ABOUT THIS REPORT

This report is a presentation of AuguStar℠ Variable Account R. Please note the variable account may offer more than one variable product. Some products may have different underlying mutual funds from those available in your contract. Therefore, not all funds listed in this report may be available in your contract. Please refer to your most recent account statement for specific information about your investment in AuguStar℠ Variable Account R.

This Annual Report has four major sections:

Statements of Assets and Contract Owners’ Equity

These statements list all the underlying funds of the variable account, the number of shares owned, cost of shares, investments at fair value and contracts in accumulation period. The fair value of the assets changes as the underlying mutual funds change in value. As contract owners transfer among the underlying funds, the number of shares increases or decreases accordingly. When money is deposited or withdrawn by a contract owner, shares are correspondingly purchased or redeemed.

Statements of Operations

The Statements of Operations show income and expenses to the variable account from investment activity for reinvested dividends and risk and administrative expenses. Risk and administrative expenses are assessed through the daily unit value calculation and represent an expense to the variable account and its contract owners. These statements also show reinvested capital gains, the realized gain (loss) resulting from units being sold, and unrealized gain (loss).

Statements of Changes in Contract Owners’ Equity

The Statements of Changes in Contract Owners’ Equity include the increase or decrease in contract owners’ equity from operations for income and expenses shown on the statements of operations. In addition, the equity transactions section of this statement illustrates contract purchase payments, transfers to and from fixed dollar contract and other subaccounts, withdrawals, surrenders and death benefit payments, surrender charges, lapse charges, and cost of insurance and other administrative fees. The sum of these two sections represents the net change in contract owners’ equity which, when added to the beginning contracts owners’ equity, equals contract owners’ equity at the end of the reporting period. The change in units section illustrates the number of units purchased and redeemed for each subaccount during the period reported.

Notes to Financial Statements

The Notes to Financial Statements provide further disclosures about the variable account and its underlying contract provisions.

The following includes fund trust abbreviations that occur throughout this report:

Fund Trust Abbreviations - 

AVIP - AuguStar℠ Variable Insurance Products Fund, Inc. 

FIDS - Fidelity® Variable Insurance Products Fund - Service Class 

FID2 - Fidelity® Variable Insurance Products Fund - Service Class 2 

JASI - Janus Aspen Series - Institutional Shares 

JASS - Janus Aspen Series - Service Shares 

LEGI - Legg Mason Partners Variable Equity Trust - Class I

ASVT - Allspring Variable Trust 

MSVI - Morgan Stanley Variable Insurance Fund, Inc. - Class I 

MSV2 - Morgan Stanley Variable Insurance Fund, Inc. - Class II 

GSVI - Goldman Sachs Variable Insurance Trust - Institutional Shares 

GSVS - Goldman Sachs Variable Insurance Trust - Service Shares 

LAZS - Lazard Retirement Series, Inc. - Service Shares 

PRS2 - The Prudential Series Fund, Inc. - Class II 

LINC - Lincoln Variable Insurance Products Trust - Standard Class

MFSI - MFS® Variable Insurance Trust - Service Class 

MFS2 - MFS® Variable Insurance Trust II - Service Class 

PVIA - PIMCO Variable Insurance Trust - Administrative Shares 

CALI - Calvert Variable Products, Inc. 

BNYS - BNY Mellon Variable Investment Fund - Service Shares 

ROYI - Royce Capital Fund - Investment Class 

AIMI - AIM Variable Insurance Funds (Invesco Variable Insurance Funds) 

NBAS - Neuberger Berman Advisers Management Trust - S Class 

FRT2 - Franklin Templeton Variable Insurance Products Trust - Class 2 

FRT4 - Franklin Templeton Variable Insurance Products Trust - Class 4 

FEDS - Federated Hermes Insurance Series 

ALP2 - ALPS Variable Investment Trust - Class II 

IVYV - Ivy Variable Insurance Portfolios

AuguStar℠ Variable Account R            

AuguStar℠ Variable Account R            

ASVT - VT Discovery SMID Cap Growth Subaccount formerly known as ASVT - VT Discovery Subaccount 

ONFI - ON Fidelity Institutional AM® Equity Growth Subaccount formerly known as ONFI - ON Janus Henderson Forty Subaccount 

LAZS - US Small Cap Equity Select Subaccount formerly known as LAZS - U.S. Small-Mid Cap Equity Subaccount 

AVIP - AVIP Bond Subaccount formerly known as ONFI - ON Bond Subaccount 

AVIP - AVIP BlackRock Balanced Allocation Subaccount formerly known as ONFI - ON BlackRock Balanced Allocation Subaccount 

AVIP - AVIP BlackRock Advantage International Equity Subaccount formerly known as ONFI - ON BlackRock Advantage International Equity Subaccount 

AVIP - AVIP Fidelity Institutional AM® Equity Growth Subaccount formerly known as ONFI - ON Fidelity Institutional AM® Equity Growth Subaccount 

AVIP - AVIP AB Small Cap Subaccount formerly known as ONFI - ON AB Small Cap Subaccount 

AVIP - AVIP AB Mid Cap Core Subaccount formerly known as ONFI - ON AB Mid Cap Core Subaccount 

AVIP - AVIP S&P 500® Index Subaccount formerly known as ONFI - ON S&P 500® Index Subaccount 

AVIP - AVIP BlackRock Advantage Large Cap Value Subaccount formerly known as ONFI - ON BlackRock Advantage Large Cap Value Subaccount 

AVIP - AVIP Federated High Income Bond Subaccount formerly known as ONFI - ON Federated High Income Bond Subaccount 

AVIP - AVIP Nasdaq-100® Index Subaccount formerly known as ONFI - ON Nasdaq-100® Index Subaccount 

AVIP - AVIP BlackRock Advantage Large Cap Core Subaccount formerly known as ONFI - ON BlackRock Advantage Large Cap Core Subaccount 

AVIP - AVIP BlackRock Advantage Small Cap Growth Subaccount formerly known as ONFI - ON BlackRock Advantage Small Cap Growth Subaccount 

AVIP - AVIP S&P MidCap 400® Index Subaccount formerly known as ONFI - ON S&P MidCap 400® Index Subaccount 

AVIP - AVIP BlackRock Advantage Large Cap Growth Subaccount formerly known as ONFI - ON BlackRock Advantage Large Cap Growth Subaccount

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

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