4.7%** |  |  |  | &nbsp;&nbsp; 5725905 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** |  |  | &nbsp;&nbsp; $122689590 |

---

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

------

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

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

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

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

Abbreviations: <br> PIK: Payment-in-Kind <br> REITs: Real Estate Investment Trusts

---

| | |
|:---|:---|
| 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 June 30, 2025, the value of these securities totaled $108,150,962, or 88.2% 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) | 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>|

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–100.1%** | **Shares** | **Value** |
| **Communication Services–15.4%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 36386 | $6412305 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 34130 | 6054321 |
| Charter Communications, Inc. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2159 | 882621 |
| Comcast Corp. Class A (Media) | 57285 | 2044501 |
| Electronic Arts, Inc. (Entertainment) | 3857 | 615963 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 13574 | 10018834 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6546 | 8765945 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2802 | 680466 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 17465 | 4161211 |
| Trade Desk, Inc. / The Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6893 | 496227 |
| Warner Bros. Discovery, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38055 | 436110 |
|  |  | 40568504 |
| **Consumer Discretionary–13.4%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6639 | 878605 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 66374 | 14561792 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 500 | 2894620 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6132 | 1511599 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1769 | 420279 |
| Marriott International, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>| 4213 | 1151034 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 780 | 2038632 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13149 | 1185119 |
| PDD Holdings, Inc. – ADR (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10274 | 1075277 |
| Ross Stores, Inc. (Specialty Retail) | 5058 | 645300 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 17480 | 1601692 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22755 | 7228353 |
|  |  | 35192302 |
| **Consumer Staples–5.2%** |  |  |
| Coca-Cola Europacific Partners PLC <br> (Beverages)<br>| 7064 | 654974 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 6825 | 6756340 |
| Keurig Dr Pepper, Inc. (Beverages) | 20891 | 690656 |
| Kraft Heinz Co. / The (Food Products) | 18205 | 470053 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 19916 | 1343135 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15001 | 939663 |
| PepsiCo, Inc. (Beverages) | 21089 | 2784592 |
|  |  | 13639413 |
| **Energy–0.5%** |  |  |
| Baker Hughes Co. (Energy Equip. & Svs.) | 15239 | 584263 |
| Diamondback Energy, Inc. (Oil, Gas & <br> Consumable Fuels)<br>| 4494 | 617476 |
|  |  | 1201739 |
| **Financials–0.4%** |  |  |
| PayPal Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14959 | 1111753 |
| **Health Care–4.8%** |  |  |
| Amgen, Inc. (Biotechnology) | 8271 | 2309346 |
| AstraZeneca PLC – ADR (Pharmaceuticals) | 9167 | 640590 |
| Biogen, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2254 | 283080 |
| Dexcom, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6031 | 526446 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 7043 | 521675 |
| Gilead Sciences, Inc. (Biotechnology) | 19134 | 2121386 |
| IDEXX Laboratories, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1237 | 663453 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5513 | $2995819 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 1633 | 857325 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3950 | 1758540 |
|  |  | 12677660 |
| **Industrials–4.5%** |  |  |
| Automatic Data Processing, Inc. <br> (Professional Svs.)<br>| 6244 | 1925650 |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1197 | 991044 |
| Cintas Corp. (Commercial Svs. & Supplies) | 6211 | 1384246 |
| Copart, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14860 | 729180 |
| CSX Corp. (Ground Transportation) | 28895 | 942844 |
| Fastenal Co. (Trading Companies & <br> Distributors)<br>| 17646 | 741132 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 9886 | 2302252 |
| Old Dominion Freight Line, Inc. <br> (Ground Transportation)<br>| 3251 | 527637 |
| PACCAR, Inc. (Machinery) | 8075 | 767609 |
| Paychex, Inc. (Professional Svs.) | 5540 | 805848 |
| Verisk Analytics, Inc. (Professional Svs.) | 2152 | 670348 |
|  |  | 11787790 |
| **Information Technology–53.0%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6556 | 2536385 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24940 | 3538986 |
| Analog Devices, Inc. (Semiconductors & <br> Equip.)<br>| 7633 | 1816807 |
| ANSYS, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1352 | 474849 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 93380 | 19158775 |
| Applied Materials, Inc. (Semiconductors & <br> Equip.)<br>| 12344 | 2259816 |
| AppLovin Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4733 | 1656929 |
| ARM Holdings PLC – ADR (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2058 | 332861 |
| ASML Holding N.V. (Semiconductors & Equip.) | 1344 | 1077068 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2542 | 516255 |
| Autodesk, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3292 | 1019104 |
| Broadcom, Inc. (Semiconductors & Equip.) | 48620 | 13402103 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4200 | 1294230 |
| CDW Corp. (Electronic Equip., Instr. & Comp.) | 2026 | 361823 |
| Cisco Systems, Inc. (Communications Equip.) | 60911 | 4226005 |
| Cognizant Technology Solutions Corp. Class A <br> (IT Svs.)<br>| 7582 | 591623 |
| Crowdstrike Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3831 | 1951167 |
| Datadog, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4914 | 660098 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11773 | 1244642 |
| GLOBALFOUNDRIES, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8505 | 324891 |
| Intel Corp. (Semiconductors & Equip.) | 67095 | 1502928 |
| Intuit, Inc. (Software) | 4291 | 3379720 |
| KLA Corp. (Semiconductors & Equip.) | 2034 | 1821935 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 19675 | 1915165 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 13262 | 1026479 |
| Microchip Technology, Inc. (Semiconductors & <br> Equip.)<br>| 8297 | 583860 |
| Micron Technology, Inc. (Semiconductors & <br> Equip.)<br>| 17190 | 2118668 |
| Microsoft Corp. (Software) | 46469 | 23114145 |
| MicroStrategy, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3903 | 1577710 |
| NVIDIA Corp. (Semiconductors & Equip.) | 152550 | 24101376 |
| NXP Semiconductors N.V. (Semiconductors & <br> Equip.)<br>| 3886 | 849052 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| ON Semiconductor Corp. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6428 | $336891 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 34807 | 4744890 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10256 | 2098788 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 16889 | 2689742 |
| Roper Technologies, Inc. (Software) | 1654 | 937553 |
| Shopify, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18737 | 2161313 |
| Synopsys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2387 | 1223767 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 13974 | 2901282 |
| Workday, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3322 | 797280 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2395 | 751886 |
|  |  | 139078847 |
| **Materials–1.3%** |  |  |
| Linde PLC (Chemicals) | 7241 | 3397332 |
| **Real Estate–0.2%** |  |  |
| CoStar Group, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6489 | 521716 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities–1.4%** |  |  |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 8217 | $852596 |
| Constellation Energy Corp. (Electric Utilities) | 4821 | 1556026 |
| Exelon Corp. (Electric Utilities) | 15528 | 674226 |
| Xcel Energy, Inc. (Electric Utilities) | 8872 | 604183 |
|  |  | 3687031 |
| **Total Common Stocks (Cost $150,014,452)** |  | $262864087 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.0%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 0.000% | 08/21/2025 | &nbsp;&nbsp; $123000 | &nbsp;&nbsp; $122247 |
| **Total U.S. Treasury Obligations (Cost $122,266)** | **Total U.S. Treasury Obligations (Cost $122,266)** | **Total U.S. Treasury Obligations (Cost $122,266)** | **Total U.S. Treasury Obligations (Cost $122,266)** | &nbsp;&nbsp; $122247 |
| **Total Investments – 100.1% (Cost $150,136,718)** | **Total Investments – 100.1% (Cost $150,136,718)** | **Total Investments – 100.1% (Cost $150,136,718)** | &nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp; $262986334 |
| **Liabilities in Excess of Other Assets – (0.1)%** | **Liabilities in Excess of Other Assets – (0.1)%** | **Liabilities in Excess of Other Assets – (0.1)%** |  | &nbsp;&nbsp; (322174)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $262664160 |

---

<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 as collateral for the futures contracts outstanding at June 30, 2025. The value of securities pledged totaled $122,247. See also the <br> following Schedule of Open Futures Contracts.<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>|

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3 | September 19, 2025 | &nbsp;&nbsp; $1333765 | &nbsp;&nbsp; $1373595 | &nbsp;&nbsp; $39830 | &nbsp;&nbsp; $8505 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.4%** | **Shares** | **Value** |
| **Communication Services–10.2%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 52385 | $9231808 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 28891 | 5124974 |
| Comcast Corp. Class A (Media) | 66516 | 2373956 |
| Fox Corp. Class A (Media) | 13576 | 760799 |
| Fox Corp. Class B (Media) | 828 | 42750 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 14248 | 10516306 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2090 | 2798782 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 23562 | 1019528 |
| Walt Disney Co. / The (Entertainment) | 8586 | 1064750 |
|  |  | 32933653 |
| **Consumer Discretionary–10.8%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 68794 | 15092716 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 184 | 683050 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 566 | 3276710 |
| BorgWarner, Inc. (Automobile Components) | 36207 | 1212210 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 3515 | 766164 |
| Garmin Ltd. (Household Durables) | 1864 | 389054 |
| Home Depot, Inc. / The (Specialty Retail) | 11766 | 4313886 |
| Lithia Motors, Inc. (Specialty Retail) | 1257 | 424640 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4620 | 416401 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 5340 | 1464655 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11701 | 3716940 |
| TJX Cos., Inc. / The (Specialty Retail) | 9079 | 1121166 |
| Toll Brothers, Inc. (Household Durables) | 11779 | 1344337 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 4173 | 618355 |
|  |  | 34840284 |
| **Consumer Staples–5.4%** |  |  |
| Coca-Cola Co. / The (Beverages) | 7731 | 546968 |
| Colgate-Palmolive Co. (Household Products) | 15232 | 1384589 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 3841 | 3802360 |
| Keurig Dr Pepper, Inc. (Beverages) | 23739 | 784811 |
| Philip Morris International, Inc. (Tobacco) | 16238 | 2957427 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 10584 | 1686243 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 61880 | 6050626 |
|  |  | 17213024 |
| **Energy–2.4%** |  |  |
| Antero Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11848 | 477237 |
| Cheniere Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 2057 | 500921 |
| Devon Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 82833 | 2634918 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 10979 | 1183536 |
| Halliburton Co. (Energy Equip. & Svs.) | 28893 | 588839 |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 8224 | 1431634 |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 15460 | 971043 |
|  |  | 7788128 |
| **Financials–14.1%** |  |  |
| Allstate Corp. / The (Insurance) | 2283 | 459591 |
| American Express Co. (Consumer Finance) | 3651 | 1164596 |
| Bank of America Corp. (Banks) | 92301 | 4367683 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5246 | $2548350 |
| Blackstone, Inc. (Capital Markets) | 12601 | 1884858 |
| Charles Schwab Corp. / The (Capital Markets) | 41802 | 3814015 |
| Citigroup, Inc. (Banks) | 13316 | 1133458 |
| CME Group, Inc. (Capital Markets) | 7110 | 1959658 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2485 | 428439 |
| Huntington Bancshares, Inc. (Banks) | 37824 | 633930 |
| Intercontinental Exchange, Inc. <br> (Capital Markets)<br>| 13697 | 2512989 |
| JPMorgan Chase & Co. (Banks) | 16564 | 4802069 |
| Mastercard, Inc. Class A (Financial Services) | 5251 | 2950747 |
| Moody's Corp. (Capital Markets) | 3141 | 1575494 |
| Morgan Stanley (Capital Markets) | 30390 | 4280735 |
| Nasdaq, Inc. (Capital Markets) | 8742 | 781710 |
| PNC Financial Services Group, Inc. / The <br> (Banks)<br>| 6046 | 1127095 |
| Progressive Corp. / The (Insurance) | 6770 | 1806642 |
| S&P Global, Inc. (Capital Markets) | 4808 | 2535210 |
| Travelers Cos., Inc. / The (Insurance) | 11850 | 3170349 |
| Visa, Inc. (Financial Services) | 4505 | 1599500 |
|  |  | 45537118 |
| **Health Care–9.8%** |  |  |
| AbbVie, Inc. (Biotechnology) | 11311 | 2099548 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7821 | 429920 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17535 | 1883434 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 55781 | 2582103 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 20100 | 3376800 |
| Centene Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13212 | 717147 |
| Eli Lilly & Co. (Pharmaceuticals) | 3984 | 3105648 |
| Gilead Sciences, Inc. (Biotechnology) | 16509 | 1830353 |
| Medtronic PLC (Health Care Equip. & Supplies) | 46353 | 4040591 |
| Merck & Co., Inc. (Pharmaceuticals) | 26161 | 2070905 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4310 | 728131 |
| Pfizer, Inc. (Pharmaceuticals) | 112803 | 2734345 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 5341 | 2804025 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br> Tools & Svs.)<br>| 2749 | 1114610 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 6118 | 1908632 |
|  |  | 31426192 |
| **Industrials–8.2%** |  |  |
| AMETEK, Inc. (Electrical Equip.) | 9855 | 1783361 |
| Cintas Corp. (Commercial Svs. & Supplies) | 12830 | 2859422 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 1970 | 1056334 |
| Cummins, Inc. (Machinery) | 3405 | 1115138 |
| Delta Air Lines, Inc. (Passenger Airlines) | 12237 | 601816 |
| Eaton Corp. PLC (Electrical Equip.) | 2881 | 1028488 |
| Expeditors International of Washington, Inc. <br> (Air Freight & Logistics)<br>| 8400 | 959700 |
| FedEx Corp. (Air Freight & Logistics) | 11618 | 2640888 |
| Flowserve Corp. (Machinery) | 18843 | 986431 |
| General Dynamics Corp. (Aerospace & <br> Defense)<br>| 1403 | 409199 |
| HEICO Corp. Class A (Aerospace & Defense) | 1916 | 495765 |
| Honeywell International, Inc. <br> (Industrial Conglomerates)<br>| 4106 | 956205 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 5279 | 2444916 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5063 | 862887 |
| Parker-Hannifin Corp. (Machinery) | 4619 | 3226233 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| RTX Corp. (Aerospace & Defense) | 6161 | $899629 |
| Trane Technologies PLC (Building Products) | 1256 | 549387 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17894 | 1669510 |
| Union Pacific Corp. (Ground Transportation) | 1618 | 372269 |
| United Parcel Service, Inc. Class B (Air Freight <br> & Logistics)<br>| 4509 | 455138 |
| Waste Connections, Inc. (Commercial Svs. & <br> Supplies)<br>| 3111 | 580886 |
| Waste Management, Inc. (Commercial Svs. & <br> Supplies)<br>| 2023 | 462903 |
|  |  | 26416505 |
| **Information Technology–33.2%** |  |  |
| Accenture PLC Class A (IT Svs.) | 1999 | 597481 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6439 | 2491120 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10152 | 1440569 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 17350 | 1713312 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 101290 | 20781669 |
| Broadcom, Inc. (Semiconductors & Equip.) | 29101 | 8021691 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7162 | 603971 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 187 | 341829 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16154 | 806408 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6227 | 658318 |
| Intuit, Inc. (Software) | 2978 | 2345562 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 22503 | 2190442 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 15104 | 1169050 |
| Microsoft Corp. (Software) | 52190 | 25959828 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 5545 | 2331451 |
| NVIDIA Corp. (Semiconductors & Equip.) | 160639 | 25379356 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8930 | $1217338 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 16494 | 2626834 |
| Salesforce, Inc. (Software) | 14290 | 3896740 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 485 | 498619 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 9181 | 1906159 |
|  |  | 106977747 |
| **Materials–1.3%** |  |  |
| Ecolab, Inc. (Chemicals) | 4268 | 1149970 |
| Newmont Corp. (Metals & Mining) | 15440 | 899534 |
| Packaging Corp. of America (Containers & <br> Packaging)<br>| 10413 | 1962330 |
|  |  | 4011834 |
| **Real Estate–1.9%** |  |  |
| CubeSmart (Specialized REITs) | 10287 | 437198 |
| Equinix, Inc. (Specialized REITs) | 3418 | 2718916 |
| Simon Property Group, Inc. (Retail REITs) | 12946 | 2081199 |
| Ventas, Inc. (Health Care REITs) | 13848 | 874501 |
|  |  | 6111814 |
| **Utilities–2.1%** |  |  |
| Consolidated Edison, Inc. (Multi-Utilities) | 11415 | 1145495 |
| Edison International (Electric Utilities) | 10176 | 525082 |
| Entergy Corp. (Electric Utilities) | 42379 | 3522543 |
| OGE Energy Corp. (Electric Utilities) | 21053 | 934332 |
| PG&E Corp. (Electric Utilities) | 53999 | 752746 |
|  |  | 6880198 |
| **Total Common Stocks (Cost $240,317,680)** |  | $320136497 |
| **Total Investments – 99.4% (Cost $240,317,680)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $320136497 |
| **Other Assets in Excess of Liabilities – 0.6%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 1947642 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $322084139 |

---

<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 $344,496 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 16 | September 19, 2025 | &nbsp;&nbsp; $4842248 | &nbsp;&nbsp; $5003000 | &nbsp;&nbsp; $160752 | &nbsp;&nbsp; $23999 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–98.9%** | **Shares** | **Value** |
| **Communication Services–2.8%** |  |  |
| Bandwidth, Inc. Class A (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8201 | $130396 |
| Cargurus, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 735 | 24600 |
| E.W. Scripps Co. / The Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12053 | 35436 |
| Eventbrite, Inc. Class A (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9898 | 26032 |
| EverQuote, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10194 | 246491 |
| Grindr, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21826 | 495450 |
| IDT Corp. Class B (Diversified Telecom. Svs.) | 6748 | 461023 |
| Integral Ad Science Holding Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8525 | 70843 |
| Lionsgate Studios Corp. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2680 | 15571 |
| Lumen Technologies, Inc. (Diversified Telecom. <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 55846 | 244605 |
| Magnite, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2383 | 57478 |
| MediaAlpha, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18357 | 201009 |
| QuinStreet, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25335 | 407894 |
| Reservoir Media, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6340 | 48628 |
| Roku, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4483 | 394011 |
| Shutterstock, Inc. (Interactive Media & Svs.) | 8642 | 163852 |
| Spok Holdings, Inc. (Wireless Telecom. Svs.) | 1260 | 22277 |
| Telephone & Data Systems, Inc. (Wireless <br> Telecom. Svs.)<br>| 4238 | 150788 |
| Yelp, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7476 | 256203 |
| ZipRecruiter, Inc. Class A (Interactive Media & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31714 | 158887 |
|  |  | 3611474 |
| **Consumer Discretionary–10.9%** |  |  |
| Abercrombie & Fitch Co. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4543 | 376388 |
| Accel Entertainment, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2189 | 25765 |
| Adient PLC (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8292 | 161362 |
| American Public Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 462 | 14073 |
| Boot Barn Holdings, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3767 | 572584 |
| BorgWarner, Inc. (Automobile Components) | 6060 | 202889 |
| Bright Horizons Family Solutions, Inc. <br> (Diversified Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3359 | 415139 |
| Brinker International, Inc. (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6300 | 1136079 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) | 243 | 12529 |
| Camping World Holdings, Inc. Class A <br> (Specialty Retail)<br>| 9548 | 164130 |
| Cavco Industries, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 80 | 34754 |
| Century Communities, Inc. <br> (Household Durables)<br>| 4107 | 231306 |
| Champion Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3650 | 228527 |
| Coursera, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10760 | 94258 |
| Dorman Products, Inc. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 223 | 27355 |
| Dutch Bros, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5509 | 376650 |
| Five Below, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2354 | 308798 |
| Frontdoor, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7601 | 448003 |
| Gap, Inc. / The (Specialty Retail) | 4988 | 108788 |
| GigaCloud Technology, Inc. Class A <br> (Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2985 | 59043 |
| G-III Apparel Group Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5772 | 129293 |
| Group 1 Automotive, Inc. (Specialty Retail) | 1369 | 597856 |
| Haverty Furniture Cos., Inc. (Specialty Retail) | 4863 | 98962 |
| JAKKS Pacific, Inc. (Leisure Products) | 626 | 13008 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>| 1471 | 97042 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Laureate Education, Inc. (Diversified Consumer <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 32473 | $759219 |
| Life Time Group Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20680 | 627224 |
| Lindblad Expeditions Holdings, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3833 | 44731 |
| Lithia Motors, Inc. (Specialty Retail) | 1320 | 445922 |
| M/I (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2551 | 286018 |
| Modine Manufacturing Co. <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5152 | 507472 |
| Newell Brands, Inc. (Household Durables) | 18301 | 98825 |
| Norwegian Cruise Line Holdings Ltd. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5042 | 102252 |
| Papa John's International, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 1629 | 79723 |
| Patrick Industries, Inc. <br> (Automobile Components)<br>| 808 | 74554 |
| Peloton Interactive, Inc. Class A <br> (Leisure Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 37036 | 257030 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 115 | 31542 |
| Revolve Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11160 | 223758 |
| Rush Street Interactive, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24658 | 367404 |
| Shake Shack, Inc. Class A (Hotels, Restaurants <br> & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5373 | 755444 |
| Sonic Automotive, Inc. Class A <br> (Specialty Retail)<br>| 4414 | 352811 |
| Standard Motor Products, Inc. <br> (Automobile Components)<br>| 4260 | 130867 |
| Steven Madden Ltd. (Textiles, Apparel & <br> Luxury Goods)<br>| 10955 | 262701 |
| Stitch Fix, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14844 | 54923 |
| Stoneridge, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2677 | 18846 |
| Stride, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6341 | 920650 |
| Super Group SGHC Ltd. (Hotels, Restaurants & <br> Leisure)<br>| 5367 | 58876 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 84 | 15742 |
| ThredUp, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8043 | 60242 |
| Tri Pointe Homes, Inc. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5778 | 184607 |
| Universal Technical Institute, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1539 | 52157 |
| Urban Outfitters, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6464 | 468899 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 14600 | 171550 |
| Victoria's Secret & Co. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4369 | 80914 |
| Warby Parker, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15046 | 329959 |
| Wayfair, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2661 | 136084 |
| Winnebago Industries, Inc. (Automobiles) | 2512 | 72848 |
|  |  | 13968375 |
| **Consumer Staples–2.8%** |  |  |
| Andersons, Inc. / The (Consumer Staples <br> Distribution & Retail)<br>| 1766 | 64901 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5953 | 344857 |
| Boston Beer Co., Inc. / The Class A <br> (Beverages)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 732 | 139673 |
| Cal-Maine Foods, Inc. (Food Products) | 3022 | 301082 |
| Central Garden & Pet Co. <br> (Household Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1090 | 38346 |
| Lancaster Colony Corp. (Food Products) | 1934 | 334137 |
| Primo Brands Corp. (Beverages) | 5930 | 175647 |
| Sprouts Farmers Market, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9831 | 1618576 |
| United Natural Foods, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4824 | 112447 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Vita Coco Co., Inc. / The (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1354 | $48879 |
| WD-40 Co. (Household Products) | 1634 | 372699 |
|  |  | 3551244 |
| **Energy–2.5%** |  |  |
| Archrock, Inc. (Energy Equip. & Svs.) | 19342 | 480262 |
| Borr Drilling Ltd. (Energy Equip. & Svs.) | 29744 | 54432 |
| California Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 1416 | 64669 |
| Centrus Energy Corp. Class A (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 782 | 143247 |
| ChampionX Corp. (Energy Equip. & Svs.) | 7792 | 193553 |
| Clean Energy Fuels Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10637 | 20742 |
| Dorian LPG Ltd. (Oil, Gas & Consumable Fuels) | 808 | 19699 |
| Evolution Petroleum Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 7506 | 35278 |
| Helix Energy Solutions Group, Inc. (Energy <br> Equip. & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10986 | 68553 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 5787 | 254917 |
| Kodiak Gas Services, Inc. (Energy Equip. & <br> Svs.)<br>| 9587 | 328547 |
| Oceaneering International, Inc. (Energy Equip. <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 22302 | 462097 |
| PBF Energy, Inc. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 2394 | 51878 |
| REX American Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1917 | 93377 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 20889 | 516167 |
| Smart Sand, Inc. (Energy Equip. & Svs.) | 47289 | 95051 |
| Tidewater, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1915 | 88339 |
| Transocean Ltd. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17982 | 46573 |
| Uranium Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20000 | 136000 |
|  |  | 3153381 |
| **Financials–10.2%** |  |  |
| Acadian Asset Management, Inc. <br> (Capital Markets)<br>| 12451 | 438773 |
| Affirm Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1348 | 93201 |
| Axos Financial, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 559 | 42506 |
| Bank7 Corp. (Banks) | 2640 | 110431 |
| BGC Group, Inc. Class A (Capital Markets) | 25449 | 260343 |
| Chime Financial, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5775 | 199295 |
| Community West Bancshares (Banks) | 2937 | 57301 |
| Crawford & Co. Class A (Insurance) | 13375 | 141508 |
| Cullen / Frost Bankers, Inc. (Banks) | 1294 | 166331 |
| Dave, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 602 | 161583 |
| Donegal Group, Inc. Class A (Insurance) | 7286 | 145902 |
| Enova International, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5632 | 628081 |
| Etoro Group Ltd. Class A (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2631 | 175198 |
| EVERTEC, Inc. (Financial Services) | 5790 | 208730 |
| First Business Financial Services, Inc. (Banks) | 4159 | 210695 |
| First Financial Corp. (Banks) | 458 | 24819 |
| First Internet Bancorp (Banks) | 2267 | 60982 |
| First Mid Bancshares, Inc. (Banks) | 1207 | 45250 |
| FirstCash Holdings, Inc. (Consumer Finance) | 3113 | 420691 |
| GCM Grosvenor, Inc. Class A (Capital Markets) | 20024 | 231477 |
| Greene County Bancorp, Inc. (Banks) | 1928 | 42840 |
| Hamilton Lane, Inc. Class A (Capital Markets) | 1133 | 161022 |
| HCI Group, Inc. (Insurance) | 151 | 22982 |
| Heritage Insurance Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3588 | 89485 |
| Houlihan Lokey, Inc. (Capital Markets) | 5609 | 1009340 |
| Independent Bank Corp. (Banks) | 1335 | 43267 |
| Investar Holding Corp. (Banks) | 969 | 18721 |
| Kearny Financial Corp. (Banks) | 7409 | 47862 |
| Lemonade, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4517 | 197890 |
| Mercury General Corp. (Insurance) | 1585 | 106734 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Moelis & Co. Class A (Capital Markets) | 7123 | $443905 |
| MVB Financial Corp. (Banks) | 2032 | 45781 |
| NMI Holdings, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17492 | 737987 |
| Northeast Community Bancorp, Inc. (Banks) | 1224 | 28452 |
| Northfield Bancorp, Inc. (Banks) | 8633 | 99107 |
| Orange County Bancorp, Inc. (Banks) | 6892 | 178089 |
| Oscar Health, Inc. Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17576 | 376829 |
| Pagseguro Digital Ltd. Class A <br> (Financial Services)<br>| 27703 | 267057 |
| Palomar Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3178 | 490206 |
| Park National Corp. (Banks) | 1093 | 182815 |
| PJT Partners, Inc. Class A (Capital Markets) | 4304 | 710203 |
| Plumas Bancorp (Banks) | 338 | 15027 |
| PRA Group, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6130 | 90418 |
| Prosperity Bancshares, Inc. (Banks) | 929 | 65253 |
| Remitly Global, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 46341 | 869821 |
| Root, Inc. Class A (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 778 | 99561 |
| Sezzle, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1032 | 184986 |
| Silvercrest Asset Management Group, Inc. <br> Class A (Capital Markets)<br>| 1037 | 16447 |
| Slide Insurance Holdings, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6643 | 143887 |
| Stewart Information Services Corp. <br> (Insurance)<br>| 4106 | 267301 |
| StoneCo Ltd. Class A (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38118 | 611413 |
| Tiptree, Inc. (Insurance) | 7309 | 172346 |
| United Fire Group, Inc. (Insurance) | 556 | 15957 |
| Unity Bancorp, Inc. (Banks) | 1054 | 49622 |
| Universal Insurance Holdings, Inc. (Insurance) | 8900 | 246797 |
| Upstart Holdings, Inc. (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8226 | 532058 |
| USCB Financial Holdings, Inc. (Banks) | 3825 | 63266 |
| Velocity Financial, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4514 | 83690 |
| Virtu Financial, Inc. Class A (Capital Markets) | 8938 | 400333 |
|  |  | 13051854 |
| **Health Care–23.7%** |  |  |
| ACADIA Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15274 | 329460 |
| Accuray, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39036 | 53479 |
| Adaptive Biotechnologies Corp. (Life Sciences <br> Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6463 | 75294 |
| Addus HomeCare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 139 | 16011 |
| ADMA Biologics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19248 | 350506 |
| agilon health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31549 | 72563 |
| Akero Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4549 | 242735 |
| Alector, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22360 | 31304 |
| Alignment Healthcare, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23433 | 328062 |
| Alkermes PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19204 | 549426 |
| Alphatec Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4353 | 48318 |
| Altimmune, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3555 | 13758 |
| ALX Oncology Holdings, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1291 | 536 |
| Amarin Corp. PLC – ADR (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 855 | 13868 |
| Amicus Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58516 | 335297 |
| Amneal Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6851 | 55425 |
| Apogee Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 393 | 17068 |
| Arcellx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1576 | 103780 |
| Arcus Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5253 | 42759 |
| Arcutis Biotherapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1420 | 19908 |
| Ardelyx, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 45823 | 179626 |
| Arrowhead Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16702 | 263892 |
| Arvinas, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10862 | 79944 |
| AtriCure, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1075 | 35228 |
| Aveanna Healthcare Holdings, Inc. (Health <br> Care Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 31254 | 163458 |
| Avidity Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5892 | 167333 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Axsome Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4967 | $518505 |
| Azenta, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2268 | 69809 |
| Beam Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1843 | 31349 |
| Beyondspring, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5417 | 12730 |
| BioCryst Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41166 | 368847 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1371 | 75364 |
| Blueprint Medicines Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6037 | 773823 |
| Bridgebio Pharma, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15840 | 683971 |
| BrightSpring Health Services, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10528 | 248356 |
| Caris Life Sciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 845 | 22578 |
| Castle Biosciences, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5777 | 117966 |
| Catalyst Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21478 | 466073 |
| Celldex Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10800 | 219780 |
| Cerus Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 219985 | 310179 |
| CG oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 529 | 13754 |
| ClearPoint Neuro, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4918 | 58721 |
| Coherus Oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29534 | 21598 |
| Collegium Pharmaceutical, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6909 | 204299 |
| Concentra Group Holdings Parent, Inc. (Health <br> Care Providers & Svs.)<br>| 12816 | 263625 |
| Corcept Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6746 | 495156 |
| CorVel Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3914 | 402281 |
| Corvus Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13858 | 55432 |
| Crinetics Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5709 | 164191 |
| CryoPort, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13714 | 102306 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1019 | 33668 |
| Day One Biopharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 35398 | 230087 |
| DENTSPLY SIRONA, Inc. (Health Care Equip. & <br> Supplies)<br>| 2712 | 43067 |
| Doximity, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4450 | 272963 |
| Dyne Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2315 | 22039 |
| Edgewise Therapeutics, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6575 | 86198 |
| Enhabit, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1321 | 12734 |
| Ensign Group, Inc. / The (Health Care Providers <br> & Svs.)<br>| 3657 | 564129 |
| Evolent Health, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8524 | 95980 |
| Exelixis, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3549 | 156422 |
| EyePoint Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6929 | 65202 |
| Fate Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35418 | 39668 |
| Foghorn Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5666 | 26630 |
| Glaukos Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 541 | 55880 |
| Guardant Health, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12791 | 665644 |
| Haemonetics Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4757 | 354920 |
| Harmony Biosciences Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5031 | 158980 |
| Harrow, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2629 | 80290 |
| Health Catalyst, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8629 | 32531 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5317 | 557009 |
| Hims & Hers Health, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21459 | 1069731 |
| Ideaya Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10190 | 214194 |
| InfuSystem Holdings, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9854 | 61489 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Inspire Medical Systems, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 382 | $49572 |
| Ionis Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5710 | 225602 |
| Iovance Biotherapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27255 | 46879 |
| iRadimed Corp. (Health Care Equip. & <br> Supplies)<br>| 1621 | 96920 |
| iRhythm Technologies, Inc. (Health Care Equip. <br> & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3897 | 599982 |
| iTeos Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10476 | 104446 |
| Krystal Biotech, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1764 | 242479 |
| Kura Oncology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30971 | 178703 |
| Kymera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2629 | 114730 |
| Lantheus Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2801 | 229290 |
| LeMaitre Vascular, Inc. (Health Care Equip. & <br> Supplies)<br>| 943 | 78316 |
| LifeStance Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21983 | 113652 |
| Liquidia Corp. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3621 | 45118 |
| Madrigal Pharmaceuticals, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1715 | 519028 |
| MannKind Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 68053 | 254518 |
| MaxCyte, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31931 | 69610 |
| MiMedx Group, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 38601 | 235852 |
| MiNK Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 95 | 711 |
| Mirum Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7645 | 389054 |
| Moderna, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8422 | 232363 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1297 | 219115 |
| NeuroPace, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16156 | 179978 |
| Novocure Ltd. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31479 | 560326 |
| Nurix Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5994 | 68272 |
| Nuvalent, Inc. Class A (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2543 | 194031 |
| Nuvation Bio, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25738 | 50189 |
| Ocular Therapeutix, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15762 | 146271 |
| Omnicell, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1980 | 58212 |
| Option Care Health, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12677 | 411749 |
| Pacira BioSciences, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3924 | 93784 |
| PACS Group, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7204 | 93076 |
| Pediatrix Medical Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1857 | 26648 |
| Phibro Animal Health Corp. Class A <br> (Pharmaceuticals)<br>| 2881 | 73581 |
| Phreesia, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16171 | 460227 |
| Praxis Precision Medicines, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1670 | 70223 |
| Prestige Consumer Healthcare, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2510 | 200423 |
| Privia Health Group, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 38722 | 890606 |
| PROCEPT BioRobotics Corp. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2996 | 172570 |
| Progyny, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 40991 | 901802 |
| Protagonist Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3284 | 181507 |
| Prothena Corp. PLC (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8334 | 50587 |
| PTC Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6879 | 335970 |
| Puma Biotechnology, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10018 | 34362 |
| Recursion Pharmaceuticals, Inc. Class A <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24634 | 124648 |
| REGENXBIO, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19443 | 159627 |
| Rhythm Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3218 | 203345 |
| Sarepta Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9513 | 162672 |
| Scholar Rock Holding Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4026 | 142601 |
| Schrodinger, Inc. (Health Care Technology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16484 | 331658 |
| Select Medical Holdings Corp. (Health Care <br> Providers & Svs.)<br>| 16046 | 243578 |
| SI-BONE, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5060 | 95229 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Soleno Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2381 | $199480 |
| Sorrento Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 45196 | 63 |
| SpringWorks Therapeutics, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5796 | 272354 |
| Supernus Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3197 | 100769 |
| Syndax Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 32820 | 307359 |
| Tandem Diabetes Care, Inc. (Health Care Equip. <br> & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9638 | 179652 |
| Tarsus Pharmaceuticals, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10448 | 423248 |
| TG Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19016 | 684386 |
| Theravance Biopharma, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7675 | 84655 |
| TransMedics Group, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4203 | 563244 |
| Treace Medical Concepts, Inc. (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9331 | 54866 |
| Trevi Therapeutics, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35287 | 193020 |
| Twist Bioscience Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11822 | 434931 |
| UFP Technologies, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 254 | 62017 |
| Ultragenyx Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5785 | 210343 |
| UroGen Pharma Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4803 | 65801 |
| Vanda Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22126 | 104435 |
| Varex Imaging Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5139 | 44555 |
| Vaxcyte, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1176 | 38232 |
| Vera Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1805 | 42526 |
| Veracyte, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13089 | 353796 |
| Vericel Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1901 | 80888 |
| Verve Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3659 | 41091 |
| Viemed Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 44868 | 310038 |
| Viking Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4050 | 107325 |
| Voyager Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12240 | 38066 |
| WaVe Life Sciences Ltd. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1338 | 8697 |
| Waystar Holding Corp. (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3393 | 138672 |
| Xenon Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3434 | 107484 |
| Xeris Biopharma Holdings, Inc. <br> (Pharmaceuticals)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15883 | 74174 |
| Zymeworks, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4576 | 57429 |
|  |  | 30336474 |
| **Industrials–19.6%** |  |  |
| ACV Auctions, Inc. Class A (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16149 | 261937 |
| AeroVironment, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1691 | 481850 |
| Alaska Air Group, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12329 | 610039 |
| American Superconductor Corp. <br> (Electrical Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6472 | 237458 |
| ArcBest Corp. (Ground Transportation) | 2741 | 211084 |
| Archer Aviation, Inc. Class A (Aerospace & <br> Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 33051 | 358603 |
| Argan, Inc. (Construction & Engineering) | 1782 | 392895 |
| ATI, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2747 | 237176 |
| Atkore, Inc. (Electrical Equip.) | 745 | 52560 |
| Atmus Filtration Technologies, Inc. <br> (Machinery)<br>| 5511 | 200711 |
| Barrett Business Services, Inc. <br> (Professional Svs.)<br>| 4113 | 171471 |
| Bloom Energy Corp. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25448 | 608716 |
| Blue Bird Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3098 | 133710 |
| Boise Cascade Co. (Trading Companies & <br> Distributors)<br>| 5953 | 516840 |
| CACI International, Inc. Class A <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 560 | 266952 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Casella Waste Systems, Inc. Class A <br> (Commercial Svs. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2976 | $343371 |
| Chart Industries, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2976 | 489998 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 1744 | 935150 |
| Construction Partners, Inc. Class A <br> (Construction & Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 359 | 38155 |
| Core & Main, Inc. Class A (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 549 | 33132 |
| CoreCivic, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4998 | 105308 |
| Covenant Logistics Group, Inc. <br> (Ground Transportation)<br>| 2767 | 66712 |
| DNOW, Inc. (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23719 | 351753 |
| Ducommun, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4219 | 348616 |
| Dycom Industries, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5178 | 1265451 |
| Enpro, Inc. (Machinery) | 1114 | 213387 |
| ESCO Technologies, Inc. (Machinery) | 454 | 87109 |
| EVI Industries, Inc. (Trading Companies & <br> Distributors)<br>| 696 | 15194 |
| ExlService Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10336 | 452613 |
| Federal Signal Corp. (Machinery) | 2630 | 279885 |
| Flowserve Corp. (Machinery) | 21718 | 1136937 |
| Fluor Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2487 | 127509 |
| Franklin Covey Co. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5750 | 131215 |
| FTAI Aviation Ltd. (Trading Companies & <br> Distributors)<br>| 1508 | 173480 |
| GEO Group, Inc. / The (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21198 | 507692 |
| Gibraltar Industries, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6778 | 399902 |
| Graham Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1768 | 87534 |
| Greenbrier Cos., Inc. / The (Machinery) | 429 | 19755 |
| Griffon Corp. (Building Products) | 492 | 35606 |
| Heidrick & Struggles International, Inc. <br> (Professional Svs.)<br>| 981 | 44891 |
| Herc Holdings, Inc. (Trading Companies & <br> Distributors)<br>| 4479 | 589840 |
| Huron Consulting Group, Inc. <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1956 | 269028 |
| IBEX Holdings Ltd. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5483 | 159555 |
| Interface, Inc. (Commercial Svs. & Supplies) | 1032 | 21600 |
| Joby Aviation, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22310 | 235371 |
| Karat Packaging, Inc. (Trading Companies & <br> Distributors)<br>| 3344 | 94167 |
| KBR, Inc. (Professional Svs.) | 1552 | 74403 |
| Kforce, Inc. (Professional Svs.) | 6279 | 258255 |
| Korn Ferry (Professional Svs.) | 3921 | 287527 |
| Kratos Defense & Security Solutions, Inc. <br> (Aerospace & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5501 | 255521 |
| Legalzoom.com, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39510 | 352034 |
| Leonardo DRS, Inc. (Aerospace & Defense) | 10721 | 498312 |
| Liquidity Services, Inc. (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1940 | 45765 |
| Lyft, Inc. Class A (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12469 | 196511 |
| Manitowoc Co., Inc. / The (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5200 | 62504 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3708 | 631954 |
| Maximus, Inc. (Professional Svs.) | 6046 | 424429 |
| McGrath RentCorp (Trading Companies & <br> Distributors)<br>| 1791 | 207684 |
| Moog, Inc. Class A (Aerospace & Defense) | 2793 | 505449 |
| Mueller Industries, Inc. (Machinery) | 7629 | 606277 |
| MYR Group, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 238 | 43185 |
| NEXTracker, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17971 | 977083 |
| NuScale Power Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9127 | 361064 |
| NV5 Global, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6474 | 149485 |
| Powell Industries, Inc. (Electrical Equip.) | 207 | 43563 |
| Primoris Services Corp. (Construction & <br> Engineering)<br>| 10278 | 801067 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Radiant Logistics, Inc. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10231 | $62205 |
| Resideo Technologies, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13436 | 296398 |
| Resources Connection, Inc. (Professional Svs.) | 4757 | 25545 |
| REV Group, Inc. (Machinery) | 887 | 42212 |
| RXO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5472 | 86020 |
| Shyft Group, Inc. / The (Machinery) | 1435 | 17995 |
| SkyWest, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2296 | 236419 |
| SPX Technologies, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9308 | 1560765 |
| Sterling Infrastructure, Inc. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1173 | 270646 |
| TriNet Group, Inc. (Professional Svs.) | 3844 | 281150 |
| Tutor Perini Corp. (Construction & <br> Engineering)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1524 | 71293 |
| Verra Mobility Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8994 | 228358 |
| Vicor Corp. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2380 | 107957 |
| Voyager Technologies, Inc. Class A (Aerospace <br> & Defense)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 238 | 9342 |
| Willdan Group, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1423 | 88952 |
| Worthington Enterprises, Inc. (Machinery) | 9874 | 628381 |
| Xometry, Inc. Class A (Trading Companies & <br> Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5172 | 174762 |
| Zurn Elkay Water Solutions Corp. <br> (Building Products)<br>| 9445 | 345404 |
|  |  | 25117794 |
| **Information Technology–21.8%** |  |  |
| 8x8, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13109 | 25694 |
| ACI Worldwide, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19311 | 886568 |
| ADTRAN Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12515 | 112260 |
| Advanced Energy Industries, Inc. (Electronic <br> Equip., Instr. & Comp.)<br>| 2335 | 309388 |
| Alarm.com Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15161 | 857658 |
| Ambarella, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7344 | 485181 |
| Amplitude, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29999 | 371988 |
| Appian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2043 | 61004 |
| Applied Optoelectronics, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 874 | 22453 |
| Arlo Technologies, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12856 | 218038 |
| Arteris, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7472 | 71208 |
| Asana, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13078 | 176553 |
| Aurora Innovation, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42925 | 224927 |
| Backblaze, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4721 | 25966 |
| Badger Meter, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 4167 | 1020707 |
| Blend Labs, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5170 | 17061 |
| Box, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23805 | 813417 |
| Braze, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7036 | 197712 |
| C3.ai, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9080 | 223096 |
| Calix, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23680 | 1259539 |
| Ciena Corp. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5289 | 430154 |
| Clear Secure, Inc. Class A (Software) | 7480 | 207645 |
| Clearwater Analytics Holdings, Inc. Class A <br> (Software)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 37299 | 817967 |
| Coherent Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1272 | 113475 |
| CommScope Holding Co., Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5599 | 46360 |
| Commvault Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3083 | 537459 |
| Confluent, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6201 | 154591 |
| Core Scientific, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5801 | 99023 |
| Credo Technology Group Holding Ltd. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20986 | 1943094 |
| CTS Corp. (Electronic Equip., Instr. & Comp.) | 648 | 27611 |
| DigitalOcean Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3974 | 113497 |
| Diodes, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 399 | 21103 |
| Domo, Inc. Class B (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10035 | 140189 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| D-Wave Quantum, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20097 | $294220 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8567 | 722455 |
| Expensify, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6172 | 15985 |
| Extreme Networks, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1736 | 31170 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3772 | 1111533 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 520 | 25958 |
| Freshworks, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25442 | 379340 |
| Gitlab, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3611 | 162892 |
| Grid Dynamics Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3936 | 45461 |
| Ichor Holdings Ltd. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2082 | 40891 |
| Impinj, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2281 | 253351 |
| Insight Enterprises, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2474 | 341622 |
| InterDigital, Inc. (Software) | 2918 | 654303 |
| IonQ, Inc. (Tech. Hardware, Storage & Periph.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 18689 | 803066 |
| Itron, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 275 | 36198 |
| Jamf Holding Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1476 | 14037 |
| JFrog Ltd. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6477 | 284211 |
| Kaltura, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23954 | 48148 |
| Klaviyo, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 747 | 25084 |
| Kyndryl Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5824 | 244375 |
| LiveRamp Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15748 | 520314 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1360 | 129282 |
| MaxLinear, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13858 | 196922 |
| Methode Electronics, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>| 13741 | 130677 |
| nLight, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12043 | 237006 |
| Onto Innovation, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1946 | 196410 |
| Ooma, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7140 | 92106 |
| OSI Systems, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1207 | 271406 |
| Ouster, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4285 | 103911 |
| Pagaya Technologies Ltd. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4254 | 90695 |
| PC Connection, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 1398 | 91960 |
| Plexus Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2849 | 385498 |
| Porch Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8908 | 105025 |
| PROS Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17094 | 267692 |
| Q2 Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6019 | 563318 |
| Qualys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4742 | 677490 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 16187 | 1036292 |
| Red Violet, Inc. (Software) | 1350 | 66420 |
| Rigetti Computing, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12366 | 146661 |
| Rubrik, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 349 | 31267 |
| ScanSource, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1157 | 48374 |
| SEMrush Holdings, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12423 | 112428 |
| Semtech Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3837 | 173202 |
| Silicon Laboratories, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1741 | 256554 |
| SiTime Corp. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2854 | 608130 |
| SoundHound AI, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15403 | 165274 |
| SoundThinking, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4002 | 52246 |
| Sprout Social, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 12036 | 251673 |
| SPS Commerce, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1776 | 241696 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1417 | 91850 |
| Tenable Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17744 | 599392 |
| Terawulf, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6667 | 29201 |
| TTM Technologies, Inc. (Electronic Equip., <br> Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6016 | 245573 |
| Ultra Clean Holdings, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3079 | 69493 |
| Varonis Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13319 | 675939 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Workiva, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10620 | $726939 |
| Zeta Global Holdings Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 41424 | 641658 |
|  |  | 27896860 |
| **Materials–2.7%** |  |  |
| Alpha Metallurgical Resources, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2476 | 278501 |
| Balchem Corp. (Chemicals) | 3155 | 502276 |
| Carpenter Technology Corp. (Metals & Mining) | 1661 | 459067 |
| Century Aluminum Co. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14406 | 259596 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15061 | 114464 |
| Coeur Mining, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17027 | 150859 |
| Compass Minerals International, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1580 | 31742 |
| Constellium SE (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23125 | 307563 |
| Crown Holdings, Inc. (Containers & <br> Packaging)<br>| 1092 | 112454 |
| Idaho Strategic Resources, Inc. (Metals & <br> Mining)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1000 | 13080 |
| Ivanhoe Electric, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3117 | 28271 |
| Kaiser Aluminum Corp. (Metals & Mining) | 2991 | 238981 |
| Materion Corp. (Metals & Mining) | 2597 | 206124 |
| Myers Industries, Inc. (Containers & <br> Packaging)<br>| 7354 | 106560 |
| Novagold Resources, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17736 | 72540 |
| Olympic Steel, Inc. (Metals & Mining) | 4924 | 160473 |
| Ramaco Resources, Inc. Class A (Metals & <br> Mining)<br>| 9003 | 118299 |
| Ramaco Resources, Inc. Class B (Metals & <br> Mining)<br>| 83 | 680 |
| SunCoke Energy, Inc. (Metals & Mining) | 5741 | 49315 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials (continued)** |  |  |
| Tronox Holdings PLC (Chemicals) | 11202 | $56794 |
| United States Lime & Minerals, Inc. <br> (Construction Materials)<br>| 2231 | 222654 |
|  |  | 3490293 |
| **Real Estate–1.6%** |  |  |
| Agree Realty Corp. (Retail REITs) | 1518 | 110905 |
| Compass, Inc. Class A (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 43361 | 272307 |
| CubeSmart (Specialized REITs) | 37305 | 1585462 |
| Saul Centers, Inc. (Retail REITs) | 375 | 12803 |
| Urban Edge Properties (Retail REITs) | 5371 | 100223 |
|  |  | 2081700 |
| **Utilities–0.3%** |  |  |
| Genie Energy Ltd. Class B (Electric Utilities) | 12581 | 338177 |
| **Total Common Stocks (Cost $123,381,573)** |  | $126597626 |

---

---

| | | |
|:---|:---|:---|
| **Rights–0.0%** | **Quantity** | **Value** |
| **Health Care–0.0%** |  |  |
| Flexion Therapeutics, Inc. CVR <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6185 | $3835 |
| Prevail Therapeutics, Inc. CVR <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2231 | 1115 |
| **Total Rights (Cost $4,950)** |  | $4950 |
| **Total Investments – 98.9% (Cost $123,386,523)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $126602576 |
| **Other Assets in Excess of Liabilities – 1.1%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 1377592 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $127980168 |

---

<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 |

---

---

| | |
|:---|:---|
| 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 $185,077 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 20 | September 19, 2025 | &nbsp;&nbsp; $2139319 | &nbsp;&nbsp; $2191700 | &nbsp;&nbsp; $52381 | &nbsp;&nbsp; $2707 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.2%** | **Shares** | **Value** |
| **Communication Services–1.2%** |  |  |
| EchoStar Corp. Class A (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24273 | $672362 |
| Frontier Communications Parent, Inc. <br> (Diversified Telecom. Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 40452 | 1472453 |
| Iridium Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 19554 | 589944 |
| New York Times Co. / The Class A (Media) | 29462 | 1649283 |
| Nexstar Media Group, Inc. (Media) | 5139 | 888790 |
| Warner Music Group Corp. Class A <br> (Entertainment)<br>| 26415 | 719544 |
| ZoomInfo Technologies, Inc. (Interactive <br> Media & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 47382 | 479506 |
|  |  | 6471882 |
| **Consumer Discretionary–13.1%** |  |  |
| Abercrombie & Fitch Co. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8624 | 714498 |
| Aramark (Hotels, Restaurants & Leisure) | 47563 | 1991463 |
| Autoliv, Inc. (Automobile Components) | 12908 | 1444405 |
| AutoNation, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4512 | 896309 |
| Bath & Body Works, Inc. (Specialty Retail) | 38658 | 1158194 |
| Boyd Gaming Corp. (Hotels, Restaurants & <br> Leisure)<br>| 11069 | 865928 |
| Brunswick Corp. (Leisure Products) | 11887 | 656638 |
| Burlington Stores, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11433 | 2659773 |
| Capri Holdings Ltd. (Textiles, Apparel & Luxury <br> Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 21501 | 380568 |
| Cava Group, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 14902 | 1255195 |
| Chewy, Inc. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39834 | 1697725 |
| Choice Hotels International, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 4031 | 511453 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 13107 | 1323807 |
| Columbia Sportswear Co. (Textiles, Apparel & <br> Luxury Goods)<br>| 5590 | 341437 |
| Crocs, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10175 | 1030524 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 10251 | 2027750 |
| Duolingo, Inc. (Diversified Consumer Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7125 | 2921393 |
| Five Below, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9993 | 1310882 |
| Floor & Decor Holdings, Inc. Class A <br> (Specialty Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 19531 | 1483575 |
| GameStop Corp. Class A (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 73876 | 1801836 |
| Gap, Inc. / The (Specialty Retail) | 40290 | 878725 |
| Gentex Corp. (Automobile Components) | 40764 | 896400 |
| Goodyear Tire & Rubber Co. / The <br> (Automobile Components)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 51623 | 535331 |
| Graham Holdings Co. Class B (Diversified <br> Consumer Svs.)<br>| 619 | 585679 |
| Grand Canyon Education, Inc. (Diversified <br> Consumer Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5074 | 958986 |
| H&R Block, Inc. (Diversified Consumer Svs.) | 24294 | 1333498 |
| Harley-Davidson, Inc. (Automobiles) | 19938 | 470537 |
| Hilton Grand Vacations, Inc. (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10531 | 437352 |
| Hyatt Hotels Corp. Class A (Hotels, Restaurants <br> & Leisure)<br>| 7610 | 1062737 |
| KB Home (Household Durables) | 12985 | 687815 |
| Lear Corp. (Automobile Components) | 9696 | 920926 |
| Light & Wonder, Inc. (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15313 | 1474029 |
| Lithia Motors, Inc. (Specialty Retail) | 4725 | 1596200 |
| Macy's, Inc. (Broadline Retail) | 50348 | 587058 |
| Marriott Vacations Worldwide Corp. (Hotels, <br> Restaurants & Leisure)<br>| 5794 | 418964 |
| Mattel, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 58592 | 1155434 |
| Murphy U.S.A., Inc. (Specialty Retail) | 3264 | 1327795 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Discretionary (continued)** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <br> (Broadline Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 11145 | $1468688 |
| Penske Automotive Group, Inc. <br> (Specialty Retail)<br>| 3349 | 575392 |
| Planet Fitness, Inc. Class A (Hotels, <br> Restaurants & Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15218 | 1659523 |
| Polaris, Inc. (Leisure Products) | 9633 | 391581 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 8675 | 595105 |
| RH (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2766 | 522802 |
| Service Corp. International (Diversified <br> Consumer Svs.)<br>| 25835 | 2102969 |
| Skechers U.S.A., Inc. Class A (Textiles, Apparel <br> & Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23643 | 1491873 |
| Somnigroup International, Inc. <br> (Household Durables)<br>| 37483 | 2550718 |
| Taylor Morrison Home Corp. <br> (Household Durables)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18219 | 1119011 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 12039 | 2256229 |
| Thor Industries, Inc. (Automobiles) | 9646 | 856661 |
| Toll Brothers, Inc. (Household Durables) | 18050 | 2060047 |
| TopBuild Corp. (Household Durables)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5158 | 1669851 |
| Travel + Leisure Co. (Hotels, Restaurants & <br> Leisure)<br>| 12014 | 620043 |
| Under Armour, Inc. Class A (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 34432 | 235171 |
| Under Armour, Inc. Class C (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23356 | 151580 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 6774 | 1064399 |
| Valvoline, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23044 | 872676 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 59952 | 704436 |
| Visteon Corp. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4971 | 463794 |
| Wendy's Co. / The (Hotels, Restaurants & <br> Leisure)<br>| 29413 | 335896 |
| Whirlpool Corp. (Household Durables) | 10088 | 1023125 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 5064 | 1705251 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br> Restaurants & Leisure)<br>| 13972 | 1134666 |
| YETI Holdings, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15101 | 475984 |
|  |  | 69908290 |
| **Consumer Staples–5.3%** |  |  |
| Albertsons Cos., Inc. Class A (Consumer <br> Staples Distribution & Retail)<br>| 73149 | 1573435 |
| BellRing Brands, Inc. (Personal Care <br> Products)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23043 | 1334881 |
| BJ's Wholesale Club Holdings, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23967 | 2584362 |
| Boston Beer Co., Inc. / The Class A <br> (Beverages)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1501 | 286406 |
| Casey's General Stores, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 6737 | 3437689 |
| Celsius Holdings, Inc. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28532 | 1323599 |
| Coca-Cola Consolidated, Inc. (Beverages) | 10638 | 1187733 |
| Coty, Inc. Class A (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 66806 | 310648 |
| Darling Ingredients, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28702 | 1088954 |
| e.l.f. Beauty, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10235 | 1273643 |
| Flowers Foods, Inc. (Food Products) | 35806 | 572180 |
| Ingredion, Inc. (Food Products) | 11670 | 1582685 |
| Lancaster Colony Corp. (Food Products) | 3490 | 602967 |
| Maplebear, Inc. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29813 | 1348740 |
| Performance Food Group Co. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 28333 | 2478287 |
| Pilgrim's Pride Corp. (Food Products) | 7351 | 330648 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Consumer Staples (continued)** |  |  |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8184 | $892302 |
| Sprouts Farmers Market, Inc. (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 17762 | 2924336 |
| U.S. Foods Holding Corp. (Consumer Staples <br> Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 41993 | 3233881 |
|  |  | 28367376 |
| **Energy–3.7%** |  |  |
| Antero Midstream Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 60876 | 1153600 |
| Antero Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 52973 | 2133752 |
| ChampionX Corp. (Energy Equip. & Svs.) | 34708 | 862147 |
| Chord Energy Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 10472 | 1014213 |
| Civitas Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 15531 | 427413 |
| CNX Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 26241 | 883797 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 18437 | 2026411 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 29057 | 1193662 |
| Matador Resources Co. (Oil, Gas & <br> Consumable Fuels)<br>| 21121 | 1007894 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 24463 | 550417 |
| NOV, Inc. (Energy Equip. & Svs.) | 68131 | 846868 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 47139 | 1793639 |
| PBF Energy, Inc. Class A (Oil, Gas & <br> Consumable Fuels)<br>| 17925 | 388435 |
| Permian Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 115689 | 1575684 |
| Range Resources Corp. (Oil, Gas & <br> Consumable Fuels)<br>| 43368 | 1763777 |
| Valaris Ltd. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11923 | 502078 |
| Viper Energy, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 23773 | 906464 |
| Weatherford International PLC (Energy Equip. <br> & Svs.)<br>| 13131 | 660621 |
|  |  | 19690872 |
| **Financials–18.1%** |  |  |
| Affiliated Managers Group, Inc. <br> (Capital Markets)<br>| 5158 | 1014940 |
| Ally Financial, Inc. (Consumer Finance) | 50177 | 1954394 |
| American Financial Group, Inc. (Insurance) | 13040 | 1645778 |
| Annaly Capital Management, Inc. <br> (Mortgage REIT)<br>| 109799 | 2066417 |
| Associated Banc-Corp (Banks) | 29581 | 721481 |
| Bank OZK (Banks) | 19160 | 901670 |
| Brighthouse Financial, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10376 | 557918 |
| Cadence Bank (Banks) | 33830 | 1081883 |
| Carlyle Group, Inc. / The (Capital Markets) | 38670 | 1987638 |
| CNO Financial Group, Inc. (Insurance) | 17947 | 692395 |
| Columbia Banking System, Inc. (Banks) | 38118 | 891199 |
| Comerica, Inc. (Banks) | 23857 | 1423070 |
| Commerce Bancshares, Inc. (Banks) | 22061 | 1371532 |
| Cullen / Frost Bankers, Inc. (Banks) | 11676 | 1500833 |
| East West Bancorp, Inc. (Banks) | 25021 | 2526621 |
| Equitable Holdings, Inc. (Financial Services) | 55154 | 3094139 |
| Essent Group Ltd. (Financial Services) | 18407 | 1117857 |
| Euronet Worldwide, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7364 | 746562 |
| Evercore, Inc. Class A (Capital Markets) | 6525 | 1761881 |
| Federated Hermes, Inc. (Capital Markets) | 13646 | 604791 |
| Fidelity National Financial, Inc. (Insurance) | 47356 | 2654777 |
| First American Financial Corp. (Insurance) | 18680 | 1146765 |
| First Financial Bankshares, Inc. (Banks) | 23339 | 839737 |
| First Horizon Corp. (Banks) | 92084 | 1952181 |
| FirstCash Holdings, Inc. (Consumer Finance) | 7002 | 946250 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Flagstar Financial, Inc. (Banks) | 54799 | $580869 |
| FNB Corp. (Banks) | 65267 | 951593 |
| Glacier Bancorp, Inc. (Banks) | 21472 | 925014 |
| Hamilton Lane, Inc. Class A (Capital Markets) | 7866 | 1117916 |
| Hancock Whitney Corp. (Banks) | 15530 | 891422 |
| Hanover Insurance Group, Inc. / The <br> (Insurance)<br>| 6519 | 1107383 |
| Home BancShares, Inc. (Banks) | 33312 | 948060 |
| Houlihan Lokey, Inc. (Capital Markets) | 9766 | 1757392 |
| Interactive Brokers Group, Inc. Class A <br> (Capital Markets)<br>| 79103 | 4383097 |
| International Bancshares Corp. (Banks) | 9670 | 643635 |
| Janus Henderson Group PLC (Capital Markets) | 22854 | 887649 |
| Jefferies Financial Group, Inc. <br> (Capital Markets)<br>| 29574 | 1617402 |
| Kemper Corp. (Insurance) | 10891 | 702905 |
| Kinsale Capital Group, Inc. (Insurance) | 4020 | 1945278 |
| MGIC Investment Corp. (Financial Services) | 43100 | 1199904 |
| Morningstar, Inc. (Capital Markets) | 4834 | 1517538 |
| Old National Bancorp (Banks) | 59125 | 1261728 |
| Old Republic International Corp. (Insurance) | 41306 | 1587803 |
| Pinnacle Financial Partners, Inc. (Banks) | 13964 | 1541765 |
| Primerica, Inc. (Insurance) | 5966 | 1632715 |
| Prosperity Bancshares, Inc. (Banks) | 17304 | 1215433 |
| Reinsurance Group of America, Inc. <br> (Insurance)<br>| 11995 | 2379328 |
| RenaissanceRe Holdings Ltd. (Insurance) | 8831 | 2145050 |
| RLI Corp. (Insurance) | 15159 | 1094783 |
| Ryan Specialty Holdings, Inc. (Insurance) | 19545 | 1328865 |
| SEI Investments Co. (Capital Markets) | 17180 | 1543795 |
| Selective Insurance Group, Inc. (Insurance) | 11024 | 955230 |
| Shift4 Payments, Inc. Class A <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12246 | 1213701 |
| SLM Corp. (Consumer Finance) | 38099 | 1249266 |
| SouthState Corp. (Banks) | 17879 | 1645404 |
| Starwood Property Trust, Inc. (Mortgage REIT) | 58551 | 1175119 |
| Stifel Financial Corp. (Capital Markets) | 18648 | 1935289 |
| Synovus Financial Corp. (Banks) | 25244 | 1306377 |
| Texas Capital Bancshares, Inc. (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8307 | 659576 |
| UMB Financial Corp. (Banks) | 12963 | 1363189 |
| United Bankshares, Inc. (Banks) | 25707 | 936506 |
| Unum Group (Insurance) | 29120 | 2351731 |
| Valley National Bancorp (Banks) | 86295 | 770614 |
| Voya Financial, Inc. (Financial Services) | 17475 | 1240725 |
| Webster Financial Corp. (Banks) | 30544 | 1667702 |
| Western Alliance Bancorp (Banks) | 19788 | 1543068 |
| Western Union Co. / The (Financial Services) | 60271 | 507482 |
| WEX, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6212 | 912481 |
| Wintrust Financial Corp. (Banks) | 12158 | 1507349 |
| Zions Bancorp N.A. (Banks) | 26794 | 1391680 |
|  |  | 96443520 |
| **Health Care–8.5%** |  |  |
| Acadia Healthcare Co., Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16798 | 381147 |
| Amedisys, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5921 | 582567 |
| Avantor, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 123676 | 1664679 |
| BioMarin Pharmaceutical, Inc. <br> (Biotechnology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 34812 | 1913616 |
| Bio-Rad Laboratories, Inc. Class A (Life <br> Sciences Tools & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3371 | 813490 |
| Bruker Corp. (Life Sciences Tools & Svs.) | 20052 | 826142 |
| Chemed Corp. (Health Care Providers & Svs.) | 2656 | 1293286 |
| Cytokinetics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21631 | 714688 |
| DENTSPLY SIRONA, Inc. (Health Care Equip. & <br> Supplies)<br>| 36028 | 572125 |
| Doximity, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24232 | 1486391 |
| Encompass Health Corp. (Health Care <br> Providers & Svs.)<br>| 18300 | 2244129 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Ensign Group, Inc. / The (Health Care Providers <br> & Svs.)<br>| 10361 | $1598288 |
| Envista Holdings Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 30652 | 598940 |
| Exelixis, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49500 | 2181713 |
| Globus Medical, Inc. Class A (Health Care <br> Equip. & Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 20508 | 1210382 |
| Haemonetics Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9094 | 678503 |
| Halozyme Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22367 | 1163531 |
| HealthEquity, Inc. (Health Care Providers & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 15724 | 1647246 |
| Hims & Hers Health, Inc. (Health Care <br> Providers & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 35583 | 1773813 |
| Illumina, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28731 | 2741225 |
| Jazz Pharmaceuticals PLC (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11188 | 1187271 |
| Lantheus Holdings, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12554 | 1027670 |
| LivaNova PLC (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9943 | 447634 |
| Masimo Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8169 | 1374189 |
| Medpace Holdings, Inc. (Life Sciences Tools & <br> Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4278 | 1342693 |
| Neurocrine Biosciences, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17963 | 2257770 |
| Option Care Health, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 29703 | 964753 |
| Penumbra, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7030 | 1804109 |
| Perrigo Co. PLC (Pharmaceuticals) | 24881 | 664820 |
| Repligen Corp. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9484 | 1179620 |
| Roivant Sciences Ltd. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 76337 | 860318 |
| Sarepta Therapeutics, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17921 | 306449 |
| Sotera Health Co. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27951 | 310815 |
| Tenet Healthcare Corp. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 16858 | 2967008 |
| United Therapeutics Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8187 | 2352534 |
|  |  | 45133554 |
| **Industrials–22.6%** |  |  |
| AAON, Inc. (Building Products) | 12246 | 903142 |
| Acuity, Inc. (Electrical Equip.) | 5556 | 1657577 |
| Advanced Drainage Systems, Inc. <br> (Building Products)<br>| 12815 | 1471931 |
| AECOM (Construction & Engineering) | 24015 | 2710333 |
| AGCO Corp. (Machinery) | 11236 | 1159106 |
| Alaska Air Group, Inc. (Passenger Airlines)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 22032 | 1090143 |
| American Airlines Group, Inc. <br> (Passenger Airlines)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 119668 | 1342675 |
| API Group Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44220 | 2257431 |
| Applied Industrial Technologies, Inc. (Trading <br> Companies & Distributors)<br>| 6914 | 1607159 |
| ATI, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25603 | 2210563 |
| Avis Budget Group, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3052 | 515941 |
| Brink's Co. / The (Commercial Svs. & Supplies) | 7603 | 678872 |
| BWX Technologies, Inc. (Aerospace & <br> Defense)<br>| 16582 | 2388803 |
| CACI International, Inc. Class A <br> (Professional Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3991 | 1902510 |
| Carlisle Cos., Inc. (Building Products) | 7832 | 2924469 |
| Chart Industries, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8155 | 1342721 |
| Clean Harbors, Inc. (Commercial Svs. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9142 | 2113448 |
| CNH Industrial N.V. (Machinery) | 158737 | 2057231 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 6388 | 3425309 |
| Concentrix Corp. (Professional Svs.) | 8387 | 443295 |
| Core & Main, Inc. Class A (Trading Companies <br> & Distributors)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 34382 | 2074954 |
| Crane Co. (Machinery) | 8871 | 1684514 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Curtiss-Wright Corp. (Aerospace & Defense) | 6841 | $3342170 |
| Donaldson Co., Inc. (Machinery) | 21698 | 1504756 |
| EMCOR Group, Inc. (Construction & <br> Engineering)<br>| 8124 | 4345446 |
| EnerSys (Electrical Equip.) | 7132 | 611712 |
| Esab Corp. (Machinery) | 10345 | 1247090 |
| ExlService Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29535 | 1293338 |
| Exponent, Inc. (Professional Svs.) | 9188 | 686435 |
| Flowserve Corp. (Machinery) | 23724 | 1241951 |
| Fluor Corp. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 29884 | 1532153 |
| Fortune Brands Innovations, Inc. <br> (Building Products)<br>| 21825 | 1123551 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6110 | 986765 |
| GATX Corp. (Trading Companies & <br> Distributors)<br>| 6478 | 994762 |
| Genpact Ltd. (Professional Svs.) | 29203 | 1285224 |
| Graco, Inc. (Machinery) | 30339 | 2608244 |
| GXO Logistics, Inc. (Air Freight & Logistics)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20760 | 1011012 |
| Hexcel Corp. (Aerospace & Defense) | 14575 | 823342 |
| Insperity, Inc. (Professional Svs.) | 6518 | 391862 |
| ITT, Inc. (Machinery) | 14285 | 2240317 |
| KBR, Inc. (Professional Svs.) | 23545 | 1128747 |
| Kirby Corp. (Marine Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10182 | 1154741 |
| Knight-Swift Transportation Holdings, Inc. <br> (Ground Transportation)<br>| 29426 | 1301512 |
| Landstar System, Inc. (Ground Transportation) | 6336 | 880831 |
| Lincoln Electric Holdings, Inc. (Machinery) | 10132 | 2100566 |
| ManpowerGroup, Inc. (Professional Svs.) | 8440 | 340976 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11128 | 1896545 |
| Maximus, Inc. (Professional Svs.) | 10205 | 716391 |
| Middleby Corp. / The (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9707 | 1397808 |
| MSA Safety, Inc. (Commercial Svs. & <br> Supplies)<br>| 7135 | 1195327 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 8070 | 686111 |
| Mueller Industries, Inc. (Machinery) | 20083 | 1595996 |
| NEXTracker, Inc. Class A (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26084 | 1418187 |
| nVent Electric PLC (Electrical Equip.) | 29885 | 2189076 |
| Oshkosh Corp. (Machinery) | 11682 | 1326374 |
| Owens Corning (Building Products) | 15436 | 2122759 |
| Parsons Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8505 | 610404 |
| Paylocity Holding Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7820 | 1416906 |
| RB Global, Inc. (Commercial Svs. & Supplies) | 33615 | 3569577 |
| RBC Bearings, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5690 | 2189512 |
| Regal Rexnord Corp. (Electrical Equip.) | 12041 | 1745463 |
| Ryder System, Inc. (Ground Transportation) | 7507 | 1193613 |
| Saia, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4834 | 1324468 |
| Science Applications International Corp. <br> (Professional Svs.)<br>| 8555 | 963379 |
| Sensata Technologies Holding PLC <br> (Electrical Equip.)<br>| 26509 | 798186 |
| Simpson Manufacturing Co., Inc. <br> (Building Products)<br>| 7594 | 1179424 |
| Terex Corp. (Machinery) | 11857 | 553603 |
| Tetra Tech, Inc. (Commercial Svs. & Supplies) | 47828 | 1719895 |
| Timken Co. / The (Machinery) | 11542 | 837372 |
| Toro Co. / The (Machinery) | 18115 | 1280368 |
| Trex Co., Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19460 | 1058235 |
| UFP Industries, Inc. (Building Products) | 10963 | 1089284 |
| Valmont Industries, Inc. (Construction & <br> Engineering)<br>| 3643 | 1189694 |
| Watsco, Inc. (Trading Companies & <br> Distributors)<br>| 6332 | 2796338 |
| Watts Water Technologies, Inc. Class A <br> (Machinery)<br>| 4979 | 1224286 |
| WESCO International, Inc. (Trading Companies <br> & Distributors)<br>| 8062 | 1493082 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Industrials (continued)** |  |  |
| Woodward, Inc. (Aerospace & Defense) | 10800 | $2646972 |
| XPO, Inc. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 21383 | 2700459 |
|  |  | 120264724 |
| **Information Technology–11.6%** |  |  |
| Allegro MicroSystems, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 23689 | 809927 |
| Amkor Technology, Inc. (Semiconductors & <br> Equip.)<br>| 20723 | 434976 |
| Appfolio, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4181 | 962801 |
| Arrow Electronics, Inc. (Electronic Equip., Instr. <br> & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9418 | 1200136 |
| ASGN, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7987 | 398791 |
| Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 15196 | 806604 |
| Belden, Inc. (Electronic Equip., Instr. & Comp.) | 7159 | 829012 |
| BILL Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17174 | 794469 |
| Blackbaud, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6872 | 441251 |
| Ciena Corp. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25800 | 2098314 |
| Cirrus Logic, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9644 | 1005435 |
| Cognex Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 30452 | 965937 |
| Coherent Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 28210 | 2516614 |
| Commvault Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 8009 | 1396209 |
| Crane NXT Co. (Electronic Equip., Instr. & <br> Comp.)<br>| 8996 | 484884 |
| Docusign, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36752 | 2862613 |
| Dolby Laboratories, Inc. Class A (Software) | 11130 | 826514 |
| Dropbox, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 35601 | 1018189 |
| Dynatrace, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 54415 | 3004252 |
| Entegris, Inc. (Semiconductors & Equip.) | 27477 | 2216020 |
| Fabrinet (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6503 | 1916304 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69532 | 3471037 |
| Guidewire Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15225 | 3584726 |
| IPG Photonics Corp. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4809 | 330138 |
| Kyndryl Holdings, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 42233 | 1772097 |
| Lattice Semiconductor Corp. (Semiconductors <br> & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 24956 | 1222594 |
| Littelfuse, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>| 4485 | 1016884 |
| Lumentum Holdings, Inc. <br> (Communications Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12596 | 1197376 |
| MACOM Technology Solutions Holdings, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10802 | 1547819 |
| Manhattan Associates, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11019 | 2175922 |
| MKS, Inc. (Semiconductors & Equip.) | 12172 | 1209410 |
| Novanta, Inc. (Electronic Equip., Instr. & <br> Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6520 | 840624 |
| Okta, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 30338 | 3032890 |
| Onto Innovation, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8862 | 894442 |
| Pegasystems, Inc. (Software) | 16134 | 873333 |
| Power Integrations, Inc. (Semiconductors & <br> Equip.)<br>| 10175 | 568783 |
| Pure Storage, Inc. Class A (Tech. Hardware, <br> Storage & Periph.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 56405 | 3247800 |
| Qualys, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6589 | 941370 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 19495 | 1248070 |
| Silicon Laboratories, Inc. (Semiconductors & <br> Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5906 | 870308 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7029 | 455620 |
| TD SYNNEX Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 13557 | 1839685 |
| Universal Display Corp. (Semiconductors & <br> Equip.)<br>| 8022 | 1239078 |
| Vontier Corp. (Electronic Equip., Instr. & <br> Comp.)<br>| 26836 | 990248 |
|  |  | 61559506 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials–5.4%** |  |  |
| Alcoa Corp. (Metals & Mining) | 46985 | $1386527 |
| AptarGroup, Inc. (Containers & Packaging) | 11987 | 1875127 |
| Ashland, Inc. (Chemicals) | 8332 | 418933 |
| Avient Corp. (Chemicals) | 16540 | 534407 |
| Axalta Coating Systems Ltd. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 39658 | 1177446 |
| Cabot Corp. (Chemicals) | 9731 | 729825 |
| Carpenter Technology Corp. (Metals & Mining) | 9035 | 2497093 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 87726 | 666718 |
| Commercial Metals Co. (Metals & Mining) | 20506 | 1002949 |
| Crown Holdings, Inc. (Containers & <br> Packaging)<br>| 20885 | 2150737 |
| Eagle Materials, Inc. (Construction Materials) | 6043 | 1221351 |
| Graphic Packaging Holding Co. (Containers & <br> Packaging)<br>| 54763 | 1153857 |
| Greif, Inc. Class A (Containers & Packaging) | 4760 | 309352 |
| Knife River Corp. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10270 | 838443 |
| Louisiana-Pacific Corp. (Paper & Forest <br> Products)<br>| 11237 | 966270 |
| NewMarket Corp. (Chemicals) | 1369 | 945787 |
| Olin Corp. (Chemicals) | 20995 | 421790 |
| Reliance, Inc. (Metals & Mining) | 9546 | 2996489 |
| Royal Gold, Inc. (Metals & Mining) | 11948 | 2124832 |
| RPM International, Inc. (Chemicals) | 23304 | 2559711 |
| Scotts Miracle-Gro Co. / The (Chemicals) | 7893 | 520622 |
| Silgan Holdings, Inc. (Containers & Packaging) | 14737 | 798451 |
| Sonoco Products Co. (Containers & <br> Packaging)<br>| 17871 | 778461 |
| Westlake Corp. (Chemicals) | 6080 | 461654 |
|  |  | 28536832 |
| **Real Estate–6.8%** |  |  |
| Agree Realty Corp. (Retail REITs) | 19940 | 1456816 |
| American Homes 4 Rent Class A <br> (Residential REITs)<br>| 57691 | 2080914 |
| Brixmor Property Group, Inc. (Retail REITs) | 55563 | 1446861 |
| COPT Defense Properties (Office REITs) | 20362 | 561584 |
| Cousins Properties, Inc. (Office REITs) | 30453 | 914504 |
| CubeSmart (Specialized REITs) | 41380 | 1758650 |
| EastGroup Properties, Inc. (Industrial REITs) | 9521 | 1591149 |
| EPR Properties (Specialized REITs) | 13784 | 803056 |
| Equity LifeStyle Properties, Inc. <br> (Residential REITs)<br>| 34709 | 2140504 |
| First Industrial Realty Trust, Inc. <br> (Industrial REITs)<br>| 24038 | 1156949 |
| Gaming & Leisure Properties, Inc. <br> (Specialized REITs)<br>| 49885 | 2328632 |
| Healthcare Realty Trust, Inc. (Health Care <br> REITs)<br>| 63760 | 1011234 |
| Independence Realty Trust, Inc. <br> (Residential REITs)<br>| 42278 | 747898 |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 8618 | 2204312 |
| Kilroy Realty Corp. (Office REITs) | 19267 | 661051 |
| Kite Realty Group Trust (Retail REITs) | 39863 | 902897 |
| Lamar Advertising Co. Class A <br> (Specialized REITs)<br>| 15967 | 1937755 |
| National Storage Affiliates Trust <br> (Specialized REITs)<br>| 12829 | 410400 |
| NNN REIT, Inc. (Retail REITs) | 34124 | 1473474 |
| Omega Healthcare Investors, Inc. (Health Care <br> REITs)<br>| 52525 | 1925041 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br> REITs)<br>| 36450 | 372883 |
| PotlatchDeltic Corp. (Specialized REITs) | 13042 | 500422 |
| Rayonier, Inc. (Specialized REITs) | 25345 | 562152 |
| Rexford Industrial Realty, Inc. <br> (Industrial REITs)<br>| 42857 | 1524423 |
| Sabra Health Care REIT, Inc. (Health Care <br> REITs)<br>| 43117 | 795077 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Real Estate (continued)** |  |  |
| STAG Industrial, Inc. (Industrial REITs) | 33884 | $1229312 |
| Vornado Realty Trust (Office REITs) | 30315 | 1159246 |
| W.P. Carey, Inc. (Diversified REITs) | 39750 | 2479605 |
|  |  | 36136801 |
| **Utilities–2.9%** |  |  |
| ALLETE, Inc. (Electric Utilities) | 10480 | 671454 |
| Black Hills Corp. (Multi-Utilities) | 13133 | 736761 |
| Essential Utilities, Inc. (Water Utilities) | 46832 | 1739341 |
| IDACORP, Inc. (Electric Utilities) | 9807 | 1132218 |
| National Fuel Gas Co. (Gas Utilities) | 16416 | 1390599 |
| New Jersey Resources Corp. (Gas Utilities) | 18192 | 815365 |
| Northwestern Energy Group, Inc. <br> (Multi-Utilities)<br>| 11193 | 574201 |
| OGE Energy Corp. (Electric Utilities) | 36579 | 1623376 |
| ONE Gas, Inc. (Gas Utilities) | 10859 | 780328 |
| Ormat Technologies, Inc. (Ind. Power & <br> Renewable Elec.)<br>| 10450 | 875292 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Utilities (continued)** |  |  |
| Portland General Electric Co. (Electric Utilities) | 19846 | $806343 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 10948 | 814422 |
| Spire, Inc. (Gas Utilities) | 10694 | 780555 |
| TXNM Energy, Inc. (Electric Utilities) | 16807 | 946570 |
| UGI Corp. (Gas Utilities) | 38951 | 1418595 |
|  |  | 15105420 |
| **Total Common Stocks (Cost $456,558,540)** |  | $527618777 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–0.0%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bill<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 0.000% | 08/21/2025 | &nbsp;&nbsp; $261000 | &nbsp;&nbsp; $259403 |
| **Total U.S. Treasury Obligations (Cost $259,442)** | **Total U.S. Treasury Obligations (Cost $259,442)** | **Total U.S. Treasury Obligations (Cost $259,442)** | **Total U.S. Treasury Obligations (Cost $259,442)** | &nbsp;&nbsp; $259403 |
| **Total Investments – 99.2% (Cost $456,817,982)** | **Total Investments – 99.2% (Cost $456,817,982)** | **Total Investments – 99.2% (Cost $456,817,982)** | &nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp; $527878180 |
| **Other Assets in Excess of Liabilities – 0.8%** | **Other Assets in Excess of Liabilities – 0.8%** | **Other Assets in Excess of Liabilities – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp; 4224756 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; $532102936 |

---

<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 $88,974 of the Portfolio's cash holdings, as collateral for the futures contracts outstanding at June 30, 2025. See also the <br> following Schedule of Open Futures Contracts.<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>|

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 16 | September 19, 2025 | &nbsp;&nbsp; $4942847 | &nbsp;&nbsp; $5000800 | &nbsp;&nbsp; $57953 | &nbsp;&nbsp; $(1231)<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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.0%** | **Shares** | **Value** |
| **Communication Services–12.0%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 63235 | $11143904 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 47615 | 8446425 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 23066 | 17024784 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11684 | 15646395 |
| Spotify Technology SA (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4241 | 3254289 |
|  |  | 55515797 |
| **Consumer Discretionary–13.4%** |  |  |
| Airbnb, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 10708 | 1417097 |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 105467 | 23138405 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 1050 | 6078702 |
| Coupang, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 40198 | 1204332 |
| Darden Restaurants, Inc. (Hotels, Restaurants <br> & Leisure)<br>| 2612 | 569338 |
| DoorDash, Inc. Class A (Hotels, Restaurants & <br> Leisure)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6838 | 1685635 |
| Garmin Ltd. (Household Durables) | 9530 | 1989102 |
| Home Depot, Inc. / The (Specialty Retail) | 16472 | 6039294 |
| MercadoLibre, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 767 | 2004654 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7905 | 712478 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br> Goods)<br>| 10402 | 2853060 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 36933 | 11732137 |
| TJX Cos., Inc. / The (Specialty Retail) | 19954 | 2464119 |
|  |  | 61888353 |
| **Consumer Staples–3.1%** |  |  |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 9079 | 8987665 |
| Philip Morris International, Inc. (Tobacco) | 2846 | 518342 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 50496 | 4937499 |
|  |  | 14443506 |
| **Energy–0.5%** |  |  |
| Targa Resources Corp. (Oil, Gas & Consumable <br> Fuels)<br>| 11604 | 2020024 |
| **Financials–6.9%** |  |  |
| American Express Co. (Consumer Finance) | 2709 | 864117 |
| Blackstone, Inc. (Capital Markets) | 25163 | 3763882 |
| Charles Schwab Corp. / The (Capital Markets) | 50320 | 4591197 |
| Mastercard, Inc. Class A (Financial Services) | 10581 | 5945887 |
| Moody's Corp. (Capital Markets) | 5600 | 2808904 |
| Morgan Stanley (Capital Markets) | 21332 | 3004825 |
| Progressive Corp. / The (Insurance) | 9112 | 2431628 |
| S&P Global, Inc. (Capital Markets) | 5724 | 3018208 |
| Visa, Inc. (Financial Services) | 15797 | 5608725 |
|  |  | 32037373 |
| **Health Care–6.5%** |  |  |
| AbbVie, Inc. (Biotechnology) | 27234 | 5055175 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 18738 | 2012649 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 61116 | 2829060 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 15511 | 2605848 |
| Cencora, Inc. (Health Care Providers & Svs.) | 2571 | 770914 |
| Eli Lilly & Co. (Pharmaceuticals) | 13188 | 10280442 |
| Gilead Sciences, Inc. (Biotechnology) | 8269 | 916784 |
| Medtronic PLC (Health Care Equip. & Supplies) | 8019 | 699016 |
| Natera, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4043 | 683024 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 4570 | $2399250 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br> Tools & Svs.)<br>| 2568 | 1041221 |
| Veeva Systems, Inc. Class A (Health Care <br> Technology)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3429 | 987484 |
|  |  | 30280867 |
| **Industrials–5.4%** |  |  |
| Cintas Corp. (Commercial Svs. & Supplies) | 23099 | 5148074 |
| Comfort Systems U.S.A., Inc. (Construction & <br> Engineering)<br>| 5193 | 2784539 |
| FedEx Corp. (Air Freight & Logistics) | 7332 | 1666637 |
| Flowserve Corp. (Machinery) | 13735 | 719027 |
| GE Vernova, Inc. (Electrical Equip.) | 3227 | 1707567 |
| General Electric Co. (Aerospace & Defense) | 10813 | 2783158 |
| Howmet Aerospace, Inc. (Aerospace & <br> Defense)<br>| 6566 | 1222130 |
| MasTec, Inc. (Construction & Engineering)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5321 | 906858 |
| Parker-Hannifin Corp. (Machinery) | 5131 | 3583850 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 39104 | 3648403 |
| Waste Connections, Inc. (Commercial Svs. & <br> Supplies)<br>| 4952 | 924637 |
|  |  | 25094880 |
| **Information Technology–51.1%** |  |  |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11925 | 4613544 |
| Advanced Micro Devices, Inc. <br> (Semiconductors & Equip.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 110346 | 15658097 |
| Amphenol Corp. Class A (Electronic Equip., <br> Instr. & Comp.)<br>| 31031 | 3064311 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 161271 | 33087971 |
| Arista Networks, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11273 | 1153341 |
| Atlassian Corp. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6280 | 1275405 |
| Broadcom, Inc. (Semiconductors & Equip.) | 89691 | 24723324 |
| Cadence Design Systems, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3684 | 1135225 |
| Dell Technologies, Inc. Class C (Tech. <br> Hardware, Storage & Periph.)<br>| 51282 | 6287173 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23505 | 1982177 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 736 | 1345379 |
| Flex Ltd. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 48408 | 2416527 |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31613 | 3342126 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 11270 | 2029276 |
| Intuit, Inc. (Software) | 7173 | 5649670 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 48111 | 4683125 |
| Marvell Technology, Inc. (Semiconductors & <br> Equip.)<br>| 33204 | 2569990 |
| Microsoft Corp. (Software) | 89544 | 44540081 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 5309 | 2232222 |
| NetApp, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 17958 | 1913425 |
| NVIDIA Corp. (Semiconductors & Equip.) | 246088 | 38879443 |
| Oracle Corp. (Software) | 26112 | 5708866 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 34515 | 4705085 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5276 | 1079681 |
| QUALCOMM, Inc. (Semiconductors & Equip.) | 20129 | 3205744 |
| Rambus, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 9346 | 598331 |
| Salesforce, Inc. (Software) | 33066 | 9016767 |
| ServiceNow, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7300 | 7504984 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 7380 | 1532236 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Workday, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2745 | $658800 |
| Zscaler, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1857 | 582987 |
|  |  | 237175313 |
| **Real Estate–0.1%** |  |  |
| Equinix, Inc. (Specialized REITs) | 759 | 603762 |
| **Total Common Stocks (Cost $379,924,593)** |  | $459059875 |
| **Total Investments – 99.0% (Cost $379,924,593)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $459059875 |
| **Other Assets in Excess of Liabilities – 1.0%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(c) |  | 4788585 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $463848460 |

---

<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 $438,440 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | September 19, 2025 | &nbsp;&nbsp; $6160996 | &nbsp;&nbsp; $6410110 | &nbsp;&nbsp; $249114 | &nbsp;&nbsp; $22060 |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–66.8%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 66000 | $36408240 |
| iShares Core S&P 500 ETF  | 407000 | 252706300 |
| iShares Core S&P Mid-Cap ETF  | 1100000 | 68222000 |
| iShares Core S&P Small-Cap ETF  | 200000 | 21858000 |
| iShares Core S&P Total U.S. Stock Market ETF  | 77000 | 10398080 |
| iShares Core U.S. Aggregate Bond ETF  | 10 | 992 |
| iShares MBS ETF  | 548000 | 51451720 |
| Vanguard Intermediate-Term Corporate Bond ETF  | 1215000 | 100747800 |
| Vanguard S&P 500 ETF  | 444000 | 252205320 |
| Vanguard Total Stock Market ETF  | 34000 | 10333620 |
| **Total Exchange Traded Funds (Cost $778,993,139)** |  | $804332072 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–13.8%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bond | 4.000% | 11/15/2042 | &nbsp;&nbsp; $4422000 | &nbsp;&nbsp; $4034211 |
| U.S. Treasury Bond | 2.250% | 02/15/2052 | &nbsp;&nbsp; 14868400 | &nbsp;&nbsp; 9081921 |
| U.S. Treasury Bond | 4.125% | 08/15/2053 | &nbsp;&nbsp; 9642900 | &nbsp;&nbsp; 8613445 |
| U.S. Treasury Bond | 4.250% | 02/15/2054 | &nbsp;&nbsp; 2064600 | &nbsp;&nbsp; 1883302 |
| U.S. Treasury Bond | 4.625% | 05/15/2054 | &nbsp;&nbsp; 5320400 | &nbsp;&nbsp; 5167439 |
| U.S. Treasury Bond | 4.625% | 02/15/2055 | &nbsp;&nbsp; 63000000 | &nbsp;&nbsp; 61326563 |
| U.S. Treasury Bond | 4.750% | 05/15/2055 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp; 34803125 |
| U.S. Treasury Note | 3.875% | 04/30/2030 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3011719 |
| U.S. Treasury Note | 3.250% | 05/15/2042 | &nbsp;&nbsp; 23856400 | &nbsp;&nbsp; 19732784 |
| U.S. Treasury Note | 3.875% | 05/15/2043 | &nbsp;&nbsp; 5624900 | &nbsp;&nbsp; 5024178 |
| U.S. Treasury Note | 4.375% | 08/15/2043 | &nbsp;&nbsp; 2998200 | &nbsp;&nbsp; 2857776 |
| U.S. Treasury Note | 4.750% | 11/15/2043 | &nbsp;&nbsp; 4140100 | &nbsp;&nbsp; 4135734 |
| United States Treasury Inflation Indexed Bond | 0.250% | 07/15/2029 | &nbsp;&nbsp; 7301858 | &nbsp;&nbsp; 7011766 |
| **Total U.S. Treasury Obligations (Cost $175,165,385)** |  |  |  | &nbsp;&nbsp; $166683963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–10.2%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Discretionary–0.9%** |  |  |  |  |
| AutoZone, Inc. (Specialty Retail) | 5.125% | 06/15/2030 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1025250 |
| Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 04/13/2030 | &nbsp;&nbsp; 1302000 | &nbsp;&nbsp; 1316961 |
| Ford Motor Co. (Automobiles) | 3.250% | 02/12/2032 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 965348 |
| Hasbro, Inc. (Leisure Products) | 3.550% | 11/19/2026 | &nbsp;&nbsp; 1539000 | &nbsp;&nbsp; 1517461 |
| Jaguar Land Rover Automotive PLC (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.500% | 07/15/2029 | &nbsp;&nbsp; 1227000 | &nbsp;&nbsp; 1221311 |
| Mattel, Inc. (Leisure Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.875% | 12/15/2027 | &nbsp;&nbsp; 1578000 | &nbsp;&nbsp; 1581824 |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | 2.625% | 09/01/2029 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1595950 |
| MDC Holdings, Inc. (Household Durables) | 6.000% | 01/15/2043 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1040319 |
| 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; 998924 |
|  |  |  |  | &nbsp;&nbsp; 11263348 |
| **Consumer Staples–0.8%** |  |  |  |  |
| Altria Group, Inc. (Tobacco) | 3.400% | 05/06/2030 | &nbsp;&nbsp; 1934000 | &nbsp;&nbsp; 1836628 |
| B.A.T. Capital Corp. (Tobacco) | 2.259% | 03/25/2028 | &nbsp;&nbsp; 1123000 | &nbsp;&nbsp; 1062480 |
| Cargill, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.125% | 04/23/2030 | &nbsp;&nbsp; 1301000 | &nbsp;&nbsp; 1180680 |
| Coca-Cola Co. / The (Beverages) | 3.375% | 03/25/2027 | &nbsp;&nbsp; 1376000 | &nbsp;&nbsp; 1363791 |
| Imperial Brands Finance PLC (Tobacco)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.625% | 07/01/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1505091 |
| 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; 1712529 |
| Pilgrim's Pride Corp. (Food Products) | 4.250% | 04/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 964124 |
|  |  |  |  | &nbsp;&nbsp; 9625323 |
| **Energy–1.2%** |  |  |  |  |
| APA Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.250% | 01/15/2030 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1771011 |
| 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; 2026481 |
| Continental Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.750% | 01/15/2031 | &nbsp;&nbsp; 1132000 | &nbsp;&nbsp; 1142849 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.600% | 09/01/2034 | &nbsp;&nbsp; 1183000 | &nbsp;&nbsp; 1201471 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.700% | 04/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2037187 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.625% | 05/15/2031 | &nbsp;&nbsp; 1224000 | &nbsp;&nbsp; 1134514 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 4.300% | 04/01/2027 | &nbsp;&nbsp; 1806000 | &nbsp;&nbsp; 1801764 |
| Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 5.700% | 09/15/2034 | &nbsp;&nbsp; 1189000 | &nbsp;&nbsp; 1212068 |
| Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.800% | 05/15/2038 | &nbsp;&nbsp; 848000 | &nbsp;&nbsp; 916651 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5.550% | 08/15/2035 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1507589 |
|  |  |  |  | &nbsp;&nbsp; 14751585 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–4.3%** |  |  |  |  |
| American Express Co. (Rate is fixed until 02/16/2027, then SOFR + 100) (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.098% | 02/16/2028 | &nbsp;&nbsp; $1190000 | &nbsp;&nbsp; $1203477 |
| Apollo Debt Solutions BDC (Capital Markets) | 6.700% | 07/29/2031 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5195679 |
| Aviation Capital Group LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1.950% | 09/20/2026 | &nbsp;&nbsp; 2008000 | &nbsp;&nbsp; 1943469 |
| 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; 1789479 |
| 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; 1317363 |
| Blackstone Private Credit Fund (Capital Markets) | 6.000% | 01/29/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011058 |
| Capital One Financial Corp. (Rate is fixed until 03/01/2029, then SOFR + 179) <br> (Consumer Finance)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.273% | 03/01/2030 | &nbsp;&nbsp; 1651000 | &nbsp;&nbsp; 1579196 |
| Carlyle Secured Lending, Inc. (Capital Markets) | 6.750% | 02/18/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022191 |
| Caterpillar Financial Services Corp. (Consumer Finance) | 4.450% | 10/16/2026 | &nbsp;&nbsp; 1184000 | &nbsp;&nbsp; 1189993 |
| 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; 1185601 |
| Cooperatieve Rabobank UA (Rate is fixed until 02/28/2028, then H15T1Y + 140) (Banks)<br> (a)(b) | 5.564% | 02/28/2029 | &nbsp;&nbsp; 1027000 | &nbsp;&nbsp; 1056369 |
| 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; 1822518 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.750% | 02/08/2031 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1233027 |
| 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; 1194618 |
| Goldman Sachs Private Credit Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 05/06/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4054387 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.300% | 01/08/2030 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2553691 |
| 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; 1511834 |
| LPL Holdings, Inc. (Capital Markets) | 5.200% | 03/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523290 |
| Main Street Capital Corp. (Capital Markets) | 6.950% | 03/01/2029 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3121177 |
| Mastercard, Inc. (Financial Services) | 3.350% | 03/26/2030 | &nbsp;&nbsp; 1713000 | &nbsp;&nbsp; 1652259 |
| 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; 1193684 |
| MSD Investment Corp. (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.250% | 05/31/2030 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2967412 |
| Nationwide Building Society (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.000% | 09/14/2026 | &nbsp;&nbsp; 1299000 | &nbsp;&nbsp; 1288862 |
| Nomura Holdings, Inc. (Capital Markets) | 2.999% | 01/22/2032 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1177610 |
| PayPal Holdings, Inc. (Financial Services) | 2.850% | 10/01/2029 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1358978 |
| 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; 1330256 |
| Sixth Street Lending Partners (Capital Markets)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.125% | 07/15/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1527405 |
| 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; 1210807 |
| 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; 1039786 |
|  |  |  |  | &nbsp;&nbsp; 51255476 |
| **Health Care–0.6%** |  |  |  |  |
| HCA, Inc. (Health Care Providers & Svs.) | 5.500% | 03/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2064065 |
| Roche Holdings, Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.203% | 09/09/2029 | &nbsp;&nbsp; 1182000 | &nbsp;&nbsp; 1183372 |
| Takeda U.S. Financing, Inc. (Pharmaceuticals) | 5.200% | 07/07/2035 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000422 |
|  |  |  |  | &nbsp;&nbsp; 7247859 |
| **Industrials–0.2%** |  |  |  |  |
| Cummins, Inc. (Machinery) | 5.150% | 02/20/2034 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp; 1203413 |
| Flowserve Corp. (Machinery) | 2.800% | 01/15/2032 | &nbsp;&nbsp; 1801000 | &nbsp;&nbsp; 1566383 |
|  |  |  |  | &nbsp;&nbsp; 2769796 |
| **Information Technology–1.0%** |  |  |  |  |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 1.250% | 08/20/2030 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 928266 |
| CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 4.250% | 04/01/2028 | &nbsp;&nbsp; 1196000 | &nbsp;&nbsp; 1185939 |
| Infor LLC (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1.750% | 07/15/2025 | &nbsp;&nbsp; 1696000 | &nbsp;&nbsp; 1693646 |
| Kyndryl Holdings, Inc. (IT Svs.) | 2.050% | 10/15/2026 | &nbsp;&nbsp; 2046000 | &nbsp;&nbsp; 1982802 |
| Oracle Corp. (Software) | 2.950% | 04/01/2030 | &nbsp;&nbsp; 1796000 | &nbsp;&nbsp; 1677190 |
| Oracle Corp. (Software) | 3.900% | 05/15/2035 | &nbsp;&nbsp; 1039000 | &nbsp;&nbsp; 937412 |
| Skyworks Solutions, Inc. (Semiconductors & Equip.) | 3.000% | 06/01/2031 | &nbsp;&nbsp; 1331000 | &nbsp;&nbsp; 1172710 |
| Western Digital Corp. (Tech. Hardware, Storage & Periph.) | 2.850% | 02/01/2029 | &nbsp;&nbsp; 2792000 | &nbsp;&nbsp; 2588352 |
|  |  |  |  | &nbsp;&nbsp; 12166317 |
| **Materials–0.5%** |  |  |  |  |
| BHP Billiton Finance U.S.A. Ltd. (Metals & Mining) | 5.300% | 02/21/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2041648 |
| Corp. Nacional del Cobre de Chile (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.330% | 01/13/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1037680 |
| Steel Dynamics, Inc. (Metals & Mining) | 5.250% | 05/15/2035 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2502654 |
|  |  |  |  | &nbsp;&nbsp; 5581982 |
| **Real Estate–0.7%** |  |  |  |  |
| American Tower Corp. (Specialized REITs) | 3.800% | 08/15/2029 | &nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1414646 |
| Equinix, Inc. (Specialized REITs) | 3.200% | 11/18/2029 | &nbsp;&nbsp; 1689000 | &nbsp;&nbsp; 1602799 |
| GLP Capital LP / GLP Financing II, Inc. (Specialized REITs) | 3.250% | 01/15/2032 | &nbsp;&nbsp; 1468000 | &nbsp;&nbsp; 1292008 |
| Kimco Realty OP LLC (Retail REITs) | 5.300% | 02/01/2036 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2819495 |
| Simon Property Group LP (Retail REITs) | 4.750% | 09/26/2034 | &nbsp;&nbsp; 683000 | &nbsp;&nbsp; 664965 |
|  |  |  |  | &nbsp;&nbsp; 7793913 |
| **Total Corporate Bonds (Cost $120,936,029)** |  |  |  | &nbsp;&nbsp; $122455599 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed / Mortgage-Backed Securities–2.2%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–2.2%** |  |  |  |  |
| Affirm Asset Securitization Trust 2023-B A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.820% | 09/15/2028 | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp; $1405022 |
| Ballyrock CLO 17 Ltd. 2021-17A A1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 141 | 10/20/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001794 |
| Carvana Auto Receivables Trust 2024-P3 A2  | 4.610% | 11/10/2027 | &nbsp;&nbsp; 456575 | &nbsp;&nbsp; 456466 |
| Connecticut Avenue Securities Trust 2023-R02 1M1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 230 | 01/25/2043 | &nbsp;&nbsp; 1055939 | &nbsp;&nbsp; 1077667 |
| Connecticut Avenue Securities Trust 2023-R03 2M1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 250 | 04/25/2043 | &nbsp;&nbsp; 909539 | &nbsp;&nbsp; 922707 |
| Elmwood CLO 15 Ltd. 2022-2A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 134 | 04/22/2035 | &nbsp;&nbsp; 1145062 | &nbsp;&nbsp; 1145062 |
| Fannie Mae Connecticut Avenue Securities 2021-R02 2M2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 200 | 11/25/2041 | &nbsp;&nbsp; 993831 | &nbsp;&nbsp; 1000616 |
| Freddie Mac STACR REMIC Trust 2021-DNA5 B1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 305 | 01/25/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067500 |
| Freddie Mac STACR REMIC Trust 2021-HQA3 M2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 210 | 09/25/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008077 |
| Freddie Mac STACR REMIC Trust 2021-HQA4 M2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 235 | 12/25/2041 | &nbsp;&nbsp; 1046349 | &nbsp;&nbsp; 1058058 |
| Freddie Mac STACR REMIC Trust 2022-DNA3 M1B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 290 | 04/25/2042 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1648000 |
| Freddie Mac STACR REMIC Trust 2022-DNA4 M1B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 335 | 05/25/2042 | &nbsp;&nbsp; 1621038 | &nbsp;&nbsp; 1684461 |
| Freddie Mac STACR REMIC Trust 2022-DNA5 M1B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 450 | 06/25/2042 | &nbsp;&nbsp; 1331433 | &nbsp;&nbsp; 1415118 |
| Freddie Mac STACR REMIC Trust 2022-HQA2 M1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 265 | 07/25/2042 | &nbsp;&nbsp; 894758 | &nbsp;&nbsp; 914043 |
| Freddie Mac STACR REMIC Trust 2022-HQA3 M1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 230 | 08/25/2042 | &nbsp;&nbsp; 966819 | &nbsp;&nbsp; 984526 |
| Freddie Mac STACR REMIC Trust 2023-DNA2 M1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 210 | 04/25/2043 | &nbsp;&nbsp; 1140265 | &nbsp;&nbsp; 1158087 |
| Freddie Mac STACR REMIC Trust 2023-HQA2 M1B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 335 | 06/25/2043 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1249810 |
| Freddie Mac STACR REMIC Trust 2024-HQA2 M1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | SOFR30A + 120 | 08/25/2044 | &nbsp;&nbsp; 862603 | &nbsp;&nbsp; 862870 |
| Invesco CLO 2021-1A A1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 126 | 04/15/2034 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700856 |
| Kings Park CLO Ltd. 2021-1A A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | TSFR3M + 139 | 01/21/2035 | &nbsp;&nbsp; 1518568 | &nbsp;&nbsp; 1519330 |
| NMEF Funding 2024-A A2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.150% | 12/15/2031 | &nbsp;&nbsp; 830054 | &nbsp;&nbsp; 833687 |
| Onemain Direct Auto Receivables Trust 2022-1A C <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.310% | 06/14/2029 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100299 |
| Pagaya AI Debt Grantor Trust 2024-9 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.306% | 03/15/2032 | &nbsp;&nbsp; 914903 | &nbsp;&nbsp; 913890 |
| Research-Driven Pagaya Motor Asset Trust 2023-4A A <br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.540% | 03/25/2032 | &nbsp;&nbsp; 650239 | &nbsp;&nbsp; 654991 |
| **Total Asset-Backed / Mortgage-Backed Securities (Cost $25,978,299)** |  |  |  | &nbsp;&nbsp; $26782937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Agency Mortgage-Backed Securities–0.7%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| Fannie Mae Pool FN MA4492 | 2.000% | 12/01/2051 | &nbsp;&nbsp; $5524005 | &nbsp;&nbsp; $4385978 |
| Freddie Mac Pool FR SD8213 | 3.000% | 05/01/2052 | &nbsp;&nbsp; 2554224 | &nbsp;&nbsp; 2213998 |
| Ginnie Mae II Pool G2 MA8801 | 5.500% | 04/20/2053 | &nbsp;&nbsp; 1862695 | &nbsp;&nbsp; 1874889 |
| **Total U.S. Government Agency Mortgage-Backed Securities (Cost $8,403,607)** |  |  |  | &nbsp;&nbsp; $8474865 |

---

---

| | | |
|:---|:---|:---|
| **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 – 93.7% (Cost $1,109,480,903)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) |  | $1128733880 |
| **Other Assets in Excess of Liabilities – 6.3%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(e) |  | 75843309 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $1204577189 |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CLO: | Collateralized Loan Obligation |
| CVR: | Contingent Value Right |
| ETF: | Exchange Traded Fund |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 3.960% at 6/30/2025 |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 4.45% at 6/30/2025 |
| SOFR30A: | 30 Day Average Secured Overnight Financing Rate ("SOFR"), 4.319% at 6/30/2025 |
| TSFR3M: | Quarterly CME Term Secured Overnight Financing Rate ("SOFR"), 4.292% at 6/30/2025 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025, the value of these securities totaled $61,942,379, or 5.1% 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 June 30, 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 $1,983,795 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures <br> Contracts.<br>|

---

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

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

------

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

**AVIP Constellation Dynamic Risk Balanced Portfolio (Continued)**

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

**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 | 150 | September 19, 2025 | &nbsp;&nbsp; $16537759 | &nbsp;&nbsp; $16818750 | &nbsp;&nbsp; $280991 | &nbsp;&nbsp; $46875 |
| CBT 10-Year U.S. Ultra Bond - Long | 92 | September 19, 2025 | &nbsp;&nbsp; 10296973 | &nbsp;&nbsp; 10512438 | &nbsp;&nbsp; 215465 | &nbsp;&nbsp; 44563 |
| CBT U.S. Long Bond - Long | 348 | September 19, 2025 | &nbsp;&nbsp; 38900515 | &nbsp;&nbsp; 40183125 | &nbsp;&nbsp; 1282610 | &nbsp;&nbsp; 348000 |
|  |  |  | &nbsp;&nbsp; $65735247 | &nbsp;&nbsp; $67514313 | &nbsp;&nbsp; $1779066 | &nbsp;&nbsp; $439438 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$65735247** | &nbsp;&nbsp; **$67514313** | &nbsp;&nbsp; **$1779066** | &nbsp;&nbsp; **$439438** |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Obligations–44.9%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| U.S. Treasury Bond | 4.000% | 11/15/2042 | &nbsp;&nbsp; $1600000 | &nbsp;&nbsp; $1459687 |
| U.S. Treasury Bond | 2.000% | 02/15/2050 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 2201953 |
| U.S. Treasury Bond | 1.875% | 02/15/2051 | &nbsp;&nbsp; 3940000 | &nbsp;&nbsp; 2213172 |
| U.S. Treasury Bond | 4.000% | 11/15/2052 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2448797 |
| U.S. Treasury Bond | 4.125% | 08/15/2053 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 4912832 |
| U.S. Treasury Bond | 4.250% | 08/15/2054 | &nbsp;&nbsp; 23900000 | &nbsp;&nbsp; 21825555 |
| U.S. Treasury Note | 0.625% | 07/31/2026 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2315344 |
| U.S. Treasury Note | 1.500% | 01/31/2027 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3375996 |
| U.S. Treasury Note | 2.500% | 03/31/2027 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp; 5773934 |
| U.S. Treasury Note<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 0.500% | 04/30/2027 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3017375 |
| U.S. Treasury Note | 2.750% | 04/30/2027 | &nbsp;&nbsp; 12600000 | &nbsp;&nbsp; 12376547 |
| U.S. Treasury Note | 2.625% | 05/31/2027 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1469004 |
| U.S. Treasury Note | 3.875% | 11/30/2027 | &nbsp;&nbsp; 12500000 | &nbsp;&nbsp; 12547851 |
| U.S. Treasury Note | 1.250% | 03/31/2028 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 538411 |
| U.S. Treasury Note | 4.125% | 07/31/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2024141 |
| U.S. Treasury Note | 4.000% | 01/31/2029 | &nbsp;&nbsp; 11800000 | &nbsp;&nbsp; 11906477 |
| U.S. Treasury Note | 2.375% | 03/31/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 476406 |
| U.S. Treasury Note | 3.625% | 08/31/2029 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6467754 |
| U.S. Treasury Note | 3.875% | 11/30/2029 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1607062 |
| U.S. Treasury Note | 4.125% | 11/30/2029 | &nbsp;&nbsp; 3650000 | &nbsp;&nbsp; 3703609 |
| U.S. Treasury Note | 4.375% | 12/31/2029 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp; 8505879 |
| U.S. Treasury Note | 4.000% | 02/28/2030 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7068086 |
| U.S. Treasury Note | 3.875% | 04/30/2030 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2911328 |
| U.S. Treasury Note | 4.375% | 11/30/2030 | &nbsp;&nbsp; 9700000 | &nbsp;&nbsp; 9950836 |
| U.S. Treasury Note | 1.125% | 02/15/2031 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 350420 |
| U.S. Treasury Note | 4.625% | 04/30/2031 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6229687 |
| U.S. Treasury Note | 3.750% | 08/31/2031 | &nbsp;&nbsp; 16750000 | &nbsp;&nbsp; 16593623 |
| U.S. Treasury Note | 4.125% | 10/31/2031 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8083438 |
| U.S. Treasury Note | 4.125% | 03/31/2032 | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; 36319219 |
| U.S. Treasury Note | 4.125% | 05/31/2032 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4033750 |
| U.S. Treasury Note | 4.250% | 11/15/2034 | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp; 11638062 |
| U.S. Treasury Note | 4.625% | 02/15/2035 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20634375 |
| U.S. Treasury Note | 1.375% | 11/15/2040 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 334462 |
| U.S. Treasury Note | 1.875% | 02/15/2041 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 123806 |
| **Total U.S. Treasury Obligations (Cost $242,173,252)** |  |  |  | &nbsp;&nbsp; $235438878 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–22.6%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Communication Services–1.4%** |  |  |  |  |
| Alphabet, Inc. (Interactive Media & Svs.) | 2.050% | 08/15/2050 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $418756 |
| America Movil S.A.B. de C.V. (Wireless Telecom. Svs.) | 2.875% | 05/07/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 254208 |
| America Movil S.A.B. de C.V. (Wireless Telecom. Svs.) | 5.000% | 01/20/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300462 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 5.375% | 08/15/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 814603 |
| Cars.com, Inc. (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 11/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25068 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49539 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 08/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95338 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.250% | 02/01/2031 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116772 |
| CCO Holdings LLC / CCO Holdings Capital Corp. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 06/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68552 |
| Charter Communications Operating LLC / Charter Communications Operating Capital Corp. <br> (Media)<br>| 6.484% | 10/23/2045 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247710 |
| Comcast Corp. (Media) | 3.450% | 02/01/2050 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 959992 |
| CSC Holdings LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 12/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 141103 |
| DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 16663 |
| Gray Media, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.375% | 11/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 18746 |
| Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24713 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 12/15/2027 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74589 |
| Match Group Holdings II LLC (Interactive Media & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 10/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22369 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 4.450% | 08/15/2052 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 531158 |
| Meta Platforms, Inc. (Interactive Media & Svs.) | 5.550% | 08/15/2064 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 293171 |
| Rogers Communications, Inc. (Wireless Telecom. Svs.) | 4.500% | 03/15/2042 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 268418 |
| Sinclair Television Group, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 03/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 20219 |
| Sirius XM Radio LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 09/01/2031 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 155560 |
| Stagwell Global LLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47826 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 5.050% | 07/15/2033 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 286931 |
| T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.300% | 02/15/2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 331867 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 06/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24932 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.000% | 08/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50739 |
| Univision Communications, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 06/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24568 |
| Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.000% | 03/22/2050 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 456927 |
| Virgin Media Secured Finance PLC (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 05/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245896 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $413508 |
| Walt Disney Co. / The (Entertainment) | 4.700% | 03/23/2050 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223228 |
| Walt Disney Co. / The (Entertainment) | 3.600% | 01/13/2051 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 387784 |
|  |  |  |  | &nbsp;&nbsp; 7411915 |
| **Consumer Discretionary–1.0%** |  |  |  |  |
| 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; 49032 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 06/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51279 |
| 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; 25353 |
| 1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 10/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116484 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 04/15/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77292 |
| Adient Global Holdings Ltd. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 02/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25565 |
| Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 351384 |
| Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 429661 |
| Amazon.com, Inc. (Broadline Retail) | 2.500% | 06/03/2050 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 540908 |
| Asbury Automotive Group, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47573 |
| Beach Acquisition Bidco LLC (Textiles, Apparel & Luxury Goods)<br> (b)(c) | 10.000%, 10.750% PIK | 07/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207303 |
| Belron U.K. Finance PLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 10/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252086 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49629 |
| Boyd Gaming Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 06/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23961 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.125% | 07/01/2027 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 17005 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 02/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25890 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 02/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25653 |
| Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 10/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49036 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 05/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50522 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 08/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26336 |
| Carnival Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 03/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25423 |
| Champ Acquisition Corp. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 12/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53131 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 04/01/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49904 |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 04/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25081 |
| Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.500% | 05/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150657 |
| Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 02/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77984 |
| Dornoch Debt Merger Sub, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 10/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58079 |
| Gap, Inc. / The (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 10/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46438 |
| Gap, Inc. / The (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 10/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22346 |
| Group 1 Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 01/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25672 |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 02/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26468 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 02/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45293 |
| Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25472 |
| Home Depot, Inc. / The (Specialty Retail) | 3.300% | 04/15/2040 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 830301 |
| J.B. Poindexter & Co., Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 12/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50885 |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23493 |
| LCM Investments Holdings II LLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 05/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48622 |
| LCM Investments Holdings II LLC (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 08/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53159 |
| Light & Wonder International, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 11/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51513 |
| MGM Resorts International (Hotels, Restaurants & Leisure) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127039 |
| 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; 24082 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.125% | 01/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26354 |
| NCL Corp. Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.750% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53164 |
| NCL Finance Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 03/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25407 |
| Patrick Industries, Inc. (Automobile Components)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 11/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25069 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.375% | 07/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25148 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 09/30/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25153 |
| Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51394 |
| Sally Holdings LLC / Sally Capital, Inc. (Specialty Retail) | 6.750% | 03/01/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76996 |
| SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.250% | 08/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48869 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 04/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24946 |
| Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 05/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25692 |
| Sodexo, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.800% | 08/15/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206128 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 02/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24515 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 12/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46837 |
| Station Casinos LLC (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 03/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25563 |
| Whirlpool Corp. (Household Durables) | 6.500% | 06/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50160 |
| William Carter Co. / The (Textiles, Apparel & Luxury Goods)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 03/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49689 |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 08/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48913 |
| 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; 79985 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Consumer Discretionary (continued)** |  |  |  |  |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. (Hotels, Restaurants & Leisure)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2033 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $25160 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72208 |
|  |  |  |  | &nbsp;&nbsp; 5320344 |
| **Consumer Staples–1.6%** |  |  |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 02/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99900 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer <br> Staples Distribution & Retail)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25771 |
| Altria Group, Inc. (Tobacco) | 3.875% | 09/16/2046 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 462241 |
| B.A.T. Capital Corp. (Tobacco) | 4.540% | 08/15/2047 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 525084 |
| Bacardi-Martini B.V. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 02/01/2035 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361335 |
| BellRing Brands, Inc. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 03/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104135 |
| Coca-Cola Europacific Partners PLC (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.500% | 01/15/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 574332 |
| Coca-Cola Femsa S.A.B. de C.V. (Beverages) | 2.750% | 01/22/2030 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 699476 |
| Constellation Brands, Inc. (Beverages) | 3.750% | 05/01/2050 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 400092 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 06/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49747 |
| Edgewell Personal Care Co. (Personal Care Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 04/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23615 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 12/31/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25285 |
| Energizer Holdings, Inc. (Household Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 03/31/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70936 |
| Flowers Foods, Inc. (Food Products) | 3.500% | 10/01/2026 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 665121 |
| Flowers Foods, Inc. (Food Products) | 2.400% | 03/15/2031 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 161491 |
| 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; 800456 |
| Kenvue, Inc. (Personal Care Products) | 5.050% | 03/22/2028 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 368661 |
| Kenvue, Inc. (Personal Care Products) | 4.900% | 03/22/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304438 |
| Kraft Heinz Foods Co. (Food Products) | 4.375% | 06/01/2046 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 182031 |
| Kroger Co. / The (Consumer Staples Distribution & Retail) | 3.950% | 01/15/2050 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 281992 |
| Mars, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.200% | 03/01/2035 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 374432 |
| Mars, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.700% | 05/01/2055 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199512 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.250% | 08/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48212 |
| Performance Food Group, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 09/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51147 |
| Philip Morris International, Inc. (Tobacco) | 3.875% | 08/21/2042 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 581474 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 02/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77076 |
| Post Holdings, Inc. (Food Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25228 |
| The Campbell's Company (Food Products) | 4.750% | 03/23/2035 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 259399 |
| Tyson Foods, Inc. (Food Products) | 5.700% | 03/15/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517621 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49123 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 06/01/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73025 |
| U.S. Foods, Inc. (Consumer Staples Distribution & Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 04/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24974 |
|  |  |  |  | &nbsp;&nbsp; 8467362 |
| **Energy–1.6%** |  |  |  |  |
| Aethon United BR LP / Aethon United Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 10/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26223 |
| 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; 75000 | &nbsp;&nbsp; 74873 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable <br> Fuels)<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.375% | 06/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74436 |
| 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; 25821 |
| Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 04/01/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50051 |
| 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; 25083 |
| Aris Water Holdings LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 04/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25793 |
| 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; 75000 | &nbsp;&nbsp; 75128 |
| 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; 25362 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 07/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26091 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 07/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52983 |
| BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.588% | 04/14/2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 396066 |
| Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176577 |
| Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.250% | 04/15/2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398875 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 3.078% | 05/11/2050 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 319888 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 07/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51196 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.625% | 11/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25381 |
| Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.625% | 06/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25630 |
| CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 04/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94457 |
| CNX Resources Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 03/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51771 |
| 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; 430224 |
| Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100224 |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.250% | 03/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98874 |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 04/18/2054 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 269185 |
| DT Midstream, Inc. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 06/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47879 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Energy (continued)** |  |  |  |  |
| Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels) | 3.900% | 11/15/2049 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; $107546 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 3.750% | 05/15/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 479729 |
| Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.750% | 02/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259498 |
| Eni SpA (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 05/15/2034 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 357609 |
| Eni SpA (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.950% | 05/15/2054 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 217674 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 01/15/2029 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 46429 |
| EQT Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 01/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49214 |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25070 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 06/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49649 |
| Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51420 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 3.250% | 08/01/2050 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 142258 |
| Kodiak Gas Services LLC (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 02/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25860 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 04/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50026 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 04/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24815 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 4.950% | 03/14/2052 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 310455 |
| Nabors Industries Ltd. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 01/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22303 |
| Nabors Industries, Inc. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.125% | 01/31/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23938 |
| Northriver Midstream Finance LP (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 07/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77672 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.625% | 09/01/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285798 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 7.100% | 07/15/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 284976 |
| Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 01/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25917 |
| Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 02/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25232 |
| Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 5.150% | 06/01/2042 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 423173 |
| Precision Drilling Corp. (Energy Equip. & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 01/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24697 |
| Range Resources Corp. (Oil, Gas & Consumable Fuels) | 8.250% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51478 |
| Rockies Express Pipeline LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78275 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.875% | 11/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26177 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25219 |
| SM Energy Co. (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 08/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24908 |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 4.200% | 02/01/2033 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 520035 |
| TGNR Intermediate Holdings LLC (Oil, Gas & Consumable Fuels)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 10/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48454 |
| 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; 76870 |
| 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; 53541 |
| 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; 27061 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 667184 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.150% | 03/15/2034 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 224483 |
| Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.600% | 03/15/2035 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 282685 |
|  |  |  |  | &nbsp;&nbsp; 8465399 |
| **Financials–6.4%** |  |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 08/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24305 |
| Acrisure LLC / Acrisure Finance, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 11/06/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25826 |
| Acrisure LLC / Acrisure Finance, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 07/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25354 |
| AIA Group Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.950% | 04/04/2033 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 263611 |
| 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; 77581 |
| 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; 77311 |
| American Express Co. (Consumer Finance) | 3.300% | 05/03/2027 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 763257 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50962 |
| AmWINS Group, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 06/30/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72886 |
| Aon North America, Inc. (Insurance) | 5.750% | 03/01/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394176 |
| Ardonagh Group Finance Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.875% | 02/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210449 |
| AssuredPartners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49867 |
| AssuredPartners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 02/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26788 |
| 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; 77969 |
| 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; 1097041 |
| 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; 224356 |
| 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; 306010 |
| 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; 1131036 |
| 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; 354945 |
| 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; 298937 |
| Blackrock, Inc. (Capital Markets) | 1.900% | 01/28/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 373964 |
| BroadStreet Partners, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 04/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197652 |
| Chubb INA Holdings LLC (Insurance) | 3.350% | 05/03/2026 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 421732 |
| 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; 1191949 |
| 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; 229582 |
| 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; 308075 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| Citizens Bank N.A. (Banks) | 3.750% | 02/18/2026 | &nbsp;&nbsp; $475000 | &nbsp;&nbsp; $472066 |
| CNA Financial Corp. (Insurance) | 5.500% | 06/15/2033 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 615242 |
| 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; 327773 |
| Corebridge Financial, Inc. (Financial Services) | 5.750% | 01/15/2034 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 176616 |
| Corebridge Global Funding (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.900% | 09/19/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 417926 |
| Daimler Truck Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.000% | 12/14/2026 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 521893 |
| Daimler Truck Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.375% | 12/14/2028 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 167986 |
| Fidelity National Information Services, Inc. (Financial Services) | 3.100% | 03/01/2041 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 224093 |
| Fifth Third Bancorp (Rate is fixed until 01/29/2031, then SOFR + 184) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.631% | 01/29/2032 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 280984 |
| Fiserv, Inc. (Financial Services) | 3.500% | 07/01/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 409403 |
| FNB Corp. (Banks) | 5.150% | 08/25/2025 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 320037 |
| 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; 351982 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 6.950% | 03/06/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504822 |
| Ford Motor Credit Co. LLC (Consumer Finance) | 7.122% | 11/07/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207567 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.000% | 04/09/2027 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 362228 |
| General Motors Financial Co., Inc. (Consumer Finance) | 5.750% | 02/08/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 436697 |
| Goldman Sachs Group, Inc. / The (Capital Markets) | 3.800% | 03/15/2030 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1122245 |
| 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; 216539 |
| 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; 262172 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 12/01/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225030 |
| HUB International Ltd. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 06/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26126 |
| 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; 449751 |
| 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; 281032 |
| Hyundai Capital America (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 01/08/2029 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 685817 |
| Jefferies Financial Group, Inc. (Capital Markets) | 2.750% | 10/15/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 319847 |
| John Deere Capital Corp. (Consumer Finance) | 5.050% | 03/03/2026 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 452020 |
| John Deere Capital Corp. (Consumer Finance) | 3.450% | 03/07/2029 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 263459 |
| John Deere Capital Corp. (Consumer Finance) | 2.800% | 07/18/2029 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 596630 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.500% | 03/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52996 |
| Jones Deslauriers Insurance Management, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 10.500% | 12/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79936 |
| 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; 937153 |
| 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; 86648 |
| 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; 89307 |
| 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; 179766 |
| 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; 312689 |
| 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; 411529 |
| 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; 108684 |
| 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; 373347 |
| Lincoln Financial Global Funding (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.300% | 01/13/2030 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 174683 |
| M&T Bank Corp. (Rate is fixed until 10/30/2028, then SOFR + 280) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 7.413% | 10/30/2029 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 244025 |
| M&T Bank Corp. (Rate is fixed until 03/13/2031, then SOFR + 226) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 6.082% | 03/13/2032 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 311537 |
| 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; 200000 | &nbsp;&nbsp; 197174 |
| Marsh & McLennan Cos., Inc. (Insurance) | 4.650% | 03/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 328665 |
| Mercedes-Benz Finance North America LLC (Consumer Finance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.800% | 03/30/2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 752023 |
| MetLife, Inc. (Insurance) | 6.375% | 06/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 443371 |
| Metropolitan Life Global Funding I (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.150% | 03/28/2033 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 233434 |
| Morgan Stanley (Capital Markets) | 6.250% | 08/09/2026 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280465 |
| 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; 418932 |
| 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; 252386 |
| 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; 213748 |
| 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; 198363 |
| 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; 102440 |
| 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; 143227 |
| 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; 205303 |
| Northern Trust Corp. (Capital Markets) | 6.125% | 11/02/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 410330 |
| Pacific Life Global Funding II (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.900% | 01/11/2029 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 711935 |
| Panther Escrow Issuer LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 06/01/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77906 |
| PNC Financial Services Group, Inc. / The (Rate is fixed until 06/06/2032, then SOFRINDX + <br> 185) (Banks)<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) | 4.626% | 06/06/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 611469 |
| 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; 144294 |
| Prudential Financial, Inc. (Insurance) | 3.700% | 03/13/2051 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 477758 |
| Raymond James Financial, Inc. (Capital Markets) | 4.650% | 04/01/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101312 |
| 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; 340825 |
| Rocket Cos., Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 08/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25580 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.625% | 03/01/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71269 |
| 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; 44733 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials (continued)** |  |  |  |  |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.375% | 02/01/2030 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $48360 |
| Ryan Specialty LLC (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 08/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25197 |
| S&P Global, Inc. (Capital Markets) | 2.900% | 03/01/2032 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 354554 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 08/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25964 |
| Travelers Cos., Inc. / The (Insurance) | 5.450% | 05/25/2053 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 176030 |
| Truist Financial Corp. (Rate is fixed until 10/28/2025, then SOFR + 163) (Banks)<br> &nbsp;&nbsp;&nbsp;&nbsp;(d) | 5.900% | 10/28/2026 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 552263 |
| 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; 156704 |
| 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; 493866 |
| 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; 210083 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 11/15/2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49992 |
| United Wholesale Mortgage LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 04/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48533 |
| USI, Inc. (Insurance)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 01/15/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158274 |
| UWM Holdings LLC (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 02/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25026 |
| 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; 258139 |
| 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; 480961 |
| 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; 550107 |
| 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; 153487 |
| 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; 218606 |
| 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; 205104 |
|  |  |  |  | &nbsp;&nbsp; 33314096 |
| **Health Care–2.1%** |  |  |  |  |
| Abbott Laboratories (Health Care Equip. & Supplies) | 3.750% | 11/30/2026 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 508320 |
| AbbVie, Inc. (Biotechnology) | 4.875% | 03/15/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409600 |
| AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 617858 |
| AHP Health Partners, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73137 |
| Alcon Finance Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.600% | 05/27/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 365678 |
| Amgen, Inc. (Biotechnology) | 5.250% | 03/02/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 271366 |
| Amgen, Inc. (Biotechnology) | 3.375% | 02/21/2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 351718 |
| Amgen, Inc. (Biotechnology) | 5.650% | 03/02/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 161105 |
| AstraZeneca PLC (Pharmaceuticals) | 3.125% | 06/12/2027 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 796289 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 07/15/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73647 |
| Avantor Funding, Inc. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 11/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23670 |
| Bausch Health Cos., Inc. (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 06/01/2028 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 105443 |
| Becton Dickinson & Co. (Health Care Equip. & Supplies) | 3.794% | 05/20/2050 | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 125158 |
| Biogen, Inc. (Biotechnology) | 3.150% | 05/01/2050 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 189068 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.900% | 02/20/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398150 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.700% | 03/15/2052 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 196697 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 5.550% | 02/22/2054 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 180484 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 03/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24625 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48093 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 04/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 18487 |
| CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.250% | 05/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22169 |
| Concentra Health Services, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 07/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51768 |
| CVS Health Corp. (Health Care Providers & Svs.) | 4.250% | 04/01/2050 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 416103 |
| Danaher Corp. (Life Sciences Tools & Svs.) | 2.600% | 10/01/2050 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 492794 |
| Elevance Health, Inc. (Health Care Providers & Svs.) | 4.750% | 02/15/2033 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 377616 |
| GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 6.377% | 11/22/2052 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 274741 |
| Gilead Sciences, Inc. (Biotechnology) | 5.250% | 10/15/2033 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196560 |
| HCA, Inc. (Health Care Providers & Svs.) | 5.200% | 06/01/2028 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117493 |
| HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 07/15/2051 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 397455 |
| HCA, Inc. (Health Care Providers & Svs.) | 6.000% | 04/01/2054 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 107613 |
| HealthEquity, Inc. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 10/01/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72921 |
| Insulet Corp. (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 04/01/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52129 |
| IQVIA, Inc. (Life Sciences Tools & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 06/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51311 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 04/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23981 |
| Medline Borrower LP (Health Care Equip. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.250% | 10/01/2029 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 173636 |
| Opal Bidco SAS (Pharmaceuticals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 03/31/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204123 |
| Pfizer Investment Enterprises Pte. Ltd. (Pharmaceuticals) | 4.450% | 05/19/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 403205 |
| Pfizer Investment Enterprises Pte. Ltd. (Pharmaceuticals) | 4.750% | 05/19/2033 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348948 |
| Pfizer Investment Enterprises Pte. Ltd. (Pharmaceuticals) | 5.300% | 05/19/2053 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 259603 |
| Raven Acquisition Holdings LLC (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 11/15/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75003 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | 2.800% | 09/15/2050 | &nbsp;&nbsp; 527000 | &nbsp;&nbsp; 314609 |
| Select Medical Corp. (Health Care Providers & Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 12/01/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75448 |
| Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 2.050% | 03/31/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 313460 |
| Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 3.025% | 07/09/2040 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 299104 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.625% | 06/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49373 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25035 |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.250% | 06/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24245 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Health Care (continued)** |  |  |  |  |
| Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 05/15/2031 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $25865 |
| UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.050% | 04/15/2053 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 357032 |
| Zoetis, Inc. (Pharmaceuticals) | 3.000% | 05/15/2050 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 394324 |
|  |  |  |  | &nbsp;&nbsp; 10936260 |
| **Industrials–2.7%** |  |  |  |  |
| Air Lease Corp. (Trading Companies & Distributors) | 5.850% | 12/15/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 279250 |
| Airbus SE (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.150% | 04/10/2027 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 787626 |
| Allied Universal Holdco LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.875% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52235 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194514 |
| Amentum Holdings, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 08/01/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77186 |
| BAE Systems PLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.000% | 09/15/2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 326075 |
| Boeing Co. / The (Aerospace & Defense) | 2.196% | 02/04/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 467586 |
| Boeing Co. / The (Aerospace & Defense) | 5.805% | 05/01/2050 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 335650 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51540 |
| Brink's Co. / The (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 06/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26035 |
| Burlington Northern Santa Fe LLC (Ground Transportation) | 5.200% | 04/15/2054 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 331265 |
| CACI International, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 06/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25799 |
| Canadian Pacific Railway Co. (Ground Transportation) | 1.750% | 12/02/2026 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 86853 |
| Canadian Pacific Railway Co. (Ground Transportation) | 3.000% | 12/02/2041 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 54537 |
| Canadian Pacific Railway Co. (Ground Transportation) | 3.500% | 05/01/2050 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 480297 |
| Carrier Global Corp. (Building Products) | 5.900% | 03/15/2034 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138405 |
| Carrier Global Corp. (Building Products) | 6.200% | 03/15/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 171441 |
| Clarivate Science Holdings Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 07/01/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70620 |
| CNH Industrial N.V. (Machinery) | 3.850% | 11/15/2027 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 420641 |
| CP Atlas Buyer, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 12/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23139 |
| Dun & Bradstreet Corp. / The (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76875 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 12/15/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102217 |
| 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; 25875 |
| Enpro, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.125% | 06/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25558 |
| Equifax, Inc. (Professional Svs.) | 2.600% | 12/15/2025 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 743095 |
| ERAC U.S.A. Finance LLC (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.600% | 05/01/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151743 |
| Foundation Building Materials, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 03/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91721 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 02/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24845 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 06/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24401 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 08/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51310 |
| Garda World Security Corp. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.375% | 11/15/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102721 |
| Gates Corp. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 07/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51918 |
| General Dynamics Corp. (Aerospace & Defense) | 1.150% | 06/01/2026 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 724822 |
| Goat Holdco LLC (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 02/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25413 |
| GYP Holdings III Corp. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.625% | 05/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25058 |
| HEICO Corp. (Aerospace & Defense) | 5.350% | 08/01/2033 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 337742 |
| Herc Holdings, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 06/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52218 |
| Honeywell International, Inc. (Industrial Conglomerates) | 2.800% | 06/01/2050 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 234150 |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.483% | 12/01/2027 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 547487 |
| Ingersoll Rand, Inc. (Machinery) | 5.450% | 06/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113120 |
| Ingersoll Rand, Inc. (Machinery) | 5.700% | 06/15/2054 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 178222 |
| Interface, Inc. (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 12/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49285 |
| Madison IAQ LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 06/30/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24287 |
| Madison IAQ LLC (Commercial Svs. & Supplies)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 06/30/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98377 |
| Masco Corp. (Building Products) | 3.500% | 11/15/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195729 |
| Masterbrand, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 07/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25531 |
| 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; 25641 |
| MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 02/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23765 |
| Northrop Grumman Corp. (Aerospace & Defense) | 3.250% | 01/15/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 610596 |
| QXO Building Products, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 04/30/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25755 |
| Republic Services, Inc. (Commercial Svs. & Supplies) | 4.875% | 04/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204255 |
| Republic Services, Inc. (Commercial Svs. & Supplies) | 2.375% | 03/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 170873 |
| RTX Corp. (Aerospace & Defense) | 5.150% | 02/27/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 643972 |
| Ryder System, Inc. (Ground Transportation) | 5.250% | 06/01/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256495 |
| Science Applications International Corp. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.875% | 04/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49225 |
| SPX FLOW, Inc. (Machinery)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 04/01/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103756 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 09/30/2027 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75066 |
| SS&C Technologies, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25953 |
| Standard Building Solutions, Inc. (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 08/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51232 |
| Textron, Inc. (Aerospace & Defense) | 3.650% | 03/15/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493573 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 08/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25528 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25649 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 12/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25940 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Industrials (continued)** |  |  |  |  |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 03/01/2032 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $51770 |
| TransDigm, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 05/31/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50045 |
| Uber Technologies, Inc. (Ground Transportation) | 4.300% | 01/15/2030 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 243870 |
| Union Pacific Corp. (Ground Transportation) | 2.375% | 05/20/2031 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 525955 |
| United Parcel Service, Inc. (Air Freight & Logistics) | 4.875% | 03/03/2033 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457734 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49801 |
| United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47018 |
| Verisk Analytics, Inc. (Professional Svs.) | 4.125% | 03/15/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397311 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 2.600% | 02/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186092 |
| Waste Connections, Inc. (Commercial Svs. & Supplies) | 4.200% | 01/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193511 |
| Watco Cos. LLC / Watco Finance Corp. (Ground Transportation)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.125% | 08/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26133 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 06/15/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50621 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25721 |
| WESCO Distribution, Inc. (Trading Companies & Distributors)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25840 |
| White Cap Buyer LLC (Building Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 10/15/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74881 |
| Xylem, Inc. (Machinery) | 2.250% | 01/30/2031 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 137385 |
|  |  |  |  | &nbsp;&nbsp; 13885376 |
| **Information Technology–1.6%** |  |  |  |  |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 4.000% | 05/10/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 627204 |
| Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.375% | 02/08/2041 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 332007 |
| AppLovin Corp. (Software) | 5.500% | 12/01/2034 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157371 |
| AthenaHealth Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 02/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123033 |
| Autodesk, Inc. (Software) | 5.300% | 06/15/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142404 |
| Broadcom, Inc. (Semiconductors & Equip.) | 5.050% | 07/12/2029 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 348166 |
| Broadcom, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.469% | 04/15/2034 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 388583 |
| Broadcom, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.187% | 11/15/2036 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 12435 |
| Capstone Borrower, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.000% | 06/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78251 |
| Cisco Systems, Inc. (Communications Equip.) | 4.750% | 02/24/2030 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357825 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 03/31/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50466 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 09/30/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77739 |
| Cloud Software Group, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.250% | 06/30/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53211 |
| Coherent Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 12/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49107 |
| Consensus Cloud Solutions, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 10/15/2026 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24875 |
| Consensus Cloud Solutions, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 10/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24873 |
| CoreWeave, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.250% | 06/01/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51117 |
| Dell International LLC / EMC Corp. (Tech. Hardware, Storage & Periph.) | 5.000% | 04/01/2030 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284480 |
| Elastic N.V. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.125% | 07/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47776 |
| Ellucian Holdings, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 12/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25567 |
| Entegris, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.950% | 06/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76192 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.000% | 05/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25229 |
| Fortinet, Inc. (Software) | 1.000% | 03/15/2026 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 457909 |
| Fortress Intermediate 3, Inc. (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 06/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52381 |
| Gen Digital, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 04/01/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77013 |
| Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 5.000% | 10/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 388007 |
| Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 5.600% | 10/15/2054 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 166244 |
| Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 05/15/2032 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77260 |
| Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | 5.350% | 07/30/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206285 |
| Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | 4.950% | 10/15/2034 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 237276 |
| Leidos, Inc. (IT Svs.) | 4.375% | 05/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 320213 |
| McAfee Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 02/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141658 |
| NCR Voyix Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 04/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24623 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.900% | 12/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25883 |
| Open Text Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 12/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47096 |
| Oracle Corp. (Software) | 6.250% | 11/09/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324647 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 11/28/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25770 |
| Rocket Software, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 02/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97029 |
| Roper Technologies, Inc. (Software) | 1.000% | 09/15/2025 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 520896 |
| Roper Technologies, Inc. (Software) | 4.900% | 10/15/2034 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 517736 |
| 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; 25373 |
| Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 8.250% | 12/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26625 |
| Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 9.625% | 12/01/2032 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 43964 |
| Synaptics, Inc. (Semiconductors & Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 06/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47318 |
| Trimble, Inc. (Electronic Equip., Instr. & Comp.) | 6.100% | 03/15/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265591 |
| TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 03/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47773 |
| UKG, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 02/01/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77818 |
| VeriSign, Inc. (IT Svs.) | 2.700% | 06/15/2031 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 457012 |
| Viavi Solutions, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 10/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46721 |
| VMware LLC (Software) | 1.400% | 08/15/2026 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 232124 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Information Technology (continued)** |  |  |  |  |
| VMware LLC (Software) | 2.200% | 08/15/2031 | &nbsp;&nbsp; $190000 | &nbsp;&nbsp; $164908 |
| Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 06/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25707 |
|  |  |  |  | &nbsp;&nbsp; 8526771 |
| **Materials–0.5%** |  |  |  |  |
| Anglo American Capital PLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.875% | 03/17/2031 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 338499 |
| 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; 182575 |
| Ball Corp. (Containers & Packaging) | 6.875% | 03/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25583 |
| Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25629 |
| Celanese U.S. Holdings LLC (Chemicals) | 6.750% | 04/15/2033 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75779 |
| Clearwater Paper Corp. (Paper & Forest Products)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 08/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23686 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.500% | 09/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24111 |
| Cleveland-Cliffs, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 03/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47133 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.875% | 01/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51114 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.750% | 04/15/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76712 |
| Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 04/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51313 |
| Coeur Mining, Inc. (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.125% | 02/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24376 |
| Crown Americas LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.875% | 06/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25171 |
| Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging) | 4.250% | 09/30/2026 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24860 |
| Element Solutions, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 09/01/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24245 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 5.400% | 11/14/2034 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253909 |
| Glencore Funding LLC (Metals & Mining)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.375% | 09/23/2051 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 231479 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.500% | 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23579 |
| Graphic Packaging International LLC (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 02/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23437 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 9.000% | 07/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50246 |
| Mauser Packaging Solutions Holding Co. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.875% | 04/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25410 |
| OI European Group B.V. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 02/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24049 |
| Owens-Brockway Glass Container, Inc. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.375% | 06/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25471 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.375% | 03/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25708 |
| Quikrete Holdings, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.750% | 03/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25796 |
| RPM International, Inc. (Chemicals) | 4.550% | 03/01/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99860 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.000% | 12/01/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48799 |
| Sealed Air Corp. (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.500% | 07/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25907 |
| 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; 26312 |
| Standard Industries, Inc. (Construction Materials)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/15/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99774 |
| Trivium Packaging Finance BV (Containers & Packaging)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 12.250% | 01/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214387 |
| W.R. Grace Holdings LLC (Chemicals)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.625% | 08/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22630 |
| WRKCo, Inc. (Containers & Packaging) | 4.000% | 03/15/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 321917 |
|  |  |  |  | &nbsp;&nbsp; 2589456 |
| **Real Estate–1.4%** |  |  |  |  |
| Alexandria Real Estate Equities, Inc. (Health Care REITs) | 1.875% | 02/01/2033 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 423747 |
| American Tower Corp. (Specialized REITs) | 2.700% | 04/15/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 448375 |
| AvalonBay Communities, Inc. (Residential REITs) | 3.350% | 05/15/2027 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 714599 |
| Boston Properties LP (Office REITs) | 3.650% | 02/01/2026 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 645786 |
| Camden Property Trust (Residential REITs) | 4.900% | 01/15/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500018 |
| Healthcare Realty Holdings LP (Health Care REITs) | 2.000% | 03/15/2031 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 449500 |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.000% | 02/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51760 |
| Iron Mountain, Inc. (Specialized REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 01/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51410 |
| Kimco Realty OP LLC (Retail REITs) | 2.700% | 10/01/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 596220 |
| Mid-America Apartments LP (Residential REITs) | 4.000% | 11/15/2025 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 723347 |
| 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; 47834 |
| 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; 26468 |
| Piedmont Operating Partnership LP (Office REITs) | 2.750% | 04/01/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 249831 |
| Regency Centers LP (Retail REITs) | 2.950% | 09/15/2029 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 827920 |
| 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; 25711 |
| 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; 25719 |
| UDR, Inc. (Residential REITs) | 3.500% | 01/15/2028 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 784621 |
| W.P. Carey, Inc. (Diversified REITs) | 3.850% | 07/15/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 340587 |
| Welltower OP LLC (Health Care REITs) | 4.250% | 04/01/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 473688 |
| XHR LP (Hotel & Resort REITs)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.625% | 05/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50943 |
|  |  |  |  | &nbsp;&nbsp; 7458084 |
| **Utilities–2.3%** |  |  |  |  |
| Ameren Corp. (Multi-Utilities) | 1.750% | 03/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 932940 |
| American Electric Power Co., Inc. (Electric Utilities) | 5.625% | 03/01/2033 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 395026 |
| Black Hills Corp. (Multi-Utilities) | 2.500% | 06/15/2030 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 332914 |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 02/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49462 |
| Calpine Corp. (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 03/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23717 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds (Continued)** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Utilities (continued)** |  |  |  |  |
| Constellation Energy Generation LLC (Electric Utilities) | 5.800% | 03/01/2033 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; $422963 |
| Constellation Energy Generation LLC (Electric Utilities) | 6.125% | 01/15/2034 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 96922 |
| Dominion Energy, Inc. (Multi-Utilities) | 1.450% | 04/15/2026 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 653947 |
| Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 333201 |
| Electricite de France SA (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 05/23/2033 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 476612 |
| Emera U.S. Finance LP (Electric Utilities) | 3.550% | 06/15/2026 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 395625 |
| Emera U.S. Finance LP (Electric Utilities) | 4.750% | 06/15/2046 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 166281 |
| Enel Finance International N.V. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 07/12/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 657890 |
| Eversource Energy (Electric Utilities) | 3.350% | 03/15/2026 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 663521 |
| Exelon Corp. (Electric Utilities) | 4.050% | 04/15/2030 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1155899 |
| Exelon Corp. (Electric Utilities) | 4.100% | 03/15/2052 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 118832 |
| FirstEnergy Corp. (Electric Utilities) | 2.650% | 03/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229545 |
| National Fuel Gas Co. (Gas Utilities) | 2.950% | 03/01/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 196167 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 3.550% | 05/01/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 591633 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 5.050% | 03/15/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255818 |
| NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 2.250% | 06/01/2030 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 540349 |
| NiSource, Inc. (Multi-Utilities) | 5.250% | 03/30/2028 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 107491 |
| NiSource, Inc. (Multi-Utilities) | 5.400% | 06/30/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511354 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.750% | 07/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25032 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.875% | 02/15/2032 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25713 |
| NRG Energy, Inc. (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 6.250% | 11/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25471 |
| PPL Capital Funding, Inc. (Electric Utilities) | 3.100% | 05/15/2026 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197623 |
| Puget Energy, Inc. (Electric Utilities) | 2.379% | 06/15/2028 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 646551 |
| Sempra (Multi-Utilities) | 3.700% | 04/01/2029 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 575066 |
| 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; 497111 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24993 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 06/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23652 |
| TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.000% | 01/31/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74236 |
| TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 01/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47870 |
| TransAlta Corp. (Ind. Power & Renewable Elec.) | 7.750% | 11/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78792 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 5.500% | 09/01/2026 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75072 |
| Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.750% | 10/15/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26571 |
| WEC Energy Group, Inc. (Multi-Utilities) | 2.200% | 12/15/2028 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 176689 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 7.250% | 01/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51257 |
| XPLR Infrastructure Operating Partners LP (Electric Utilities)<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 8.625% | 03/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53589 |
|  |  |  |  | &nbsp;&nbsp; 11933397 |
| **Total Corporate Bonds (Cost $124,896,010)** |  |  |  | &nbsp;&nbsp; $118308460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Agency Mortgage-Backed Securities–19.2%** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| Fannie Mae Pool FN BM4333 | 3.500% | 12/01/2047 | &nbsp;&nbsp; $785178 | &nbsp;&nbsp; $721190 |
| Fannie Mae Pool FN BN6715 | 4.000% | 06/01/2049 | &nbsp;&nbsp; 2236642 | &nbsp;&nbsp; 2111781 |
| Fannie Mae Pool FN BP2797 | 2.500% | 05/01/2050 | &nbsp;&nbsp; 1161056 | &nbsp;&nbsp; 975817 |
| Fannie Mae Pool FN BP6700 | 2.500% | 09/01/2050 | &nbsp;&nbsp; 3256493 | &nbsp;&nbsp; 2747112 |
| Fannie Mae Pool FN BP8188 | 2.000% | 09/01/2050 | &nbsp;&nbsp; 5121897 | &nbsp;&nbsp; 4110729 |
| Fannie Mae Pool FN BR1844 | 2.500% | 01/01/2051 | &nbsp;&nbsp; 915047 | &nbsp;&nbsp; 772391 |
| Fannie Mae Pool FN BW7264 | 5.500% | 11/01/2052 | &nbsp;&nbsp; 1052525 | &nbsp;&nbsp; 1055812 |
| Fannie Mae Pool FN BW7449 | 5.000% | 11/01/2052 | &nbsp;&nbsp; 948479 | &nbsp;&nbsp; 933715 |
| Fannie Mae Pool FN BX5678 | 5.500% | 01/01/2053 | &nbsp;&nbsp; 1454601 | &nbsp;&nbsp; 1457536 |
| Fannie Mae Pool FN CA4819 | 4.000% | 12/01/2049 | &nbsp;&nbsp; 761215 | &nbsp;&nbsp; 716678 |
| Fannie Mae Pool FN CA5348 | 3.500% | 03/01/2050 | &nbsp;&nbsp; 1181848 | &nbsp;&nbsp; 1076076 |
| Fannie Mae Pool FN CA5706 | 2.500% | 05/01/2050 | &nbsp;&nbsp; 1561445 | &nbsp;&nbsp; 1314980 |
| Fannie Mae Pool FN CA6998 | 3.000% | 09/01/2050 | &nbsp;&nbsp; 2388198 | &nbsp;&nbsp; 2088282 |
| Fannie Mae Pool FN CA8118 | 2.000% | 12/01/2050 | &nbsp;&nbsp; 1525594 | &nbsp;&nbsp; 1219076 |
| Fannie Mae Pool FN CB3335 | 4.500% | 04/01/2052 | &nbsp;&nbsp; 2872751 | &nbsp;&nbsp; 2795211 |
| Fannie Mae Pool FN FM3734 | 3.500% | 09/01/2049 | &nbsp;&nbsp; 878374 | &nbsp;&nbsp; 815474 |
| Fannie Mae Pool FN FM3919 | 4.000% | 05/01/2049 | &nbsp;&nbsp; 578197 | &nbsp;&nbsp; 551512 |
| Fannie Mae Pool FN FM4122 | 2.000% | 08/01/2050 | &nbsp;&nbsp; 5085274 | &nbsp;&nbsp; 4081430 |
| Fannie Mae Pool FN FM4532 | 3.000% | 09/01/2050 | &nbsp;&nbsp; 2523072 | &nbsp;&nbsp; 2210156 |
| Fannie Mae Pool FN FM6708 | 2.500% | 01/01/2051 | &nbsp;&nbsp; 2435926 | &nbsp;&nbsp; 2055512 |
| Fannie Mae Pool FN FM7706 | 3.500% | 08/01/2050 | &nbsp;&nbsp; 2518022 | &nbsp;&nbsp; 2296528 |
| Fannie Mae Pool FN FM8745 | 2.500% | 09/01/2051 | &nbsp;&nbsp; 2573281 | &nbsp;&nbsp; 2134994 |
| Fannie Mae Pool FN FS2037 | 1.500% | 05/01/2037 | &nbsp;&nbsp; 3506804 | &nbsp;&nbsp; 3116959 |
| Fannie Mae Pool FN MA4138 | 1.500% | 09/01/2050 | &nbsp;&nbsp; 3532286 | &nbsp;&nbsp; 2663346 |
| Fannie Mae Pool FN MA4255 | 2.000% | 02/01/2051 | &nbsp;&nbsp; 1401243 | &nbsp;&nbsp; 1115875 |
| Fannie Mae Pool FN MA4536 | 2.000% | 02/01/2037 | &nbsp;&nbsp; 1962045 | &nbsp;&nbsp; 1793229 |
| Fannie Mae Pool FN MA4593 | 4.000% | 03/01/2052 | &nbsp;&nbsp; 591876 | &nbsp;&nbsp; 551299 |
| Fannie Mae Pool FN MA5389 | 6.000% | 06/01/2054 | &nbsp;&nbsp; 1254800 | &nbsp;&nbsp; 1275831 |
| Fannie Mae Pool FN MA5498 | 6.000% | 10/01/2054 | &nbsp;&nbsp; 1330792 | &nbsp;&nbsp; 1352706 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Agency Mortgage-Backed Securities (Continued)** | **Rate** | **Maturity**  | **Face Amount** | **Value** |
| Freddie Mac Pool FR QF1237 | 5.000% | 10/01/2052 | &nbsp;&nbsp; $2292533 | &nbsp;&nbsp; $2257384 |
| Freddie Mac Pool FR QF1648 | 5.000% | 10/01/2052 | &nbsp;&nbsp; 651505 | &nbsp;&nbsp; 642315 |
| Freddie Mac Pool FR RA3575 | 2.000% | 09/01/2050 | &nbsp;&nbsp; 4783501 | &nbsp;&nbsp; 3839318 |
| Freddie Mac Pool FR RA7279 | 3.500% | 05/01/2052 | &nbsp;&nbsp; 1208421 | &nbsp;&nbsp; 1097494 |
| Freddie Mac Pool FR SB8148 | 2.000% | 04/01/2037 | &nbsp;&nbsp; 1734432 | &nbsp;&nbsp; 1584616 |
| Freddie Mac Pool FR SB8149 | 2.500% | 04/01/2037 | &nbsp;&nbsp; 1701154 | &nbsp;&nbsp; 1588024 |
| Freddie Mac Pool FR SD0625 | 2.500% | 05/01/2051 | &nbsp;&nbsp; 1772245 | &nbsp;&nbsp; 1484566 |
| Freddie Mac Pool FR SD5958 | 6.500% | 08/01/2054 | &nbsp;&nbsp; 1627962 | &nbsp;&nbsp; 1683865 |
| Freddie Mac Pool FR SD7505 | 4.500% | 08/01/2049 | &nbsp;&nbsp; 570246 | &nbsp;&nbsp; 554800 |
| Freddie Mac Pool FR SD8148 | 3.000% | 05/01/2051 | &nbsp;&nbsp; 1200899 | &nbsp;&nbsp; 1046294 |
| Freddie Mac Pool FR SD8214 | 3.500% | 05/01/2052 | &nbsp;&nbsp; 527593 | &nbsp;&nbsp; 475890 |
| Freddie Mac Pool FR SD8218 | 2.000% | 06/01/2052 | &nbsp;&nbsp; 1288015 | &nbsp;&nbsp; 1021323 |
| Freddie Mac Pool FR SD8220 | 3.000% | 06/01/2052 | &nbsp;&nbsp; 1258779 | &nbsp;&nbsp; 1089808 |
| Freddie Mac Pool FR SD8342 | 5.500% | 07/01/2053 | &nbsp;&nbsp; 2119895 | &nbsp;&nbsp; 2124236 |
| Freddie Mac Pool FR SD8368 | 6.000% | 10/01/2053 | &nbsp;&nbsp; 1591768 | &nbsp;&nbsp; 1619518 |
| Freddie Mac Pool FR SD8469 | 5.500% | 10/01/2054 | &nbsp;&nbsp; 973501 | &nbsp;&nbsp; 973684 |
| Freddie Mac Pool FR SD8491 | 5.000% | 12/01/2054 | &nbsp;&nbsp; 1677245 | &nbsp;&nbsp; 1644366 |
| Freddie Mac Pool FR ZT1257 | 3.000% | 01/01/2046 | &nbsp;&nbsp; 556187 | &nbsp;&nbsp; 504436 |
| Ginnie Mae II Pool G2 MA7589 | 2.500% | 09/20/2051 | &nbsp;&nbsp; 5136413 | &nbsp;&nbsp; 4366049 |
| Ginnie Mae II Pool G2 MA7706 | 3.000% | 11/20/2051 | &nbsp;&nbsp; 4774450 | &nbsp;&nbsp; 4224960 |
| Ginnie Mae II Pool G2 MA8041 | 2.000% | 05/20/2052 | &nbsp;&nbsp; 5385613 | &nbsp;&nbsp; 4386673 |
| Ginnie Mae II Pool G2 MA8044 | 3.500% | 05/20/2052 | &nbsp;&nbsp; 1571249 | &nbsp;&nbsp; 1433270 |
| Ginnie Mae II Pool G2 MA8800 | 5.000% | 04/20/2053 | &nbsp;&nbsp; 2677766 | &nbsp;&nbsp; 2645589 |
| Ginnie Mae II Pool G2 MA8945 | 4.000% | 06/20/2053 | &nbsp;&nbsp; 2981263 | &nbsp;&nbsp; 2783903 |
| Ginnie Mae II Pool G2 MA8946 | 4.500% | 06/20/2053 | &nbsp;&nbsp; 2229508 | &nbsp;&nbsp; 2143541 |
| Ginnie Mae II Pool G2 MA8948 | 5.500% | 06/20/2053 | &nbsp;&nbsp; 1205118 | &nbsp;&nbsp; 1212653 |
| Ginnie Mae II Pool G2 MA8949 | 6.000% | 06/20/2053 | &nbsp;&nbsp; 663959 | &nbsp;&nbsp; 677761 |
| Ginnie Mae II Pool G2 MA9906 | 5.500% | 09/20/2054 | &nbsp;&nbsp; 1433927 | &nbsp;&nbsp; 1437751 |
| **Total U.S. Government Agency Mortgage-Backed Securities (Cost $109,961,921)** |  |  |  | &nbsp;&nbsp; $100655324 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies–7.5%** | **Shares** | **Value** |
| Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 03/24/2023 through 02/27/2024, Cost $7,946,054) <br> (e)(f) | 996517 | $8779315 |
| Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 09/26/2024, Cost <br> $30,222,113) <br>(f)(g) | 3424549 | 30444241 |
| **Total Investment Companies (Cost $38,168,167)** |  | $39223556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed / Mortgage-Backed Securities–2.7%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| **Financials–2.7%** |  |  |  |  |
| BANK 2022-BNK40 A4  | 3.504% | 03/15/2064 | &nbsp;&nbsp; $660000 | &nbsp;&nbsp; $606361 |
| BBCMS Mortgage Trust 2024-5C27 A2  | 5.550% | 07/15/2057 | &nbsp;&nbsp; 1377180 | &nbsp;&nbsp; 1415637 |
| Benchmark 2020-B19 A5  | 1.850% | 09/15/2053 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 995249 |
| Benchmark 2021-B26 A2  | 1.957% | 06/15/2054 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 502867 |
| Freddie Mac Multifamily Structured Pass Through Certificates K108 A2  | 1.517% | 03/25/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 356912 |
| Freddie Mac Multifamily Structured Pass Through Certificates K109 A2  | 1.558% | 04/25/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 356129 |
| GS Mortgage-Backed Securities Trust 2022-PJ3 A4 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1624456 | &nbsp;&nbsp; 1322663 |
| Home Partners of America 2022-1 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.330% | 04/17/2039 | &nbsp;&nbsp; 725297 | &nbsp;&nbsp; 717427 |
| J.P. Morgan Mortgage Trust 2022-1 A2 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.000% | 07/25/2052 | &nbsp;&nbsp; 1188879 | &nbsp;&nbsp; 1008985 |
| JP Morgan Mortgage Trust 2022-2 A3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1585048 | &nbsp;&nbsp; 1289175 |
| JP Morgan Mortgage Trust 2022-3 A3 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 2.500% | 08/25/2052 | &nbsp;&nbsp; 1609969 | &nbsp;&nbsp; 1312477 |
| MMAF Equipment Finance LLC 2020-A5 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.560% | 10/09/2042 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 712961 |
| Navient Private Education Refi Loan Trust 2020-FA A <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.220% | 07/15/2069 | &nbsp;&nbsp; 85148 | &nbsp;&nbsp; 79358 |
| Progress Residential 2022-SFR1 E1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.930% | 02/17/2041 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 846607 |
| Progress Residential 2022-SFR2 D <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.945% | 04/17/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 971623 |
| Progress Residential 2022-SFR4 B <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.788% | 05/17/2041 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 794309 |
| Progress Residential 2023-SFR2 D <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.500% | 10/17/2040 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145683 |
| Progress Residential 2023-SFR2 E1 <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 4.750% | 10/17/2040 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193988 |
| Progress Residential 2024-SFR1 D <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 3.750% | 02/17/2041 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471152 |
| SMB Private Education Loan Trust 2020-B A1A <br> &nbsp;&nbsp;&nbsp;&nbsp;(b) | 1.290% | 07/15/2053 | &nbsp;&nbsp; 216556 | &nbsp;&nbsp; 203993 |
| **Total Asset-Backed / Mortgage-Backed Securities (Cost $15,544,594)** |  |  |  | &nbsp;&nbsp; $14303556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sovereign Debt Issues–0.2%** | **Rate** | **Maturity** | **Face Amount** | **Value** |
| Mexico Government International Bond  | 3.750% | 01/11/2028 | &nbsp;&nbsp; $625000 | &nbsp;&nbsp; $611469 |
| Mexico Government International Bond  | 4.500% | 01/31/2050 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 381176 |
| **Total Sovereign Debt Issues (Cost $1,201,376)** |  |  |  | &nbsp;&nbsp; $992645 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–0.0%** | **Shares** | **Value** |
| **Communication Services–0.0%** |  |  |
| Audacy, Inc. (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(h) | 113 | $2259 |
| **Total Common Stocks (Cost $77,815)** |  | $2259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants–0.0%** | **Expiration** | **Strike Price** | **Quantity** | **Value** |
| **Communication Services–0.0%** |  |  |  |  |
| Audacy, Inc. Second Lien Warrants (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(h) | 09/30/2028 | &nbsp;&nbsp; $77.10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $— |
| Audacy, Inc. Second Lien Warrants (with Black-Scholes protections) (Media)<br> &nbsp;&nbsp;&nbsp;&nbsp;(h) | 09/30/2028 | 77.10 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; — |
| **Total Warrants (Cost $47)** |  |  |  | &nbsp;&nbsp; $— |
| **Total Investments – 97.1% (Cost $532,023,182)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(i) |  |  |  | &nbsp;&nbsp; $508924678 |
| **Other Assets in Excess of Liabilities – 2.9%** |  |  |  | &nbsp;&nbsp; 15428647 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** |  |  | &nbsp;&nbsp; $524353325 |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 3.790% at 6/30/2025 |
| PIK: | Payment-in-Kind |
| REITs: | Real Estate Investment Trusts |
| SOFR: | Secured Overnight Financing Rate, 4.45% at 6/30/2025 |
| SOFRINDX: | Secured Overnight Financing Rate ("SOFR") Compounded Index, 1.201% at 6/30/2025  |
| TSFR3M: | Quarterly CME Term Secured Overnight Financing Rate ("SOFR"), 4.292% at 6/30/2025 |

---

---

| | |
|:---|:---|
| Footnotes: | Footnotes: |
| (a) | Security is partially pledged as collateral for the futures contracts outstanding at June 30, 2025. The value of securities pledged totaled $801,490. See also the <br> following Schedule of Open Futures Contracts.<br>|
| (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 June 30, 2025, the value of these securities totaled $36,414,317, or 6.9% 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 June 30, 2025.<br>|
| (e) | Shares of this fund have not been registered and are issued in reliance on Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund <br> may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that <br> are "accredited investors" within the meaning of Regulation D of the 1933 Act. <br>|
| (f) | Represents a security deemed to be restricted. At June 30, 2025, the value of restricted securities in the Portfolio totaled $39,223,556, or 7.5% of the Portfolio's net <br> assets.<br>|
| (g) | Open-end extended payment fund. Beneficial interests in this fund are issued solely in private placement transactions which do not involve any "public offering" <br> within the meaning of Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by organizations or entities that <br> are "accredited investors" within the meaning of Regulation D of the 1933 Act and that are also "qualified purchasers" as defined in Section 2(a)(51) of the <br> Investment Company Act of 1940, as amended ("Eligible Investors"). This fund has adopted policies to limit the transfer of its shares, which may occur only <br> pursuant to authorization by this fund's Board of Directors, and only to Eligible Investors. When a redeeming shareholder of this fund presents shares to the <br> fund's transfer agent in proper order for redemption, the fund will have up to 31 days to make payment to the redeeming shareholder. The price of redeemed <br> shares will be determined as of the closing net asset value of the fund 24 days after receipt of a shareholder redemption request or, if such date is a weekend or <br> holiday, on the preceding business day. The fund's NAV is calculated each day the NYSE is open.<br>|
| (h) | Non-income producing security. |
| (i) | 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**

**June 30, 2025 (Unaudited)** 

**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 | 85 | September 19, 2025 | &nbsp;&nbsp; $9487670 | &nbsp;&nbsp; $9712578 | &nbsp;&nbsp; $224908 | &nbsp;&nbsp; $41172 |
| CBT U.S. Long Bond - Long | 15 | September 19, 2025 | &nbsp;&nbsp; 1669355 | &nbsp;&nbsp; 1732031 | &nbsp;&nbsp; 62676 | &nbsp;&nbsp; 15000 |
| CBT U.S. Ultra Bond - Long | 8 | September 19, 2025 | &nbsp;&nbsp; 932354 | &nbsp;&nbsp; 953000 | &nbsp;&nbsp; 20646 | &nbsp;&nbsp; 10750 |
| CBT 2-Year U.S. Treasury Note - Long | 431 | September 30, 2025 | &nbsp;&nbsp; 89392728 | &nbsp;&nbsp; 89658102 | &nbsp;&nbsp; 265374 | &nbsp;&nbsp; 23571 |
|  |  |  | &nbsp;&nbsp; $101482107 | &nbsp;&nbsp; $102055711 | &nbsp;&nbsp; $573604 | &nbsp;&nbsp; $90493 |

---

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

------

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

**AVIP Federated Core Plus Bond Portfolio (Continued)**

---

| | |
|:---|:---|
| **Schedule of Open Futures Contracts** | **June 30, 2025 (Unaudited)** |

---

**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 | 240 | September 19, 2025 | &nbsp;&nbsp; $(26441628)<br>| &nbsp;&nbsp; $(26910000)<br>| &nbsp;&nbsp; $(468372)<br>| &nbsp;&nbsp; $(75001)<br>|
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$75040479** | &nbsp;&nbsp; **$75145711** | &nbsp;&nbsp; **$105232** | &nbsp;&nbsp; **$15492** |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–99.4%** | **Shares** | **Value** |
| **Communication Services–11.5%** |  |  |
| Alphabet, Inc. Class A (Interactive Media & <br> Svs.)<br>| 43222 | $7617013 |
| Alphabet, Inc. Class C (Interactive Media & <br> Svs.)<br>| 38867 | 6894617 |
| AT&T, Inc. (Diversified Telecom. Svs.) | 200706 | 5808432 |
| Electronic Arts, Inc. (Entertainment) | 39163 | 6254331 |
| Meta Platforms, Inc. Class A (Interactive <br> Media & Svs.)<br>| 19942 | 14718991 |
| Netflix, Inc. (Entertainment)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 4843 | 6485406 |
| Take-Two Interactive Software, Inc. <br> (Entertainment)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 26108 | 6340328 |
| TKO Group Holdings, Inc. (Entertainment) | 16008 | 2912656 |
| T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | 23395 | 5574093 |
| Verizon Communications, Inc. (Diversified <br> Telecom. Svs.)<br>| 126753 | 5484602 |
|  |  | 68090469 |
| **Consumer Discretionary–7.7%** |  |  |
| Amazon.com, Inc. (Broadline Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 94315 | 20691768 |
| AutoZone, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1490 | 5531223 |
| O'Reilly Automotive, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 66360 | 5981027 |
| Tesla, Inc. (Automobiles)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 24909 | 7912593 |
| TJX Cos., Inc. / The (Specialty Retail) | 29013 | 3582815 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br> Leisure)<br>| 10128 | 1500767 |
|  |  | 45200193 |
| **Consumer Staples–18.2%** |  |  |
| Altria Group, Inc. (Tobacco) | 100527 | 5893898 |
| Church & Dwight Co., Inc. <br> (Household Products)<br>| 53705 | 5161588 |
| Clorox Co. / The (Household Products) | 11291 | 1355710 |
| Coca-Cola Co. / The (Beverages) | 90231 | 6383843 |
| Colgate-Palmolive Co. (Household Products) | 69390 | 6307551 |
| Conagra Brands, Inc. (Food Products) | 41670 | 852985 |
| Costco Wholesale Corp. (Consumer Staples <br> Distribution & Retail)<br>| 6065 | 6003986 |
| Dollar General Corp. (Consumer Staples <br> Distribution & Retail)<br>| 49491 | 5660781 |
| General Mills, Inc. (Food Products) | 91486 | 4739890 |
| Hershey Co. / The (Food Products) | 17759 | 2947106 |
| Hormel Foods Corp. (Food Products) | 59826 | 1809737 |
| Kellanova (Food Products) | 57841 | 4600095 |
| Kenvue, Inc. (Personal Care Products) | 76097 | 1592710 |
| Keurig Dr Pepper, Inc. (Beverages) | 131402 | 4344150 |
| Kimberly-Clark Corp. (Household Products) | 40040 | 5161957 |
| Kroger Co. / The (Consumer Staples <br> Distribution & Retail)<br>| 88476 | 6346383 |
| McCormick & Co., Inc. (Food Products) | 51322 | 3891234 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 80660 | 5439710 |
| Monster Beverage Corp. (Beverages)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 93827 | 5877323 |
| Philip Morris International, Inc. (Tobacco) | 29408 | 5356079 |
| Procter & Gamble Co. / The <br> (Household Products)<br>| 36571 | 5826492 |
| Sysco Corp. (Consumer Staples Distribution & <br> Retail)<br>| 22754 | 1723388 |
| Tyson Foods, Inc. Class A (Food Products) | 74045 | 4142077 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 59319 | 5800212 |
|  |  | 107218885 |
| **Energy–0.1%** |  |  |
| Williams Cos., Inc. / The (Oil, Gas & <br> Consumable Fuels)<br>| 9959 | 625525 |
| **Financials–9.8%** |  |  |
| Arthur J. Gallagher & Co. (Insurance) | 12410 | 3972689 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9964 | 4840212 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Financials (continued)** |  |  |
| Brown & Brown, Inc. (Insurance) | 48906 | $5422208 |
| CBOE Global Markets, Inc. (Capital Markets) | 25526 | 5952918 |
| Chubb Ltd. (Insurance) | 4993 | 1446572 |
| CME Group, Inc. (Capital Markets) | 22322 | 6152390 |
| Jack Henry & Associates, Inc. <br> (Financial Services)<br>| 15659 | 2821282 |
| JPMorgan Chase & Co. (Banks) | 10100 | 2928091 |
| MarketAxess Holdings, Inc. (Capital Markets) | 8258 | 1844342 |
| Marsh & McLennan Cos., Inc. (Insurance) | 14914 | 3260797 |
| Progressive Corp. / The (Insurance) | 21627 | 5771381 |
| Visa, Inc. (Financial Services) | 11420 | 4054671 |
| W. R. Berkley Corp. (Insurance) | 57010 | 4188525 |
| Willis Towers Watson PLC (Insurance) | 16852 | 5165138 |
|  |  | 57821216 |
| **Health Care–12.7%** |  |  |
| Abbott Laboratories (Health Care Equip. & <br> Supplies)<br>| 45050 | 6127251 |
| AbbVie, Inc. (Biotechnology) | 13098 | 2431251 |
| Amgen, Inc. (Biotechnology) | 1187 | 331422 |
| Boston Scientific Corp. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 63525 | 6823220 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 40139 | 1858034 |
| Cardinal Health, Inc. (Health Care Providers & <br> Svs.)<br>| 28588 | 4802784 |
| Cencora, Inc. (Health Care Providers & Svs.) | 20491 | 6144226 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 5743 | 2233797 |
| Eli Lilly & Co. (Pharmaceuticals) | 1205 | 939334 |
| Gilead Sciences, Inc. (Biotechnology) | 51494 | 5709140 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 4520 | 1731612 |
| Intuitive Surgical, Inc. (Health Care Equip. & <br> Supplies)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3913 | 2126363 |
| Johnson & Johnson (Pharmaceuticals) | 35672 | 5448898 |
| McKesson Corp. (Health Care Providers & <br> Svs.)<br>| 7307 | 5354424 |
| Medtronic PLC (Health Care Equip. & Supplies) | 63113 | 5501560 |
| Molina Healthcare, Inc. (Health Care Providers <br> & Svs.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9537 | 2841072 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 25227 | 4531526 |
| STERIS PLC (Health Care Equip. & Supplies) | 4758 | 1142967 |
| UnitedHealth Group, Inc. (Health Care <br> Providers & Svs.)<br>| 19367 | 6041923 |
| Vertex Pharmaceuticals, Inc. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6179 | 2750891 |
|  |  | 74871695 |
| **Industrials–3.9%** |  |  |
| Axon Enterprise, Inc. (Aerospace & Defense)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1745 | 1444755 |
| Lockheed Martin Corp. (Aerospace & <br> Defense)<br>| 7850 | 3635649 |
| Northrop Grumman Corp. (Aerospace & <br> Defense)<br>| 8844 | 4421823 |
| Republic Services, Inc. (Commercial Svs. & <br> Supplies)<br>| 26733 | 6592625 |
| Rollins, Inc. (Commercial Svs. & Supplies) | 69743 | 3934900 |
| Verisk Analytics, Inc. (Professional Svs.) | 10599 | 3301589 |
|  |  | 23331341 |
| **Information Technology–32.8%** |  |  |
| Accenture PLC Class A (IT Svs.) | 6119 | 1828908 |
| Adobe, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 15301 | 5919651 |
| Apple, Inc. (Tech. Hardware, Storage & <br> Periph.)<br>| 143745 | 29492162 |
| Broadcom, Inc. (Semiconductors & Equip.) | 39342 | 10844622 |
| Cisco Systems, Inc. (Communications Equip.) | 37597 | 2608480 |
| F5, Inc. (Communications Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1045 | 307564 |
| Fair Isaac Corp. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2179 | 3983125 |

---

&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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Information Technology (continued)** |  |  |
| Fortinet, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 63906 | $6756142 |
| GoDaddy, Inc. Class A (IT Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 34251 | 6167235 |
| International Business Machines Corp. <br> (IT Svs.)<br>| 20019 | 5901201 |
| Microsoft Corp. (Software) | 71474 | 35551882 |
| Motorola Solutions, Inc. <br> (Communications Equip.)<br>| 9835 | 4135224 |
| NVIDIA Corp. (Semiconductors & Equip.) | 241600 | 38170384 |
| Oracle Corp. (Software) | 29076 | 6356886 |
| Palantir Technologies, Inc. Class A (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 44505 | 6066922 |
| Palo Alto Networks, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 31219 | 6388656 |
| Roper Technologies, Inc. (Software) | 9270 | 5254607 |
| Salesforce, Inc. (Software) | 19820 | 5404716 |
| Tyler Technologies, Inc. (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10549 | 6253869 |
| VeriSign, Inc. (IT Svs.) | 20655 | 5965164 |
|  |  | 193357400 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Materials–0.1%** |  |  |
| Newmont Corp. (Metals & Mining) | 10632 | $619420 |
| **Utilities–2.6%** |  |  |
| American Electric Power Co., Inc. <br> (Electric Utilities)<br>| 2300 | 238648 |
| Atmos Energy Corp. (Gas Utilities) | 4641 | 715224 |
| Consolidated Edison, Inc. (Multi-Utilities) | 53439 | 5362604 |
| Duke Energy Corp. (Electric Utilities) | 25389 | 2995902 |
| Southern Co. / The (Electric Utilities) | 67543 | 6202474 |
|  |  | 15514852 |
| **Total Common Stocks (Cost $521,592,195)** |  | $586650996 |
| **Total Investments – 99.4% (Cost $521,592,195)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $586650996 |
| **Other Assets in Excess of Liabilities – 0.6%** |  | 3694845 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $590345841 |

---

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

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Common Stocks–97.7%** | **Shares** | **Value** |
| **Communication Services–5.8%** |  |  |
| AT&T, Inc. (Diversified Telecom. Svs.) | 54933 | $1589761 |
| Comcast Corp. Class A (Media) | 40572 | 1448014 |
| Electronic Arts, Inc. (Entertainment) | 10694 | 1707832 |
| Walt Disney Co. / The (Entertainment) | 17300 | 2145373 |
|  |  | 6890980 |
| **Consumer Discretionary–6.7%** |  |  |
| BorgWarner, Inc. (Automobile Components) | 16797 | 562364 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 8063 | 1594942 |
| Lowe's Cos., Inc. (Specialty Retail) | 4414 | 979334 |
| Lululemon Athletica, Inc. (Textiles, Apparel & <br> Luxury Goods)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1605 | 381316 |
| NIKE, Inc. Class B (Textiles, Apparel & Luxury <br> Goods)<br>| 13382 | 950657 |
| Ross Stores, Inc. (Specialty Retail) | 9262 | 1181646 |
| Starbucks Corp. (Hotels, Restaurants & <br> Leisure)<br>| 7821 | 716638 |
| Ulta Beauty, Inc. (Specialty Retail)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3222 | 1507316 |
|  |  | 7874213 |
| **Consumer Staples–8.9%** |  |  |
| Casey's General Stores, Inc. (Consumer <br> Staples Distribution & Retail)<br>| 2812 | 1434879 |
| Mondelez International, Inc. Class A <br> (Food Products)<br>| 12761 | 860602 |
| Philip Morris International, Inc. (Tobacco) | 24318 | 4429037 |
| Walmart, Inc. (Consumer Staples Distribution & <br> Retail)<br>| 38539 | 3768344 |
|  |  | 10492862 |
| **Energy–5.8%** |  |  |
| Cactus, Inc. Class A (Energy Equip. & Svs.) | 9016 | 394180 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 9675 | 1385363 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 14232 | 1277180 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br> Fuels)<br>| 25115 | 3004005 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 7224 | 861823 |
|  |  | 6922551 |
| **Financials–22.6%** |  |  |
| Axis Capital Holdings Ltd. (Insurance) | 23503 | 2440081 |
| Berkshire Hathaway, Inc. Class B <br> (Financial Services)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 9586 | 4656591 |
| Blackstone Secured Lending Fund <br> (Capital Markets)<br>| 23835 | 732926 |
| Citigroup, Inc. (Banks) | 26938 | 2292963 |
| Fiserv, Inc. (Financial Services)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14748 | 2542703 |
| JPMorgan Chase & Co. (Banks) | 17362 | 5033417 |
| Mastercard, Inc. Class A (Financial Services) | 2820 | 1584671 |
| MetLife, Inc. (Insurance) | 21874 | 1759107 |
| MGIC Investment Corp. (Financial Services) | 20934 | 582803 |
| S&P Global, Inc. (Capital Markets) | 5331 | 2810983 |
| Wells Fargo & Co. (Banks) | 28140 | 2254577 |
|  |  | 26690822 |
| **Health Care–18.3%** |  |  |
| Agilent Technologies, Inc. (Life Sciences Tools <br> & Svs.)<br>| 10014 | 1181752 |
| Cencora, Inc. (Health Care Providers & Svs.) | 6843 | 2051874 |
| Elevance Health, Inc. (Health Care Providers & <br> Svs.)<br>| 6703 | 2607199 |
| GE HealthCare Technologies, Inc. (Health Care <br> Equip. & Supplies)<br>| 12968 | 960540 |
| Gilead Sciences, Inc. (Biotechnology) | 19884 | 2204539 |
| HCA Healthcare, Inc. (Health Care Providers & <br> Svs.)<br>| 3710 | 1421301 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (Continued)** | **Shares** | **Value** |
| **Health Care (continued)** |  |  |
| Johnson & Johnson (Pharmaceuticals) | 28357 | $4331532 |
| Quest Diagnostics, Inc. (Health Care Providers <br> & Svs.)<br>| 11254 | 2021556 |
| Regeneron Pharmaceuticals, Inc. <br> (Biotechnology)<br>| 4299 | 2256975 |
| ResMed, Inc. (Health Care Equip. & Supplies) | 1817 | 468786 |
| Roche Holding AG – ADR (Pharmaceuticals) | 32446 | 1322499 |
| United Therapeutics Corp. (Biotechnology)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2890 | 830441 |
|  |  | 21658994 |
| **Industrials–17.0%** |  |  |
| Allegion PLC (Building Products) | 5613 | 808946 |
| Allison Transmission Holdings, Inc. <br> (Machinery)<br>| 7562 | 718314 |
| Carlisle Cos., Inc. (Building Products) | 1450 | 541430 |
| CSX Corp. (Ground Transportation) | 40899 | 1334534 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 1238 | 604825 |
| FTI Consulting, Inc. (Professional Svs.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 2999 | 484339 |
| Generac Holdings, Inc. (Electrical Equip.)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14197 | 2033152 |
| J.B. Hunt Transport Services, Inc. <br> (Ground Transportation)<br>| 8251 | 1184844 |
| Landstar System, Inc. (Ground Transportation) | 2200 | 305844 |
| MSC Industrial Direct Co., Inc. Class A (Trading <br> Companies & Distributors)<br>| 9539 | 811006 |
| nVent Electric PLC (Electrical Equip.) | 9305 | 681591 |
| Otis Worldwide Corp. (Machinery) | 11277 | 1116649 |
| PACCAR, Inc. (Machinery) | 10839 | 1030355 |
| RTX Corp. (Aerospace & Defense) | 24967 | 3645681 |
| Uber Technologies, Inc. <br> (Ground Transportation)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 12088 | 1127810 |
| Veralto Corp. (Commercial Svs. & Supplies) | 18558 | 1873430 |
| Westinghouse Air Brake Technologies Corp. <br> (Machinery)<br>| 8316 | 1740955 |
|  |  | 20043705 |
| **Information Technology–8.7%** |  |  |
| Accenture PLC Class A (IT Svs.) | 8576 | 2563281 |
| Cisco Systems, Inc. (Communications Equip.) | 11118 | 771367 |
| Lam Research Corp. (Semiconductors & <br> Equip.)<br>| 6359 | 618985 |
| Nice Ltd. – ADR (Software)<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5600 | 945896 |
| Taiwan Semiconductor Manufacturing Co. Ltd. <br> – ADR (Semiconductors & Equip.)<br>| 7868 | 1782023 |
| Texas Instruments, Inc. (Semiconductors & <br> Equip.)<br>| 14508 | 3012151 |
| Zebra Technologies Corp. Class A (Electronic <br> Equip., Instr. & Comp.)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 1904 | 587117 |
|  |  | 10280820 |
| **Materials–2.7%** |  |  |
| CF Industries Holdings, Inc. (Chemicals) | 11466 | 1054872 |
| PPG Industries, Inc. (Chemicals) | 9742 | 1108153 |
| Steel Dynamics, Inc. (Metals & Mining) | 8214 | 1051474 |
|  |  | 3214499 |
| **Real Estate–1.2%** |  |  |
| Jones Lang LaSalle, Inc. (Real Estate Mgmt. & <br> Development)<br>&nbsp;&nbsp;&nbsp;&nbsp;(a) | 938 | 239922 |
| Public Storage (Specialized REITs) | 4006 | 1175440 |
|  |  | 1415362 |
| **Total Common Stocks (Cost $98,652,367)** |  | $115484808 |
| **Total Investments – 97.7% (Cost $98,652,367)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | $115484808 |
| **Other Assets in Excess of Liabilities – 2.3%** |  | 2721189 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $118205997 |

---

<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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–95.8%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 32000 | $17652480 |
| iShares AAA CLO Active ETF  | 66000 | 3426720 |
| iShares Core MSCI EAFE ETF  | 217905 | 18190710 |
| iShares Core MSCI Emerging Markets ETF  | 105402 | 6327282 |
| iShares Core S&P 500 ETF  | 207678 | 128947270 |
| iShares Core S&P Mid-Cap ETF  | 355000 | 22017100 |
| iShares Core S&P Total U.S. Stock Market ETF  | 41500 | 5604160 |
| iShares Core U.S. Aggregate Bond ETF  | 1961199 | 194550941 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF  | 249317 | 27327636 |
| iShares MSCI EAFE ETF  | 69613 | 6222706 |
| iShares Russell 1000 ETF  | 23153 | 7862064 |
| iShares Ultra Short Duration Bond Active ETF  | 120000 | 6085200 |
| SPDR Portfolio S&P 500 Value ETF  | 220000 | 11514800 |
| Vanguard S&P 500 ETF  | 38000 | 21585140 |
| Vanguard S&P 500 Value ETF  | 5000 | 943550 |
| Vanguard Total Stock Market ETF  | 55000 | 16716150 |
| **Total Exchange Traded Funds (Cost $440,938,723)** |  | $494973909 |
| **Total Investments – 95.8% (Cost $440,938,723)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $494973909 |
| **Other Assets in Excess of Liabilities – 4.2%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 21636836 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $516610745 |

---

<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 $800,770 of cash pledged as collateral for the futures contracts outstanding at June 30, 2025. See also the following Schedule of Open Futures Contracts. |

---

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

**Schedule of Open Futures Contracts**

**June 30, 2025 (Unaudited)** 

**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 | September 19, 2025 | &nbsp;&nbsp; $15104486 | &nbsp;&nbsp; $15361125 | &nbsp;&nbsp; $256639 | &nbsp;&nbsp; $42813 |
| MSCI EAFE Index - Long | 18 | September 19, 2025 | &nbsp;&nbsp; 2393138 | &nbsp;&nbsp; 2413530 | &nbsp;&nbsp; 20392 | &nbsp;&nbsp; 1260 |
| MSCI Emerging Markets Index - Long | 168 | September 19, 2025 | &nbsp;&nbsp; 10185356 | &nbsp;&nbsp; 10361400 | &nbsp;&nbsp; 176044 | &nbsp;&nbsp; 20160 |
|  |  |  | &nbsp;&nbsp; $27682980 | &nbsp;&nbsp; $28136055 | &nbsp;&nbsp; $453075 | &nbsp;&nbsp; $64233 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$27682980** | &nbsp;&nbsp; **$28136055** | &nbsp;&nbsp; **$453075** | &nbsp;&nbsp; **$64233** |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–98.1%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 46000 | $25375440 |
| iShares AAA CLO Active ETF  | 14870 | 772050 |
| iShares Core MSCI EAFE ETF  | 264694 | 22096655 |
| iShares Core MSCI Emerging Markets ETF  | 176946 | 10622068 |
| iShares Core S&P 500 ETF  | 225694 | 140133405 |
| iShares Core S&P Mid-Cap ETF  | 310000 | 19226200 |
| iShares Core S&P Total U.S. Stock Market ETF  | 83000 | 11208320 |
| iShares Core U.S. Aggregate Bond ETF  | 1592480 | 157974016 |
| iShares MSCI EAFE ETF  | 24921 | 2227688 |
| iShares Russell 1000 ETF  | 46454 | 15774385 |
| SPDR Portfolio S&P 500 Value ETF  | 257000 | 13451380 |
| Vanguard S&P 500 ETF  | 21000 | 11928630 |
| Vanguard S&P 500 Value ETF  | 7000 | 1320970 |
| Vanguard Total Stock Market ETF  | 47000 | 14284710 |
| **Total Exchange Traded Funds (Cost $363,156,335)** |  | $446395917 |
| **Total Investments – 98.1% (Cost $363,156,335)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $446395917 |
| **Other Assets in Excess of Liabilities – 1.9%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 8505680 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $454901597 |

---

<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 $1,653,105 of cash pledged as collateral for the futures contracts outstanding at June 30, 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**

**June 30, 2025 (Unaudited)** 

**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 | September 19, 2025 | &nbsp;&nbsp; $16590039 | &nbsp;&nbsp; $17197813 | &nbsp;&nbsp; $607774 | &nbsp;&nbsp; $82500 |
| MSCI EAFE Index - Long | 32 | September 19, 2025 | &nbsp;&nbsp; 4255108 | &nbsp;&nbsp; 4290720 | &nbsp;&nbsp; 35612 | &nbsp;&nbsp; 2240 |
| MSCI Emerging Markets Index - Long | 73 | September 19, 2025 | &nbsp;&nbsp; 4426875 | &nbsp;&nbsp; 4502275 | &nbsp;&nbsp; 75400 | &nbsp;&nbsp; 8760 |
|  |  |  | &nbsp;&nbsp; $25272022 | &nbsp;&nbsp; $25990808 | &nbsp;&nbsp; $718786 | &nbsp;&nbsp; $93500 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$25272022** | &nbsp;&nbsp; **$25990808** | &nbsp;&nbsp; **$718786** | &nbsp;&nbsp; **$93500** |

---

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** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Exchange Traded Funds–98.4%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 ETF  | 51000 | $28133640 |
| iShares AAA CLO Active ETF  | 27000 | 1401840 |
| iShares Core MSCI EAFE ETF  | 296899 | 24785129 |
| iShares Core MSCI Emerging Markets ETF  | 83134 | 4990534 |
| iShares Core S&P 500 ETF  | 314647 | 195364322 |
| iShares Core S&P Mid-Cap ETF  | 375000 | 23257500 |
| iShares Core S&P Total U.S. Stock Market ETF  | 69000 | 9317760 |
| iShares Core U.S. Aggregate Bond ETF  | 595240 | 59047808 |
| iShares MSCI EAFE ETF  | 93897 | 8393453 |
| iShares Russell 1000 ETF  | 31834 | 10809871 |
| SPDR Portfolio S&P 500 Value ETF  | 235000 | 12299900 |
| Vanguard S&P 500 ETF  | 26000 | 14768780 |
| Vanguard S&P 500 Value ETF  | 7000 | 1320970 |
| Vanguard Total Stock Market ETF  | 75000 | 22794750 |
| **Total Exchange Traded Funds (Cost $314,995,825)** |  | $416686257 |
| **Total Investments – 98.4% (Cost $314,995,825)**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) |  | $416686257 |
| **Other Assets in Excess of Liabilities – 1.6%**<br> &nbsp;&nbsp;&nbsp;&nbsp;(b) |  | 6868118 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | $423554375 |

---

<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 $1,725,005 of cash pledged as collateral for the futures contracts outstanding at June 30, 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**

**June 30, 2025 (Unaudited)** 

**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 | September 19, 2025 | &nbsp;&nbsp; $21416056 | &nbsp;&nbsp; $22200813 | &nbsp;&nbsp; $784757 | &nbsp;&nbsp; $106500 |
| MSCI EAFE Index - Long | 4 | September 19, 2025 | &nbsp;&nbsp; 531748 | &nbsp;&nbsp; 536340 | &nbsp;&nbsp; 4592 | &nbsp;&nbsp; 280 |
| MSCI Emerging Markets Index - Long | 9 | September 19, 2025 | &nbsp;&nbsp; 545779 | &nbsp;&nbsp; 555075 | &nbsp;&nbsp; 9296 | &nbsp;&nbsp; 1080 |
|  |  |  | &nbsp;&nbsp; $22493583 | &nbsp;&nbsp; $23292228 | &nbsp;&nbsp; $798645 | &nbsp;&nbsp; $107860 |
| **Total Futures Contracts** |  |  | &nbsp;&nbsp; **$22493583** | &nbsp;&nbsp; **$23292228** | &nbsp;&nbsp; **$798645** | &nbsp;&nbsp; **$107860** |

---

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**

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–34.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 53047 | $1730380 |
| DFA International Core Equity Portfolio Institutional | 282107 | 5213328 |
| PIMCO Low Duration Institutional | 2215224 | 20668044 |
| PIMCO Total Return Institutional | 3374032 | 29286599 |
| Vanguard International Growth Fund Admiral Class | 14557 | 1716580 |
| **Total Open-End Mutual Funds** |  | $58614931 |
| **Total Investments in Securities of Unaffiliated Issuers – 34.1% (Cost $59,592,852)** |  | $58614931 |
| **Total Investments in Affiliates – 66.0% (Cost $103,321,780) (see schedule below)** |  | 113294282 |
| **Liabilities in Excess of Other Assets – (0.1)%** |  | (87625)<br>|
| **Net Assets – 100.0%** |  | $171821588 |

---

<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**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Value at**<br> **June 30,**<br> **2025**<br>|
| **Open-End Mutual Funds – 66.0%** |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $1792132 | $142340 | $239350 | $51150 | $(29692)<br>| 50967 | $1716580 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 53150 | 205560 | 43242 | 33616 | 133690 | 1716580 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 211289 | 238676 | 42793 | (90958)<br>| 125389 | 1716580 |
| AVIP BlackRock Advantage International Equity Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7168529 | 107494 | 1812414 | 96974 | 1305737 | 355768 | 6866320 |
| AVIP BlackRock Advantage Large Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3584265 | 189703 | 532463 | (12340)<br>| 203995 | 83107 | 3433160 |
| AVIP BlackRock Advantage Large Cap Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 5376397 | 68895 | 587534 | (41936)<br>| 333918 | 243027 | 5149740 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 17921324 | 266148 | 1727378 | (143228)<br>| 848934 | 983714 | 17165800 |
| AVIP Federated Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 26881985 | 714641 | 2802157 | (268495)<br>| 1222727 | 2774644 | 25748701 |
| AVIP Federated High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10752794 | 152382 | 1088419 | 7990 | 474733 | 514203 | 10299480 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 1792132 | 176092 | 393149 | 97827 | 43678 | 89452 | 1716580 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 25089853 | 1260819 | 3752385 | 367664 | 1066170 | 508832 | 24032121 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14337059 | 985289 | 1606373 | 237722 | (221057)<br>| 619704 | 13732640 |
| **Total Open-End Mutual Funds** |  |  |  | $479363 | $5191801 |  | $113294282 |

---

<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 June 30, 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**

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–29.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 425813 | $13890004 |
| DFA International Core Equity Portfolio Institutional | 1887084 | 34873317 |
| PIMCO Low Duration Institutional | 5927599 | 55304498 |
| PIMCO Total Return Institutional | 9559467 | 82976177 |
| Vanguard International Growth Fund Admiral Class | 116860 | 13780119 |
| **Total Open-End Mutual Funds** |  | $200824115 |
| **Total Investments in Securities of Unaffiliated Issuers – 29.1% (Cost $195,548,297)** |  | $200824115 |
| **Total Investments in Affiliates – 70.9% (Cost $422,197,962) (see schedule below)** |  | 489194208 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (257710)<br>|
| **Net Assets – 100.0%** |  | $689760613 |

---

<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**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Value at**<br> **June 30,**<br> **2025**<br>|
| **Open-End Mutual Funds – 70.9%** |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $7128644 | $449404 | $773411 | $(287137)<br>| $372559 | 204574 | $6890059 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 689686 | 2880471 | 608728 | 627720 | 2146436 | 27560237 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 738432 | 783770 | 141003 | (334250)<br>| 503291 | 6890059 |
| AVIP BlackRock Advantage International Equity Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49900505 | 417441 | 11841952 | 2027756 | 7726665 | 2498985 | 48230415 |
| AVIP BlackRock Advantage Large Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14257287 | 386747 | 1622093 | 368942 | 389236 | 333578 | 13780119 |
| AVIP BlackRock Advantage Large Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 540699 | 1274547 | 449738 | 45525 | 596542 | 6890059 |
| AVIP BlackRock Advantage Large Cap Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 359118 | 2871710 | (267825)<br>| 1826080 | 1300625 | 27560237 |
| AVIP BlackRock Advantage Small Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 14257287 | 1301540 | 1767151 | (932590)<br>| 921033 | 564065 | 13780119 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 49900505 | 1245293 | 4892464 | (325690)<br>| 2302771 | 2763921 | 48230415 |
| AVIP Federated Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 71286436 | 2473249 | 7413105 | (699651)<br>| 3253664 | 7424633 | 68900593 |
| AVIP Federated High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 28514574 | 465630 | 2705627 | 131838 | 1153822 | 1375948 | 27560237 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 7128644 | 487597 | 1281381 | 294181 | 261018 | 359044 | 6890059 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 114058297 | 2640197 | 12947521 | 3784417 | 2705558 | 2334130 | 110240948 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 78415079 | 4281643 | 6991124 | 2656241 | (2571187)<br>| 3420156 | 75790652 |
| **Total Open-End Mutual Funds** |  |  |  | $7949951 | $18680214 |  | $489194208 |

---

<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 June 30, 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**

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–21.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 849982 | $27726419 |
| DFA International Core Equity Portfolio Institutional | 5273484 | 97453978 |
| PIMCO Low Duration Institutional | 4436942 | 41396671 |
| PIMCO Total Return Institutional | 11130741 | 96614833 |
| Vanguard International Growth Fund Admiral Class | 233263 | 27506357 |
| **Total Open-End Mutual Funds** |  | $290698258 |
| **Total Investments in Securities of Unaffiliated Issuers – 21.1% (Cost $261,688,495)** |  | $290698258 |
| **Total Investments in Affiliates – 78.9% (Cost $909,831,765) (see schedule below)** |  | 1086501129 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (479551)<br>|
| **Net Assets – 100.0%** |  | $1376719836 |

---

<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**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Value at**<br> **June 30,**<br> **2025**<br>|
| **Open-End Mutual Funds – 78.9%** |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $13984257 | $827885 | $1223198 | $(251181)<br>| $415416 | 408348 | $13753179 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69921285 | 1563571 | 5763713 | 1038487 | 2006264 | 5355599 | 68765894 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 2817410 | 2506760 | 446830 | (1219636)<br>| 2009230 | 27506358 |
| AVIP BlackRock Advantage International Equity Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 111874055 | 208500 | 24001996 | 3149778 | 18795094 | 5700799 | 110025431 |
| AVIP BlackRock Advantage Large Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 55937028 | 1108589 | 5013464 | 965584 | 2014978 | 1331705 | 55012715 |
| AVIP BlackRock Advantage Large Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 1902832 | 4304336 | 1356540 | 582808 | 2381503 | 27506358 |
| AVIP BlackRock Advantage Large Cap Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 83905541 | 853979 | 6847255 | (658633)<br>| 5265441 | 3894246 | 82519073 |
| AVIP BlackRock Advantage Small Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 41952771 | 3644842 | 4278729 | (2843300)<br>| 2783952 | 1688888 | 41259536 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 69921285 | 3633563 | 7574520 | (1070968)<br>| 3856534 | 3940739 | 68765894 |
| AVIP Federated Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 97889798 | 5942959 | 11093422 | (1046677)<br>| 4579594 | 10374165 | 96272252 |
| AVIP Federated High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 1080499 | 2805302 | 107133 | 1155514 | 1373258 | 27506358 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 27968514 | 1669627 | 4310691 | 974748 | 1204160 | 1433369 | 27506358 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 265700881 | 4111629 | 23677166 | 7867415 | 7307639 | 5532721 | 261310398 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 181795340 | 9416940 | 12559586 | 2350496 | (2211865)<br>| 8068201 | 178791325 |
| **Total Open-End Mutual Funds** |  |  |  | $12386252 | $46535893 |  | $1086501129 |

---

<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 June 30, 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**

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Open-End Mutual Funds–17.1%** | **Shares** | **Value** |
| DFA Emerging Markets Portfolio Institutional | 311754 | $10169431 |
| DFA International Core Equity Portfolio Institutional | 1657840 | 30636878 |
| PIMCO Low Duration Institutional | 361640 | 3374101 |
| PIMCO Total Return Institutional | 777625 | 6749786 |
| Vanguard International Growth Fund Admiral Class | 57038 | 6725931 |
| **Total Open-End Mutual Funds** |  | $57656127 |
| **Total Investments in Securities of Unaffiliated Issuers – 17.1% (Cost $48,481,419)** |  | $57656127 |
| **Total Investments in Affiliates – 82.9% (Cost $229,228,865) (see schedule below)** |  | 279126151 |
| **Liabilities in Excess of Other Assets – 0.0%** |  | (138561)<br>|
| **Net Assets – 100.0%** |  | $336643717 |

---

<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**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| **Shares at**<br> **June 30,**<br> **2025**<br>| **Value at**<br> **June 30,**<br> **2025**<br>|
| **Open-End Mutual Funds – 82.9%** |  |  |  |  |  |  |  |
| AVIP AB Mid Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | $3403015 | $182435 | $262285 | $(97275)<br>| $137076 | 99851 | $3362966 |
| AVIP AB Relative Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20418087 | 560152 | 1696775 | 361640 | 534690 | 1571479 | 20177794 |
| AVIP AB Small Cap Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 939051 | 772659 | 137519 | (424058)<br>| 736954 | 10088897 |
| AVIP BlackRock Advantage International Equity Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 37433160 | 192039 | 7991478 | 1054003 | 6304898 | 1916716 | 36992622 |
| AVIP BlackRock Advantage Large Cap Core Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 20418087 | 225112 | 1545839 | 335983 | 744451 | 488448 | 20177794 |
| AVIP BlackRock Advantage Large Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6806029 | 404752 | 951781 | 298315 | 168616 | 582332 | 6725931 |
| AVIP BlackRock Advantage Large Cap Value Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 23821102 | 268093 | 1861847 | 460416 | 852996 | 1110937 | 23540760 |
| AVIP BlackRock Advantage Small Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 13612058 | 1139476 | 1277579 | (941708)<br>| 919616 | 550629 | 13451863 |
| AVIP Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 6806029 | 482098 | 835526 | (87410)<br>| 360740 | 385440 | 6725931 |
| AVIP Federated Core Plus Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 800153 | 1292390 | (44074)<br>| 416164 | 1087166 | 10088897 |
| AVIP Federated High Income Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 3403015 | 170995 | 364571 | (18682)<br>| 172209 | 167896 | 3362966 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 10209044 | 531157 | 1440626 | 129179 | 660143 | 525737 | 10088897 |
| AVIP S&P 500<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 64657276 | 324078 | 4757374 | 1486254 | 2186114 | 1352876 | 63896348 |
| AVIP S&P MidCap 400<sup>®</sup> Index Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) | 51045218 | 2599282 | 3238002 | 605814 | (567827)<br>| 2276376 | 50444485 |
| **Total Open-End Mutual Funds** |  |  |  | $3679974 | $12465828 |  | $279126151 |

---

<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 June 30, 2025.<br>|

---

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

------

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

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Federated**<br> **High Income**<br> **Bond**<br> **Portfolio**<br>|
| Assets: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers, at <br> value\*<br>| $231817542 | $369091953 | $341010638 | $119852809 | $105601214 | $73357563 | $1175211910 | $186612877 | $116963685 |
| Cash | 8801292 | 6440532 | 7445790 | 927893 | 562034 | 482101 | 7548205 | 2534590 | 3928202 |
| Cash subject to usage restrictions |  | 279903 | 284593 |  |  |  | 602867 | 213157 |  |
| Foreign currencies, at value |  |  | 342088 | 78886 |  |  |  | 187 |  |
| Receivable for foreign currency |  |  | 17435 |  |  |  |  |  |  |
| Receivable for securities sold | 5538572 | 2897790 |  |  | 655526 | 263344 | 116376 |  |  |
| Receivable for fund shares sold | 1789913 | 73846 | 439449 | 58436 | 30695 | 32595 | 422433 | 317371 | 771209 |
| Receivable for variation margin on futures contracts |  | 19500 | 2160 |  |  |  | 42000 | 13500 |  |
| Dividends and accrued interest receivable | 2996731 | 1500425 | 360528 | 46666 | 66037 | 59468 | 592927 | 129046 | 1863822 |
| Foreign tax reclaim receivable |  |  | 1770879 | 1381 |  |  |  | 136597 |  |
| Prepaid expenses and other assets | 3359 | 4672 | 4783 | 1006 | 1385 | 962 | 15483 | 2493 | 1663 |
| Total assets | 250947409 | 380308621 | 351678343 | 120967077 | 106916891 | 74196033 | 1184552201 | 189959818 | 123528581 |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Payable for securities purchased | 10417929 | 4606774 |  |  | 560749 | 104154 |  |  | 675000 |
| Payable for foreign currencies |  |  | 17435 |  |  |  |  |  |  |
| Payable for fund shares redeemed | 38332 | 828288 | 2001398 | 172917 | 286108 | 149725 | 6652970 | 375858 | 47507 |
| Payable for investment management services | 105363 | 153213 | 202279 | 65511 | 62602 | 42681 | 321718 | 102783 | 72556 |
| Accrued custody expense | 1681 | 6125 | 80988 | 5547 | 13405 | 12738 | 21909 | 3967 | 1478 |
| Accrued professional fees | 8557 | 8557 | 8557 | 8865 | 8557 | 8557 | 8557 | 8557 | 8557 |
| Accrued accounting fees | 12122 | 18803 | 4245 | 5058 | 6761 | 6157 | 37351 | 7771 | 17426 |
| Accrued administration fees | 9801 | 9213 | 18274 | 9466 | 9414 | 9829 | 9516 | 9587 | 9840 |
| Other liabilities | 6522 | 12317 | 6614 | 8174 | 5175 | 4869 | 9662 | 4054 | 6627 |
| Withholding tax payable | 709 | 473 | 19997 | 4308 | 1 |  | 863 |  |  |
| Total liabilities | 10601016 | 5643763 | 2359787 | 279846 | 952772 | 338710 | 7062546 | 512577 | 838991 |
| Net assets | $240346393 | $374664858 | $349318556 | $120687231 | $105964119 | $73857323 | $1177489655 | $189447241 | $122689590 |
| Net assets consist of: |  |  |  |  |  |  |  |  |  |
| Paid in capital | 248450506 | 247955026 | 264636165 | 66865141 | 110610149 | 66090241 | 411399133 | 139369122 | 132856110 |
| Total distributable earnings | (8104113)<br>| 126709832 | 84682391 | 53822090 | (4646030)<br>| 7767082 | 766090522 | 50078119 | (10166520)<br>|
| Net assets | $240346393 | $374664858 | $349318556 | $120687231 | $105964119 | $73857323 | $1177489655 | $189447241 | $122689590 |
| \*Investments in securities of unaffiliated issuers, at cost | $245301518 | $314448387 | $300449431 | $95456664 | $102235639 | $68580998 | $612408608 | $171386461 | $117324453 |
| Foreign currencies, at cost | $— | $— | $341241 | $74832 | $— | $— | $— | $178 | $— |
| Shares outstanding, par value, $1 per share | 13770877 | 9445916 | 18101895 | 6250709 | 7743085 | 2192633 | 24928832 | 8941613 | 6123763 |
| Authorized Fund shares allocated to Portfolio | 22000000 | 20000000 | 35000000 | 134000000 | 17000000 | 6000000 | 50000000 | 21000000 | 13000000 |
| Net asset value per share | $17.45 | $39.66 | $19.30 | $19.31 | $13.69 | $33.68 | $47.23 | $21.19 | $20.03 |

---

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

------

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

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Federated**<br> **Core Plus**<br> **Bond**<br> **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>| $262986334 | $320136497 | $126602576 | $527878180 | $459059875 | $1128733880 | $508924678 | $586650996 | $115484808 |
| Cash | 1438451 | 4539555 | 1697828 | 4360353 | 6032960 | 78016524 | 7361301 | 4143483 | 3687474 |
| Cash subject to usage restrictions |  | 344496 | 185077 | 88974 | 438440 | 1983795 |  |  |  |
| Receivable for securities sold |  |  | 4304789 |  |  |  |  |  |  |
| Receivable for fund shares sold | 80790 | 111084 | 24462 | 366619 | 35739 | 225476 | 4473229 | 117794 |  |
| Receivable for variation margin on futures contracts | 8505 | 23999 | 2706 |  | 22060 | 439438 | 15492 |  |  |
| Dividends and accrued interest receivable | 38944 | 161466 | 15624 | 510894 | 135103 | 4474816 | 4310407 | 398655 | 96263 |
| Foreign tax reclaim receivable |  |  |  |  |  |  | 1093 |  | 39700 |
| Prepaid expenses and other assets | 3222 | 4107 | 1616 | 7058 | 5647 | 16301 | 7348 | 8229 | 1552 |
| Total assets | 264556246 | 325321204 | 132834678 | 533212078 | 465729824 | 1213890230 | 525093548 | 591319157 | 119309797 |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Payable for securities purchased |  |  | 3984736 |  |  | 7168667 | 200000 |  | 546142 |
| Payable for fund shares redeemed | 1774394 | 3029262 | 747163 | 891807 | 1589822 | 1267646 | 249669 | 648022 | 465915 |
| Payable for investment management services | 77789 | 166941 | 80511 | 150556 | 244957 | 780526 | 217099 | 274083 | 61858 |
| Payable for variation margin on futures contracts |  |  |  | 1231 |  |  |  |  |  |
| Accrued custody expense | 7599 | 5083 | 9010 | 20226 | 5862 | 8676 | 7010 | 4568 | 3156 |
| Accrued professional fees | 8557 | 8557 | 8557 | 8558 | 8557 | 14473 | 10076 | 8557 | 8557 |
| Accrued accounting fees | 8817 | 10393 | 8492 | 18797 | 13380 | 38206 | 37655 | 18412 | 4424 |
| Accrued administration fees | 9233 | 9346 | 9529 | 9396 | 9258 | 13712 | 9788 | 9100 | 9420 |
| Other liabilities | 5106 | 7483 | 6512 | 8571 | 9528 | 19953 | 8926 | 10574 | 2923 |
| Withholding tax payable | 591 |  |  |  |  | 1182 |  |  | 1405 |
| Total liabilities | 1892086 | 3237065 | 4854510 | 1109142 | 1881364 | 9313041 | 740223 | 973316 | 1103800 |
| Net assets | $262664160 | $322084139 | $127980168 | $532102936 | $463848460 | $1204577189 | $524353325 | $590345841 | $118205997 |
| Net assets consist of: |  |  |  |  |  |  |  |  |  |
| Paid in capital | 88652727 | 174244052 | 124661962 | 395938818 | 214744654 | 922878804 | 589655846 | 383790362 | 86850407 |
| Total distributable earnings | 174011433 | 147840087 | 3318206 | 136164118 | 249103806 | 281698385 | (65302521)<br>| 206555479 | 31355590 |
| Net assets | $262664160 | $322084139 | $127980168 | $532102936 | $463848460 | $1204577189 | $524353325 | $590345841 | $118205997 |
| \*Investments in securities of unaffiliated issuers, at <br> cost<br>| $150136718 | $240317680 | $123386523 | $456817982 | $379924593 | $1109480903 | $532023182 | $521592195 | $98652367 |
| Shares outstanding, par value, $1 per share | 13689265 | 7796226 | 5239393 | 24009022 | 40147912 | 73127305 | 56506326 | 43845663 | 9207204 |
| Authorized Fund shares allocated to Portfolio | 27000000 | 19000000 | 12000000 | 41000000 | 82000000 | 170000000 | 115000000 | 105000000 | 20000000 |
| Net asset value per share | $19.19 | $41.31 | $24.43 | $22.16 | $11.55 | $16.47 | $9.28 | $13.46 | $12.84 |

---

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

------

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

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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\* | $494973909 | $446395917 | $416686257 | $58614931 | $200824115 | $290698258 | $57656127 |
| Investments in affiliates, at value\*\* |  |  |  | 113294282 | 489194208 | 1086501129 | 279126151 |
| Cash | 19349248 | 7720472 | 3912989 |  |  |  |  |
| Cash subject to usage restrictions | 800770 | 1653105 | 1725005 |  |  |  |  |
| Receivable for securities sold | 2028240 |  | 2167669 | 655203 | 2308685 | 5528236 | 1056086 |
| Receivable for fund shares sold | 53313 | 18313 | 15421 | 1618 | 45259 | 3498 | 598 |
| Receivable for variation margin on futures contracts | 64233 | 93500 | 107860 |  |  |  |  |
| Dividends and accrued interest receivable | 135440 | 106750 | 143999 | 250931 | 1010693 | 1876719 | 484251 |
| Prepaid expenses and other assets | 6983 | 5890 | 5377 | 1613 | 6530 | 13098 | 3080 |
| Total assets | 517412136 | 455993947 | 424764577 | 172818578 | 693389490 | 1384620938 | 338326293 |
| Liabilities: |  |  |  |  |  |  |  |
| Payable for securities purchased |  |  |  | 784164 | 2992754 | 6137961 | 1440597 |
| Payable for fund shares redeemed | 523161 | 846400 | 979652 | 123616 | 371957 | 1270568 | 100343 |
| Payable for investment management services | 231318 | 202324 | 188196 | 56097 | 223933 | 446111 | 108787 |
| Accrued custody expense | 3744 | 3256 | 3026 | 3969 | 4608 | 4641 | 4479 |
| Accrued professional fees | 11044 | 10672 | 10472 | 7327 | 7327 | 7327 | 7328 |
| Accrued accounting fees | 5825 | 5802 | 5802 | 5760 | 5772 | 5772 | 5772 |
| Accrued administration fees | 13319 | 13315 | 13315 | 10919 | 10919 | 10919 | 10919 |
| Other liabilities | 12980 | 10581 | 9739 | 5138 | 11607 | 17803 | 4351 |
| Total liabilities | 801391 | 1092350 | 1210202 | 996990 | 3628877 | 7901102 | 1682576 |
| Net assets | $516610745 | $454901597 | $423554375 | $171821588 | $689760613 | $1376719836 | $336643717 |
| Net assets consist of: |  |  |  |  |  |  |  |
| Paid in capital | 424157631 | 299286712 | 256922201 | 160387498 | 592948407 | 1143934168 | 274080971 |
| Total distributable earnings | 92453114 | 155614885 | 166632174 | 11434090 | 96812206 | 232785668 | 62562746 |
| Net assets | $516610745 | $454901597 | $423554375 | $171821588 | $689760613 | $1376719836 | $336643717 |
| \*Investments in securities of unaffiliated issuers, at cost | $440938723 | $363156335 | $314995825 | $59592852 | $195548297 | $261688495 | $48481419 |
| \*\*Investments in affiliates, at cost | $— | $— | $— | $103321780 | $422197962 | $909831765 | $229228865 |
| Shares outstanding, par value, $1 per share | 47776685 | 32628496 | 28667257 | 14618696 | 56373788 | 107589241 | 25339687 |
| Authorized Fund shares allocated to Portfolio | 123000000 | 70000000 | 65000000 | 28000000 | 107000000 | 200000000 | 48000000 |
| Net asset value per share | $10.81 | $13.94 | $14.77 | $11.75 | $12.24 | $12.80 | $13.29 |

---

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

------

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

**Statements of Operations**

**For the Six-Month Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Federated**<br> **High Income**<br> **Bond**<br> **Portfolio**<br>|
| Investment income: |  |  |  |  |  |  |  |  |  |
| Interest | $5560961 | $2452276 | $105060 | $27813 | $19785 | $15990 | $170846 | $60900 | $3876315 |
| Dividends from unaffiliated issuers, net of taxes withheld\* |  | 1649727 | 6343120 | 365690 | 516618 | 469044 | 7666366 | 1928993 |  |
| Total investment income | 5560961 | 4102003 | 6448180 | 393503 | 536403 | 485034 | 7837212 | 1989893 | 3876315 |
| Expenses: |  |  |  |  |  |  |  |  |  |
| Advisory fees | 646079 | 931471 | 1218735 | 393293 | 382317 | 258533 | 1936286 | 622789 | 441323 |
| Custodian fees | 3304 | 541 | 160966 | 13780 | 25780 | 25131 | 41404 | 7791 | 2722 |
| Directors' fees | 9869 | 15349 | 14111 | 4838 | 4418 | 3022 | 47547 | 7729 | 4987 |
| Professional fees | 11002 | 11795 | 11584 | 10769 | 10342 | 10168 | 16134 | 10817 | 10437 |
| Accounting fees | 24343 | 37869 | 31888 | 10412 | 13746 | 12445 | 76273 | 15596 | 34735 |
| Administration fees | 16657 | 18247 | 51407 | 12378 | 13197 | 12642 | 18024 | 12278 | 14363 |
| Printing and filing fees | 11084 | 17204 | 9236 | 7226 | 8570 | 8311 | 13462 | 7215 | 11268 |
| Compliance expense | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 |
| Other | 4134 | 6461 | 5876 | 2311 | 1840 | 1272 | 20303 | 3235 | 1751 |
| Total expenses | 731846 | 1044311 | 1509177 | 460381 | 465584 | 336898 | 2174807 | 692824 | 526960 |
| Net investment income (loss) | 4829115 | 3057692 | 4939003 | (66878)<br>| 70819 | 148136 | 5662405 | 1297069 | 3349355 |
| 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 | (2106783)<br>| 13020526 | 29968498 | 7535676 | 2696556 | 2075636 | 49791806 | 7228190 | (656755)<br>|
| Futures contracts |  | 93216 | 694034 |  |  |  | (633760)<br>| (95848)<br>|  |
| Foreign currency related transactions |  |  | 58079 | (5948)<br>|  | 85 |  |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 7029450 | 2629132 | 32436970 | (1065904)<br>| (6301842)<br>| (1461869)<br>| 12208168 | 1897983 | 3011797 |
| Futures contracts |  | 150014 | 228286 |  |  |  | 227430 | 191065 |  |
| Foreign currency related transactions |  |  | 254096 | 5832 |  | (78)<br>|  | 16495 |  |
| Net realized/unrealized gain (loss) on investments, <br> futures contracts, and foreign currency related <br> transactions<br>| 4922667 | 15892888 | 63639963 | 6469656 | (3605286)<br>| 613774 | 61593644 | 9237885 | 2355042 |
| Change in net assets from operations | $9751782 | $18950580 | $68578966 | $6402778 | $(3534467)<br>| $761910 | $67256049 | $10534954 | $5704397 |
| \*Taxes withheld | $— | $473 | $682526 | $9795 | $298 | $404 | $1763 | $— | $— |

---

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

------

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

**Statements of Operations**

**For the Six-Month Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Federated**<br> **Core Plus**<br> **Bond**<br> **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 | $40914 | $91585 | $45403 | $95641 | $127483 | $10070685 | $9508141 | $85536 | $62243 |
| Dividends from unaffiliated issuers, net of taxes withheld\* | 959526 | 2033598 | 345893 | 4199110 | 1522706 | 6558500 | 1380130 | 4105677 | 1037955 |
| Total investment income | 1000440 | 2125183 | 391296 | 4294751 | 1650189 | 16629185 | 10888271 | 4191213 | 1100198 |
| Expenses: |  |  |  |  |  |  |  |  |  |
| Advisory fees | 461364 | 999270 | 484895 | 908628 | 1452741 | 4792347 | 1337992 | 1693690 | 373391 |
| Custodian fees | 16195 | 9718 | 22631 | 42389 | 11322 | 19134 | 13622 | 9509 | 4460 |
| Directors' fees | 10394 | 12970 | 5296 | 21729 | 18357 | 50078 | 21752 | 24687 | 4821 |
| Professional fees | 11166 | 11529 | 10486 | 12630 | 12255 | 25771 | 14253 | 13210 | 10432 |
| Accounting fees | 18372 | 21171 | 17498 | 39216 | 27748 | 67552 | 75721 | 37217 | 8893 |
| Administration fees | 12315 | 12729 | 11770 | 13590 | 13110 | 39557 | 21421 | 13536 | 11558 |
| Printing and filing fees | 7749 | 9408 | 10056 | 12979 | 13606 | 27409 | 12495 | 11746 | 6212 |
| Compliance expense | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 |
| Other | 4339 | 5438 | 2204 | 9231 | 7673 | 32484 | 7907 | 10928 | 2036 |
| Total expenses | 547268 | 1087607 | 570210 | 1065766 | 1562186 | 5059706 | 1510537 | 1819897 | 427177 |
| Net investment income (loss) | 453172 | 1037576 | (178914)<br>| 3228985 | 88003 | 11569479 | 9377734 | 2371316 | 673021 |
| Realized/unrealized gain (loss) on investments and futures <br> contracts:<br>|  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 15139158 | 15137050 | (4142826)<br>| 13704550 | 38885363 | (1895180)<br>| (10070272)<br>| 38602324 | 3806899 |
| Futures contracts | (87824)<br>| (186350)<br>| (392531)<br>| (700353)<br>| (293857)<br>| (1044912)<br>| 321677 |  |  |
| Swap contracts |  |  |  |  |  | 1992941 |  |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 4442366 | 1046360 | 4062941 | (16244964)<br>| (7767879)<br>| 42713316 | 19808509 | 5725060 | 720362 |
| Futures contracts | 102232 | 251084 | 173956 | 248022 | 343476 | 5338776 | (278082)<br>|  |  |
| Net realized/unrealized gain (loss) on investments and <br> futures contracts<br>| 19595932 | 16248144 | (298460)<br>| (2992745)<br>| 31167103 | 47104941 | 9781832 | 44327384 | 4527261 |
| Change in net assets from operations | $20049104 | $17285720 | $(477374)<br>| $236240 | $31255106 | $58674420 | $19159566 | $46698700 | $5200282 |
| \*Taxes withheld | $2012 | $— | $— | $2921 | $— | $1182 | $— | $— | $9618 |

---

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

------

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

**Statements of Operations**

**For the Six-Month Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $226208 | $82446 | $93104 | $— | $— | $2 | $— |
| Dividend income from unaffiliated issuers | 6153270 | 4665991 | 3563383 | 1199833 | 3667805 | 4682162 | 752531 |
| Total investment income | 6379478 | 4748437 | 3656487 | 1199833 | 3667805 | 4682164 | 752531 |
| Expenses: |  |  |  |  |  |  |  |
| Advisory fees | 1414983 | 1227865 | 1131561 | 344278 | 1366334 | 2701390 | 657177 |
| Custodian fees | 3160 | 2548 | 2033 | 7141 | 8233 | 8222 | 8104 |
| Directors' fees | 21374 | 18550 | 17090 | 7141 | 28398 | 56044 | 13638 |
| Professional fees | 15316 | 14534 | 14125 | 9527 | 12462 | 16118 | 10367 |
| Accounting fees | 11608 | 11533 | 11532 | 11519 | 11543 | 11543 | 11543 |
| Administration fees | 19174 | 18795 | 18595 | 14607 | 16319 | 18536 | 15120 |
| Printing and filing fees | 17621 | 15022 | 14029 | 9835 | 21347 | 33757 | 8127 |
| Compliance expense | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 | 5374 |
| Other | 11899 | 6588 | 6026 | 1122 | 4660 | 9137 | 2075 |
| Total expenses | 1520509 | 1320809 | 1220365 | 410544 | 1474670 | 2860121 | 731525 |
| Net investment income | 4858969 | 3427628 | 2436122 | 789289 | 2193135 | 1822043 | 21006 |
| Realized/unrealized gain (loss) on investments, futures contracts, and foreign <br> currency related transactions:<br>|  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | 26737779 | 21410773 | 28970757 | (507490)<br>| (497312)<br>| 1918219 | 1086479 |
| Investments in affiliates |  |  |  | 479363 | 7949951 | 12386252 | 3679974 |
| Futures contracts | 1635225 | 2940272 | (591942)<br>|  |  |  |  |
| Swap contracts | 918091 |  |  |  |  |  |  |
| Change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |  |
| Investments in securities of unaffiliated issuers | (6665584)<br>| (2638348)<br>| (7500200)<br>| 2856635 | 13338942 | 26067825 | 6926972 |
| Investments in affiliates |  |  |  | 5191801 | 18680214 | 46535893 | 12465828 |
| Futures contracts | 1497377 | 1134950 | 1571439 |  |  |  |  |
| Net realized/unrealized gain on investments, futures contracts, and <br> foreign currency related transactions<br>| 24122888 | 22847647 | 22450054 | 8020309 | 39471795 | 86908189 | 24159253 |
| Change in net assets from operations | $28981857 | $26275275 | $24886176 | $8809598 | $41664930 | $88730232 | $24180259 |

---

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** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $4829115 | $8652538 | $3057692 | $6034364 | $4939003 | $7035031 | $(66878)<br>| $(358043)<br>|
| Net realized gain (loss) on investments, futures contracts, and foreign <br> currency related transactions<br>| (2106783)<br>| (2430449)<br>| 13113742 | 52123563 | 30720611 | 39247423 | 7529728 | 22822721 |
| Change in unrealized appreciation/depreciation on investments, futures <br> contracts, and foreign currency related transactions<br>| 7029450 | (1601152)<br>| 2779146 | 15842427 | 32919352 | (23972805)<br>| (1060072)<br>| 10863821 |
| Change in net assets from operations | 9751782 | 4620937 | 18950580 | 74000354 | 68578966 | 22309649 | 6402778 | 33328499 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (8037254)<br>|  | (13162567)<br>|  | (8596710)<br>|  | (8493441)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 10963316 | 63041282 | 10134059 | 12647926 | 7738456 | 30740433 | 2604440 | 4921437 |
| Received from dividends reinvested |  | 8037254 |  | 13162567 |  | 8596710 |  | 8493441 |
| Paid for shares redeemed | (28222951)<br>| (44748425)<br>| (45578763)<br>| (108889073)<br>| (70374942)<br>| (65673745)<br>| (14340840)<br>| (28517726)<br>|
| Change in net assets from capital transactions | (17259635)<br>| 26330111 | (35444704)<br>| (83078580)<br>| (62636486)<br>| (26336602)<br>| (11736400)<br>| (15102848)<br>|
| Change in net assets | (7507853)<br>| 22913794 | (16494124)<br>| (22240793)<br>| 5942480 | (12623663)<br>| (5333622)<br>| 9732210 |
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 247854246 | 224940452 | 391158982 | 413399775 | 343376076 | 355999739 | 126020853 | 116288643 |
| End of period | $240346393 | $247854246 | $374664858 | $391158982 | $349318556 | $343376076 | $120687231 | $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** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $70819 | $307859 | $148136 | $319638 | $5662405 | $12500432 | $1297069 | $2839381 |
| Net realized gain on investments, futures contracts, and foreign <br> currency related transactions<br>| 2696556 | 15595332 | 2075721 | 9805679 | 49158046 | 146345736 | 7132342 | 24368964 |
| Change in unrealized appreciation/depreciation on investments, <br> futures contracts, and foreign currency related transactions<br>| (6301842)<br>| (526774)<br>| (1461947)<br>| 764210 | 12435598 | 109176683 | 2105543 | 2699621 |
| Change in net assets from operations | (3534467)<br>| 15376417 | 761910 | 10889527 | 67256049 | 268022851 | 10534954 | 29907966 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (491912)<br>|  | (359724)<br>|  | (96565596)<br>|  | (6744337)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 6810069 | 8146500 | 3128076 | 4209906 | 27365640 | 69591619 | 4167126 | 8611201 |
| Received from dividends reinvested |  | 491912 |  | 359724 |  | 96565596 |  | 6744337 |
| Paid for shares redeemed | (10843281)<br>| (27138806)<br>| (6613888)<br>| (18944221)<br>| (121915911)<br>| (318495757)<br>| (17872065)<br>| (46593770)<br>|
| Change in net assets from capital transactions | (4033212)<br>| (18500394)<br>| (3485812)<br>| (14374591)<br>| (94550271)<br>| (152338542)<br>| (13704939)<br>| (31238232)<br>|
| Change in net assets | (7567679)<br>| (3615889)<br>| (2723902)<br>| (3844788)<br>| (27294222)<br>| 19118713 | (3169985)<br>| (8074603)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 113531798 | 117147687 | 76581225 | 80426013 | 1204783877 | 1185665164 | 192617226 | 200691829 |
| End of period | $105964119 | $113531798 | $73857323 | $76581225 | $1177489655 | $1204783877 | $189447241 | $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 Federated** <br> **High Income Bond**<br> **Portfolio** | **AVIP Federated** <br> **High Income Bond**<br> **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** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $3349355 | $6842594 | $453172 | $1107480 | $1037576 | $2231046 | $(178914)<br>| $(211972)<br>|
| Net realized gain (loss) on investments and futures contracts | (656755)<br>| (2892552)<br>| 15051334 | 45960323 | 14950700 | 51964758 | (4535357)<br>| 15453411 |
| Change in unrealized appreciation/depreciation on investments and <br> futures contracts<br>| 3011797 | 3601774 | 4544598 | 13968335 | 1297444 | 24978577 | 4236897 | (684930)<br>|
| Change in net assets from operations | 5704397 | 7551816 | 20049104 | 61036138 | 17285720 | 79174381 | (477374)<br>| 14556509 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (7055612)<br>|  | (51065074)<br>|  | (10881889)<br>|  | (106070)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 4922397 | 19255120 | 10743754 | 36688968 | 8678821 | 8285525 | 9712397 | 11959446 |
| Received from dividends reinvested |  | 7055612 |  | 51065074 |  | 10881889 |  | 106070 |
| Paid for shares redeemed | (13170470)<br>| (26885768)<br>| (37799078)<br>| (90754212)<br>| (33297553)<br>| (87330554)<br>| (14381133)<br>| (34149854)<br>|
| Change in net assets from capital transactions | (8248073)<br>| (575036)<br>| (27055324)<br>| (3000170)<br>| (24618732)<br>| (68163140)<br>| (4668736)<br>| (22084338)<br>|
| Change in net assets | (2543676)<br>| (78832)<br>| (7006220)<br>| 6970894 | (7333012)<br>| 129352 | (5146110)<br>| (7633899)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 125233266 | 125312098 | 269670380 | 262699486 | 329417151 | 329287799 | 133126278 | 140760177 |
| End of period | $122689590 | $125233266 | $262664160 | $269670380 | $322084139 | $329417151 | $127980168 | $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 Federated**<br> **Core Plus Bond**<br> **Portfolio** | **AVIP Federated**<br> **Core Plus Bond**<br> **Portfolio** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $3228985 | $6400065 | $88003 | $206162 | $11569479 | $27387076 | $9377734 | $19797569 |
| Net realized gain (loss) on investments, futures contracts, and swap <br> contracts<br>| 13004197 | 53465964 | 38591506 | 132283811 | (947151)<br>| 286926642 | (9748595)<br>| (14153548)<br>|
| Change in unrealized appreciation/depreciation on investments and <br> futures contracts<br>| (15996942)<br>| 11126533 | (7424403)<br>| (337091)<br>| 48052092 | (152926318)<br>| 19530427 | 4406751 |
| Change in net assets from operations | 236240 | 70992562 | 31255106 | 132152882 | 58674420 | 161387400 | 19159566 | 10050772 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (26366135)<br>|  | (48992702)<br>|  | (25112235)<br>|  | (17192571)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 29278438 | 59459132 | 9798677 | 8631102 | 13728885 | 26928326 | 25142404 | 58176882 |
| Received from dividends reinvested |  | 26366135 |  | 48992702 |  | 25112235 |  | 17192571 |
| Paid for shares redeemed | (43581639)<br>| (126734288)<br>| (52177613)<br>| (140544861)<br>| (138389023)<br>| (316784528)<br>| (63621061)<br>| (109652523)<br>|
| Change in net assets from capital transactions | (14303201)<br>| (40909021)<br>| (42378936)<br>| (82921057)<br>| (124660138)<br>| (264743967)<br>| (38478657)<br>| (34283070)<br>|
| Change in net assets | (14066961)<br>| 3717406 | (11123830)<br>| 239123 | (65985718)<br>| (128468802)<br>| (19319091)<br>| (41424869)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 546169897 | 542452491 | 474972290 | 474733167 | 1270562907 | 1399031709 | 543672416 | 585097285 |
| End of period | $532102936 | $546169897 | $463848460 | $474972290 | $1204577189 | $1270562907 | $524353325 | $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** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $2371316 | $7397174 | $673021 | $1485611 | $4858969 | $13800585 | $3427628 | $9815969 |
| Net realized gain on investments, futures contracts, foreign currency <br> related transactions, and swap contracts<br>| 38602324 | 103647679 | 3806899 | 12264488 | 29291095 | 15785491 | 24351045 | 34765302 |
| Change in unrealized appreciation/depreciation on investments, <br> futures contracts, and foreign currency related transactions<br>| 5725060 | 12248153 | 720362 | 1930648 | (5168207)<br>| 21506677 | (1503398)<br>| 9554191 |
| Change in net assets from operations | 46698700 | 123293006 | 5200282 | 15680747 | 28981857 | 51092753 | 26275275 | 54135462 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (9320606)<br>|  | (1896675)<br>|  | (14636740)<br>|  | (20489765)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 3463326 | 11197907 | 2866559 | 4748260 | 7761987 | 22511092 | 4028761 | 13049892 |
| Received from dividends reinvested |  | 9320606 |  | 1896675 |  | 14636740 |  | 20489765 |
| Paid for shares redeemed | (83239197)<br>| (179488884)<br>| (10546519)<br>| (27464787)<br>| (58524172)<br>| (122375643)<br>| (42410083)<br>| (98654400)<br>|
| Change in net assets from capital transactions | (79775871)<br>| (158970371)<br>| (7679960)<br>| (20819852)<br>| (50762185)<br>| (85227811)<br>| (38381322)<br>| (65114743)<br>|
| Change in net assets | (33077171)<br>| (44997971)<br>| (2479678)<br>| (7035780)<br>| (21780328)<br>| (48771798)<br>| (12106047)<br>| (31469046)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 623423012 | 668420983 | 120685675 | 127721455 | 538391073 | 587162871 | 467007644 | 498476690 |
| End of period | $590345841 | $623423012 | $118205997 | $120685675 | $516610745 | $538391073 | $454901597 | $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** |
|  | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |  |  |  |  |  |  |
| Operations: |  |  |  |  |  |  |  |  |
| Net investment income | $2436122 | $7999641 | $789289 | $4734312 | $2193135 | $15541950 | $1822043 | $23087275 |
| Net realized gain (loss) on investments, futures contracts, foreign <br> currency related transactions, and capital gain distributions <br> received from underlying mutual funds<br>| 28378815 | 27459400 | (28127)<br>| 2499557 | 7452639 | 23434957 | 14304471 | 58432630 |
| Change in unrealized appreciation/depreciation on investments, <br> futures contracts, and foreign currency related transactions<br>| (5928761)<br>| 27186552 | 8048436 | 7288795 | 32019156 | 32780757 | 72603718 | 87291867 |
| Change in net assets from operations | 24886176 | 62645593 | 8809598 | 14522664 | 41664930 | 71757664 | 88730232 | 168811772 |
| Distributions: |  |  |  |  |  |  |  |  |
| Distributions to shareholders |  | (20040839)<br>|  | (5248757)<br>|  | (15131002)<br>|  | (23374317)<br>|
| Capital transactions: |  |  |  |  |  |  |  |  |
| Received from shares sold | 7342159 | 12272285 | 2241130 | 5527674 | 2784929 | 14505975 | 9701653 | 14323786 |
| Received from dividends reinvested |  | 20040839 |  | 5248757 |  | 15131002 |  | 23374317 |
| Paid for shares redeemed | (40203473)<br>| (88196984)<br>| (18552611)<br>| (37383482)<br>| (67836862)<br>| (149587285)<br>| (120180449)<br>| (265847358)<br>|
| Change in net assets from capital transactions | (32861314)<br>| (55883860)<br>| (16311481)<br>| (26607051)<br>| (65051933)<br>| (119950308)<br>| (110478796)<br>| (228149255)<br>|
| Change in net assets | (7975138)<br>| (13279106)<br>| (7501883)<br>| (17333144)<br>| (23387003)<br>| (63323646)<br>| (21748564)<br>| (82711800)<br>|
| **Net assets:** |  |  |  |  |  |  |  |  |
| Beginning of period | 431529513 | 444808619 | 179323471 | 196656615 | 713147616 | 776471262 | 1398468400 | 1481180200 |
| End of period | $423554375 | $431529513 | $171821588 | $179323471 | $689760613 | $713147616 | $1376719836 | $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** |
|  | **Six-Month Period** | **Year Ended** |
|  | **Ended June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| **Increase (Decrease) in net assets:** |  |  |
| Operations: |  |  |
| Net investment income | $21006 | $4284951 |
| Net realized gain on investments and capital gain distributions received from underlying mutual funds | 4766453 | 14753819 |
| Change in unrealized appreciation on investments | 19392800 | 25680001 |
| Change in net assets from operations | 24180259 | 44718771 |
| Distributions: |  |  |
| Distributions to shareholders |  | (4506813)<br>|
| Capital transactions: |  |  |
| Received from shares sold | 3240874 | 3905420 |
| Received from dividends reinvested |  | 4506813 |
| Paid for shares redeemed | (30969224)<br>| (51575991)<br>|
| Change in net assets from capital transactions | (27728350)<br>| (43163758)<br>|
| Change in net assets | (3548091)<br>| (2951800)<br>|
| **Net assets:** |  |  |
| Beginning of period | 340191808 | 343143608 |
| End of period | $336643717 | $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> **or period**<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 or** <br> **period**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $16.76 | 0.39 | 0.30 | 0.69 |  | $17.45 | 4.12<br> %\*<br>| 0.61<br> %\*\*<br>| 4.05<br> %\*\*<br>| 0.61<br> %\*\*<br>| $240.3 | 19<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $37.67 | 0.38 | 1.61 | 1.99 |  | $39.66 | 5.28<br> %\*<br>| 0.57<br> %\*\*<br>| 1.66<br> %\*\*<br>| 0.57<br> %\*\*<br>| $374.7 | 28<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $15.84 | 0.34 | 3.12 | 3.46 |  | $19.30 | 21.84<br> %\*<br>| 0.88<br> %\*\*<br>| 2.88<br> %\*\*<br>| 0.88<br> %\*\*<br>| $349.3 | 76<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $18.26 | (0.01)<br>| 1.06 | 1.05 |  | $19.31 | 5.75<br> %\*<br>| 0.79<br> %\*\*<br>| (0.11)%\*\*<br>| 0.79<br> %\*\*<br>| $120.7 | 22<br> %\*<br>|
| Year Ended December 31, 2024(a) | $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(a) | $11.90 | (—)<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>(b)</sup><br>|
| Year Ended December 31, 2022(a) | $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(a) | $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>|

---

------

---

| | |
|:---|:---|
| + | Unaudited |
| \* | Not annualized |
| \*\* | Annualized |
| (a) | 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 <br> give effect to the reverse split.<br>|
| (b) | 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 <br> 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.<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.*

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> **or period**<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 or** <br> **period**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP AB Small Cap Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $14.12 | 0.01 | (0.44)<br>| (0.43)<br>|  | $13.69 | (3.05)%\*<br>| 0.89<br> %\*\*<br>| 0.14<br> %\*\*<br>| 0.89<br> %\*\*<br>| $106.0 | 39<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $33.32 | 0.07 | 0.29 | 0.36 |  | $33.68 | 1.08<br> %\*<br>| 0.93<br> %\*\*<br>| 0.41<br> %\*\*<br>| 0.93<br> %\*\*<br>| $73.9 | 39<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $44.56 | 0.27 | 2.40 | 2.67 |  | $47.23 | 5.99<br> %\*<br>| 0.38<br> %\*\*<br>| 0.99<br> %\*\*<br>| 0.38<br> %\*\*<br>| $1177.5 | 1<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $20.06 | 0.17 | 0.96 | 1.13 |  | $21.19 | 5.63<br> %\*<br>| 0.75<br> %\*\*<br>| 1.40<br> %\*\*<br>| 0.75<br> %\*\*<br>| $189.4 | 41<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>|

---

------

---

| | |
|:---|:---|
| + | Unaudited |
| \* | Not annualized |
| \*\* | Annualized |
| (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 <br> 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.<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.*

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> **or period**<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 or** <br> **period**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Federated High Income Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $19.11 | 0.62 | 0.30 | 0.92 |  | $20.03 | 4.81<br> %\*<br>| 0.87<br> %\*\*<br>| 5.55<br> %\*\*<br>| 0.87<br> %\*\*<br>| $122.7 | 10<br> %\*<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $17.74 | 0.04 | 1.41 | 1.45 |  | $19.19 | 8.17<br> %\*<br>| 0.44<br> %\*\*<br>| 0.36<br> %\*\*<br>| 0.44<br> %\*\*<br>| $262.7 | 1<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $39.12 | 0.15 | 2.04 | 2.19 |  | $41.31 | 5.60<br> %\*<br>| 0.70<br> %\*\*<br>| 0.66<br> %\*\*<br>| 0.70<br> %\*\*<br>| $322.1 | 35<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $24.51 | (0.04)<br>| (0.04)<br>| (0.08)<br>|  | $24.43 | (0.33)%\*<br>| 0.91<br> %\*\*<br>| (0.29)%\*\*<br>| 0.91<br> %\*\*<br>| $128.0 | 72<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>|

---

------

+ Unaudited <br> \* Not annualized <br> \*\* Annualized

*# 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> **or period**<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 or** <br> **period**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income (loss)**<br>| **Expenses** | **Net assets, end of** <br> **year or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP S&P MidCap 400</u>**<sup>®</sup> **<u>Index Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $22.16 | 0.14 | (0.14)<br>|  |  | $22.16 | —<br> %\*<br>| 0.41<br> %\*\*<br>| 1.24<br> %\*\*<br>| 0.41<br> %\*\*<br>| $532.1 | 10<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $10.77 | — <br><sup>(a)</sup><br>| 0.78 | 0.78 |  | $11.55 | 7.24<br> %\*<br>| 0.71<br> %\*\*<br>| 0.04<br> %\*\*<br>| 0.71<br> %\*\*<br>| $463.8 | 46<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $15.67 | 0.19 | 0.61 | 0.80 |  | $16.47 | 5.11<br> %\*<br>| 0.84 %\*\*<sup>†</sup><br>| 1.93 %\*\*<sup>†</sup><br>| 0.84 %\*\*<sup>†</sup><br>| $1204.6 | 18<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 Federated Core Plus Bond Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $8.95 | 0.19 | 0.14 | 0.33 |  | $9.28 | 3.69<br> %\*<br>| 0.58<br> %\*\*<br>| 3.58<br> %\*\*<br>| 0.58<br> %\*\*<br>| $524.4 | 22<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>|

---

------

---

| | |
|:---|:---|
| + | Unaudited |
| \* | 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> **or period**<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 or** <br> **period**<br>| **Total Return**<sup>#</sup>  | **Expenses** | **Net investment** <br> **income**<br>| **Expenses** | **Net assets, end of** <br> **year or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Intech U.S. Low Volatility Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $12.44 | 0.08 | 0.94 | 1.02 |  | $13.46 | 8.20<br> %\*<br>| 0.61<br> %\*\*<br>| 0.80<br> %\*\*<br>| 0.61<br> %\*\*<br>| $590.3 | 32<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $12.31 | 0.08 | 0.45 | 0.53 |  | $12.84 | 4.31<br> %\*<br>| 0.74<br> %\*\*<br>| 1.16<br> %\*\*<br>| 0.74<br> %\*\*<br>| $118.2 | 33<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $10.21 | 0.13 | 0.47 | 0.60 |  | $10.81 | 5.88<br> %\*<br>| 0.59 %\*\*<sup>†</sup><br>| 1.89 %\*\*<sup>†</sup><br>| 0.59 %\*\*<sup>†</sup><br>| $516.6 | 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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $13.14 | 0.13 | 0.67 | 0.80 |  | $13.94 | 6.09<br> %\*<br>| 0.59 %\*\*<sup>†</sup><br>| 1.54 %\*\*<sup>†</sup><br>| 0.59 %\*\*<sup>†</sup><br>| $454.9 | 14<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $13.91 | 0.11 | 0.75 | 0.86 |  | $14.77 | 6.18<br> %\*<br>| 0.59 %\*\*<sup>†</sup><br>| 1.18 %\*\*<sup>†</sup><br>| 0.59 %\*\*<sup>†</sup><br>| $423.6 | 25<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>|

---

------

---

| | |
|:---|:---|
| + | Unaudited |
| \* | 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> **or period**<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 or** <br> **period**<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 or period** <br> **(millions)**<br>| **Portfolio**<br> **turnover rate**<br>|
| **<u>AVIP Moderately Conservative Model Portfolio</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $11.16 | 0.08 | 0.51 | 0.59 |  | $11.75 | 5.29<br> %\*<br>| 0.48<br> %\*\*<br>| 0.92<br> %\*\*<br>| 0.48<br> %\*\*<br>| $171.8 | 4<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $11.51 | 0.07 | 0.66 | 0.73 |  | $12.24 | 6.34<br> %\*<br>| 0.43<br> %\*\*<br>| 0.64<br> %\*\*<br>| 0.43<br> %\*\*<br>| $689.8 | 4<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $11.98 | 0.04 | 0.78 | 0.82 |  | $12.80 | 6.84<br> %\*<br>| 0.42<br> %\*\*<br>| 0.27<br> %\*\*<br>| 0.42<br> %\*\*<br>| $1376.7 | 4<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>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Six-Month Period Ended June 30, 2025+ | $12.35 | 0.02 | 0.92 | 0.94 |  | $13.29 | 7.61<br> %\*<br>| 0.45<br> %\*\*<br>| 0.01<br> %\*\*<br>| 0.45<br> %\*\*<br>| $336.6 | 3<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>|

---

------

+ Unaudited <br> \* Not annualized <br> \*\* Annualized

*# 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**

**June 30, 2025 (Unaudited)** 

&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 Constellation Managed Risk Portfolios, AVIP Model Portfolios, and 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 of the Fund. 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"), AuguStar Life Assurance Corporation ("ALAC"), 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. Of this total, shares authorized have been allocated to specific Portfolios of the Fund as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Authorized Shares** | **Portfolio** | **Authorized Shares** |
| AVIP Bond | &nbsp;&nbsp; 22000000 | AVIP BlackRock Advantage Large Cap Growth | &nbsp;&nbsp; 82000000 |
| AVIP BlackRock Balanced Allocation | &nbsp;&nbsp; 20000000 | AVIP Constellation Dynamic Risk Balanced | &nbsp;&nbsp; 170000000 |
| AVIP BlackRock Advantage International Equity | &nbsp;&nbsp; 35000000 | AVIP Federated Core Plus Bond | &nbsp;&nbsp; 115000000 |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | &nbsp;&nbsp; 134000000 | AVIP Intech U.S. Low Volatility | &nbsp;&nbsp; 105000000 |
| AVIP AB Small Cap | &nbsp;&nbsp; 17000000 | AVIP AB Relative Value | &nbsp;&nbsp; 20000000 |
| AVIP AB Mid Cap Core | &nbsp;&nbsp; 6000000 | AVIP Constellation Managed Risk Balanced | &nbsp;&nbsp; 123000000 |
| AVIP S&P 500<sup>®</sup> Index | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; AVIP Constellation Managed Risk Moderate <br> Growth<br>| &nbsp;&nbsp; 70000000 |
| AVIP BlackRock Advantage Large Cap Value | &nbsp;&nbsp; 21000000 | AVIP Constellation Managed Risk Growth | &nbsp;&nbsp; 65000000 |
| AVIP Federated High Income Bond | &nbsp;&nbsp; 13000000 | AVIP Moderately Conservative Model | &nbsp;&nbsp; 28000000 |
| AVIP Nasdaq-100<sup>®</sup> Index | &nbsp;&nbsp; 27000000 | AVIP Balanced Model | &nbsp;&nbsp; 107000000 |
| AVIP BlackRock Advantage Large Cap Core | &nbsp;&nbsp; 19000000 | AVIP Moderate Growth Model | &nbsp;&nbsp; 200000000 |
| AVIP BlackRock Advantage Small Cap Growth | &nbsp;&nbsp; 12000000 | AVIP Growth Model | &nbsp;&nbsp; 48000000 |
| AVIP S&P MidCap 400<sup>®</sup> Index | &nbsp;&nbsp; 41000000 |  |  |

---

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.

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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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.

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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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.

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP Bond | Corporate Bonds\*\*\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227055997 | &nbsp;&nbsp; $— |
|  | Asset-Backed Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4761545 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $231817542 | &nbsp;&nbsp; $— |

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP BlackRock Balanced Allocation | Common Stocks\*\*\* | &nbsp;&nbsp; $262567622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 103950319 | &nbsp;&nbsp; — |
|  | Asset-Backed Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2574012 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $262567622 | &nbsp;&nbsp; $106524331 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $127618 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage International <br> Equity<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $1049896 | &nbsp;&nbsp; $339063169 | &nbsp;&nbsp; $— |
|  | Preferred Securities\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 897573 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $1049896 | &nbsp;&nbsp; $339960742 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $95626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Fidelity Institutional AM<sup>®</sup> Equity <br> Growth <br>| Common Stocks\*\*\* | &nbsp;&nbsp; $114249876 | &nbsp;&nbsp; $5602933 | &nbsp;&nbsp; $— |
| AVIP AB Small Cap | Common Stocks\*\*\* | &nbsp;&nbsp; $105255967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Exchange Traded Funds | &nbsp;&nbsp; 345247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $105601214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP AB Mid Cap Core | Common Stocks\*\*\* | &nbsp;&nbsp; $73142905 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Exchange Traded Funds | &nbsp;&nbsp; 214658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $73357563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP S&P 500<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $1174687140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 524770 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $1174687140 | &nbsp;&nbsp; $524770 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $191058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Value<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $186612877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $87629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Federated High Income Bond | Corporate Bonds\*\*\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116953150 | &nbsp;&nbsp; $— |
|  | Common Stocks\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10535 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116963685 | &nbsp;&nbsp; $— |
| AVIP Nasdaq-100<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $262864087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 122247 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $262864087 | &nbsp;&nbsp; $122247 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $39830 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Core<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $320136497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $160752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Small Cap <br> Growth<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $126597626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Rights\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $126597626 | &nbsp;&nbsp; $4950 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $52381 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP S&P MidCap 400<sup>®</sup> Index | Common Stocks\*\*\* | &nbsp;&nbsp; $527618777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 259403 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $527618777 | &nbsp;&nbsp; $259403 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $57953 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Growth<br>| Common Stocks\*\*\* | &nbsp;&nbsp; $459059875 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $249114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Dynamic Risk <br> Balanced<br>| Exchange Traded Funds | &nbsp;&nbsp; $804332072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 166683963 | &nbsp;&nbsp; — |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 122455599 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; Asset-Backed / Mortgage-Backed <br> Securities\*\*\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 26782937 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8474865 | &nbsp;&nbsp; — |
|  | Rights\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $804332072 | &nbsp;&nbsp; $324401808 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $1779066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Federated Core Plus Bond | U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $235438878 | &nbsp;&nbsp; $— |
|  | Corporate Bonds\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 118308460 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 100655324 | &nbsp;&nbsp; — |
|  | Investment Companies | &nbsp;&nbsp; 39223556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; Asset-Backed / Mortgage-Backed <br> Securities\*\*\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14303556 | &nbsp;&nbsp; — |
|  | Sovereign Debt Issues | &nbsp;&nbsp; — | &nbsp;&nbsp; 992645 | &nbsp;&nbsp; — |
|  | Common Stocks\*\*\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2259 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $39223556 | &nbsp;&nbsp; $469701122 | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $573604 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Short Futures Contracts | &nbsp;&nbsp; $(468372)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Intech U.S. Low Volatility | Common Stocks\*\*\* | &nbsp;&nbsp; $586650996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP AB Relative Value | Common Stocks\*\*\* | &nbsp;&nbsp; $115484808 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk <br> Balanced<br>| Exchange Traded Funds | &nbsp;&nbsp; $494973909 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $453075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP Constellation Managed Risk <br> Moderate Growth<br>| Exchange Traded Funds | &nbsp;&nbsp; $446395917 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $718786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Constellation Managed Risk Growth | Exchange Traded Funds | &nbsp;&nbsp; $416686257 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | Long Futures Contracts | &nbsp;&nbsp; $798645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Moderately Conservative Model | Open-End Mutual Funds | &nbsp;&nbsp; $171909213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Balanced Model | Open-End Mutual Funds | &nbsp;&nbsp; $690018323 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AVIP Moderate Growth Model | Open-End Mutual Funds | &nbsp;&nbsp; $1377199387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Financial Instrument Type** | **Level 1** | **Level 2** | **Level 3** |
| AVIP Growth Model | Open-End Mutual Funds | &nbsp;&nbsp; $336782278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Each of the Portfolio's Schedule of Investments includes detailed industry descriptions.

**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 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 adjustments are also included in interest income on the Statements of Operations.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

**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.

**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.

**Operating Segments**

In 2024, the Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Portfolios' financial positions nor the results of their operations. 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

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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. The ASU is effective for annual periods beginning after December 15, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

**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.

**(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 Federated 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 Federated 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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| |
|:---|
| **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 <br> International Equity<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large <br> Cap Value<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large Cap <br> Core<br>|

---

---

| |
|:---|
| **BlackRock (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Small <br> Cap Growth<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; AVIP BlackRock Advantage Large <br> Cap Growth<br>|
| **Federated Investment Management Company ("Federated")** |
| AVIP Federated High Income Bond |
| AVIP Federated Core Plus Bond |

---

---

| |
|:---|
| **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 |

---

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 six-month period ended June 30, 2025, the Fund incurred compliance expenses totaling $134,350, 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 six-month period ended June 30, 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.

Under the terms of the prior Operating Expense Limitation Agreements, CINV was entitled to recover expenses waived or reimbursed for a period of up to three years from the date on which CINV reimbursed excess expenses. No recoupment would occur unless a Portfolio's operating expenses were below the expense limitation amount in effect at the time of the waiver or reimbursement and the Portfolio's current expense limitation. For the year ended December 31, 2024, CINV recouped previously reimbursed expenses from the AVIP Balanced Model Portfolio amounting to $68,000. These recouped expenses were related to expenses reimbursed by CINV during the period May 1, 2020 to April 30, 2021.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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 Federated Core Plus Bond 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 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 will not exceed the annual net operating expenses of the related Substitution Unaffiliated Fund for the fiscal year ended December 31, 2022. This expense limitation 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, are as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Expense Limitation** |
| AVIP Fidelity Institutional AM<sup>®</sup> Equity Growth | &nbsp;&nbsp; 1.26% |
| AVIP S&P 500<sup>®</sup> Index Portfolio | &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 Federated Core Plus Bond | &nbsp;&nbsp; 0.76% |

---

There were no recorded liabilities related to any of the aforementioned substitution-related expense limitation agreements at June 30, 2025, nor any reimbursement of expenses related to these agreements for the six-month period ended June 30, 2025.

For the six-month period ended June 30, 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 six-month period ended June 30, 2025, Directors' compensation and reimbursement of expenses by the Portfolios of the Fund totaled $444,189.

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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

For the six-month period ended June 30, 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; $1429811 | &nbsp;&nbsp; $2007648 | &nbsp;&nbsp; $623057 |
| AVIP Nasdaq-100<sup>®</sup> Index Portfolio | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226296 | &nbsp;&nbsp; $(241368)<br>|

---

**(4)Capital Share Transactions**

Capital share transactions for the six-month period ended June 30, 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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 641684 | 3678074 | 275110 | 355311 | 446485 | 1890328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 465388 |  | 359142 |  | 522596 |
| Capital shares redeemed  | (1656857)<br>| (2630734)<br>| (1212039)<br>| (3024731)<br>| (4021342)<br>| (4055454)<br>|
| Net increase (decrease) | (1015173)<br>| 1512728 | (936929)<br>| (2310278)<br>| (3574857)<br>| (1642530)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024**<sup>1</sup> <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 149569 | 284812 | 520843 | 611282 | 97230 | 132684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 494668 |  | 37097 |  | 11463 |
| Capital shares redeemed  | (801243)<br>| (1628882)<br>| (819913)<br>| (2010495)<br>| (202677)<br>| (589709)<br>|
| Net increase (decrease) | (651674)<br>| (849402)<br>| (299070)<br>| (1362116)<br>| (105447)<br>| (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 Federated High Income Bond** | **AVIP Federated High Income Bond** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 630342 | 1583013 | 208466 | 429311 | 251728 | 1002383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 2301921 |  | 340451 |  | 371348 |
| Capital shares redeemed  | (2739134)<br>| (7371017)<br>| (870021)<br>| (2354883)<br>| (680459)<br>| (1394202)<br>|
| Net increase (decrease) | (2108792)<br>| (3486083)<br>| (661555)<br>| (1585121)<br>| (428731)<br>| (20471)<br>|

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 627892 | 1939820 | 228770 | 226578 | 423956 | 504887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 3146338 |  | 293788 |  | 4527 |
| Capital shares redeemed  | (2138929)<br>| (4837819)<br>| (852316)<br>| (2384467)<br>| (614964)<br>| (1407572)<br>|
| Net increase (decrease) | (1511037)<br>| 248339 | (623546)<br>| (1864101)<br>| (191008)<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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 1376340 | 2712724 | 977675 | 829128 | 874709 | 1783593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 1259729 |  | 4994160 |  | 1608727 |
| Capital shares redeemed  | (2009685)<br>| (5700259)<br>| (4932103)<br>| (13452260)<br>| (8804226)<br>| (20896626)<br>|
| Net increase (decrease) | (633345)<br>| (1727806)<br>| (3954428)<br>| (7628972)<br>| (7929517)<br>| (17504306)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP Federated Core Plus Bond** | **AVIP Federated Core Plus Bond** | **AVIP Intech U.S. Low Volatility** | **AVIP Intech U.S. Low Volatility** | **AVIP AB Relative Value** | **AVIP AB Relative Value** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 2749854 | 6454505 | 270880 | 1002884 | 237529 | 385499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 1860668 |  | 769027 |  | 155211 |
| Capital shares redeemed  | (6981433)<br>| (12102609)<br>| (6543324)<br>| (15244641)<br>| (830981)<br>| (2251684)<br>|
| Net increase (decrease) | (4231579)<br>| (3787436)<br>| (6272444)<br>| (13472730)<br>| (593452)<br>| (1710974)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 754881 | 2231862 | 308801 | 1013757 | 540267 | 910275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 1433569 |  | 1573715 |  | 1473592 |
| Capital shares redeemed  | (5684126)<br>| (12133882)<br>| (3217216)<br>| (7565160)<br>| (2891772)<br>| (6446663)<br>|
| Net increase (decrease) | (4929245)<br>| (8468451)<br>| (2908415)<br>| (4977688)<br>| (2351505)<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** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>| **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 198675 | 505643 | 239247 | 1307715 | 796091 | 1211559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 470319 |  | 1324956 |  | 1984237 |
| Capital shares redeemed  | (1641886)<br>| (3386176)<br>| (5804854)<br>| (13226604)<br>| (9921803)<br>| (22879324)<br>|
| Net increase (decrease) | (1443211)<br>| (2410214)<br>| (5565607)<br>| (10593933)<br>| (9125712)<br>| (19683528)<br>|

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **AVIP Growth Model** | **AVIP Growth Model** |
|  | **Six-Month**<br> **Period Ended**<br>| **Year Ended** |
|  | **June 30,**<br> **2025 (Unaudited)** <br>| **December 31,**<br> **2024** <br>|
| Capital shares issued on sales | 262935 | 321704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued on reinvested <br> distributions<br>|  | 373699 |
| Capital shares redeemed  | (2478786)<br>| (4332210)<br>|
| Net increase (decrease) | (2215851)<br>| (3636807)<br>|

---

**(5)Investment Transactions** 

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the six-month period ended June 30, 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 | $44282517 | &nbsp;&nbsp; $104471045 | &nbsp;&nbsp; $257894297 | &nbsp;&nbsp; $25996854 | &nbsp;&nbsp; $41289338 |
| Proceeds from sales | $44525604 | &nbsp;&nbsp; $136933197 | &nbsp;&nbsp; $312738450 | &nbsp;&nbsp; $37685463 | &nbsp;&nbsp; $43711036 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP AB Mid Cap** <br> **Core**<br>| **AVIP S&P 500**<sup>®</sup> **Index** | **AVIP BlackRock** <br> **Advantage Large Cap** <br> **Value**<br>| **AVIP Federated High** <br> **Income Bond**<br>| **AVIP Nasdaq-100**<sup>®</sup> <br> **Index**<br>|
| Cost of purchases | $28276875 | &nbsp;&nbsp; $9509153 | &nbsp;&nbsp; $75938491 | &nbsp;&nbsp; $12429887 | &nbsp;&nbsp; $3654013 |
| Proceeds from sales | $30911660 | &nbsp;&nbsp; $95002826 | &nbsp;&nbsp; $85142015 | &nbsp;&nbsp; $20886024 | &nbsp;&nbsp; $28109056 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $110373578 | &nbsp;&nbsp; $90084346 | &nbsp;&nbsp; $53905973 | &nbsp;&nbsp; $205079209 | &nbsp;&nbsp; $114102799 |
| Proceeds from sales | $134895015 | &nbsp;&nbsp; $91314781 | &nbsp;&nbsp; $55803346 | &nbsp;&nbsp; $249844222 | &nbsp;&nbsp; $92557877 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AVIP Federated Core** <br> **Plus Bond**<br>| **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 | $24001089 | &nbsp;&nbsp; $192383386 | &nbsp;&nbsp; $37882376 | &nbsp;&nbsp; $104691016 | &nbsp;&nbsp; $62991101 |
| Proceeds from sales | $111896918 | &nbsp;&nbsp; $271475403 | &nbsp;&nbsp; $42681155 | &nbsp;&nbsp; $157742263 | &nbsp;&nbsp; $98143353 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $102821995 | &nbsp;&nbsp; $7554054 | &nbsp;&nbsp; $27332727 | &nbsp;&nbsp; $54356512 | &nbsp;&nbsp; $11146976 |
| Proceeds from sales | $130599478 | &nbsp;&nbsp; $23082793 | &nbsp;&nbsp; $90217100 | &nbsp;&nbsp; $163056462 | &nbsp;&nbsp; $38866551 |

---

Cost of purchases and proceeds from sales of government securities for the six-month period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AVIP Bond** | **AVIP BlackRock**<br> **Balanced Allocation**<br>| **AVIP Constellation**<br> **Dynamic Risk** <br> **Balanced**<br>| **AVIP Federated**<br> **Core Plus Bond**<br>|
| Cost of purchases | $—<br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $98415547 | &nbsp;&nbsp; $89856301 |
| Proceeds from sales | $16252930 | &nbsp;&nbsp; $1987031 | &nbsp;&nbsp; $230571025 | &nbsp;&nbsp; $38333605 |

---

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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

**(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 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 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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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 six-month period ended June 30, 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 | $1762.0 | $1782.0 |
| AVIP Constellation Managed Risk Balanced | Portions of cash holdings | 474.4 | 73.0 |

---

**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.

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 June 30, 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 Federated 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 Federated Core Plus Bond Portfolio, futures contracts were used to manage total exposure to underlying investments,

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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 six-month period ended June 30, 2025. Those contracts were executed for similar purposes as the contracts outstanding at June 30, 2025. For the six-month period ended June 30, 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 BlackRock Balanced Allocation | Portions of cash holdings | $31.6 | $30.3 |
| AVIP BlackRock Advantage International Equity | Portions of cash holdings | 65.2 | 64.0 |
| AVIP S&P 500<sup>®</sup> Index | Portions of cash holdings | 106.0 | 108.2 |
| AVIP BlackRock Advantage Large Cap Value | Portions of cash holdings | 23.7 | 24.1 |
| AVIP Nasdaq-100<sup>®</sup> Index | Portions of securities | 34.1 | 35.3 |
| AVIP BlackRock Advantage Large Cap Core | Portions of cash holdings | 39.8 | 38.6 |
| AVIP BlackRock Advantage Small Cap Growth | Portions of cash holdings | 23.6 | 23.6 |
| AVIP S&P MidCap 400<sup>®</sup> Index | Portions of cash holdings and securities | 58.3 | 59.5 |
| AVIP BlackRock Advantage Large Cap Growth | Portions of cash holdings | 53.2 | 50.5 |
| AVIP Constellation Dynamic Risk Balanced | Portions of cash holdings | 422.3 | 584.1 |
| AVIP Federated Core Plus Bond | Portions of securities | 493.0 | 501.0 |
| AVIP Constellation Managed Risk Balanced | Portions of cash holdings | 169.3 | 190.7 |
| AVIP Constellation Managed Risk Moderate Growth | Portions of cash holdings | 62.9 | 50.7 |
| AVIP Constellation Managed Risk Growth | Portions of cash holdings | 44.4 | 43.8 |

---

The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for, the six-month period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Instrument** | **Primary Risk Type** | **Fair Value-** <br> **Asset** <br> **Derivatives**<br>| **Fair Value-** <br> **Liability** <br> **Derivatives**<br>|
| AVIP BlackRock Balanced Allocation | Futures contracts | Equity price | &nbsp;&nbsp; $127618 | &nbsp;&nbsp; $—<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage International Equity | Futures contracts | Equity price | &nbsp;&nbsp; 95626 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP S&P 500<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; 191058 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Value | Futures contracts | Equity price | &nbsp;&nbsp; 87629 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Nasdaq-100<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; 39830 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Core | Futures contracts | Equity price | &nbsp;&nbsp; 160752 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; 52381 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP S&P MidCap 400<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; 57953 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; 249114 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Dynamic Risk Balanced | Futures contracts | Interest rate | &nbsp;&nbsp; 1779066 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Federated Core Plus Bond | Futures contracts | Interest rate | &nbsp;&nbsp; 573604 | &nbsp;&nbsp; (468372)<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Balanced | Futures contracts | Equity price | &nbsp;&nbsp; 196436 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; 256639 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Moderate Growth | Futures contracts | Equity price | &nbsp;&nbsp; 718786 | &nbsp;&nbsp; —<br>&nbsp;&nbsp; <sup>(1)</sup><br>|
| AVIP Constellation Managed Risk Growth | Futures contracts | Equity price | &nbsp;&nbsp; 798645 | &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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 BlackRock Balanced Allocation | Futures contracts | Equity price | &nbsp;&nbsp; $93216 | &nbsp;&nbsp; $150014<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; 694034 | &nbsp;&nbsp; 228286<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP S&P 500<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; (633760)<br>| &nbsp;&nbsp; 227430<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Value | Futures contracts | Equity price | &nbsp;&nbsp; (95848)<br>| &nbsp;&nbsp; 191065<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Nasdaq-100<sup>®</sup> Index | Futures contracts | Equity price | &nbsp;&nbsp; (87824)<br>| &nbsp;&nbsp; 102232<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Core | Futures contracts | Equity price | &nbsp;&nbsp; (186350)<br>| &nbsp;&nbsp; 251084<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; (392531)<br>| &nbsp;&nbsp; 173956<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; (700353)<br>| &nbsp;&nbsp; 248022<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | &nbsp;&nbsp; (293857)<br>| &nbsp;&nbsp; 343476<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; 311813 | &nbsp;&nbsp; 4858860<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 Federated Core Plus Bond | Futures contracts | Interest rate | &nbsp;&nbsp; 321677 | &nbsp;&nbsp; (278082)<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Constellation Managed Risk Balanced | Futures contracts | Equity price | &nbsp;&nbsp; 1919092 | &nbsp;&nbsp; 785256<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
|  | Futures contracts | Interest rate | &nbsp;&nbsp; (283867)<br>| &nbsp;&nbsp; 712121<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; 2940272 | &nbsp;&nbsp; 1134950<br>&nbsp;&nbsp; <sup>(1</sup><br> <sup>),(2)</sup><br>|
| AVIP Constellation Managed Risk Growth | Futures contracts | Equity price | &nbsp;&nbsp; (591942)<br>| &nbsp;&nbsp; 1571439<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 June 30, 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.

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

------

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

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)** 

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 June 30, 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 | $1809096 | $69958791 | $52163324 | $26467400 | $14480871 | $10089010 |
| Depreciation | (15359588)<br>| (15997942)<br>| (13170753)<br>| (2681196)<br>| (13858742)<br>| (6589910)<br>|
| Net unrealized appreciation (depreciation) | $(13550492)<br>| $53960849 | $38992571 | $23786204 | $622129 | $3499100 |
| Aggregate cost of investments: | $245368034 | $315258722 | $302113693 | $96066605 | $104979085 | $69858463 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVIP S&P 500**<sup>®</sup> <br> **Index**<br>| **AVIP BlackRock** <br> **Advantage Large** <br> **Cap Value**<br>| **AVIP Federated** <br> **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 | $589656306 | $24899754 | $2151258 | $118238493 | $86880767 | $17854669 |
| Depreciation | (36664109)<br>| (9621867)<br>| (2639568)<br>| (6885070)<br>| (7817943)<br>| (14768923)<br>|
| Net unrealized appreciation (depreciation) | $552992197 | $15277887 | $(488310)<br>| $111353423 | $79062824 | $3085746 |
| Aggregate cost of investments: | $622410771 | $171422619 | $117451995 | $151672741 | $241234425 | $123569211 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Federated** <br> **Core Plus Bond**<br>| **AVIP Intech** <br> **U.S. Low Volatility**<br>| **AVIP AB Relative** <br> **Value**<br>|
| Gross unrealized: |  |  |  |  |  |  |
| Appreciation | $109108830 | $84466977 | $31978587 | $5400261 | $80000196 | $19721759 |
| Depreciation | (49588687)<br>| (7642433)<br>| (8466961)<br>| (29326462)<br>| (16077647)<br>| (3207446)<br>|
| Net unrealized appreciation (depreciation) | $59520143 | $76824544 | $23511626 | $(23926201)<br>| $63922549 | $16514313 |
| Aggregate cost of investments: | $468415990 | $382484445 | $1107001320 | $532956111 | $522728447 | $98970495 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $55717829 | $84515477 | $103518323 | $13626922 | $81744862 | $210584091 |
| Depreciation | (7552624)<br>| (618797)<br>| (1881903)<br>| (4632341)<br>| (9472798)<br>| (4904964)<br>|
| Net unrealized appreciation (depreciation) | $48165205 | $83896680 | $101636420 | $8994581 | $72272064 | $205679127 |
| Aggregate cost of investments: | $447261779 | $363218023 | $315848482 | $162914632 | $617746259 | $1171520260 |

---

---

| | |
|:---|:---|
|  | **AVIP Growth** <br> **Model**<br>|
| Gross unrealized: |  |
| Appreciation | $59071994 |
| Depreciation |  |
| Net unrealized appreciation | $59071994 |
| Aggregate cost of investments: | $277710284 |

---

------

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

**Additional Information**

**June 30, 2025 (Unaudited)** 

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

**(1)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; $444,189

&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.
There were no approvals by the Fund's Board of Directors of any investment advisory contracts during the most recent fiscal half-year.

#### 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.

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#### Item 19. Exhibits.
a.1. Not applicable for semiannual reports.

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 Variable Insurance Products Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Thomas G. Mooney |
|  | Thomas G. Mooney |
|  | President |
|  | (Principal Executive Officer) |
| Date: | September 3, 2025 |

---

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: | September 3, 2025 |
| By: | /s/ R. Todd Brockman |
|  | R. Todd Brockman |
|  | Treasurer |
|  | (Principal Financial Officer) |
| Date: | September 3, 2025 |

---

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## Ex-99

**AuguStar 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 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 reasonable 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: September 3, 2025</u> | <u>/s/ Thomas G. Mooney</u> |
|  | Thomas G. Mooney |
|  | President (Principal Executive Officer) |

---

I, R. Todd Brockman, certify that:

1. I have reviewed this report on Form N-CSR of AuguStar 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 reasonable 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: September 3, 2025</u> | <u>/s/ R. Todd Brockman</u> |
|  | R. Todd Brockman |
|  | Treasurer (Principal Financial Officer) |

---

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## Exhibit 99.906

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

Section 906 Certifications

Thomas G. Mooney and R. Todd Brockman, respectively, the Principal Executive Officer and Principal Financial Officer of AuguStar 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 June 30, 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>September 3, 2025</u> | <u>September 3, 2025</u> |
| Date | Date |
| <u>/s/ Thomas G. Mooney</u> | <u>/s/ R. Todd Brockman</u> |
| Thomas G. Mooney | R. Todd Brockman |
| President (Principal Executive Officer) | Treasurer (Principal Financial Officer) |

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